Thorpe Packaging Limited 03084801 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of the provision of packaging materials Digita Accounts Production Advanced 6.30.9574.0 true 03084801 2023-07-01 2024-06-30 03084801 2024-06-30 03084801 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2024-06-30 03084801 core:RetainedEarningsAccumulatedLosses 2024-06-30 03084801 core:ShareCapital 2024-06-30 03084801 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 03084801 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-06-30 03084801 core:CurrentFinancialInstruments 2024-06-30 03084801 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 03084801 core:Goodwill 2024-06-30 03084801 core:FurnitureFittings 2024-06-30 03084801 core:MotorVehicles 2024-06-30 03084801 core:PlantMachinery 2024-06-30 03084801 bus:SmallEntities 2023-07-01 2024-06-30 03084801 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 03084801 bus:FilletedAccounts 2023-07-01 2024-06-30 03084801 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 03084801 bus:RegisteredOffice 2023-07-01 2024-06-30 03084801 bus:Director1 2023-07-01 2024-06-30 03084801 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-07-01 2024-06-30 03084801 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 03084801 core:Goodwill 2023-07-01 2024-06-30 03084801 core:FurnitureFittings 2023-07-01 2024-06-30 03084801 core:MotorVehicles 2023-07-01 2024-06-30 03084801 core:PlantMachinery 2023-07-01 2024-06-30 03084801 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-07-01 2024-06-30 03084801 core:OtherRelatedParties 2023-07-01 2024-06-30 03084801 core:ParentEntities 2023-07-01 2024-06-30 03084801 countries:England 2023-07-01 2024-06-30 03084801 2023-06-30 03084801 core:Goodwill 2023-06-30 03084801 core:FurnitureFittings 2023-06-30 03084801 core:MotorVehicles 2023-06-30 03084801 core:PlantMachinery 2023-06-30 03084801 2022-07-01 2023-06-30 03084801 2023-06-30 03084801 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-06-30 03084801 core:RetainedEarningsAccumulatedLosses 2023-06-30 03084801 core:ShareCapital 2023-06-30 03084801 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 03084801 core:CurrentFinancialInstruments 2023-06-30 03084801 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 03084801 core:Goodwill 2023-06-30 03084801 core:FurnitureFittings 2023-06-30 03084801 core:MotorVehicles 2023-06-30 03084801 core:PlantMachinery 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03084801

Thorpe Packaging Limited

Information for Filing with The Registrar

30 June 2024

 

Thorpe Packaging Limited

Contents

Balance Sheet

1 to 2

Notes to the Accounts

3 to 8

 

Thorpe Packaging Limited

(Registration number: 03084801)

Balance Sheet

30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

7,042

Tangible assets

5

190,218

191,001

Other financial assets

6

32,000

32,000

 

222,218

230,043

Current assets

 

Stocks

7

212,435

311,637

Debtors

8

456,445

357,892

Cash at bank and in hand

 

344,493

407,143

 

1,013,373

1,076,672

Creditors: Amounts falling due within one year

9

(511,775)

(593,835)

Net current assets

 

501,598

482,837

Total assets less current liabilities

 

723,816

712,880

Provisions for liabilities

(47,009)

(38,609)

Net assets

 

676,807

674,271

Capital and reserves

 

Called up share capital

10

12

12

Retained earnings

676,795

674,259

Shareholders' funds

 

676,807

674,271

 

Thorpe Packaging Limited

(Registration number: 03084801)

Balance Sheet

30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 October 2024 and signed on its behalf by:



P.R. Jolliffe

Director

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Thorpe House
Hurricane Close
Sherburn in Elmet
Leeds
LS25 6PB

These financial statements were authorised for issue by the Board on 10 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and is recognised when the goods are physically delivered to the customer. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Grants are recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Tax

The tax expense for the period comprises corporation and deferred tax.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Motor Vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life,

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

Fixed asset investments

A financial asset held as an equity investment is recognised initially at the transaction price (including transaction costs).

At the end of each reporting period, unlisted equity investments are recorded at fair value where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

3

Staff numbers

The average number of persons employed by the company during the year, was 13 (2023 - 12).

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

130,000

130,000

At 30 June 2024

130,000

130,000

Amortisation

At 1 July 2023

122,958

122,958

Amortisation charge

7,042

7,042

At 30 June 2024

130,000

130,000

Carrying amount

At 30 June 2024

-

-

At 30 June 2023

7,042

7,042

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

67,537

398,379

82,765

548,681

Additions

-

7,525

59,624

67,149

At 30 June 2024

67,537

405,904

142,389

615,830

Depreciation

At 1 July 2023

41,687

296,808

19,185

357,680

Charge for the year

6,922

29,079

31,931

67,932

At 30 June 2024

48,609

325,887

51,116

425,612

Carrying amount

At 30 June 2024

18,928

80,017

91,273

190,218

At 30 June 2023

27,196

100,225

63,580

191,001

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2024

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 July 2023

32,000

32,000

At 30 June 2024

32,000

32,000

Carrying amount

At 30 June 2024

32,000

32,000

7

Stocks

2024
£

2023
£

Other inventories

212,435

311,637

8

Debtors

Current

2024
£

2023
£

Trade debtors

455,407

341,808

Prepayments

1,038

16,084

 

456,445

357,892

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

87,485

94,306

Trade creditors

 

261,798

276,681

Amounts due to related parties

12

250

-

Taxation and social security

 

146,425

142,683

Other creditors

 

15,817

80,165

 

511,775

593,835

 

Thorpe Packaging Limited

Notes to the Accounts

Year Ended 30 June 2024

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

12

12

12

12

         

11

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

21,599

38,277

Hire purchase contracts

65,886

56,029

87,485

94,306

12

Related party transactions

Summary of transactions with parent

Hejj Limited is the parent company of Thorpe Packaging Limited.
 Dividends of £200,000 were paid to Hejj Limited during the year (2023 - £200,000). At the balance sheet date the amount due to Hejj Limited was £Nil (2023 - £50,000).
 

Summary of transactions with entities with joint control or significant interest

Hurricane Packaging Limited is a company under the common control of P.R. & J.L. Jolliffe.
 Thorpe Packaging Limited buys and sells packaging materials on normal commercial terms from and to Hurricane Packaging Limited. The value of such purchases were £235,322 (2023 - £173,800) and the value of such sales were £32,124 (2023 - £18,918) during the year ended 30 June 2024. At the balance sheet date the amount owed to Hurricane Packaging Limited was £46,067 (2023 - £37,666).
 

Summary of transactions with other related parties

Hejj Partnership
P.R. & J.L. Jolliffe are partners in the Hejj Partnership.

 Thorpe Packaging Limited, rented premises from the Hejj Partnership for £45,000 during the year ended 30 June 2024 (2023 - £45,000). At the balance sheet date the amount due to the Hejj Partnership was £Nil (2023 - £Nil).