REGISTERED NUMBER: 09388677 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Polymeric Labels Holdings Limited |
REGISTERED NUMBER: 09388677 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
for |
Polymeric Labels Holdings Limited |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
Polymeric Labels Holdings Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Crown House |
151 High Road |
Loughton |
IG10 4LG |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The core business and principal activity of Polymeric Labels Holdings Limited during the year continued to be that of a holding company. The principal activity of the group headed by the company continued to be that of polymer label printing. |
The company's results for the period and financial position of the company are as shown in the annexed financial statements. |
The directors are satisfied with the performances of the company's trading subsidiaries, Polymeric Labels Limited and Polymeric Labels Inc in a market that remains challenging. Polymeric Labels Inc continues to develop and expand following its relatively recent incorporation. Group turnover increased by 6.35% from the previous year and gross margin increased from 58.8% to 60.2% which is the group's key performance indicator (KPI). The group balance sheet net assets increased from £10.345m to £10.850m. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The wholly owned subsidiaries operate in the polymer label printing sector which remains competitive and the directors believe that the market will remain this way in the foreseeable future. The company itself does not actively trade with unconnected third parties but the activities of the trading subsidiaries expose them to a number of financial risks including credit risk, cash flow risk and liquidity risk and price risk. The use of financial instruments is monitored by the directors. The company's principal financial instruments comprise other debtors and loans to company's which are group balances. The company does not use derivative financial instruments for speculative purposes. The directors monitor the performance of the subsidiaries on a regular basis to manage its risks and uncertainties. Risks and uncertainties of those are managed as follows: |
Credit risk |
Credit risk is primarily attributable to trade and other receivables. Credit risk in relation to trade receivables is managed by regularly monitoring credit limits and balances outstanding. There is no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. |
Liquidity risk |
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, a large amount of cash within bank accounts is maintained. Liquidity risk is managed by monitoring working capital and ensuring that there are sufficient funds to meet payments. The balance outstanding is managed as part of the overall working capital management. The majority of fixed assets are acquired through direct payments. The board is cognisant of the company's working capital requirements and has concluded the facilities currently in place are appropriate to the size and complexity of operations. |
Price risk |
Polymer printing material prices is a key price risk exposure which is managed by giving due consideration to the market place ensuring they are in contact with various suppliers who can offer competitive prices. Exchange rate fluctuation is a key component of price risk and this is managed through selling forward flows of foreign currency. |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
FUTURE PROSPECTS |
The group is focussed on maintaining its position in the market and at the date of signing this report the directors are grateful that the COVID pandemic and Brexit has had a minimal impact. Demand for goods remains strong and supply lines have been relatively unaffected. Considerable focus has been made and continues to be made on maintaining a safe environment for all our employees in which to work and this has enabled us to continue trading throughout. |
The key Brexit challenges faced by the company are the changes in exchange rates and the uncertainty of a trade deal leading to caution from some customers and suppliers but on the whole we have so far not been adversely affected. |
ON BEHALF OF THE BOARD: |
27 December 2024 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of label printing. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The directors refer you to the Strategic Report for information regarding financial risk management, objectives and policies. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Report of the Directors |
for the Year Ended 31 March 2024 |
AUDITORS |
The auditors, Alwyns LLP, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Polymeric Labels Holdings Limited |
Opinion |
We have audited the financial statements of Polymeric Labels Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Polymeric Labels Holdings Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Polymeric Labels Holdings Limited |
Auditors' 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 a Report of the Auditors 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. |
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity. |
The following laws and regulations were identified as being of significance to the entity: |
- Those laws and regulations considered to have a direct effect on the financial statements include UK reporting standards, company law, UK employment and health and safety legislation and tax and pension legislation. |
- It is considered that there are no other significant laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - Enquiry of management and those charged with governance as to whether the entity complies with such laws and regulations; |
- Enquiry of management and those charged with governance concerning any actual or potential litigation claims; |
- Inspection of relevant legal correspondence; |
- Testing of journal and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business; |
- Performing analytical procedures to identify unexpected movements in account balances; |
- Reviewing assumptions and judgements made by management within any significant accounting estimates. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Polymeric Labels Holdings Limited |
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 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 a Report of the Auditors 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 |
Crown House |
151 High Road |
Loughton |
IG10 4LG |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Consolidated Income Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
TURNOVER | 3 | 6,905,180 | 6,492,925 |
Cost of sales | 2,750,845 | 2,724,217 |
GROSS PROFIT | 4,154,335 | 3,768,708 |
Administrative expenses | 3,712,522 | 3,439,817 |
441,813 | 328,891 |
Other operating income | 151,780 | 907,053 |
OPERATING PROFIT | 5 | 593,593 | 1,235,944 |
Interest receivable and similar income | 47,678 | 11,323 |
641,271 | 1,247,267 |
Interest payable and similar expenses | 6 | 10,380 | - |
PROFIT BEFORE TAXATION | 630,891 | 1,247,267 |
Tax on profit | 7 | 126,197 | 260,395 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 504,694 | 986,872 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 504,694 | 986,872 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
504,694 |
986,872 |
Total comprehensive income attributable to: |
Owners of the parent | 504,694 | 986,872 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Consolidated Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 | 1,002,978 | 923,779 |
Investments | 10 | 2,598,487 | 2,447,635 |
3,601,465 | 3,371,414 |
CURRENT ASSETS |
Stocks | 11 | 687,609 | 853,998 |
Debtors | 12 | 4,973,120 | 4,841,965 |
Cash at bank and in hand | 2,390,429 | 2,190,628 |
8,051,158 | 7,886,591 |
CREDITORS |
Amounts falling due within one year | 13 | 670,331 | 810,823 |
NET CURRENT ASSETS | 7,380,827 | 7,075,768 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
10,982,292 |
10,447,182 |
PROVISIONS FOR LIABILITIES | 14 | 132,704 | 102,288 |
NET ASSETS | 10,849,588 | 10,344,894 |
CAPITAL AND RESERVES |
Called up share capital | 15 | 400,200 | 400,200 |
Retained earnings | 16 | 10,449,388 | 9,944,694 |
SHAREHOLDERS' FUNDS | 10,849,588 | 10,344,894 |
The financial statements were approved by the Board of Directors and authorised for issue on 27 December 2024 and were signed on its behalf by: |
I E Buckley - Director |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Company Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 14 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 1,008,104 | 1,092,868 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 | 400,200 | 8,957,822 | 9,358,022 |
Changes in equity |
Total comprehensive income | - | 986,872 | 986,872 |
Balance at 31 March 2023 | 400,200 | 9,944,694 | 10,344,894 |
Changes in equity |
Total comprehensive income | - | 504,694 | 504,694 |
Balance at 31 March 2024 | 400,200 | 10,449,388 | 10,849,588 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 854,391 | 1,187,495 |
Interest paid | (10,380 | ) | - |
Tax paid | (342,702 | ) | (71,432 | ) |
Net cash from operating activities | 501,309 | 1,116,063 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (214,114 | ) | (21,536 | ) |
Cash (contributed to)/from investments | (135,072 | ) | 337,952 |
Interest received | 47,678 | 11,323 |
Net cash from investing activities | (301,508 | ) | 327,739 |
Increase in cash and cash equivalents | 199,801 | 1,443,802 |
Cash and cash equivalents at beginning of year |
2 |
2,190,628 |
746,826 |
Cash and cash equivalents at end of year | 2 | 2,390,429 | 2,190,628 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
31.3.24 | 31.3.23 |
£ | £ |
Profit for the financial year | 504,694 | 986,872 |
Depreciation charges | 134,915 | 154,989 |
Profit share from partnerships | (15,780 | ) | (22,600 | ) |
Finance costs | 10,380 | - |
Finance income | (47,678 | ) | (11,323 | ) |
Taxation | 126,197 | 260,395 |
712,728 | 1,368,333 |
Decrease in stocks | 166,389 | 46,125 |
(Increase)/decrease in trade and other debtors | (131,155 | ) | 231,583 |
Increase/(decrease) in trade and other creditors | 106,429 | (458,546 | ) |
Cash generated from operations | 854,391 | 1,187,495 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,390,429 | 2,190,628 |
Year ended 31 March 2023 |
31.3.23 | 1.4.22 |
£ | £ |
Cash and cash equivalents | 2,190,628 | 746,826 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 2,190,628 | 199,801 | 2,390,429 |
2,190,628 | 199,801 | 2,390,429 |
Total | 2,190,628 | 199,801 | 2,390,429 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Polymeric Labels Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The functional currency of each group company is the currency of the primary economic environment in which they operate. For the purposes of the consolidated financial statements the results and financial position of each group company are expressed in pounds sterling which is the functional currency of the company and group. The presentational currency is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated. |
Going concern |
After reviewing the group's forecasts and projections, the shareholders have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its financial statements. |
Basis of consolidation |
The consolidated financial statements incorporate those of Polymeric Labels Holdings Limited and all its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). |
Subsidiaries acquired are consolidated using the purchase method. Their results are incorporated from the date that control passes. |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in to line with those used by other members of the Group. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed. Where amounts are received in advance the recognition is deferred until such a time that the above conditions have been met. |
Other income |
Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method. |
Profit share income from investments in Limited Liability Partnerships (LLP's) is recognised on an accruals basis in line with the groups share of profits arising during the year. |
Management fee income represents the value of services provided and is recognised on an accruals basis. |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Impairment of assets |
Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss. |
Investments in subsidiaries |
Investments in subsidiaries are disclosed at cost less impairment. |
Other investments |
Investments in LLP's are recognised at cost adjusted for accrued profit shares and distributions received. Unlisted investments, are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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 rate method. |
Basic financial liabilities including trade and other payables 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. |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Provision for liabilities |
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the group will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
31.3.24 | 31.3.23 |
£ | £ |
Polymer label printing | 6,905,180 | 6,492,925 |
6,905,180 | 6,492,925 |
An analysis of turnover by geographical market is given below: |
31.3.24 | 31.3.23 |
£ | £ |
United Kingdom | 920,559 | 598,649 |
Rest of world | 5,984,621 | 5,894,276 |
6,905,180 | 6,492,925 |
4. | EMPLOYEES AND DIRECTORS |
Group |
31.03.24 | 31.03.23 |
£ | £ |
Wages and salaries | 2,174,336 | 2,239,937 |
Social security costs | 164,344 | ,167,732 |
Other pension costs | 266,902 | 103,352 |
2,605,582 | 2,511,021 |
The average number of employees and members during the year was as follows: |
31.03.24 | 31.03.23 |
Directors | 3 | 3 |
Production | 44 | 49 |
Admin | 24 | 24 |
71 | 76 |
Key management and personnel remuneration who were also the directors was as follows: |
31.03.24 | 31.03.23 |
£ | £ |
Directors' remuneration | 31,385 | 26,352 |
Directors' pension contributions to money purchase schemes | 165,000 | - |
196,385 | 26,532 |
The number of directors accruing pension benefits during the period was 2 (2023: 0) |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
EMPLOYEES AND DIRECTORS - continued |
Company |
The average number of directors during the period was 3. There were no full time employees and no remuneration was paid. |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery | 6,524 | 6,151 |
Other operating leases | 228,664 | 323,644 |
Depreciation - owned assets | 134,915 | 154,989 |
Auditors' remuneration | 10,500 | 16,250 |
Foreign exchange differences | 174,608 | (764,360 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.3.24 | 31.3.23 |
£ | £ |
Interest payable | 10,380 | - |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 128,992 | 251,369 |
Prior year tax | (33,211 | ) | - |
Total current tax | 95,781 | 251,369 |
Deferred tax | 30,416 | 9,026 |
Tax on profit | 126,197 | 260,395 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax | 630,891 | 1,247,267 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
157,723 |
236,981 |
Effects of: |
Expenses not deductible for tax purposes | 86,141 | 36,800 |
Income not taxable for tax purposes | (84,456 | ) | (36,707 | ) |
Capital allowances in excess of depreciation | (30,416 | ) | - |
Depreciation in excess of capital allowances | - | 14,295 |
Adjustments to tax charge in respect of previous periods | (33,211 | ) | - |
Deferred tax | 30,416 | 9,026 |
Total tax charge | 126,197 | 260,395 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 | 29,837 | 1,892,882 | 33,155 | 145,425 | 2,101,299 |
Additions | - | 188,903 | 12,370 | 12,841 | 214,114 |
At 31 March 2024 | 29,837 | 2,081,785 | 45,525 | 158,266 | 2,315,413 |
DEPRECIATION |
At 1 April 2023 | - | 1,020,752 | 21,675 | 135,093 | 1,177,520 |
Charge for year | - | 124,481 | 2,687 | 7,747 | 134,915 |
At 31 March 2024 | - | 1,145,233 | 24,362 | 142,840 | 1,312,435 |
NET BOOK VALUE |
At 31 March 2024 | 29,837 | 936,552 | 21,163 | 15,426 | 1,002,978 |
At 31 March 2023 | 29,837 | 872,130 | 11,480 | 10,332 | 923,779 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Plant and |
machinery |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
10. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST |
At 1 April 2023 | 2,447,635 |
Profit/(loss) share | 15,780 |
Capital introduced/(withdrawn) | 135,072 |
At 31 March 2024 | 2,598,487 |
NET BOOK VALUE |
At 31 March 2024 | 2,598,487 |
At 31 March 2023 | 2,447,635 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 2,847,836 |
Profit/(loss) share | 15,780 |
Capital introduced/(withdrawn) | 135,072 |
At 31 March 2024 | 2,998,688 |
NET BOOK VALUE |
At 31 March 2024 | 2,998,688 |
At 31 March 2023 | 2,847,836 |
Unlisted investments represents the company's capital account balances in Polymeric Holdings LLP and Polymeric Digital Labels and Brands LLP. |
The company's investments at the balance sheet date in the share capital of companies or capital of LLP's include the following: |
Subsidiaries |
Name of undertaking |
Registered office |
% of shares/voting rights held |
Nature of business |
Polymeric Labels Limited |
12 Greenacres Road, Oldham, Lancashire, OL4 1HA |
100 (direct) |
Polymer label printing |
Polymeric Labels Inc |
2711, Centreville Road, Suite 400, City of Wilmington, county of New Castle, Delaware, USA |
100 (direct) |
Polymer label printing |
Other |
Name of undertaking |
Registered office |
% of shares/voting rights held |
Nature of business |
Polymeric Holdings LLP |
12 Greenacres Road, Oldham, Lancashire, OL4 1HA |
14.29 (direct) |
Serviced offices |
Polymeric Digital Labels and Brands LLP |
12 Greenacres Road, Oldham, Lancashire, OL4 1HA |
14.29 (direct) |
Polymer label printing |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
11. | STOCKS |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Stocks | 687,609 | 853,998 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade debtors | 1,515,735 | 1,512,420 |
Amounts owed by group undertakings | - | - |
Other debtors | 2,862,862 | 2,855,625 |
VAT | 64,404 | 55,444 |
Prepayments and accrued income | 530,119 | 418,476 |
4,973,120 | 4,841,965 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade creditors | 519,314 | 413,992 |
Tax | 4,151 | 251,072 |
Social security and other taxes | 42,784 | 50,735 |
Other creditors | 28,204 | 27,098 |
Accrued expenses | 75,878 | 67,926 |
670,331 | 810,823 |
14. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Deferred tax | 132,704 | 102,288 | 1,960 | 7,068 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 102,288 |
Provided during year | 30,416 |
Balance at 31 March 2024 | 132,704 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year | ( |
) |
Balance at 31 March 2024 |
The above deferred tax liabilities all relate to accelerated capital allowances. |
15. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid |
Number: | Class: | Nominal Value | 31.03.19 | 31.03.18 |
£ | £ |
90 | A Ordinary | £1 | 90 | 90 |
11 | B Ordinary | £1 | 11 | 11 |
99 | C Ordinary | £1 | 99 | 99 |
400,000 | Redeemable Preference | £1 | 400,000 | 400,000 |
400,200 | 400,200 |
A, B and C Ordinary shares have full voting rights, a right to participate in dividends although a dividend may be voted on one class of share and not another and a right to participate in the distribution of capital of the company and the class right to receive a preferential share as defined in the Articles of Association. |
Redeemable Preference shares have no voting rights, a right to participate in dividends although a dividend may be voted on one class and not another and a right to return of the nominal value of their capital in preference to the remaining shares of the company but they do not have a right to participate in any further distribution of capital. |
16. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 9,944,694 |
Profit for the year | 504,694 |
At 31 March 2024 | 10,449,388 |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
16. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
At 1 April 2023 |
Profit for the year |
At 31 March 2024 |
17. | 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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Polymeric Labels Holdings Limited is a member of Polymeric Digital Labels and Brands LLP and connected through common control. During the year the group received a profit share of £15,780 (2023: £22,600) from the LLP and is included in other operating income. During the period the group recharged £668,989 (2023: £526,737) of payroll, material and overhead costs to Polymeric Digital Labels and Brands LLP of which £258,049 (2023: £211,000) is accrued. |
Polymeric Labels Holdings Limited is a member of Polymeric Holdings LLP and connected through common control. During the period Polymeric Holdings LLP charged Polymeric Labels Holdings Limited group £307,848 (2023: £343,644) for licence fees. |
Polymeric Labels Holdings Limited is connected to Maclan Limited through a common director and shareholder. As at the balance sheet date £2,838,659 (2023: £2,838,659) was owed from Maclan Limited and included in other debtors falling due within one year. The loan is interest free and repayable on demand. |
Polymeric Labels Holdings Limited (Registered number: 09388677) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
18. | FINANCIAL INSTRUMENTS |
The group has the following financial instruments: |
Note | 2024 | 2023 |
Financial assets that are debt instruments measured at amortised cost |
-Trade receivables | 12 | 1,515,735 | 1,512,420 |
- Other receivables | 12 | 2,862,862 | 2,855,625 |
4,378,597 | 4,368,045 |
Financial liabilities that are debt instruments measured at amortised cost |
- Trade payables | 13 | 519,314 | 413,992 |
- Other payables | 13 | 104,082 | 97,024 |
623,396 | 511,016 |