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REGISTERED NUMBER: 00956939 (England and Wales)




















Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2024

for

Wasdell Packaging Limited

Wasdell Packaging Limited (Registered number: 00956939)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Wasdell Packaging Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: M Tedham
D Tedham





REGISTERED OFFICE: Unit 6-8 Euro Way
Balgrove
Swindon
Wiltshire
SN5 8YW





REGISTERED NUMBER: 00956939 (England and Wales)

Wasdell Packaging Limited (Registered number: 00956939)

Strategic Report
for the Year Ended 30 April 2024

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

REVIEW OF BUSINESS
Turnover in FYE 2024 was £32m which reflects a growth of 11.9% the previous year. The company has maintained its high-profile accounts and seen growth across a number of these as well as the onboarding a level of new business specifically in the pharmaceutical sector that are likely to grow over the coming years. Gross margin has decreased to 17.2% from 24.9% which has been driven by a combination of increase in cost of materials and mix of customer orders.

Wasdell packaging will look to reverse this trend in 2025 - 2030 by focusing on simplification of our customer base and growing key accounts to drive sales growth. In addition Wasdell packaging will look to acquire new businesses to drive increased revenue and profit as well as investing in facilities and equipment to ensure effective supply to our customers.

PRINCIPAL RISKS AND UNCERTAINTIES
The Directors have identified the following risks and uncertainties currently effecting the business.

Cost inflation risk
2025 will see inflationary pressures on both materials, labour and service costs as a result in the increase to the minimum wage and National insurance costs. Wasdell will look to find efficiencies to offset this impact and also work with our customers to manage costs however there is a risk of negative impact to revenue and profit as a result of these increases.

Market Risk
The company has been impacted by the ability to deal competitively with the EU market since Brexit especially in the Pharmaceutical sector. Requirements for UK manufactured products to receive repeat QC testing before being released into the EU market has added additional cost and perceived risk for EU companies that would outsource activities to UK businesses prior. This has little effect on current business with majority of customers being located in the UK however inspiring new business means Wasdell Packaging is at a disadvantage to EU competitors. There is still significant potential in the UK with only a handful of Pharmaceutical companies partnering with Wasdell Packaging currently but this is where a targeted approach to the UK and ROW customers needs to be focused to inspire new business.

The company has some exposure to the Euro but manages this between the group companies to mitigate exposure.

Legislative and Regulatory Risk
The company operates under various national healthcare regulatory authorities and is committed to a process of continuous improvement and complies with all current standards and practice. The company maintains a reliable Pharmaceutical Quality System and resources to cover all products packaged at the site.

Actions of Competitors
Wasdell Packaging holds a unique position in terms of services and size within the UK market space.

SECTION 172(1) STATEMENT
This statement is key to ensuring the Board references stakeholder interests in decision making.
The Board is undertaking an ongoing review to further recognise all stakeholders, including those previously referenced,the workforce and shareholders, and to ensure stakeholders' views and interest are properly understood and are factored into decision making.

Whilst the growth to date will have a positive impact on stakeholders, threat to that growth due to space constraints
could impact severely on the stakeholders future. Negative impacts on the companies operations will lead to
employment opportunities both in absolute but equally qualitative terms will fall if the company is constrained from
growing and operating efficiently. The could also be a negative impact on suppliers and customers.

However any new site will benefit some over others in the community and there is always some environment change
involved in a new site, thus the net gains of a new site need to be considered. This assessment to include the need for the company to offer a service that maintains a reputation for high standards of business conduct.

Appointments to the Board during this period are set out in the directors report.

STREAMLINED ENERGY AND CARBON REPORTING
The company has declared this information within the strategic report of the consolidated accounts of Wasdell Holdings Limited


Wasdell Packaging Limited (Registered number: 00956939)

Strategic Report
for the Year Ended 30 April 2024

KEY PERFORMANCE INDICATORS
The company monitors its performance using a number of performance indicators. This includes:

2024 2023
£m £m
Turnover 32.0 28.6
Gross Profit 5.5 7.1
EBITDA 0.3 1.9

STRATEGY AND BUSINESS MODEL
Wasdell Packaging is a contract provider of packaging and storage and distribution services to the Pharmaceutical and Nutraceutical sectors.

The strategy of the business is three fold:


1.
Provide customers with an unrivalled and dependable service in terms of contract packaging and third party
logistic services.
2. To identify and explore new profitable opportunities through new technologies and innovations.

3.
Further grow business specifically linked to the Pharmaceutical and Life Science sectors through active
promotion of its services and capabilities.

In keeping with the overall strategy of the business, the directors have approved the investment required for the expansion of the business development team to promote its activities and services and in turn grow business.

The company has continued to grow organically over recent years with a level of new business being introduced. In 2025 Wasdell Packaging limited will grow through acquisition of new businesses and development of the Wasdell packaging capacity with a clear demarcation between Pharmaceutical and Nutraceutical supply

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
Key management personnel have communicated with several significant customers and suppliers during the year to build on our existing relationships and ensure that key stakeholder concerns are understood and reported to the board.

Communities and partners
During the period the Group has made a number of donations and engaged with a number of local and overseas charities including: the Langholm Common Ridings and Julias House.

STATEMENT OF CORPORATE GOVERNANCE ARRANGEMENTS
No external corporate governance code was applied because of the limited ownership of the business and the direct involvement of the key shareholder in the day-to-day affairs of the business external codes are inappropriate. Instead, the Group uses those codes as guidance as set out in this report.

ON BEHALF OF THE BOARD:





M Tedham - Director


31 January 2025

Wasdell Packaging Limited (Registered number: 00956939)

Report of the Directors
for the Year Ended 30 April 2024

The directors present their report with the financial statements of the company for the year ended 30 April 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of contract packaging and the provision of logistical services.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2024 (2023: £0)

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

M Tedham
D Tedham

Other changes in directors holding office are as follows:

C Baylis - resigned 30 June 2023

FINANCIAL INSTRUMENTS
The company holds or issues financial instruments in order to achieve two main objectives, being:
- to finance its operations;
- to manage its exposure to interest risks arising from its operations and its source of finance;
- for trading purposes

In addition, various financial instruments (e.g. trade debtors, trade creditors, accruals and prepayments) arise directly from the company's operations.

ENGAGEMENT WITH EMPLOYEES
The Group actively encourages employee involvement and participation through a number of channels, including team briefs, employee forums, health and safety committees and staff notice boards. The Group does not discriminate on grounds of disability, race, gender or gender orientation in any of its people practices. All reasonable adjustments are considered and implemented where practicable.

All gender pay reporting requirements have been complied with and details can be found on the Group's website and the appropriate Government body

SHAREHOLDERS
The shareholders of the group is limited to Martin Tedham and his related parties.

ENVIRONMENTAL SUSTAINABILITY
The Group has investigated, researched and developed bio-degradable blister packaging and made this available for customers to adopt.

ANTI-CORRUPTION AND ANTI-BRIBERY POLICY
The Group maintains an anti-corruption and an anti-bribery policy. It is the policy of the Wasdell Group (The Group) to conduct all of our business in an honest and ethical manner. We take a zero-tolerance approach to bribery and
corruption and are committed to acting professionally, fairly and with integrity in all our business dealings and
relationships wherever we operate, and implementing and enforcing effective systems to counter bribery.

STREAMLINED ENERGY AND CARBON REPORTING
The company has declared this information within the strategic report of the consolidated accounts of Wasdell Holdings Limited

DISCLOSURE IN THE STRATEGIC REPORT
The company has opted to disclose future developments in the Strategic Report rather than the Directors Report.


Wasdell Packaging Limited (Registered number: 00956939)

Report of the Directors
for the Year Ended 30 April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- 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 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sumer Auditco Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Tedham - Director


31 January 2025

Report of the Independent Auditors to the Members of
Wasdell Packaging Limited

Opinion
We have audited the financial statements of Wasdell Packaging Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 30 April 2024 and of its loss 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the 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, 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.

Report of the Independent Auditors to the Members of
Wasdell Packaging Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment law and company legislation and we considered the extent to which
non-compliance might have a material effect on the financial statements of the company. We also considered those
laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Corporation Tax Act 2010. We evaluated management's incentives and opportunities for fraudulent
manipulation of the financial statements (including the risk of override of controls), and determined that the principal
risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the audit engagement team included:

- Discussions with management, including consideration of known or suspected instances of non-compliance
with laws and regulations and fraud;
- Understanding of management's internal controls designed to prevent and detect irregularities, and fraud;
- Reviewing the Company's legal costs to check for non-compliance with laws and regulations and fraud;
- Review of tax compliance
- Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing of
- Testing transactions entered into outside of the normal course of the Company's business; and
- Identifying and testing journal entries, in particular any journal entries with fraud characteristics such as
journals with round numbers.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with
laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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.

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
Wasdell Packaging 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 Iain Black (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited
Statutory Auditor
Hermes House
Fire Fly Avenue
Swindon
Wiltshire
SN2 2GA

31 January 2025

Wasdell Packaging Limited (Registered number: 00956939)

Income Statement
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

TURNOVER 3 31,997,955 28,586,053

Cost of sales 26,481,349 21,464,340
GROSS PROFIT 5,516,606 7,121,713

Administrative expenses 5,809,108 5,759,924
OPERATING (LOSS)/PROFIT 5 (292,502 ) 1,361,789

Exceptional items 6 - 2,634,016
(292,502 ) 3,995,805

Interest receivable and similar income 21,895 19,275
(270,607 ) 4,015,080

Interest payable and similar expenses 7 348,342 204,361
(LOSS)/PROFIT BEFORE TAXATION (618,949 ) 3,810,719

Tax on (loss)/profit 8 (101,250 ) 186,518
(LOSS)/PROFIT FOR THE FINANCIAL YEAR (517,699 ) 3,624,201

Wasdell Packaging Limited (Registered number: 00956939)

Other Comprehensive Income
for the Year Ended 30 April 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (517,699 ) 3,624,201


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(517,699

)

3,624,201

Wasdell Packaging Limited (Registered number: 00956939)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 2,141,916 2,563,949

CURRENT ASSETS
Stocks 10 4,117,036 3,168,381
Debtors 11 49,078,503 49,322,635
Cash at bank 17,773 88,617
53,213,312 52,579,633
CREDITORS
Amounts falling due within one year 12 30,526,545 29,667,555
NET CURRENT ASSETS 22,686,767 22,912,078
TOTAL ASSETS LESS CURRENT
LIABILITIES

24,828,683

25,476,027

CREDITORS
Amounts falling due after more than one
year

13

(11,137

)

(39,532

)

PROVISIONS FOR LIABILITIES 17 (417,495 ) (518,745 )
NET ASSETS 24,400,051 24,917,750

CAPITAL AND RESERVES
Called up share capital 18 1,006 1,006
Capital redemption reserve 19 56,800 56,800
Retained earnings 19 24,342,245 24,859,944
SHAREHOLDERS' FUNDS 24,400,051 24,917,750

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





M Tedham - Director


Wasdell Packaging Limited (Registered number: 00956939)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 May 2022 1,006 21,235,743 56,800 21,293,549

Changes in equity
Total comprehensive income - 3,624,201 - 3,624,201
Balance at 30 April 2023 1,006 24,859,944 56,800 24,917,750

Changes in equity
Total comprehensive income - (517,699 ) - (517,699 )
Balance at 30 April 2024 1,006 24,342,245 56,800 24,400,051

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Wasdell Packaging 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 Company 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.

Going concern
The company's forecasts and projections, taking account a severe but plausible change in trading performance, show that the company should be able to operate within the level of it's current facilities. After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing it's financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Wasdell Holdings Limited as at 30 April 2024 and these financial statements may be obtained from Units 6-8 Euro Way, Blagrove, Swindon, Wiltshire, SN5 8YW, United Kingdom

Related party exemption
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.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on going 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 believe the key accounting estimates are:

i) Obsolete stock provision
As the valuation of stock is determined by frequency of use an uncertainty as to the value of the provision exits. However the risk of this uncertainty being significant is low.

ii) Provision for doubtful debts
The company makes an estimate of the recoverable value of trade debtor. When assessing the provision needed for doubtful debts, management considers factors including the ageing profile of debtors, relationship with the debtors and historical experience.

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Other significant judgements
Included in Debtors are amounts due from Wasdell Properties Ltd, a company under common ownership, of £4,733,444 (2023:£4,915,164) . Whilst there is no expectation that these amounts will not be repaid, repayment relies on the successful trading of Wasdell Properties Ltd and the value of that company's assets and liabilities. The directors have not felt it necessary to provide for any of this loan at this time.

There is a loan from the company to Wasdell Europe Limited, a group company, for £12,333,119 (2023: £12,785,417) the loan is repayable on demand and is therefore included in current assets. However the directors do not expect the loan to be repaid within one year. The rate of repayment being dependent on the profitability and cashflow of Wasdell Europe Limited.

Turnover
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when goods leave the packaging facility.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery- 20%, 10% and 5% straight line on cost
Fixtures and fittings- 10% straight line on cost
Motor vehicles- 33% straight line on cost

Depreciation is charged from when an asset is bought into use. Repairs and maintenance costs are expensed as incurred.

Subsequent additions and major components
Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as a separate asset when they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

Repairs and maintenance costs are expensed as incurred.

Derecognition
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Stock
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing stock to their present location and condition.

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets
Basic financial assets, including trade and other debtors 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 method.

Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow group companies, 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.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

.

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

3. TURNOVER

The turnover and loss (2023 - profit) before taxation are attributable to the one principal activity of the company.
An analysis of turnover by class of business is given below:

2024 2023
£ £
Sale of goods and services31,997,95528,586,053
31,997,95528,586,053


An analysis of turnover by geographic market is given below:

2024 2023
£ £
United Kingdom28,566,13725,807,047
Europe3,563,5582,212,190
United States of America(9,622)31,791
Rest of the world(122,118)534,601
31,997,95528,586,053


The negative balance for the United states and the Rest of the world is in relation to utilisation of a credit note provision from prior years.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 10,589,396 9,301,109
Social security costs 1,030,691 887,983
Other pension costs 212,607 200,187
11,832,694 10,389,279

The average number of employees during the year was as follows:
2024 2023

Direct labour 294 296
Administration and management 82 59
376 355

2024 2023
£    £   
Directors' remuneration 448,960 369,560
Directors' pension contributions to money purchase schemes 5,975 23,097

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 170,000 224,569
Pension contributions to money purchase schemes 1,321 21,667

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 186,755 120,279
Other operating leases 1,556,735 1,321,855
Depreciation - owned assets 519,624 572,311
Depreciation - assets on hire purchase contracts 33,006 33,006
(Profit)/loss on disposal of fixed assets (9,300 ) 12,210
Auditors' remuneration current 41,050 25,000
Foreign exchange differences (4,185 ) 5,166

6. EXCEPTIONAL ITEMS

The exceptional item in 2023 relates to an intercompany loan write off with a 100% owned subsidiary of £2,634,016

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 341,763 196,657
Hire purchase 6,579 7,704
348,342 204,361

8. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax - 224,489

Deferred tax (101,250 ) (37,971 )
Tax on (loss)/profit (101,250 ) 186,518

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
(Loss)/profit before tax (618,949 ) 3,810,719
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19.493%)

(154,737

)

742,823

Effects of:
Expenses not deductible for tax purposes 5,833 9,176
Income not taxable for tax purposes (2,325 ) (517,870 )
Depreciation in excess of capital allowances 74,805 58,449
Utilisation of tax losses - (68,089 )
Deferred Tax (101,250 ) (37,971 )
Group relief utilised 76,424 -
Total tax (credit)/charge (101,250 ) 186,518

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 May 2023 7,149,154 2,475,217 80,326 9,704,697
Additions 156,109 743 - 156,852
Disposals - - (80,326 ) (80,326 )
At 30 April 2024 7,305,263 2,475,960 - 9,781,223
DEPRECIATION
At 1 May 2023 4,777,315 2,313,433 50,000 7,140,748
Charge for year 491,980 56,579 4,071 552,630
Eliminated on disposal - - (54,071 ) (54,071 )
At 30 April 2024 5,269,295 2,370,012 - 7,639,307
NET BOOK VALUE
At 30 April 2024 2,035,968 105,948 - 2,141,916
At 30 April 2023 2,371,839 161,784 30,326 2,563,949

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023
and 30 April 2024 330,063
DEPRECIATION
At 1 May 2023 140,034
Charge for year 33,006
At 30 April 2024 173,040
NET BOOK VALUE
At 30 April 2024 157,023
At 30 April 2023 190,029

10. STOCKS
2024 2023
£    £   
Stocks 4,117,036 3,168,381

Included within stocks is a provision for £257,564 (2023: 128,347).

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,891,740 5,520,898
Amounts owed by group undertakings 33,740,770 33,269,647
Other debtors 3,242,603 3,232,039
Amounts owed by related party 4,733,444 4,915,164
Directors' current accounts 994,702 973,105
S455 tax repayable 347,413 352,905
Prepayments 1,127,831 1,058,877
49,078,503 49,322,635

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 14) 5,200,098 4,000,000
Hire purchase contracts (see note 15) 28,298 42,571
Trade creditors 2,651,514 2,480,619
Amounts owed to group undertakings 20,998,248 21,651,017
Tax 85,425 247,043
Social security and other taxes 227,347 182,514
VAT 191,842 281,310
Other creditors 663,699 45,519
Accrued expenses 480,074 736,962
30,526,545 29,667,555

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Social security and other taxes above includes £27,654 (2023: £19,157) of outstanding pension contributions at 30 April 2024.

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 15) 11,137 39,532

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,200,098 -
Bank loans 4,000,000 4,000,000
5,200,098 4,000,000

The above loan for £4,000,000 with interest only repayments that is on a rolling three month contract, interest rate 1.75% over the base rate. There is also a revolving loan facility in Wasdell Europe Ltd for €5,650,000 (2023:€5,650,000) with an interest of 1.45% over the base rate, the repayments are interest only. The loans are secured by cross guarantee on the property and assets of Wasdell Holdings Limited as a group.

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 32,696 49,050
Between one and five years 12,808 45,601
45,504 94,651

Finance charges repayable:
Within one year 4,398 6,479
Between one and five years 1,671 6,069
6,069 12,548

Net obligations repayable:
Within one year 28,298 42,571
Between one and five years 11,137 39,532
39,435 82,103

Non-cancellable operating leases
2024 2023
£    £   
Within one year 1,438,943 1,326,092
Between one and five years 5,256,186 5,071,314
In more than five years 1,352,776 2,552,274
8,047,905 8,949,680

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 4,000,000 4,000,000
Hire purchase contracts 39,435 82,103
4,039,435 4,082,103

HP liabilities are secured against the assets to which they relate to.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 417,495 518,745

Deferred
tax
£   
Balance at 1 May 2023 518,745
Credit to Income Statement during year (101,250 )
Balance at 30 April 2024 417,495

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary shares £1 1 1
1,005 Redeemable shares £1 1,005 1,005
1,006 1,006

19. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2023 24,859,944 56,800 24,916,744
Deficit for the year (517,699 ) - (517,699 )
At 30 April 2024 24,342,245 56,800 24,399,045

20. ULTIMATE CONTROLLING PARTY

Wasdell Holdings Ltd is the parent company by virtue of its 100% shareholding.

Wasdell Holdings Limited, is the parent of the largest and smallest group in which the company is a member and for which group financial statements are prepared. The consolidated financial statements can be obtained from Units 6-8 Euro Way, Blagrove, Swindon, SN5 8YW.

The ultimate controlling party is M Tedham.

21. CONTINGENT LIABILITIES

Wasdell Packaging Limited is party to a couple of cross-guarantees including the bank borrowings of Wasdell Holdings Limited, the company’s parent, which amounted to £1,575,977 (2023 - £1,691,932) and rolling credit facilities in Wasdell Packaging Ltd of £4,000,000 at 30 April 2024 (2023: £4,000,000) and in Wasdell Europe Ltd for €5,650,000 at 30 April 2024 (2023: €5,650,000)

All cross-guarantees are secured by a fixed and floating charge over the assets of Wasdell Holdings Limited as a group, including those of Wasdell Manufacturing Limited.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
M Tedham
Balance outstanding at start of year (972,905 ) (953,829 )
Amounts advanced (21,697 ) (19,076 )
Amounts repaid (100 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (994,702 ) (972,905 )

The M Tedham loan balance is repayable on demand and has been charged interest at the official HMRC rate.

Wasdell Packaging Limited (Registered number: 00956939)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

23. RELATED PARTY DISCLOSURES

Companies under common control

2024 2023
£    £   
Sales 211,494 -
Purchases 2,760,956 -
Amounts due to related parties (919,720 ) -
Amounts due from related parties 8,006,655 8,202,544

The balances are interest free and repayable on demand.

During the course of the year there was a transfer of assets to a director with a total value of £26,255. (2023 - £nil).