FOR THE YEAR ENDED 31 DECEMBER 2023
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BIOPAK (UK) LTD
COMPANY INFORMATION
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BIOPAK (UK) LTD
CONTENTS
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BIOPAK (UK) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors present their Strategic Report together with the audited financial statements for the year ended 31 December 2023.
Principal activities The Company’s activity is to offer high quality catering supplies and packaging, specialising in biodegradable and compostable materials.
For BioPak (UK) Ltd, 2023 showed growth sales within the distribution sector but a decline in end users/QSR. The decline was due to a modification in the business’s strategy, with moving away from end users towards the distribution sector and two price reductions in the year to ensure the business remained competitive.
BioPak’s faces several challenges that will require proactive management, including supply chain disruptions due to Houthi militant attacks on the Suez Canal, which has increased container transit time from 12 weeks up to 16 weeks, which has also contributed to an increase in operational costs.
Looking ahead to 2024, with the BioPak Group’s acquisition of the innovative coffee cup company Huskee Pty (Huskee). The acquisition follows upon BioPak Group’s acquisition of Decent Packaging in January, we are poised for growth, and this will strengthen BioPak’s brand within the UK.
Driven by escalating environmental concerns, legislations & consumer preferences, BioPak is positioned well to benefit from opportunities that may arise.
The company continues to invest in technology, new products, and collaborative partnerships to deliver innovative and sustainable solutions that meet the evolving needs of customers which will contribute to a more circular economy.
Overall, the Company considers its customer portfolio to be well balanced across multiple sectors and continues to receive new customer enquiries which should help to improve the balance further. Management feels the company is well placed to mitigate any market volatility, whilst continuing to grow profitability in a controlled manner.
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BIOPAK (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors consider that, as set out under 172(1) of the Companies Act 2006, they have, in good faith, acted in a way that they consider is most likely to promote the success of the Company for the benefit of its members as a whole. In doing so, the Directors have given due regard to the interests of key stakeholder groups and have assessed the likely consequences of decisions on the Company’s long-term performance and its reputation. The following elements inform all of the boards decision-making processes:
Strategy
During Board and operations meetings, the Directors review the strategic process and key performance indicators (KPIs) alongside the Senior Management Team to ensure that the Company remains aligned with its strategic and long-term objectives. Using a collaborative approach at all levels across the business ensures that all stakeholders’ views are heard and considered, helping to achieve a balanced decision-making process to ensure the long-term financial success of the Company.
Performance
BioPak has established KPIs across all strategic areas of the business and operations. The Directors focus on reviewing and analysing the Company performance against these KPI’s to ensure that the Company is delivering the best performance for stakeholders.
Governance
The Directors at BioPak are committed to ensuring good governance. This is ensured by our governing business principles, code of conduct and various other compliance policies across the business, all of which are regularly reviewed and updated to meet the changing regulatory and business needs.
Below are our key stakeholders and how we have engaged with them in the decision-making process:
Customers
BioPak’s vision is to be the UK leading provider of biodegradable and compostable packaging and supplies which is underpinned by our mission of ensuring our customers have their products at the right place, at the right time and in the right condition. This is delivered by working closely with our customers to understand their business needs and tailor our services to ensure that we provide the best service possible as one of their trusted business partners.
We value the feedback we receive from our customers and use this as a means to continuously improve the service that we offer in order to achieve leading customer satisfaction levels as part of our focus on a customer centric culture.
Employees
BioPak has a strong commitment to its workforce. We attract, retain and develop talented people who care about the service that they deliver which enables us to clearly differentiate from our competitors on service quality. We recognise that people support the BioPak brand and are fundamental to meeting each of our stakeholders’ needs. The Directors and Senior Management recognise the important of our employees’ contributions to the on-going performance of the business and there are a variety of internal channels available aimed at facilitating communication and feedback.
Suppliers and other business partners
The maintenance of our supply chain is a critical function. We work closely with our suppliers, contractors and other business partners to ensure flexibility, strength and reliability throughout our supply chain. The success of these relationships has been proven during the COVID-19 pandemic, when our long-standing relationships with our business partners have helped maintain supply continuity.
Community and the environment
The Company is committed to a sustainable planet, not only through the provision of its products but also by the education often provided to potential customers who may not be aware of the impact conventional supplies and packaging have on the planet. The Company aims to maintain or improve on our current level of quality that we offer customers and help make their transition to greener products as seamless as possible.
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BIOPAK (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
This report was approved by the board and signed on its behalf.
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BIOPAK (UK) LTD
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 Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £248,611 (2022: £747,338).
No dividends were declared during the year (2022: £NIL).
The Directors who served during the year were:
Future developments are disclosed in the Company's Strategic Report.
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BIOPAK (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
There have been no significant post balance sheet events, other than those of a macroeconomic nature, such as the Ukraine-Russia conflict and the cost of living crisis.
The auditors, Bishop Fleming LLP, 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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BIOPAK (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIOPAK (UK) LTD
We have audited the financial statements of BIOPAK (UK) LTD (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Annual Report. 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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BIOPAK (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIOPAK (UK) LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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BIOPAK (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIOPAK (UK) LTD (CONTINUED)
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 Auditors' 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙the nature of the industry and sector, control environment and business performance;
∙results of our enquiries of management and the board about their own identification and assessment of the risks of irregularities;
∙any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
°the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue and management override of controls using manual journal entries, and these were identified as the greatest potential area for fraud.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included occupational health and safety regulations and employment legislation.
Our procedures to respond to risks identified included the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙enquiring of management and those charged with governance concerning actual and potential litigation and claims;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙reading minutes of meetings of those charged with governance; and
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BIOPAK (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BIOPAK (UK) LTD (CONTINUED)
∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the 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 Company's members those matters we are required to state to them in an Auditors' 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
1-3 College Yard
WR1 2LB
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BIOPAK (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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BIOPAK (UK) LTD
REGISTERED NUMBER:04104861
STATEMENT OF FINANCIAL POSITION
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 13 to 23 form part of these financial statements.
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BIOPAK (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
BioPak (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 13 Nunnery Park, Hornhill Road, Worcester, Worcestershire, WR4 0SX.
The principal activity of the Company is to offer high quality catering supplies and packaging, specialising in biodegradable and compostable materials.
2.ACCOUNTING POLICIES
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 management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Duni AB as at 31 December 2023 and these financial statements may be obtained from Duni AB, Box 237, SE-201 22 MALMO, Sweden.
The Directors have reviewed budgets and forecasts for a period of 12 months from the approval of the financial statements. Considering this and the profits generated by the Company, as well as the level of resources held by the Company, the Directors consider that the Company is in such a position as to continue normal operations for the foreseeable future. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.
In particular, the Directors have also considered the strength of the growth of the sustainable packaging market and the significant demand that is being seen currently. This demand is expected to only increase further in the coming 12 months. The Directors have also considered the current supply issues seen around the globe and the potential impact of this in the future with regards to inflationary pressures seen in developed economies.
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
Functional and presentation currency
Transactions and balances
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
The estimated useful lives range as follows:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.ACCOUNTING POLICIES (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
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. The Directors consider that there are no significant accounting estimates that impact the financial statements.
The whole of the Company's turnover is attributable to the procurement and sale of sustainable packaging.
Analysis of turnover by country of destination:
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.TAXATION (CONTINUED)
The Finance Act 2021 increased the main rate of corporation tax from 19% to 25% with effect from 1 April 2023.
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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BIOPAK (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Share premium account
Profit and loss account
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an indepedently administered fund. The pension cost charge represents contributions payable by the Company to the fund amounted to £28,210 (2022: £25,323). Contributions totalling £
The immediate parent company is Kindtoo Limited, a company incorporated in England and Wales. The ultimate parent company is Duni AB, a company incorporated in Sweden.
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