Registered number: SC493847
PACKAGING WITH ROBOTS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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PACKAGING WITH ROBOTS LTD
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COMPANY INFORMATION
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Grovewood Business Centre
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Strathclyde Business Park
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Lanarkshire
United Kingdom
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CLA Evelyn Partners Limited
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Statutory Auditor & Chartered Accountants
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PACKAGING WITH ROBOTS LTD
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CONTENTS
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Directors' Responsibilities Statement
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Independent Auditor's Report
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Consolidated Statement of Comprehensive Income
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Consolidated Balance Sheet
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Consolidated Statement of Changes in Equity
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Company Statement of Changes in Equity
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Consolidated Statement of Cash Flows
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Consolidated Analysis of Net Debt
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Notes to the Financial Statements
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PACKAGING WITH ROBOTS LTD
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present the strategic report for the year ended 31 December 2023.
For the year to 31 December 2023, the directors are pleased to report turnover of £29,228,112 (2022: £26,718,698) and an operating profit of £5,657,283 (2022: £5,756,612) for the group. Net assets of the Group have decreased to £11,416,706 from £13,560,638 at 31 December 2022.
Despite challenging trading conditions, turnover remained strong. Our solutions provide real benefits and efficiencies to our customers' business operations and allows them to continue to fully operate their packaging lines despite a fall in available labour.
2023 saw an increase in repeat orders from existing customers as well as orders from new customers.
In July 2024 Coesia purchased a minority share in Packaging With Robots Ltd (PWR) which will bring many opportunities to both PWR and Coesia. They will present themselves in the North American market as one supplier and will leverage each other’s experience in automation to offer turnkey solutions which is an exciting development for our business.
Principal risks and uncertainties
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The key business risks affecting the group are the current economic conditions, foreign exchange management, the availability of skilled labour and the rising costs both in materials and hired staff.
The directors will continue to closely monitor the external factors which can affect our business and we have in place a risk management system which aims to manage and reduce the risks to which the Group is exposed.
Key performance indicators
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Our KPI's include the following:
∙Developing of our employees along with continuing to hire the right people who can help maintain our position as a leading Global Supplier to the food industry Worldwide.
∙Increasing turnover and maintaining historical profit margins to enable us to further invest in our technology.
∙Building more sustainable solutions.
This report was approved by the board and signed on its behalf.
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PACKAGING WITH ROBOTS LTD
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
The profit for the year, after taxation, amounted to £4,498,762 (2022 - £4,586,629).
Ordinary dividends were paid amounting to £Nil (2022 - £3,000,000). The directors do not recommend payment of a further dividend.
The directors who served during the year or since the year end were:
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N J Mellon
L Aiolfi (appointed 3 July 2024)
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Disclosure of information to auditor
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.
Post balance sheet events
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In July 2024 Coesia purchased a minority share in Packaging With Robots Ltd (PWR) and this acquisition is expected to bring many opportunities to both Group and Coesia.
The auditor, CLA Evelyn Partners Limited, was appointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PACKAGING WITH ROBOTS LTD
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING WITH ROBOTS LTD
Opinion
We have audited the financial statements of Packaging with Robots Ltd (the 'Parent Company') and it's subsidiaries (the 'Group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated and Company Balance Sheets, Consolidated and Company Statement of Changes in Equity, Consolidated Statement of Cash Flows, Consolidated Analysis of Net Debt and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
∙give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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PACKAGING WITH ROBOTS LTD
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING WITH ROBOTS LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the Annual report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors’ Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.
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Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors’ Report.
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We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the Parent Company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the Parent Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.
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PACKAGING WITH ROBOTS LTD
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING WITH ROBOTS LTD (CONTINUED)
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
We obtained a general understanding of the group’s legal and regulatory framework through enquiry of management concerning their understanding of relevant laws and regulations, the entity’s policies and procedures regarding compliance, and how they identify, evaluate and account for litigation claims. We also drew on our existing understanding of the company’s industry and regulation. We obtained this understanding for significant components through discussion with group management and the component auditors.
We understand that the group complies with the framework through:
∙Updating operating procedures, manuals and internal controls as legal and regulatory requirements change;
∙The director's close involvement in the day-to-day running of the business, meaning that any litigation or claims would come to their attention directly; and
∙Outsourcing payroll and tax compliance to external experts.
In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, and which are central to the group’s ability to conduct its business and where there is a risk that failure to comply could result in material penalties.
We identified the following laws and regulations as being of significance in the context of the Group:
∙The Companies Act 2006 and FRS 102 in respect of the preparation and presentation of the financial statements.
∙Relevant health and safety legislation/regulation.
We performed the following specific procedures to gain evidence about compliance with the significant laws and regulations identified above:
∙Enquired of management and those charged with governance as to the risks of non-compliance and any instances thereof;
∙Reviewed minutes of meetings of those charged with governance; and
∙Obtained written management representations regarding disclosure of any non-compliance with laws and regulations.
The senior statutory auditor led a discussion with senior members of the engagement team regarding the susceptibility of the group’s financial statements to material misstatement, including how fraud might occur. The areas identified in this discussion were with regard to the risk of manipulation of the financial statements through manual journals and incorrect recognition of machine revenue. These areas were communicated to other members of the engagement team not present at the discussion.
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PACKAGING WITH ROBOTS LTD
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PACKAGING WITH ROBOTS LTD (CONTINUED)
The procedures we carried out to gain evidence in the above areas included:
∙Testing of revenue transactions close to the year end to ensure revenue has been recorded in the correct period;
∙Testing of a sample of manual journal entries, selected through applying specific risk assessments to ensure they had a proper business purpose.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Parent Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Parent Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Parent Company and the Parent Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Benjamin Stapleton (Senior Statutory Auditor)
for and on behalf of
CLA Evelyn Partners Limited
Statutory Auditor
Chartered Accountants
14th Floor
103 Colmore Row
Birmingham
B3 3AG
9 October 2024
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PACKAGING WITH ROBOTS LTD
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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Interest receivable and similar income
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Interest payable and similar expenses
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Profit for the financial year
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Currency translation differences
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Total comprehensive income for the year
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Total comprehensive income for the year is all attributable to the owners of the parent company.
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The notes on pages 18 to 39 form part of these financial statements.
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PACKAGING WITH ROBOTS LTD
REGISTERED NUMBER:SC493847
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CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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PACKAGING WITH ROBOTS LTD
REGISTERED NUMBER:SC493847
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CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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PACKAGING WITH ROBOTS LTD
REGISTERED NUMBER:SC493847
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COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Capital redemption reserve
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PACKAGING WITH ROBOTS LTD
REGISTERED NUMBER:SC493847
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COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
As permitted by s408 Companies Act 2006, the Company has not presented its own profit and loss account and related notes. The Company's profit for the year was £6,598,708 (2022 - £2,908,303).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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PACKAGING WITH ROBOTS LTD
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Capital redemption reserve
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Comprehensive income for the year
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Currency translation differences
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Contributions by and distributions to owners
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Comprehensive income for the year
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Currency translation differences
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Contributions by and distributions to owners
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Shares cancelled during the year
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Shares cancelled during the year
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PACKAGING WITH ROBOTS LTD
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Capital redemption reserve
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Comprehensive income for the year
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Contributions by and distributions to owners
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Comprehensive income for the year
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Contributions by and distributions to owners
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Shares cancelled during the year
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Shares cancelled during the year
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PACKAGING WITH ROBOTS LTD
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cash flows from operating activities
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Profit for the financial year
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Amortisation of intangible assets
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Depreciation of tangible assets
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Loss on disposal of tangible assets
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Decrease/(increase) in stocks
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Decrease/(increase) in debtors
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(Decrease)/increase in creditors
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Increase/(decrease) in provisions
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Cancellation of share capital
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Net cash (used in)/generated by operating activities
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Cash flows from investing activities
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Purchase of intangible fixed assets
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Purchase of tangible fixed assets
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Sale of tangible fixed assets
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Net cash used in investing activities
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PACKAGING WITH ROBOTS LTD
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CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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Cash flows used in financing activities
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Net cash used in financing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Foreign exchange gains and losses
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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PACKAGING WITH ROBOTS LTD
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CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
The non-cash changes relate to the translation differences on the cash held in foreign subsidiaries.
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PACKAGING WITH ROBOTS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Packaging with Robots Ltd is a private company, limited by shares, domiciled and incorporated in Scotland (registered number: SC493847). The registered office address is Suite 37, Grovewood Business Centre, Strathclyde Business Park, Scotland, ML4 3NQ.
The group consists of Packaging With Robots Ltd and all of its subsidiaries.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated group financial statements consist of the financial statements of the parent company Packaging With Robots Ltd together with all entities controlled by the Parent Company (its subsidiaries).
All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
In the Parent Company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries are accounted for at cost less impairment.
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PACKAGING WITH ROBOTS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Basis of consolidation (continued)
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Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the equity method and the amounts that can be deducted or assessed for tax, considering the manner In which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
The directors are required to prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Group will continue in business. In satisfaction of this responsibility the director's consider the group's ability to meet its liabilities as they fall due.
The Group meets its day to day working capital requirements through cash reserves with no extended borrowings. Management information tools including budgets and cashflow forecasts are used to monitor and manage current and future liquidity.
The current and future financial position of the Group, its cashflows and liquidity position have been reviewed by the directors. Based on management's projections covering at least the next 12 months and level of cash reserves the directors consider it appropriate to prepare the financial statements on a going concern basis.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
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|
PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover generated from manufacturing contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
On the balance sheet a contract represents an asset where the gross value of work done exceeds payments to account on that contact. These are disclosed within amounts recoverable on contracts. Payments on account received in excess of the value of work done are included in creditors.
Sales of parts are recognised on shipment and service revenue is recognised as the service is provided.
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Operating leases: the Group as lessee
|
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Research expenditure is written off against profits In the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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|
PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Consolidated Statement of Income and Retained Earnings over its useful economic life.
Other intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
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Leashold land and buildings
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
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|
PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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Impairment of fixed assets
|
At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash- generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
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|
PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Warranty provisions
The provision for warranties is recorded on behalf of the estimated costs expected to arise from the current warranties on account of goods and services delivered. Warranty claims are deducted from this provision.
Employee benefits provisions
The provision for employee benefits is recorded on behalf of the estimated anniversary payments for the 25 year and 40 year tenure.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
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PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
|
Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
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PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Financial instruments (continued)
|
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
Judgements in applying accounting policies and key sources of estimation uncertainty
|
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Accounting for contracts
Turnover generated from manufacturing contracts is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
On the balance sheet a contract represents an asset where the gross value of work done exceeds payments to account on that contact. These are disclosed within amounts recoverable on contracts. Payments on account received in excess of the value of work done are included in creditors.
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An analysis of turnover by class of business is as follows:
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Manufacture and distribution of robotic equipment
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Sale of parts and services
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|
PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The operating profit is stated after charging:
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Depreciation of tangible fixed assets
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Profit on disposal of tangible fixed assets
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Amortisation of intangible assets
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During the year, the Group obtained the following services from the Company's auditor and its associates:
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Fees payable to the Company's auditor and its associates for the audit of the consolidated and parent Company's financial statements
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Fees payable to the Company's auditor and its associates in respect of:
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All non-audit services not included above
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The non-audit services relate to management accounts preparation, financial statement preparation and tax services.
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Staff costs, including directors' remuneration, were as follows:
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Cost of defined contribution scheme
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PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
7.Employees (continued)
|
The average monthly number of employees, including the directors, during the year was as follows:
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Group contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.
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The highest paid director received remuneration of £214,534 (2022 - £203,054).
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The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £32,168 (2022 - £33,332).
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Interest payable and similar expenses
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Interest on financial liabilities measured at amortised cost:
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PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Current tax on profits for the year
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Adjustments in respect of previous periods
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Origination and reversal of timing differences
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Factors affecting tax charge for the year
|
|
The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:
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Profit on ordinary activities before tax
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Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
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Non-tax deductible amortisation of goodwill and impairment
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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Capital allowances for year in excess of depreciation
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Adjust deferred tax at closing rate
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Adjustments to tax charge in respect of prior periods
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Difference in overseas tax rate
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Total tax charge for the year
|
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Factors that may affect future tax charges
|
Finance Act 2021 included legislation to increase the main rate of corporation tax from 19% to 25% from 1 April 2023. The effects of this increase are reflected in the above. There were no factors that may affect future tax charges.
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|
PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
Recognised as distributions to equity holders:
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The Company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
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|
PACKAGING WITH ROBOTS LTD
|
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|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Leasehold land and buildings
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PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
14.Tangible fixed assets (continued)
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PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
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Investments in subsidiary companies
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The following were subsidiary undertakings of the Company:
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PWR Pack International B.V.
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Companies with registered offices in Scotland have a registered office address of Suite 37, Grovewood Business Centre, Strathclyde Business Park, Bellshill, UK, ML4 3NQ.
PWR Pack International B.V. has a registered office of Maxwellstraat 41, 6716 BX Ede, Netherlands.
During the year PWR Pack Holdings Limited was dissolved, the strike off date of the company was 7th November 2023, the dissolution date of the company was 14th November 2023.
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PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
Raw materials and consumables
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Gross amounts owed by contract customers
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Amounts owed by group undertakings
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Prepayments and accrued income
|
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Deferred taxation (note 19)
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
|
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Accruals and deferred income
|
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|
PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
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Charged to profit or loss
|
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Charged to profit or loss
|
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Accelerated capital allowances
|
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Tax losses carried forward
|
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Asset - due within one year
|
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|
PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
|
|
|
Employee benefit provisions
|
|
|
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Additional provision in the year
|
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Allotted, called up and fully paid
|
|
|
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|
|
Nil (2022 - 42) Ordinary A shares of £1.00 each
|
|
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|
|
237 (2022 - 237) Ordinary B shares of £1.00 each
|
|
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|
1 (2022 - 1) Ordinary C share of £1.00
|
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Each class of ordinary share entitles the holder to full rights with regard to voting participation and dividends.
On the 31st October 2023 42 Ordinary A Shares were cancelled.
On the 3rd July 2024, 25% of the ownership was sold.
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|
PACKAGING WITH ROBOTS LTD
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Capital redemption reserve
This reserve relates to shares that the Company has bought back.
Merger relief reserve
The merger relief reserve arose on a business combination that was accounted for as a merger in accordance with UK GAAP.
Profit and loss reserves
This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £707,362 (2022 - £500,875). Contributions totalling £5,729 (2022 - £3,824) were payable to the fund at the reporting date.
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Financial commitments, guarantees and contingent liabilities
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At 31 December 2023, the Group has bank guarantee facilities of €4,100,000. There is a bond and floating charge in favour of Rabobank over the assets of the subsidiary, PWR Pack International B.V., in respect of this and a personal guarantee of €175,000 from the shareholders.
HSBC Bank PLC holds a floating charge over all assets and undertakings of PWR Pack Ltd.
HSBC Bank PLC has granted guarantees in favour of certain customers for the sum of £1,646,590.
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Commitments under operating leases
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At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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The Parent Company has no operating leases.
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PACKAGING WITH ROBOTS LTD
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Related party transactions
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The Company has taken advantage of the exemption in FRS 102 Section 33.1A to not disclose transactions with wholly owned group entities.
During the year, the Company incurred expenses totalling £895 (2022 - £Nil) on behalf of PNA Robots Ltd, a company under common control. At the year end, the balanced owed by PNA Robots Ltd was £895 (2022 - £Nil) and is included within other debtors.
During the year, loans to directors were advanced totalling £5,459 (2022 - £Nil). At the year end £5,459 (2022 - £Nil) was outstanding and included within other debtors. This loan is interest free, and at the date of signing has been repaid in full.
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The ultimate controlling party is P Mellon, by virtue of his majority shareholding in Packaging with Robots Ltd.
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Post balance sheet events
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In July 2024 Coesia purchased a minority share in Packaging With Robots Ltd (PWR) and this acquisition is expected to bring many opportunities to both Group and Coesia.
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