Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. For the year ended 30 April 2022 and onwards, DS Smith Group entities will no longer receive payment for current year tax losses surrendered or make payment for group relief claimed at the rate of tax prevailing in the year. However, where an entity has negative reserves and losses which will be surrendered to other members of the DS Smith Group, the claimant company will need to make payment for those tax losses at the rate of tax prevailing in the year. Deferred tax is provided for using the statement of financial position liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. The Pillar Two Income tax rules will apply to the DS Smith Group and subsidiaries for the financial year commencing on 1 May 2024. The company has applied the exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes as required in the amendments to FRS 101 International Tax reform - Pillar two model rules effective 1 January 2023.truetruetruetruetruetrue1042023-05-01116falseNo description of principal activitytrue 08114486 2023-05-01 2024-04-30 08114486 2022-05-01 2023-04-30 08114486 2024-04-30 08114486 2023-04-30 08114486 2022-05-01 08114486 1 2023-05-01 2024-04-30 08114486 1 2022-05-01 2023-04-30 08114486 7 2023-05-01 2024-04-30 08114486 7 2022-05-01 2023-04-30 08114486 d:CompanySecretary1 2023-05-01 2024-04-30 08114486 d:Director1 2023-05-01 2024-04-30 08114486 d:Director3 2023-05-01 2024-04-30 08114486 d:Director5 2023-05-01 2024-04-30 08114486 d:Director5 2024-04-30 08114486 d:Director6 2023-05-01 2024-04-30 08114486 d:Director6 2024-04-30 08114486 d:RegisteredOffice 2023-05-01 2024-04-30 08114486 e:FurnitureFittings 2023-05-01 2024-04-30 08114486 e:FurnitureFittings 2024-04-30 08114486 e:FurnitureFittings 2023-04-30 08114486 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08114486 e:OfficeEquipment 2023-05-01 2024-04-30 08114486 e:OfficeEquipment 2024-04-30 08114486 e:OfficeEquipment 2023-04-30 08114486 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08114486 e:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 08114486 e:OtherPropertyPlantEquipment 2024-04-30 08114486 e:OtherPropertyPlantEquipment 2023-04-30 08114486 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08114486 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 08114486 e:PatentsTrademarksLicencesConcessionsSimilar 2023-05-01 2024-04-30 08114486 e:PatentsTrademarksLicencesConcessionsSimilar 2024-04-30 08114486 e:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 08114486 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-01 2024-04-30 08114486 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-04-30 08114486 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-04-30 08114486 e:ComputerSoftware 2023-05-01 2024-04-30 08114486 e:ComputerSoftware 2024-04-30 08114486 e:ComputerSoftware 2023-04-30 08114486 e:IntangibleAssetsOtherThanGoodwill 2024-04-30 08114486 e:IntangibleAssetsOtherThanGoodwill 2023-04-30 08114486 e:CurrentFinancialInstruments 2024-04-30 08114486 e:CurrentFinancialInstruments 2023-04-30 08114486 e:Non-currentFinancialInstruments 2024-04-30 08114486 e:Non-currentFinancialInstruments 2023-04-30 08114486 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 08114486 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 08114486 e:UKTax 2023-05-01 2024-04-30 08114486 e:UKTax 2022-05-01 2023-04-30 08114486 e:ShareCapital 2023-05-01 2024-04-30 08114486 e:ShareCapital 2024-04-30 08114486 e:ShareCapital 2022-05-01 2023-04-30 08114486 e:ShareCapital 2023-04-30 08114486 e:ShareCapital 2022-05-01 08114486 e:SharePremium 2023-05-01 2024-04-30 08114486 e:SharePremium 2024-04-30 08114486 e:SharePremium 2022-05-01 2023-04-30 08114486 e:SharePremium 2023-04-30 08114486 e:SharePremium 2022-05-01 08114486 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 08114486 e:RetainedEarningsAccumulatedLosses 2024-04-30 08114486 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 08114486 e:RetainedEarningsAccumulatedLosses 2023-04-30 08114486 e:RetainedEarningsAccumulatedLosses 2022-05-01 08114486 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 08114486 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 08114486 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-05-01 2024-04-30 08114486 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2024-04-30 08114486 e:FurtherSpecificTypeProvisionContingentLiability2ComponentTotalProvisionsContingentLiabilities 2023-04-30 08114486 d:OrdinaryShareClass1 2023-05-01 2024-04-30 08114486 d:OrdinaryShareClass1 2024-04-30 08114486 d:OrdinaryShareClass1 2023-04-30 08114486 d:FRS101 2023-05-01 2024-04-30 08114486 d:Audited 2023-05-01 2024-04-30 08114486 d:FullAccounts 2023-05-01 2024-04-30 08114486 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 08114486 e:ExternallyAcquiredIntangibleAssets 2023-05-01 2024-04-30 08114486 e:PatentsTrademarksLicencesConcessionsSimilar e:ExternallyAcquiredIntangibleAssets 2023-05-01 2024-04-30 08114486 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2023-05-01 2024-04-30 08114486 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2023-05-01 2024-04-30 08114486 2 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08114486









DS SMITH BUSINESS SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
W B Hicks 
J C Jones 
R N Pike  
L K Piper 




Company secretary
Z W Stone



Registered number
08114486



Registered office
Level 3 1 Paddington Square

London

W2 1DL




Independent auditor
Ernst & Young LLP

The Paragon

Counterslip

Bristol

BS1 6BX





 
DS SMITH BUSINESS SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Directors' Responsibilities Statement
5
Independent Auditor's Report
6 - 9
Statement of Comprehensive Income
10
Statement of Financial Position
11 - 12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 27


 
DS SMITH BUSINESS SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The Directors present their strategic report for the year ended 30 April 2024.

Principal activities

The principal activity of the Company is to act as a shared services centre for the DS Smith Group (the ‘Group’), primarily offering human resource and financial services to Group companies. There has been no significant change in the Company’s principal activity in the year under review. The Directors are not aware, at the date of this report, of any likely significant changes in the Company’s activities in the forthcoming financial year.  

Business review and key performance indicators

The results for the financial year show a profit before taxation of £1,610,000 (2023: £905,000) and net assets of £29,196,000 (2023: £28,130,000). No dividends were paid during the year (2023: £nil). The main KPI for the Company, Return on sales, calculated as operating profit before interest and tax, as a percentage of revenue, has decreased from 2.8% in 2023 to -1.0% in 2024. Whilst revenue has increased in comparison with the prior year, the decrease in return on sales is largely due to an increase in administrative expenses associated with the onboarding of additional services to other companies within the Group, with the average monthly number of employees increasing from 104 employees in 2023 to 116 employees in 2024. During the prior year, DS Smith Holdings Limited, the Company's immediate parent company, injected £25,000,000 cash into the Company in exchange for shares. The cash was placed on deposit with DS Smith Plc, the Company's ultimate parent company. 
The Company is a wholly owned subsidiary of DS Smith Plc and operates as part of the Group. On this basis the Company's Directors believe that there are no further performance indicators for the Company which might be necessary for an understanding of the development, performance or position of the business.

Future Developments

The principal activity of the Company is to act as a shared service centre that is principally party to intra-group transactions. The Directors expect that this will remain the case in the future and that the general level of activity for the Company will remain consistent with 2024.

Combination with International Paper

In April 2024, the Boards of International Paper Company and DS Smith Plc reached an agreement and recommended the combination of International Paper Company with DS Smith Plc. The all-share acquisition of DS Smith Plc by International Paper Company received the approval of the DS Smith Plc shareholders on 7 October 2024 and the International Paper Company shareholders on 11 October 2024. The combination is still subject to regulatory approvals.

Page 1

 
DS SMITH BUSINESS SERVICES LIMITED
 

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

Financial risk management objectives and policies
 
Where applicable, the Company follows the Group policy. The Company’s financial risk management is centralised to capitalise on economies of scale and synergy effects and to minimise operational risks.
Interest rate risk
The Company has interest-bearing receivables held with DS Smith Plc and arise from the operation of the Group’s cash pooling arrangements in the UK. The DS Smith Group treasury function is responsible for identifying and managing interest rate exposure.
Credit risk
The Company’s credit risk is primarily attributable to its receivables held on the statement of financial position, all of which are inter-group. Recoverability of these receivables is reviewed regularly against the statement of financial position of the counterparty. If required, credit risk is further mitigated through a letter of support from the ultimate parent undertaking.

Liquidity risk
The Company actively manages its liquidity risk by short-term debt finance with Group treasury, supported by external borrowings where appropriate, that is designed to ensure the Company has sufficient available funds for operations.

Foreign exchange risk

The Company is exposed to foreign currency exchange rate fluctuations between sterling and the euro.

Principal risks and uncertainties

There continues to be global uncertainty within the macroeconomic environment as a result of the war in Ukraine and the Middle East and the cost of living crisis. Raw material and other input costs also remain high although energy prices have started to decline. However, these are mitigated by effective supplier arrangements, long-term hedging arrangements and rising packaging prices. The Group continues to carefully manage our cost base and is confident for the year ahead that sufficient methods are in place to mitigate these increased costs.


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





W B Hicks
Director

Date: 16 January 2025

Page 2

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

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

Results and dividends

The profit for the year, after taxation, amounted to £1,066,000 (2023: £903,000). 

The Directors have not proposed or paid a dividend for the year ended 30 April 2024 (2023: £nil).

Directors

The Directors who held office during the year and to the date of signing the financial statements were:

W B Hicks 
J C Jones 
R N Pike (appointed 10 August 2023)
L K Piper (appointed 27 November 2023)
A P Jennings (resigned 5 May 2023)

Directors' and officers' liability insurance

During the year and up to the date of approval of these financial statements, the ultimate parent company maintained qualifying third-party indemnity arrangements for the Directors and other Officers of the Company.

Political contributions

No political contributions were made during the year (2023: £nil).

Going Concern

The financial statements have been prepared using the going concern basis of accounting. In making their assessment on the appropriateness of using the going concern basis, the Directors have considered any material uncertainties relating to events or conditions that may cast significant doubt upon the continuing use of the going concern basis of accounting in future periods. The Directors have considered a period of at least 12 months from the date the financial statements are authorised for issue.
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out above. The financial position of the Company is as shown in the statement of financial position on page 11. At 30 April 2024, the Company reported net assets of £29,196,000 (2023: £28,130,000).
 
The financial Statements have been prepared using the going concern basis of accounting. The Company has been issued a support letter from its ultimate parent company, DS Smith Plc, confirming ongoing financial support in meeting liabilities as they fall due for a period of at least 12 months from the day of approval of accounts. DS Smith Plc has undertaken its own assessment of going concern, which it has confirmed, and this is disclosed on page 19 of the DS Smith Plc Half Year report for the period ended 31 October 2024. The Directors are satisfied that no events took place after the release of the DS Smith Plc Half Year results that give rise to any uncertainties relating to going concern, and accordingly the directors considered it is appropriate to rely upon this support in making their going concern assessment for these financial statements. The Directors are satisfied that the Company has adequate resources to meet its operational needs for a period of at least 12 months from the day of approval of the accounts and accordingly they continue to adopt the going concern basis in preparing the financial statements.

Page 3

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of Section 418 of the Companies Act 2006.

Auditor

Ernst & Young LLP (EY) were appointed as external auditor to the Company in 2024 and will be proposed for reappointment in accordance with Section 285 of the Companies Act 2006.  

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





W B Hicks
Director

Date: 16 January 2025

Page 4

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;


prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DS SMITH BUSINESS SERVICES LIMITED
 

Opinion

We have audited the financial statements of DS Smith Business Services Limited (the “Company”) for the year ended 30 April 2024 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes 1 to 22, including material accounting policy information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:  

give a true and fair view of the company’s affairs as at 30 April 2024 and of its profit for the year then    ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting     Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 company’s ability to continue as a going concern for a period of 12 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.  However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.

Other information 

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon.  The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.  

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material
Page 6

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DS SMITH BUSINESS SERVICES LIMITED
 

Other information (continued)
misstatement of the 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 strategic report and the directors’ report for the financial year for which the    financial statements are prepared is consistent with the financial statements; and 
the strategic report and directors’ report have been prepared in accordance with applicable legal     requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received  from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
 
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Page 7

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DS SMITH BUSINESS SERVICES LIMITED
 

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.  The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.  

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company   and determined that the most significant are those that relate to the reporting framework (FRS 101 and    Companies Act 2006) and compliance with the relevant direct and indirect tax regulations in the United    Kingdom. In addition, the company has to comply with laws and regulations relating to its operations,    including health and safety, employees, data protection, and anti-bribery and corruption.  
We understood how the Company is complying with those frameworks by making inquiries of     management and those charged with governance to understand how the Company maintains and    communicates its policies and procedures in these areas. We also understood the controls put in place by  management to reduce the opportunities for fraudulent transactions. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including   how fraud might occur through internal team conversations and inquiry of management and those charged  with governance to understand where they considered there was susceptibility to fraud. We also     considered performance targets and the potential incentives or opportunities to manage earnings. We    considered the programmes and controls that the Company has established to address the risks     identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those   programmes and controls. Where the risk was considered to be higher, we performed audit procedures to  address the each identified fraud risk. These procedures included testing manual journals and were    designed to provide reasonable assurance that the financial statements were free from material fraud.  
Based on this understanding we designed our audit procedures to identify noncompliance with such laws   and regulations. Our procedures involved review of board minutes and correspondence with relevant    authorities, where applicable, and inquiries of Company and DS Smith Plc group management and those   charged with governance, legal counsel, and internal audit. Based on procedures performed, we have not   identified any actual or possible instances of noncompliance with laws and regulations.  

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk /auditorsresponsibilities.  This description forms part of our auditor’s report.
 
Page 8

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DS SMITH BUSINESS SERVICES 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 an auditor’s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.                     



 
Luke Little (Senior statutory auditor)

  
for and on behalf of

Ernst & Young LLP 
The Paragon
Counterslip
Bristol
BS1 6BX
16 January 2025
Page 9

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£000
£000

  

Turnover
 4 
5,880
5,600

Operating and administrative expenses
  
(5,940)
(5,443)

Operating (loss)/profit
 5 
(60)
157

Interest receivable and similar income
 9 
1,767
748

Interest payable and similar expenses
 10 
(97)
-

Profit before tax
  
1,610
905

Tax on profit
 11 
(544)
(2)

Profit and total comprehensive income for the financial year
  
1,066
903

  

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

The notes on pages 14 to 27 form part of these financial statements.

Page 10

 
DS SMITH BUSINESS SERVICES LIMITED
REGISTERED NUMBER: 08114486

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£000
£000

Non-current assets
  

Intangible assets
 12 
371
519

Property, plant and equipment
 13 
119
130

Trade and other receivables: amounts falling due after more than one year
 14 
28,830
26,120

  
29,320
26,769

Current assets
  

Trade and other receivables: amounts falling due within one year
 14 
6,200
3,433

Cash and cash equivalents
  
43
292

Current liabilities
  
6,243
3,725

Trade and other payables: amounts falling due within one year
 15 
(5,972)
(2,029)

Net current assets
  
 
 
271
 
 
1,696

Total assets less current liabilities
  
29,591
28,465

Provisions for liabilities
  

Provisions
 17 
(395)
(335)

  
 
 
(395)
 
 
(335)

Net assets
  
29,196
28,130


Capital and reserves
  

Called up share capital 
 18 
-
-

Share premium account
  
28,000
28,000

Profit and loss account
  
1,196
130

  
29,196
28,130


The financial statements of DS Smith Business Services Limited (registered number: 08114486) were approved and authorised for issue by the board and were signed on its behalf on 16 January 2025.





W B Hicks
Director

The notes on pages 14 to 27 form part of these financial statements.
Page 11

 
DS SMITH BUSINESS SERVICES LIMITED
REGISTERED NUMBER: 08114486
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024


Page 12

 
DS SMITH BUSINESS SERVICES LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£000
£000
£000
£000


At 1 May 2022
-
3,000
(773)
2,227


Comprehensive income for the year

Profit for the year
-
-
903
903
Total comprehensive income for the year
-
-
903
903

Shares issued during the year
-
25,000
-
25,000



At 30 April 2023
-
28,000
130
28,130


Comprehensive income for the year

Profit for the year
-
-
1,066
1,066
Total comprehensive income for the year
-
-
1,066
1,066


At 30 April 2024
-
28,000
1,196
29,196


The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

DS Smith Business Services Limited ("the Company") is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales and whose shares are not publicly traded. The registered office is located at Level 3, 1 Paddington Square, London, W2 1DL. 

The nature of the Company’s operations and its principal activity are set out in the Strategic report on page 1.

Monetary amounts in these financial statements are rounded to the nearest £1,000.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

Page 14

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared using the going concern basis of accounting. In making their assessment on the appropriateness of using the going concern basis, the Directors have considered any material uncertainties relating to events or conditions that may cast significant doubt upon the continuing use of the going concern basis of accounting in future periods. The Directors have considered a period of at least 12 months from the date the financial statements are authorised for issue.
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out above. The financial position of the Company is as shown in the statement of financial position on page 11. At 30 April 2024, the Company reported net assets of £29,196,000 (2023: £28,130,000).
The financial Statements have been prepared using the going concern basis of accounting. The Company has been issued a support letter from its ultimate parent company, DS Smith Plc, confirming ongoing financial support in meeting liabilities as they fall due for a period of at least 12 months from the day of approval of accounts. DS Smith Plc has undertaken its own assessment of going concern, which it has confirmed, and this is disclosed on page 19 of the DS Smith Plc Half Year report for the period ended 31 October 2024. The Directors are satisfied that no events took place after the release of the DS Smith Plc Half Year results that give rise to any uncertainties relating to going concern, and accordingly the directors considered it is appropriate to rely upon this support in making their going concern assessment for these financial statements. The Directors are satisfied that the Company has adequate resources to meet its operational needs for a period of at least 12 months from the day of approval of the accounts and accordingly they continue to adopt the going concern basis in preparing the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling (£) as this is the currency of the primary economic environment in which the Company operates.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 15

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Revenue

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

For fixed-price contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.

 
2.6

Interest income

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

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 16

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

Income tax on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. 
For the year ended 30 April 2022 and onwards, DS Smith Group entities will no longer receive payment for current year tax losses surrendered or make payment for group relief claimed at the rate of tax prevailing in the year. However, where an entity has negative reserves and losses which will be surrendered to other members of the DS Smith Group, the claimant company will need to make payment for those tax losses at the rate of tax prevailing in the year.
Deferred tax is provided for using the statement of financial position liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date. 
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

The Pillar Two Income tax rules will apply to the DS Smith Group and subsidiaries for the financial year commencing on 1 May 2024. The company has applied the exemption from recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes as required in the amendments to FRS 101 International Tax reform - Pillar two model rules effective 1 January 2023.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation of intangible assets is charged to the income statement on a straight-line basis over the estimated useful lives of intangible assets, not exceeding 20 years, unless such lives are indefinite. Intangible assets are amortised from the date they are available for use. 

The estimated useful lives are as follows:

 Computer software and other intangibles   3 - 10 years

 
2.11

Tangible fixed assets

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

Page 17

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives are as follows:

Fixtures and fittings
-
3 - 10 years
Office equipment
-
3 - 10 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.  Any impairment in the value of property, plant and equipment is charged to the income statement as appropriate.
Right-of-use motor vehicles are depreciated on a straight-line basis over the lease terms, or the useful life if shorter.

Assets under construction are not subject to depreciation until completion. The cost of a self-constructed asset is measured by directly attributable costs, including direct materials, direct labour costs and unavoidable costs that are directly attributable to the constructed activity. Once the asset under construction is ready for use or sale then it is reclassified into its appropriate asset category and depreciation shall commence. 

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

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

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Page 18

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.
The Directors do not deem there to be any critical accounting judgements or estimation uncertainty in the preparation of the financial statements.


4.


Turnover

The whole of the turnover is attributable to services provided to other companies within the Group and arises mainly within the United Kingdom.


5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2024
2023
£000
£000

Depreciation of tangible fixed assets (note 13)
31
84

Amortisation of intangible assets (note 12)
185
167

Page 19

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Auditor's remuneration



The Auditor’s remuneration of £23,498 (2023: £25,070) for the statutory audit of the Company’s financial statements for the current and previous year has been borne and not recharged by another Group undertaking. No fees in relation to non-audit services were paid to the Company’s Auditor in the current or preceding year.





7.


Employees

2024
2023
£000
£000

Wages and salaries
3,927
3,313

Social security costs
383
330

Cost of defined contribution scheme
393
309

4,703
3,952


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


        2024
        2023
            No.
            No.







Management and administration
116
104


8.


Directors' remuneration



All the Directors are remunerated by other group undertakings. It is considered that the level of their qualifying services to the Company is negligible compared to their main roles. There are no management charges from these group undertakings for their services. Consequently they determine that given the level of the services required, that the proportion of their salary relating to their services provided to this company is insignificant. Therefore a £nil apportionment is made (2023: £nil). 


9.


Interest receivable

2024
2023
£000
£000


Interest receivable on amounts owed by ultimate parent company
1,767
719

Bank interest receivable
-
29

1,767
748

Page 20

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Interest payable

2024
2023
£000
£000


Bank interest payable
97
-

97
-


11.


Tax on profit


2024
2023
£000
£000

Corporation tax


Current tax on profits for the year
457
-

Total current tax
457
-

Deferred tax


Origination and reversal of timing differences
(44)
(62)

Adjustment in respect of prior years
131
64

Total deferred tax
87
2

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25.0% (2023: 19.5%). The differences are explained below:

2024
2023
£000
£000


Profit on ordinary activities before tax
1,610
905


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.0% (2023: 19.5%)
403
176

Effects of:


Group relief claimed not paid for
-
(224)

Effect of change in corporation tax rate
-
(14)

Expenses not deductible
10
-

Adjustment in respect of prior years
131
64

Total tax charge for the year
544
2

Page 21

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
11.Tax on profit (continued)


Factors that may affect future tax charges

In future years, the tax charge will be affected by subsequently enacted changes in tax rate.    
The Finance Act 2021 included a 6% increase in the main UK corporation tax rate to 25% from 1 April 2023, which was substantially enacted on 10 June 2021.  
  
The UK Government has enacted legislation in respect of Pillar Two introducing a global minimum effective tax rate of 15% and a domestic minimum top up tax. The rules will apply to the Company for the financial year commencing on 1 May 2024. Additional disclosures on Pillar Two are included in the annual Group financial statements of DS Smith Plc, the ultimate parent of the Company. 

12.


Intangible assets




Assets under construction
Computer software
Other Software
Total

£000
£000
£000
£000



Cost


At 1 May 2023
122
599
336
1,057


Additions
34
-
-
34


Transfers from property, plant and equipment
-
-
3
3


Disposals
-
(136)
-
(136)


Transfers between classes
(135)
-
135
-



At 30 April 2024

21
463
474
958



Amortisation


At 1 May 2023
-
415
123
538


Charge for the year on owned assets
-
90
95
185


Disposals
-
(136)
-
(136)



At 30 April 2024

-
369
218
587



Net book value



At 30 April 2024
21
94
256
371



At 30 April 2023
122
184
213
519


Page 22

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Property, plant and equipment





Fixtures and fittings
Office equipment
Assets under construction
Total

£000
£000
£000
£000



Cost or valuation


At 1 May 2023
79
285
73
437


Additions
-
-
26
26


Transfers to intangible assets
-
-
(3)
(3)


Disposals
(79)
(196)
-
(275)


Transfers between classes
-
96
(96)
-



At 30 April 2024

-
185
-
185



Depreciation


At 1 May 2023
76
231
-
307


Charge for the year
-
31
-
31


Disposals
(76)
(196)
-
(272)



At 30 April 2024

-
66
-
66



Net book value



At 30 April 2024
-
119
-
119



At 30 April 2023
4
54
73
131

Page 23

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Trade and other receivables

2024
2023
£000
£000

Amounts falling due after more than one year

Amounts owed by ultimate parent company
28,514
25,717

Deferred tax asset (note 16)
316
403

28,830
26,120


Interest is charged on the amount owed by ultimate parent company as follows:
 - £27,403,989 (2023: £25,716,678) at 12 month SONIA, plus margin of 1.74%, which is     repayable on 2 November 2025. 
- £1,109,723 (2023: £nil) at 1 month SONIA, plus margin of 1.26% (2023: 1.17%), which is     repayable on 1 March 2027. 
  
2024
2023
£000
£000

Amounts falling due within one year

Amounts owed by Group undertakings
5,272
3,009

Other debtors
889
396

Prepayments and accrued income
39
28

6,200
3,433


Amounts owed by Group undertakings is comprised of:

An amount owed by the ultimate parent company, with interest charged as follows:
 - £nil (2023: £992,879) at 1 month SONIA plus credit adjustment spread of 0.0326%, plus     margin of 1.17%, which is repayable on 1 March 2027. 

No interest was charged on all other amounts owed by Group undertakings, all of which have no fixed repayment date and are therefore classified as repayable on demand. All amounts owed by Group undertakings are unsecured.

Page 24

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Trade and other payables: amounts falling due within one year

2024
2023
£000
£000

Bank overdrafts
392
-

Trade creditors
3,421
1,399

Amounts owed to fellow Group undertakings
402
47

Accruals and deferred income
1,757
583

5,972
2,029


No interest was charged on amounts owed to Group undertakings, which have no fixed repayment date and are therefore classified as repayable on demand. All amounts owed to Group undertakings are unsecured.


16.


Deferred taxation






£000






At beginning of year
403


Charged to profit or loss
(87)



At end of year
316

The deferred tax asset is made up as follows:

2024
2023
£000
£000


Depreciation in excess of capital allowances
316
403

316
403

Page 25

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Dilapidations provision




Provision

£000





At 1 May 2023
335


Charged to profit or loss
60



At 30 April 2024
395

The dilapidations provision relates to a leasehold property previously occupied by DS Smith Business Services Limited and represents the liability to restore the property to the same condition as at inception of the lease. The expected timing of settlement is uncertain.


18.


Called up share capital

2024
2023
£000
£000
Authorised, allotted, called up and fully paid



3 (2023: 3) Ordinary shares of £1.00 each
-
-

On 2 November 2022 the Company’s immediate parent undertaking injected £25,000,000 cash into the Company in exchange for shares. This transaction resulted in the following: an increase in share capital of £1; an increase in share premium of £24,999,999 and an increase in the amount owed by the ultimate parent company of £25,000,000.



19.


Contingent liabilities

The Company is a participant in the Group’s uncommitted overdraft facility with a net limit of £5m. The participants in the facility cross-guarantee the overdrawn balances under the facility. Further information can be found in the Group’s annual report which does not form part of this report.


20.


Pension commitments

The pension cost contributions charged during the year relating to the defined contribution scheme amounted to £393,000 (2023: £309,000). There were no contributions prepaid or accrued at the year-end (2023: £nil).


21.


Related party transactions

The Company has taken the exemption available under FRS 101 from disclosing related party transactions entered into between two or more members of the DS Smith Group, provided that the fellow group entities are wholly-owned by the Group. See note 8 for details of Directors’ remuneration. 

Page 26

 
DS SMITH BUSINESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Controlling party

The Company’s immediate parent company is DS Smith Holdings Limited, a company incorporated in the United Kingdom, whose registered office is Level 3, 1 Paddington Square, London, W2 1DL.

The ultimate parent company and the ultimate controlling party is DS Smith Plc, a company incorporated in the United Kingdom. 
DS Smith Plc represents both the largest and smallest group of undertakings for which Group financial statements are prepared and of which the Company is a member. Copies of the Group financial statements are available from the Company Secretary of DS Smith Plc at its registered office, Level 3, 1 Paddington Square, London, W2 1DL.
The Company does not have any subsidiary undertakings.

Page 27