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Registered number: 01490666
Curran Packaging Company Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Strategic Report 1
Directors' Report 2—3
Independent Auditor's Report 4—6
Consolidated Profit and Loss Account 7
Consolidated Statement of Comprehensive Income 8
Consolidated Balance Sheet 9—10
Company Balance Sheet 11—12
Consolidated Statement of Changes in Equity 13
Company Statement of Changes in Equity 14
Consolidated Statement of Cash Flows 15
Notes to the Consolidated Statement of Cash Flows 16
Company Statement of Cash Flows 17
Notes to the Company Statement of Cash Flows 18
Notes to the Financial Statements 19—27
Page 1
Strategic Report
The directors present their strategic report for the year ended 30 April 2024.
Review of the Business
The principle of activity of the group was that of manufacturing of spiral would fibreboard tubes and the supply of IT infrastructure services.
The Directors are satisfied with the current performance of the company. The 2024 trading year remained very competitive but the company has maintained its profit margins by selecting optimum trading opportunities and conservative budget forecasting. They are confident that the Company continues to be well perceived by the industry.
The key financial performance indicators for the year ended 30 April 2024  are set out below:
2024
2023
£
£
Turnover
19,804,319
19,610,168
Gross Profit
4,445,849
4,723,885
EBITDA
633,986
1,116,274
Principal Risks and Uncertainties
The Directors have a strong emphasis on risk management which endeavours to identify and manage all business risks.
Strategic and Commercial Risk
There are risks of changes to the competitive and economic environment. This is mitigated by a robust strategy and planning process, and regular monitoring of the economic and competitive environment.
Financial Risk
There is a risk of reducing business value or earning capacity as well as risk of inadequate cash flow to meet financial obligations. This risk is mitigated by proactive management of the business plan, regular monitoring of cash flows and close relationships with importance stakeholders within the business.
Operational Risk
This is a risk of losses arising from inadequate or failed internal processes, from personnel and external events. These are mitigated by regularly monitoring the business risk register against occurring events and business continuity planning.
On behalf of the board
J Curran
Director
24th January 2025
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 30 April 2024.
Principal Activity
The group's principal activity continues to be that of manufacturing of spiral would fibreboard tubes and the supply of IT infrastructure services.
Dividends
The value of dividends paid amounted to £219,233 .
The directors recommended a final dividend of £NIL .
Directors
The directors who held office during the year were as follows:
S Blowes
V Curran
C Curran
J Curran
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved:
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
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Page 3
Independent Auditors
The auditors, McKenzies Chartered Accountants, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
J Curran
Director
24th January 2025
Page 3
Page 4
Independent Auditor's Report
Opinion
We have audited the financial statements of Curran Packaging Company Limited for the year ended 30 April 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes of Equity, Company Statement of Changes of Equity, Consolidated Cash Flow Statement, Company Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 30 April 2024 and of its profit/(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 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 entity's ability to continue as a going concern for a period of at least 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.
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 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 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 the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or 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.
Page 4
Page 5
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 2—3, 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the groups and company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and company by discussions with directors and updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the group and company include The Companies Act 2006, and UK Tax legislation.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the group and company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the group and company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
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 www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 that 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.
Paul Baker FCA (Senior Statutory Auditor)
for and on behalf of McKenzies Chartered Accountants , Statutory Auditor
24th January 2024
...CONTINUED
Page 5
Page 6
McKenzies Chartered Accountants
2 Station Road West
Oxted
Surrey
SM6 8PT
Page 6
Page 7
Consolidated Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 3 19,804,319 19,610,168
Cost of sales (15,358,470 ) (14,886,283 )
GROSS PROFIT 4,445,849 4,723,885
Administrative expenses (4,297,820 ) (3,861,207 )
Other operating income 255,954 156,007
OPERATING PROFIT 5 403,983 1,018,685
Loss on disposal of fixed asset investments (10,000) -
Other interest receivable and similar income 10 32,917 21,346
Interest payable and similar charges 11 (32,479 ) (37,949 )
PROFIT BEFORE TAXATION 394,421 1,002,082
Tax on Profit 12 307,325 (201,470 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 701,746 800,612
Profit attributable to:
Owners of the parent 502,519 607,368
Non-controlling interest 199,227 193,244
701,746 800,612
The notes on pages 16 to 27 form part of these financial statements.
Page 7
Page 8
Consolidated Statement of Comprehensive Income
2024 2023
£ £
PROFIT FOR THE FINANCIAL YEAR 701,746 800,612
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 701,746 800,612
Total comprehensive income attributable to:
Owners of the parent 502,519 607,368
Non-controlling interest 199,227 193,244
701,746 800,612
Page 8
Page 9
Consolidated Balance Sheet
Registered number: 01490666
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 549,452 644,034
Investments 14 - 10,000
549,452 654,034
CURRENT ASSETS
Stocks 15 434,218 500,473
Debtors 16 4,824,802 3,100,452
Cash at bank and in hand 1,945,721 2,769,965
7,204,741 6,370,890
Creditors: Amounts Falling Due Within One Year 17 (3,482,728 ) (3,122,351 )
NET CURRENT ASSETS (LIABILITIES) 3,722,013 3,248,539
TOTAL ASSETS LESS CURRENT LIABILITIES 4,271,465 3,902,573
Creditors: Amounts Falling Due After More Than One Year 18 (46,583 ) (103,473 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 (148,662 ) (115,393 )
NET ASSETS 4,076,220 3,683,707
CAPITAL AND RESERVES
Called up share capital 22 10,000 10,000
Profit and Loss Account 3,601,522 3,318,236
Equity attributable to owners of the parent 3,611,522 3,328,236
Non-controlling interest 464,698 355,471
TOTAL EQUITY 4,076,220 3,683,707
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Page 10
On behalf of the board
S Blowes
Director
J Curran
Director
24th January 2025
The notes on pages 16 to 27 form part of these financial statements.
Page 10
Page 11
Company Balance Sheet
Registered number: 01490666
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 13 534,702 624,368
Investments 14 52 52
534,754 624,420
CURRENT ASSETS
Stocks 15 434,218 500,473
Debtors 16 3,390,930 2,167,442
Cash at bank and in hand 990,437 2,227,412
4,815,585 4,895,327
Creditors: Amounts Falling Due Within One Year 17 (2,049,617 ) (2,361,765 )
NET CURRENT ASSETS (LIABILITIES) 2,765,968 2,533,562
TOTAL ASSETS LESS CURRENT LIABILITIES 3,300,722 3,157,982
Creditors: Amounts Falling Due After More Than One Year 18 (46,583 ) (103,473 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 20 (147,163 ) (112,488 )
NET ASSETS 3,106,976 2,942,021
CAPITAL AND RESERVES
Called up share capital 22 10,000 10,000
Profit and Loss Account 3,096,976 2,932,021
SHAREHOLDERS' FUNDS 3,106,976 2,942,021
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In accordance with section 408(3) of the Companies Act 2006, the company has not presented its own profit and loss account and the related notes. The company's profit for the year was £ 384,188 (2023: £ 703,521 profit).
On behalf of the board
J Curran
Director
S Blowes
Director
24th January 2025
The notes on pages 16 to 27 form part of these financial statements.
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Consolidated Statement of Changes in Equity
Share Capital Profit and Loss Account Total Attributable to Parent Non-controlling interest Total
£ £ £ £ £
As at 1 May 2022 10,000 3,027,476 3,037,476 444,227 3,481,703
Profit for the year and total comprehensive income - 607,368 607,368 193,244 800,612
Dividends paid - (316,608) (316,608) (282,000 ) (598,608)
As at 30 April 2023 and 1 May 2023 10,000 3,318,236 3,328,236 355,471 3,683,707
Profit for the year and total comprehensive income - 502,519 502,519 199,227 701,746
Dividends paid - (219,233) (219,233) (90,000 ) (309,233)
As at 30 April 2024 10,000 3,601,522 3,611,522 464,698 4,076,220
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Company Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 May 2022 10,000 2,545,108 2,555,108
Profit for the year and total comprehensive income - 703,521 703,521
Dividends paid - (316,608) (316,608)
As at 30 April 2023 and 1 May 2023 10,000 2,932,021 2,942,021
Profit for the year and total comprehensive income - 384,188 384,188
Dividends paid - (219,233) (219,233)
As at 30 April 2024 10,000 3,096,976 3,106,976
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Consolidated Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash (used in)/generated from operations 1 (365,928 ) 654,059
Interest paid (32,478 ) (37,949 )
Tax refunded/(paid) 80,823 (217,483 )
Net cash (used in)/generated from operating activities (317,583 ) 398,627
Cash flows from investing activities
Purchase of tangible assets (14,566 ) (136,267 )
Purchase of other fixed asset investments - (10,000 )
Interest received 32,917 21,346
Net cash generated from/(used in) investing activities 18,351 (124,921 )
Cash flows from financing activities
Equity dividends paid (309,233 ) (598,608 )
Repayment of bank borrowings - (250,000 )
Repayment of finance leases (70,073 ) (66,907 )
Amount introduced by directors 100,753 556,945
Amount withdrawn by directors (246,458) (341,681)
Net cash used in financing activities (525,011 ) (700,251 )
Decrease in cash and cash equivalents (824,243 ) (426,545 )
Cash and cash equivalents at beginning of year 2 2,769,965 3,196,510
Cash and cash equivalents at end of year 2 1,945,722 2,769,965
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Notes to the Consolidated Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash (used in)/generated from operations
2024 2023
£ £
Profit for the financial year 701,746 800,612
Adjustments for:
Tax on profit (307,325 ) 201,470
Interest expense 32,479 37,949
Interest income (32,917 ) (21,346 )
Depreciation of tangible assets 109,148 142,846
Loss on disposal of fixed asset investments 10,000 -
Movements in working capital:
Decrease in stocks 66,255 21,736
(Increase)/decrease in trade and other debtors (1,658,599 ) 645,064
Increase/(decrease) in trade and other creditors 713,285 (1,174,272 )
Net cash (used in)/generated from operations (365,928 ) 654,059
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 1,945,721 2,769,965
3. Analysis of changes in net funds
As at 1 May 2023 Cash flows As at 30 April 2024
£ £ £
Cash at bank and in hand 2,769,965 (824,244) 1,945,721
Finance leases (172,031) 70,073 (101,958)
2,597,934 (754,171) 1,843,763
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Company Statement of Cash Flows
2024 2023
Notes £ £
Cash flows from operating activities
Net cash used in operations 1 (982,027 ) (10,094 )
Interest paid (2,621 ) (7,266 )
Tax refunded/(paid) 17,832 (110,310 )
Net cash used in operating activities (966,816 ) (127,670 )
Cash flows from investing activities
Purchase of tangible assets (14,566 ) (136,267 )
Interest received 129,652 21,346
Dividends received 97,500 305,500
Net cash generated from investing activities 212,586 190,579
Cash flows from financing activities
Equity dividends paid (340,966 ) (316,608 )
Repayment of other loans - (250,000)
Repayment of finance leases (70,073 ) (66,907 )
Amount introduced by directors 198,753 556,945
Amount withdrawn by directors (270,459) (341,681)
Net cash used in financing activities (482,745 ) (418,251 )
Decrease in cash and cash equivalents (1,236,975 ) (355,342 )
Cash and cash equivalents at beginning of year 2 2,227,412 2,582,754
Cash and cash equivalents at end of year 2 990,437 2,227,412
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Notes to the Company Statement of Cash Flows
1. Reconciliation of profit for the financial year to cash used in operations
2024 2023
£ £
Profit for the financial year 384,188 703,521
Adjustments for:
Tax on profit (95,618 ) 89,544
Interest expense 2,621 7,265
Interest income (32,152 ) (21,346 )
Income from shares in group undertakings (97,500) (305,500)
Depreciation of tangible assets 104,232 132,767
Movements in working capital:
Decrease in stocks 66,255 21,763
Increase in trade and other debtors (1,231,736 ) (169,694 )
Decrease in trade and other creditors (82,317 ) (468,414 )
Net cash used in operations (982,027 ) (10,094 )
2. Cash and cash equivalents
Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:
2024 2023
£ £
Cash at bank and in hand 990,437 2,227,412
3. Analysis of changes in net funds
As at 1 May 2023 Cash flows As at 30 April 2024
£ £ £
Cash at bank and in hand 2,227,412 (1,236,975) 990,437
Finance leases (172,031) 70,073 (101,958)
2,055,381 (1,166,902) 888,479
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Notes to the Financial Statements
1. General Information
Curran Packaging Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01490666 . The registered office is 2 Station road West, Oxted, Surrey, RH8 9EP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% on cost
Motor Vehicles 25% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 33% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
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2.6. Financial Instruments
i) Financial assets
Basic financial assets, including trade and other receivables, and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The
impairment reversal is recognised in profit or loss.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.
Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing
additional restrictions.
ii) Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from fellow Group companies are classified as debt, 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. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The group's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Turnover
4. Other Operating Income
2024 2023
£ £
Other operating income 255,954 156,007
255,954 156,007
5. Operating Profit
The operating profit is stated after charging:
2024 2023
£ £
Bad debts 8,052 36,000
Depreciation of tangible fixed assets 109,148 142,846
6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2024 2023
£ £
Audit Services
Audit of the company's financial statements 17,270 17,270
7. Staff Costs
Staff costs, including directors' remuneration, were as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Wages and salaries 4,022,663 3,744,632 2,922,136 2,666,830
Social security costs 495,064 452,122 368,185 322,979
Other pension costs 125,304 115,603 84,521 80,628
4,643,031 4,312,357 3,374,842 3,070,437
8. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
Group Company
2024 2023 2024 2023
Office and Management 14 14 13 13
Operatives 40 40 36 36
54 54 49 49
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9. Directors' remuneration
2024 2023
£ £
Emoluments 1,167,093 1,059,819
Company contributions to money purchase pension schemes 3,963 3,963
1,171,056 1,063,782
Information regarding the highest paid director was as follows:
2024 2023
£ £
Company contributions to money purchase pension schemes 2 2
10. Interest Receivable and Similar Income
2024 2023
£ £
Deposit account interest 32,917 21,346
11. Interest Payable and Similar Charges
2024 2023
£ £
Bank loans and overdrafts 16,253 13,864
Finance charges payable under finance leases and hire purchase contracts 2,621 -
Foreign exchange charges 13,605 24,085
32,479 37,949
12. Tax on Profit
The tax (credit)/charge on the profit for the year was as follows:
Tax Rate 2024 2023
2024 2023 £ £
Current tax
UK Corporation Tax 25.0% - 175,608 201,187
Prior period adjustment (516,202 ) -
(340,594 ) 201,187
Deferred Tax
Deferred taxation 33,269 283
Total tax charge for the period (307,325 ) 201,470
The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
2024 2023
£ £
Profit before tax 394,421 1,002,082
Tax on profit at 25% (UK standard rate) 98,605 195,406
...CONTINUED
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Goodwill/depreciation not allowed for tax (24,164 ) (7,247 )
Expenses not deductible for tax purposes 28,465 13,028
Short term timing differences 33,269 283
Prior period adjustment (516,202 ) -
Difference in tax rates 48,327 -
Dividends from companies 24,375 -
Total tax charge for the period (307,325) 201,470
13. Tangible Assets
Group
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 2,844,180 41,865 109,308 120,689 3,116,042
Additions 66 14,500 - - 14,566
As at 30 April 2024 2,844,246 56,365 109,308 120,689 3,130,608
Depreciation
As at 1 May 2023 2,229,132 35,615 106,953 100,308 2,472,008
Provided during the period 89,452 6,750 665 12,281 109,148
As at 30 April 2024 2,318,584 42,365 107,618 112,589 2,581,156
Net Book Value
As at 30 April 2024 525,662 14,000 1,690 8,100 549,452
As at 1 May 2023 615,048 6,250 2,355 20,381 644,034
Company
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 2,649,907 25,610 81,958 120,689 2,878,164
Additions 66 14,500 - - 14,566
As at 30 April 2024 2,649,973 40,110 81,958 120,689 2,892,730
Depreciation
As at 1 May 2023 2,054,524 19,360 79,604 100,308 2,253,796
Provided during the period 84,536 6,750 665 12,281 104,232
As at 30 April 2024 2,139,060 26,110 80,269 112,589 2,358,028
Net Book Value
As at 30 April 2024 510,913 14,000 1,689 8,100 534,702
As at 1 May 2023 595,383 6,250 2,354 20,381 624,368
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14. Investments
Group
Other
£
Cost
As at 1 May 2023 10,000
Disposals (10,000 )
As at 30 April 2024 -
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 10,000
Company
Subsidiaries
£
Cost
As at 1 May 2023 52
As at 30 April 2024 52
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 52
As at 1 May 2023 52
Subsidiaries
Details of the company's subsidiaries as at 30 April 2024 are as follows:
Name of undertaking Registered Office Class of shares held Direct holding Indirect holding
Curran IT & Electrical Services Limited £1 Ordinary 52.00% -
The aggregate capital and reserves and the result for the year of the subsidiaries listed above was as follows:
Capital and Reserves Profit/(loss)
£ £
Curran IT & Electrical Services Limited 969,296 415,057
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15. Stocks
Group Company
2024 2023 2024 2023
£ £ £ £
Raw materials 304,975 373,857 304,975 373,857
Finished goods 129,243 126,616 129,243 126,616
434,218 500,473 434,218 500,473
16. Debtors
Group Company
2024 2023 2024 2023
£ £ £ £
Due within one year
Trade debtors 4,282,601 2,910,838 1,683,451 2,046,292
Amounts owed by group undertakings - - 1,248,021 12,172
Other debtors 542,201 189,614 459,458 108,978
4,824,802 3,100,452 3,390,930 2,167,442
17. Creditors: Amounts Falling Due Within One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 55,375 68,558 55,375 68,558
Trade creditors 1,494,899 1,502,891 950,031 1,241,424
Other creditors 317,376 410,959 297,808 386,991
Corporation tax 175,608 435,379 104,114 216,575
Taxation and social security 528,565 372,343 283,694 279,755
Accruals and deferred income 910,905 332,221 358,595 168,462
3,482,728 3,122,351 2,049,617 2,361,765
18. Creditors: Amounts Falling Due After More Than One Year
Group Company
2024 2023 2024 2023
£ £ £ £
Net obligations under finance lease and hire purchase contracts 46,583 103,473 46,583 103,473
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19. Obligations Under Finance Leases and Hire Purchase
Group Company
2024 2023 2024 2023
£ £ £ £
The future minimum finance lease payments are as follows:
Not later than one year 55,375 68,558 55,375 68,558
Later than five years 46,583 103,473 46,583 103,473
101,958 172,031 101,958 172,031
101,958 172,031 101,958 172,031
20. Deferred Taxation
The provision for deferred tax is made up as follows:
Group Company
2024 2023 2024 2023
£ £ £ £
Other timing differences 148,662 115,393 147,163 112,488
21. Provisions for Liabilities
Group
Deferred Tax Total
£ £
As at 1 May 2023 115,393 115,393
Additions 33,269 33,269
Balance at 30 April 2024 148,662 148,662
22. Share Capital
2024 2023
Allotted, called up but not fully paid £ £
10,000 Ordinary Shares of £ 1.000 each 10,000 10,000
23. Pension Commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund.
During the year the charge to profit or loss in respect of defined contribution schemes was £125,304 (2023: £115,603).
At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.
24. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Ms Carole Curran 8,248 - (8,248 ) - -
The above loan is unsecured, interest free and repayable on demand.
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25. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 219,233 316,608
26. Controlling Parties
The company's ultimate controlling party is V G M J Curran by virtue of their interest in the share capital of the company.
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