Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30truetruetruetruetruetrueNo description of principal activityfalse2023-05-01false10097false 01809712 2023-05-01 2024-04-30 01809712 2022-05-01 2023-04-30 01809712 2024-04-30 01809712 2023-04-30 01809712 2022-05-01 01809712 1 2023-05-01 2024-04-30 01809712 1 2022-05-01 2023-04-30 01809712 2 2023-05-01 2024-04-30 01809712 2 2022-05-01 2023-04-30 01809712 4 2023-05-01 2024-04-30 01809712 4 2022-05-01 2023-04-30 01809712 d:Director1 2023-05-01 2024-04-30 01809712 d:Director2 2023-05-01 2024-04-30 01809712 d:Director3 2023-05-01 2024-04-30 01809712 d:Director4 2023-05-01 2024-04-30 01809712 d:Director5 2023-05-01 2024-04-30 01809712 d:RegisteredOffice 2023-05-01 2024-04-30 01809712 e:PlantMachinery 2023-05-01 2024-04-30 01809712 e:PlantMachinery 2024-04-30 01809712 e:PlantMachinery 2023-04-30 01809712 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01809712 e:MotorVehicles 2023-05-01 2024-04-30 01809712 e:MotorVehicles 2024-04-30 01809712 e:MotorVehicles 2023-04-30 01809712 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01809712 e:FurnitureFittings 2023-05-01 2024-04-30 01809712 e:FurnitureFittings 2024-04-30 01809712 e:FurnitureFittings 2023-04-30 01809712 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01809712 e:ComputerEquipment 2023-05-01 2024-04-30 01809712 e:ComputerEquipment 2024-04-30 01809712 e:ComputerEquipment 2023-04-30 01809712 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01809712 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 01809712 e:CurrentFinancialInstruments 2024-04-30 01809712 e:CurrentFinancialInstruments 2023-04-30 01809712 e:Non-currentFinancialInstruments 2024-04-30 01809712 e:Non-currentFinancialInstruments 2023-04-30 01809712 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 01809712 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 01809712 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 01809712 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 01809712 e:UKTax 2023-05-01 2024-04-30 01809712 e:UKTax 2022-05-01 2023-04-30 01809712 e:ShareCapital 2024-04-30 01809712 e:ShareCapital 2023-04-30 01809712 e:ShareCapital 2022-05-01 01809712 e:SharePremium 2024-04-30 01809712 e:SharePremium 2023-04-30 01809712 e:SharePremium 2022-05-01 01809712 e:RevaluationReserve 2024-04-30 01809712 e:RevaluationReserve 2023-04-30 01809712 e:RevaluationReserve 2022-05-01 01809712 e:OtherMiscellaneousReserve 2024-04-30 01809712 e:OtherMiscellaneousReserve 2023-04-30 01809712 e:OtherMiscellaneousReserve 2022-05-01 01809712 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 01809712 e:RetainedEarningsAccumulatedLosses 2024-04-30 01809712 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 01809712 e:RetainedEarningsAccumulatedLosses 2023-04-30 01809712 e:RetainedEarningsAccumulatedLosses 2022-05-01 01809712 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 01809712 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 01809712 e:TaxLossesCarry-forwardsDeferredTax 2024-04-30 01809712 e:TaxLossesCarry-forwardsDeferredTax 2023-04-30 01809712 e:OtherDeferredTax 2024-04-30 01809712 e:OtherDeferredTax 2023-04-30 01809712 d:OrdinaryShareClass1 2023-05-01 2024-04-30 01809712 d:OrdinaryShareClass1 2024-04-30 01809712 d:OrdinaryShareClass1 2023-04-30 01809712 d:FRS102 2023-05-01 2024-04-30 01809712 d:Audited 2023-05-01 2024-04-30 01809712 d:FullAccounts 2023-05-01 2024-04-30 01809712 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01809712 e:EntityControlledByKeyManagementPersonnel1 2023-05-01 2024-04-30 01809712 e:EntityControlledByKeyManagementPersonnel1 2022-05-01 2023-04-30 01809712 e:Subsidiary1 2023-05-01 2024-04-30 01809712 e:Subsidiary1 1 2023-05-01 2024-04-30 01809712 e:Subsidiary2 2023-05-01 2024-04-30 01809712 e:Subsidiary2 1 2023-05-01 2024-04-30 01809712 2 2023-05-01 2024-04-30 01809712 6 2023-05-01 2024-04-30 01809712 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-04-30 01809712 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-04-30 01809712 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-04-30 01809712 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-04-30 01809712 e:LeasedAssetsHeldAsLessee 2024-04-30 01809712 e:LeasedAssetsHeldAsLessee 2023-04-30 01809712 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01809712










OFFSET PRINT & PACKAGING LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
OFFSET PRINT & PACKAGING LIMITED
 
 
COMPANY INFORMATION


Directors
H. J. Jarvis 
E. A. Bone 
V. I. Brearey 
M. G. J. Cass 
S. R. Roots 




Registered number
01809712



Registered office
188 Forstal Road

Aylesford

Kent

ME20 7DB




Independent auditor
MHA

Victoria Court

17-21 Ashford Road

Maidstone

Kent

ME14 5DA





 
OFFSET PRINT & PACKAGING LIMITED
 

CONTENTS



Page
Strategic report
 
 
1 - 3
Directors' report
 
 
4 - 5
Independent auditor's report
 
 
6 - 9
Statement of comprehensive income
 
 
10
Balance sheet
 
 
11 - 12
Statement of changes in equity
 
 
13
Notes to the financial statements
 
 
14 - 33


 
OFFSET PRINT & PACKAGING LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their strategic report for the year ended 30th April 2024. 

Business review
 
We aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Our review is consistent with the size of the business and is written in the context of the risks and uncertainties we face.
The company provided lithographic printing and converting for the packaging industry. We continue to deal with other manufacturers, wholesalers and retailers (both multiple and independent).
Performance & key performance indicators
Company revenues fell by 7.5% over FY23/24, to £19.4 million, with operating profit of £3,111,857 (2023: £3,904,550) and net profit of £3,394,152 (2023: £3,091,936). The company’s balance sheet continues to show a strong position with net assets at £8,341,230 (2023: £10,756,553). 
We consider that our key performance indicators for the company are operating profit, net profit and net asset value.
KPIs have now been set for each department, with the aim of lowering our environmental impact whilst also improving the gross profit margin. Non-financial indicators include product availability and staff retention of key personnel.
Key non-financial performance indicators
Management diversity


Female
Female
Male
Male

2024
2023
2024
2023
Directors & senior management
1
1
5
5
Middle management
2
2
7
7

Corporate Social Responsibility
Community

One of the largest employers in the Aylesford/Maidstone area
Stakeholder in local businesses community
Member of Kent Invicta Chamber of Commerce
Involved with local school leaver recruitment campaigns and apprenticeships initiatives, providing broad range of work experience placement opportunities
Donate packaging to local charities for projects to help homeless and disadvantaged communities in Kent
Installation of a public defibrillator, providing members of the local community with a better chance of surviving cardiac arrest
Sponsor of Aylesford village Christmas fair
Sponsor of Heart of Kent Hospice 'Shaun the Sheep' art trail
Page 1

 
OFFSET PRINT & PACKAGING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Compliance, quality & service

BRC AA+ grade at an unannounced audit in 2023
For Life CSR standard certified since 2020
Platinum members of the BPIF
SEDEX members for ethical sourcing
ISO9001 certified

Environment

4 electric car charging points installed in 2022
Salary sacrifice electric car scheme available for all employees after 1 year of employment
Sales rep car changed to petrol/electric hybrid
FSC and PEFC certified
ISO14001 certified
Zero Waste to Landfill certified
LED lighting installed in factory in 2018
Energy efficient ‘green’ evaporative cooler systems installed in March 2023

HR

Continual development of staff, both in-house and through recognised professional bodies
Promote from within with full training and support
Employ 5 apprentices through the Government apprenticeship scheme
Provided all employees with one-off Cost of Living support payment in January 2023
Employee benefits package including free legal and counselling services, discounts on shopping, health & fitness, etc

Principal risks and uncertainties
 
The directors have considered the principal risks and uncertainties faced by the company. These are as follows:
Business risk
We have addressed areas of risk where possible and to remain competitive, Offset Print and Packaging hold  ISO9001, ISO14001 and ISO12647/2 (print) accreditations, which are a prerequisite for many existing and potential customers. We also hold BRC and FSC accreditations.
Financial risk
The company continues to develop regular financial and budgeting procedures which are reviewed by the directors to assess and manage the performance of the company and group at a critical level, together with over liquidity and other financial risks. The company’s credit risk is managed within its debt management policy which is aimed at minimizing losses by offering appropriate credit terms to each individual customer based on their credit worthiness.
Legislative and regulatory risk
A percentage of turnover relates to sales from around Europe. The United Kingdom’s new relationship with the European Union since its withdrawal poses a risk as businesses on both sides adjust to the new trading requirements. The directors have taken various steps to mitigate these risks including developing new business relationships within the UK and establishing group companies within the EU.

Page 2

 
OFFSET PRINT & PACKAGING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024


This report was approved by the board and signed on its behalf.



V. I. Brearey
Director

Date: 15 October 2024

Page 3

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the 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 of the profit or loss of the Company for that period.

 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 judgments 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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,394,152 (2023 - £3,091,936).

Dividends of £5,809,475 (2023: £1,224,490) were declared and paid in the year. 

Directors

The directors who served during the year were:

H. J. Jarvis 
E. A. Bone 
V. I. Brearey 
M. G. J. Cass 
S. R. Roots 

Matters covered in the Strategic report

Certain items required under Schedule 7 to be disclosed in the Directors' Report are set out in the Strategic Report in accordance with S.414C(II) of the Companies Act 2006; these being the Company's principle risks and uncertainties.

Page 4

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditor

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'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's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, MHAwill 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.
 





V. I. Brearey
Director

Date: 15 October 2024

Page 5

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT & PACKAGING LIMITED
 

Opinion


We have audited the financial statements of Offset Print & Packaging Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 April 2024 and of its 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 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.


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 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.


Page 6

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT & PACKAGING LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 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.


Matters on which we are required to report by exception
 

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.


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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 4, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT & PACKAGING LIMITED (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:
 
Enquiry of management around actual and potential litigation and claims;
Enquiry of management to identify any instances of non-compliance with laws and regulations;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and
Reviewing minutes of meetings of those charged with governance

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditor's report.


Page 8

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OFFSET PRINT & PACKAGING LIMITED (CONTINUED)


Use of our 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 2006Our 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 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 Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Duncan Cochrane-Dyet BSc BFP FCA (Senior Statutory Auditor)
for and on behalf of
MHA
Statutory Auditor
Maidstone, United Kingdom

28 October 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
Page 9

 
OFFSET PRINT & PACKAGING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
19,357,058
20,932,414

Cost of sales
  
(14,483,548)
(14,798,459)

Gross profit
  
4,873,510
6,133,955

Administrative expenses
  
(1,800,291)
(2,305,615)

Other operating income
 5 
38,638
76,210

Operating profit
 6 
3,111,857
3,904,550

Income from investments
  
1,282,414
818

Interest receivable and similar income
 11 
5,308
1,009

Interest payable and similar expenses
 12 
(243,237)
(164,599)

Other finance income
  
2,128
7,859

Profit before tax
  
4,158,470
3,749,637

Tax on profit
 13 
(764,318)
(657,701)

Profit for the financial year
  
3,394,152
3,091,936

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 33 form part of these financial statements.

Page 10

 
OFFSET PRINT & PACKAGING LIMITED
REGISTERED NUMBER: 01809712

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 15 
7,018,797
7,518,226

Investments
 16 
90
90

  
7,018,887
7,518,316

Current assets
  

Stocks
 17 
2,272,235
3,309,237

Debtors: amounts falling due within one year
 18 
5,240,682
9,246,735

Current asset investments
 19 
71,481
69,353

Cash at bank and in hand
 20 
1,208,432
1,683,158

  
8,792,830
14,308,483

Creditors: amounts falling due within one year
 21 
(2,828,726)
(6,100,698)

Net current assets
  
 
 
5,964,104
 
 
8,207,785

Total assets less current liabilities
  
12,982,991
15,726,101

Creditors: amounts falling due after more than one year
 22 
(2,948,015)
(3,737,769)

Provisions for liabilities
  

Deferred tax
 25 
(1,693,746)
(1,231,779)

  
 
 
(1,693,746)
 
 
(1,231,779)

Net assets
  
8,341,230
10,756,553


Capital and reserves
  

Called up share capital 
 26 
147,943
147,943

Share premium account
  
1,080,733
1,080,733

Revaluation reserve
  
51,949
51,949

Other reserves
  
86,100
86,100

Profit and loss account
  
6,974,505
9,389,828

  
8,341,230
10,756,553


Page 11

 
OFFSET PRINT & PACKAGING LIMITED
REGISTERED NUMBER: 01809712
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




V. I. Brearey
Director

Date: 15 October 2024

The notes on pages 14 to 33 form part of these financial statements.

Page 12

 
OFFSET PRINT & PACKAGING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 May 2022
147,943
1,080,733
51,949
86,100
7,522,382
8,889,107



Profit for the year
-
-
-
-
3,091,936
3,091,936

Dividends: Equity capital
-
-
-
-
(1,224,490)
(1,224,490)



At 1 May 2023
147,943
1,080,733
51,949
86,100
9,389,828
10,756,553



Profit for the year
-
-
-
-
3,394,152
3,394,152

Dividends: Equity capital
-
-
-
-
(5,809,475)
(5,809,475)


At 30 April 2024
147,943
1,080,733
51,949
86,100
6,974,505
8,341,230


The notes on pages 14 to 33 form part of these financial statements.

Page 13

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Offset Print & Packaging Limited is a private company, limited by shares, incorporated in England and Wales in the United Kingdom. The address of the registered office is 188 Forstal Road, Aylesford, Kent, ME20 7DB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 Offset Print Limited as at 30 April 2024 and these financial statements may be obtained from 188 Forstal Road, Aylesford, Kent, ME20 7DB.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The financial statements have been prepared on a going concern basis. No material uncertainties which may cast significant doubt about the Company and Group's ability to continue as a going concern have been identified by the directors.

Page 14

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP, rounded to the nearest £1.

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.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of packaging

Revenue from the sale of packaging is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 15

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Operating leases: the Company as lessee

Rentals payable under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the Statement of Comprehensive Income over the relevant period. The capital element of the future payments is treated as a liability.
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company.
Rights to use assets and corresponding obligations to lessors under finance leases are recognised in the balance sheet as assets and liabilities at the lower of fair value of the assets and the present value of the minimum lease payments, determined at the inception of the lease.
Lease payments are apportioned between finance charges and reduction of outstanding lease liabilities using the effective interest method, so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the Statement of Comprehensive Income.

 
2.8

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.9

Finance costs

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.

 
2.10

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 16

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.11

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

  
2.12

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Page 17

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Tangible fixed assets

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 is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Plant and machinery
-
20% on cost, 10% on cost and 8.33% on cost
Motor vehicles
-
33% on cost
Fixtures and fittings
-
33% on cost, 25% on cost, 20% on cost and 10% on cost
Computer equipment
-
33% on cost, 25% on cost and 20% on cost

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.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 18

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

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 Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 19

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans 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.

 
2.21

Dividends

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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. Revision to the accounting estimates are recognised in the period in which the estimate is revised if the revisions affect only that period, or in the period of revision and future periods if the revision affects both current and future periods.
Key assumptions have been made regarding the life of assets and depreciation rates on plant and machinery at each reporting date, based on the expected utility of the assets and previous experience on the useful lives of depreciable assets. Assumptions have also been made by management regarding stock provisions and the net realisable value of stocks, taking into account the most reliable evidence available at each reporting date, which includes sales invoices issued after the year end. 
In the prior year, the Company amended its estimates in the useful life of tangible fixed assets. The new useful economic lives are disclosed in note 2.13.

Page 20

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

The whole of the turnover is attributable to the company's principal activity. 
The percentage of the Company's turnover relating to sales to or within Europe is 47% (2023: 30.8%)


5.


Other operating income

2024
2023
£
£

Other operating income
38,638
74,950

Sundry income
-
1,260

38,638
76,210



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
42,386
(204,878)

Other operating lease rentals
225,000
225,000

Hire of plant and machinery
6,762
7,866


7.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
36,025
33,825

Page 21

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,786,764
3,693,145

Social security costs
376,313
385,568

Cost of defined contribution scheme
88,691
75,569

4,251,768
4,154,282


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Cost of sales
75
72



Admin
25
25

100
97


9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
544,683
534,843

Company contributions to defined contribution pension schemes
11,364
11,171

556,047
546,014


During the year retirement benefits were accruing to 4 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £173,252 (2023 - £174,117).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £6,242 (2023 - £6,099).

The values in the wages related notes, are stated gross of any recharges to Offset Netherlands B.V.

Page 22

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Income from investments

2024
2023
£
£

Income from fixed asset investments
1,281,285
-

1,281,285
-


Income from current asset investments
1,129
818

1,129
818





11.


Interest receivable

2024
2023
£
£


Other interest receivable
5,308
1,009

5,308
1,009


12.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
5,353
110,570

Finance leases and hire purchase contracts
237,884
54,029

243,237
164,599

Page 23

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
302,351
-

Adjustments in respect of previous periods
-
4,273


302,351
4,273


Total current tax
302,351
4,273

Deferred tax


Origination and reversal of timing differences
461,967
653,428

Total deferred tax
461,967
653,428


Tax on profit
764,318
657,701
Page 24

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
13.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,158,470
3,749,637


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.49%)
1,039,618
730,810

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
52,546
35,695

Fixed asset differences
-
(252,762)

Adjustments to tax charge in respect of prior periods
-
4,273

Adjustments to tax charge in respect of prior periods - deferred tax
-
(3,712)

Other timing differences leading to an increase (decrease) in taxation
-
179

Remeasurement of deferred tax for changes in tax rates
-
144,750

Non-taxable income
(320,604)
(1,532)

Movement in deferred tax not recognised
(7,242)
-

Total tax charge for the year
764,318
657,701


Factors that may affect future tax charges

From 1 April 2023, the corporation tax main rate increased from 19% to 25%.


14.


Dividends

2024
2023
£
£


Ordinary shares of £1 each interim
5,809,475
1,224,490

5,809,475
1,224,490

Page 25

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 May 2023
9,588,615
48,861
579,820
288,535
10,505,831


Additions
115,908
26,563
170,226
17,700
330,397


Disposals
(229,243)
-
-
-
(229,243)



At 30 April 2024

9,475,280
75,424
750,046
306,235
10,606,985



Depreciation


At 1 May 2023
2,543,572
16,889
178,595
248,549
2,987,605


Charge for the year on owned assets
699,416
10,657
71,061
25,768
806,902


Disposals
(206,319)
-
-
-
(206,319)



At 30 April 2024

3,036,669
27,546
249,656
274,317
3,588,188



Net book value



At 30 April 2024
6,438,611
47,878
500,390
31,918
7,018,797



At 30 April 2023
7,045,043
31,972
401,225
39,986
7,518,226

In the year a KBA Rapida 142 printing machine was sold for £802,500, generating a profit on disposal of £779,5756, which is included within Administrative Expenses in the Consolidated Statement of Comprehensive Income

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
5,177,842
5,684,836

Motor vehicles
21,315
31,972

5,199,157
5,716,808

Page 26

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
90



At 30 April 2024
90





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Offset Productions Limited (dormant)
188 Forstal Road, Aylesford, Kent, England, ME20 7DB
Ordinary
100%
Offset Netherlands B.V
Castorstraat 8, Tilburg, 5047RC
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Offset Productions Limited (dormant)
1
-

Offset Netherlands B.V
755,150
1,451,924

Page 27

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Stocks

2024
2023
£
£

Finished goods
505,615
425,317

Raw materials
1,342,491
2,428,826

Work in progress
424,129
455,094

2,272,235
3,309,237


Stocks are shown net of a provision for obsolescence of £98,775 (2023: £10,608). No physical impairments have taken place.
Impairment losses of £Nil (2023: £Nil) have been recognised through the profit and loss in the year. 


18.


Debtors

2024
2023
£
£


Trade debtors
2,455,116
2,368,451

Amounts owed by group undertakings
1,430,219
6,563,708

Other debtors
1,297,867
143,208

Prepayments and accrued income
57,480
171,368

5,240,682
9,246,735


Other debtors included amounts owed on invoice financing of £1,278,417 (2023: £Nil).


19.


Current asset investments

2024
2023
£
£

Listed investments
71,481
69,353

71,481
69,353


Page 28

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,208,432
1,683,158

1,208,432
1,683,158



21.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,162,499
2,290,025

Amounts owed to group undertakings
1
1

Corporation tax
146,242
-

Other taxation and social security
426,850
209,393

Obligations under finance lease and hire purchase contracts
789,755
1,102,021

Other creditors
-
2,088,016

Accruals and deferred income
303,379
411,242

2,828,726
6,100,698


Other creditors included amounts due on invoice financing and trade loans of £Nil (2023: £1,079,280).


22.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
2,948,015
3,737,769

2,948,015
3,737,769


Page 29

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

23.


Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts 2024
Hire purchase contracts 2023
        £
        £
Gross obligations repayable:

Within one year

987,387

1,342,525

Between one and five years

2,769,651

3,124,531

In more than five years

632,507

1,265,014


4,389,545

5,732,070

Finance charges repayable:

Within one year

197,633

240,504

Between one and five years

433,924

575,529

In more than five years

20,220

76,248


651,777

892,281

Net obligations repayable:

Within one year

789,754

1,102,021

Between one and five years

2,335,728

2,549,003

In more than five years

612,287

1,188,766


3,737,769

4,839,790


Page 30

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

24.


Secured debts

The following secured debts are included within creditors:


2024
2023
£
£



Hire purchase contracts and finance leases
3,737,769
4,839,790

Invoice financing
(1,278,417)
949,585

Trade loans
-
129,694

2,459,352
5,919,069

Invoice financing balances and trade loans of the company are secured by a debenture including first fixed charge over book and other debts, and first floating charge over all assets.
Net obligations under hire purchase and finance lease contracts are secured by fixed charges on the assets concerned.
HSBC holds a debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future. The company is party to an Unlimited Multilateral Guarantee also given by Offset Productions Limited, Offset Print Limited, and Offset Netherlands B.V. 


25.


Deferred taxation




2024
2023


£

£






At beginning of year
(1,231,779)
(578,351)


Charged to profit or loss
(461,967)
(653,428)



At end of year
(1,693,746)
(1,231,779)

Page 31

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
25.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,698,789)
(1,693,116)

Tax losses carried forward
-
463,739

Other short-term timing differences
1,527
3,611

Fair value on listed investments
3,516
(6,013)

(1,693,746)
(1,231,779)


26.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



147,943 (2023 - 147,943) Ordinary shares of £1.00 each
147,943
147,943

Each share is entitled to one vote in any circumstance and each share is also entitled to dividend payments or any other distribution, including a distribution arising from a winding up of the company.



27.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £82,184 (2023: £75,570). Contributions totalling £14,420 (2023: £14,444) were payable to the fund at the balance sheet date and are included in creditors. 

Page 32

 
OFFSET PRINT & PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

28.


Related party transactions

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to dislose related party transactions with wholly owned subsidiaries within the group. 
Directors loan account balances due to the directors at the year end are £Nil (2023: £203,163) to E Bone, £Nil (2023: £212,245) to V Brearey and £Nil (2023: £593,329) to H Jarvis.
During the year Offset Print & Packaging Limited leased a property from Hecton Properties Ltd which is controlled by H Jarvis, a director of Offset Print Limited. The rental charge for the year was £231,010 (2023: £230,159).
Key management personnel
All directors and certain senior employees who have authority and responsibility for planning, directing and controlling activities to the company are considered to be key management personnel. Total remuneration in respect of these individuals is £622,568 (2023: £613,335).


29.


Ultimate parent and controlling party

The immediate parent company, and the parent of the largest and smallest group for which consolidated financial statements are available, is Offset Print Limited. The accounts for Offset Print Limited are available from its registered office at 188 Forstal Road, Aylesford, Kent, England, ME20 7DB.
The directors consider that there is no single ultimate controlling party.

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