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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: I E Buckley
Mrs J Buckley
Mrs V J Kershaw





REGISTERED OFFICE: 12 Greenacres Road
Oldham
Lancashire
OL4 1HA





REGISTERED NUMBER: 09388677 (England and Wales)





AUDITORS: Alwyns LLP, Statutory Auditor
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:





I E Buckley - Director


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.

I E Buckley
Mrs J Buckley
Mrs V J Kershaw

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:





I E Buckley - Director


27 December 2024

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.




David Stanley (Senior Statutory Auditor)
for and on behalf of Alwyns LLP, Statutory Auditor
Crown House
151 High Road
Loughton
IG10 4LG

27 December 2024

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 504,694 986,872
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 9 164,378 219,171
Investments 10 2,998,688 2,847,836
3,163,066 3,067,007

CURRENT ASSETS
Debtors 12 5,171,400 5,917,837
Cash at bank 1,620,363 3,867
6,791,763 5,921,704
CREDITORS
Amounts falling due within one year 13 24,660 61,538
NET CURRENT ASSETS 6,767,103 5,860,166
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,930,169

8,927,173

PROVISIONS FOR LIABILITIES 14 1,960 7,068
NET ASSETS 9,928,209 8,920,105

CAPITAL AND RESERVES
Called up share capital 15 400,200 400,200
Retained earnings 16 9,528,009 8,519,905
SHAREHOLDERS' FUNDS 9,928,209 8,920,105

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 27 December 2024 and were signed on its behalf by:





I E Buckley - Director


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 400,200 7,427,037 7,827,237

Changes in equity
Total comprehensive income - 1,092,868 1,092,868
Balance at 31 March 2023 400,200 8,519,905 8,920,105

Changes in equity
Total comprehensive income - 1,008,104 1,008,104
Balance at 31 March 2024 400,200 9,528,009 9,928,209

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

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

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance and 10% on reducing balance
Computer equipment - 25% on cost

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 933,023
DEPRECIATION
At 1 April 2023 713,852
Charge for year 54,793
At 31 March 2024 768,645
NET BOOK VALUE
At 31 March 2024 164,378
At 31 March 2023 219,171

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 400,201 2,447,635 2,847,836
Profit/(loss) share - 15,780 15,780
Capital introduced/(withdrawn) - 135,072 135,072
At 31 March 2024 400,201 2,598,487 2,998,688
NET BOOK VALUE
At 31 March 2024 400,201 2,598,487 2,998,688
At 31 March 2023 400,201 2,447,635 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 - - 2,332,191 2,982,355
Other debtors 2,862,862 2,855,625 2,838,659 2,838,659
VAT 64,404 55,444 550 23
Prepayments and accrued income 530,119 418,476 - 96,800
4,973,120 4,841,965 5,171,400 5,917,837

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 - 3,136
Tax 4,151 251,072 19,410 53,152
Social security and other taxes 42,784 50,735 - -
Other creditors 28,204 27,098 - -
Accrued expenses 75,878 67,926 5,250 5,250
670,331 810,823 24,660 61,538

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 7,068
Provided during year (5,108 )
Balance at 31 March 2024 1,960

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 8,519,905
Profit for the year 1,008,104
At 31 March 2024 9,528,009


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