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REGISTERED NUMBER: 01976061 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SGL CO-PACKING LIMITED

SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SGL CO-PACKING LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: Mr G D Withers BSc ACMA
Mr G M Gillo
Mr M Wallis LLB FCILT





REGISTERED OFFICE: 19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD





REGISTERED NUMBER: 01976061 (England and Wales)





INDEPENDENT AUDITORS: Raffingers LLP, Statutory Auditor
19-20 Bourne Court
Southend Road
Woodford Green
Essex
IG8 8HD

SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 515,110 741,886
Investments 5 430,000 430,000
945,110 1,171,886

CURRENT ASSETS
Stocks 58,556 75,405
Debtors 6 881,868 782,920
Cash at bank and in hand 475,393 905,546
1,415,817 1,763,871
CREDITORS
Amounts falling due within one year 7 871,575 1,040,520
NET CURRENT ASSETS 544,242 723,351
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,489,352

1,895,237

PROVISIONS FOR LIABILITIES 8 73,176 118,385
NET ASSETS 1,416,176 1,776,852

CAPITAL AND RESERVES
Called up share capital 457,143 457,143
Share premium 242,857 242,857
Revaluation reserve 82,620 82,620
Retained earnings 633,556 994,232
SHAREHOLDERS' FUNDS 1,416,176 1,776,852

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 August 2024 and were signed on its behalf by:





Mr G D Withers BSc ACMA - Director


SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023

1. STATUTORY INFORMATION

SGL Co-Packing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about SGL Co-Packing Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by section 400 of the Companies Act 2006 not to produce consolidated financial statements as it is included in EEA group accounts of a larger group.

Turnover
Turnover represents amounts invoiced to customers and is stated net of Value Added Tax. Turnover is recognised when obligations have been satisfied.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold improvementsover the shorter life of the asset or term of the lease
Plant and equipment5%-20% straight line
Fixtures and office equipment15%-20% straight line

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset's future economic benefits.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks primarily represent consumable materials for use in day to day operations and are stated at cost less any provision for impairment where subsequent consumption is deemed to be uncertain.

SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow Group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets that are held by company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the company's policy on borrowing costs (see the accounting policy above). Contingent rentals are recognised as expenses in the periods in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight­ line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 108 (2022 - 115 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 415,120 4,045,333 708,161 29,560 5,198,174
Additions - 40 9,850 - 9,890
At 31 December 2023 415,120 4,045,373 718,011 29,560 5,208,064
DEPRECIATION
At 1 January 2023 267,798 3,641,676 523,977 22,837 4,456,288
Charge for year 34,396 144,642 53,889 3,739 236,666
At 31 December 2023 302,194 3,786,318 577,866 26,576 4,692,954
NET BOOK VALUE
At 31 December 2023 112,926 259,055 140,145 2,984 515,110
At 31 December 2022 147,322 403,657 184,184 6,723 741,886

SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

The net book value of and depreciation charge for the period on tangible fixed assets includes assets held under hire purchase contracts as follows:

20232022
£   £   

Net book value
Plant and machinery44,349117,772

Depreciation charged
Plant and machinery73,42376,986

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 430,000
NET BOOK VALUE
At 31 December 2023 430,000
At 31 December 2022 430,000

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Food Services World Wide Limited
Registered office: 19-20 Bourne Court, Southend Road, Woodford Green, Essex, IG8 8HD
Nature of business: Supply chain sourcing and co-packing operations
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 393,498 366,216
(Loss)/profit for the year (59,718 ) 323,749

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 266,670 250,789
Amounts owed by group undertakings 250,000 250,000
Other debtors 231,794 148,727
748,464 649,516

SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors 133,404 133,404

Aggregate amounts 881,868 782,920

The deferred tax asset has been calculated based on the trading losses carried forward at 31 December 2023 and on the current Corporation Tax rate of 25%. Such losses are expected to be relieved in the financial years to December 2024 and 2025.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 342,259 512,914
Amounts owed to group undertakings 68,660 95,255
Taxation and social security 211,514 220,700
Other creditors 249,142 211,651
871,575 1,040,520

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 73,176 118,385

Deferred
tax
£   
Balance at 1 January 2023 118,385
Movement in the year (45,209 )
Balance at 31 December 2023 73,176

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Paul Dell FCA (Senior Statutory Auditor)
for and on behalf of Raffingers LLP, Statutory Auditor

10. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge amounted to £58,198 (2022: £59,456) during the year. There were no outstanding contributions at the balance sheet date (2022:Nil).

11. CONTINGENT LIABILITIES

The company has granted a fixed and floating charge to Barclays Bank plc over all of its assets as security for the borrowings of the Keswick Enterprises Group of companies. At 31 December 2023 group borrowings amounted to £4,455,551 (2022: £3,545,898).

SGL CO-PACKING LIMITED (REGISTERED NUMBER: 01976061)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

13. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

14. AUDITOR LIABILITY LIMITATION AGREEMENT

The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 December 2023. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by the members on 15 January 2024.

15. ULTIMATE CONTROLLING PARTY

The company is controlled by The Keswick Enterprises Group Limited, its parent company. The company's ultimate controlling party is Mr J A Harvey by virtue of his majority shareholding in the company's parent company.