Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30falsefalsefalsefalse2023-05-01Non-specialised wholesale trade2726 02341130 2023-05-01 2024-04-30 02341130 2022-05-01 2023-04-30 02341130 2024-04-30 02341130 2023-04-30 02341130 2022-05-01 02341130 5 2023-05-01 2024-04-30 02341130 5 2022-05-01 2023-04-30 02341130 6 2023-05-01 2024-04-30 02341130 6 2022-05-01 2023-04-30 02341130 d:Director1 2023-05-01 2024-04-30 02341130 d:Director2 2023-05-01 2024-04-30 02341130 d:Director3 2023-05-01 2024-04-30 02341130 d:RegisteredOffice 2023-05-01 2024-04-30 02341130 e:Buildings 2023-05-01 2024-04-30 02341130 e:Buildings 2024-04-30 02341130 e:Buildings 2023-04-30 02341130 e:Buildings e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02341130 e:Buildings e:LongLeaseholdAssets 2023-05-01 2024-04-30 02341130 e:Buildings e:LongLeaseholdAssets 2024-04-30 02341130 e:Buildings e:LongLeaseholdAssets 2023-04-30 02341130 e:LandBuildings 2024-04-30 02341130 e:LandBuildings 2023-04-30 02341130 e:PlantMachinery 2023-05-01 2024-04-30 02341130 e:PlantMachinery 2024-04-30 02341130 e:PlantMachinery 2023-04-30 02341130 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02341130 e:MotorVehicles 2023-05-01 2024-04-30 02341130 e:MotorVehicles 2024-04-30 02341130 e:MotorVehicles 2023-04-30 02341130 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02341130 e:ComputerEquipment 2023-05-01 2024-04-30 02341130 e:ComputerEquipment 2024-04-30 02341130 e:ComputerEquipment 2023-04-30 02341130 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02341130 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 02341130 e:ComputerSoftware 2024-04-30 02341130 e:ComputerSoftware 2023-04-30 02341130 e:CurrentFinancialInstruments 2024-04-30 02341130 e:CurrentFinancialInstruments 2023-04-30 02341130 e:Non-currentFinancialInstruments 2024-04-30 02341130 e:Non-currentFinancialInstruments 2023-04-30 02341130 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 02341130 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 02341130 e:Non-currentFinancialInstruments e:AfterOneYear 2024-04-30 02341130 e:Non-currentFinancialInstruments e:AfterOneYear 2023-04-30 02341130 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-04-30 02341130 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-04-30 02341130 e:ReportableOperatingSegment1 2023-05-01 2024-04-30 02341130 e:ReportableOperatingSegment1 2022-05-01 2023-04-30 02341130 e:ReportableOperatingSegment2 2023-05-01 2024-04-30 02341130 e:ReportableOperatingSegment2 2022-05-01 2023-04-30 02341130 e:ReportableOperatingSegment3 2023-05-01 2024-04-30 02341130 e:ReportableOperatingSegment3 2022-05-01 2023-04-30 02341130 e:UKTax 2023-05-01 2024-04-30 02341130 e:UKTax 2022-05-01 2023-04-30 02341130 e:ShareCapital 2023-05-01 2024-04-30 02341130 e:ShareCapital 2024-04-30 02341130 e:ShareCapital 2022-05-01 2023-04-30 02341130 e:ShareCapital 2023-04-30 02341130 e:ShareCapital 2022-05-01 02341130 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 02341130 e:RetainedEarningsAccumulatedLosses 2024-04-30 02341130 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 02341130 e:RetainedEarningsAccumulatedLosses 2023-04-30 02341130 e:RetainedEarningsAccumulatedLosses 2022-05-01 02341130 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 02341130 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 02341130 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-04-30 02341130 e:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-04-30 02341130 d:OrdinaryShareClass1 2023-05-01 2024-04-30 02341130 d:OrdinaryShareClass1 2024-04-30 02341130 d:OrdinaryShareClass1 2023-04-30 02341130 d:FRS102 2023-05-01 2024-04-30 02341130 d:Audited 2023-05-01 2024-04-30 02341130 d:FullAccounts 2023-05-01 2024-04-30 02341130 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02341130 e:HirePurchaseContracts e:WithinOneYear 2024-04-30 02341130 e:HirePurchaseContracts e:WithinOneYear 2023-04-30 02341130 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-04-30 02341130 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-04-30 02341130 e:HirePurchaseContracts e:MoreThanFiveYears 2024-04-30 02341130 e:HirePurchaseContracts e:MoreThanFiveYears 2023-04-30 02341130 e:ComputerSoftware e:OwnedIntangibleAssets 2023-05-01 2024-04-30 02341130 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 02341130







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024


STEVENAGE PACKAGING LIMITED






































img71fc.png                        

 


STEVENAGE PACKAGING LIMITED
 


 
COMPANY INFORMATION


Directors
R J Stewart 
W E Peacock 
C Stewart 




Registered number
02341130



Registered office
Stewart House
Primmet Road

Stevenage

Hertfordshire

SG1 3EE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

Herts

SG1 3QP





 


STEVENAGE PACKAGING LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 25


 


STEVENAGE PACKAGING LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Business review
 
The directors are pleased to report that 2024 has been another strong and profitable year. In the face of rising factory costs, economic uncertainty and regulatory challenges, gross profit has increased by 4.35% compared to the previous year. 
Stevenage Packaging’s mission is to deliver premium, innovative products and first class customer service. There is a focus on evolving product ranges to meet the packaging requirements of our customers in an ever-changing world. The Company consistently seek methods to introduce new products to the market, focusing on thinner more robust material blends, along with more sustainable packaging options to ensure they are making a positive impact on the environment.
The Company continue to maintain a premium customer service level, nurturing long term Customer relationships, which is fundamental to the success of the business. This is reflected by 96% of the turnover during the financial year coming from repeat customers. Numerous founding customers, from 1989, remain within the top 20 customers of the business, accounting for 39% of all company turnover throughout the financial year.  
The Company's various sub-divisions continue to thrive in highly competitive markets, focusing on quality niche products to a variety of markets. These divisions have seen a turnover growth of 27.5% year on year, maintaining healthy gross profit margins and a robust supply chain. 
The company was incorporated in 1989, along with 130,650 other companies, less than 7.7% of those companies are still trading today, demonstrating the ongoing robust business model. The company is proud to have not made a single staff redundancy since incorporation, with multiple team members being employed in excess of 10 years. The five longest serving team members have all been with the business over 25 years, demonstrating their recognition of hard work and dedication, fostering a positive working environment for all. These team members enable the Company to offer continuity of relationships, retention of tacit knowledge and best in class service levels with their extensive industry knowledge. They also continue to nurture new team members to ensure succession planning for future generations.

Principal risks and uncertainties
 
 Business risks
The company continues to operate in various packaging sectors, for which there are risks of competition from within the UK and of overseas supply chain. The company has mitigated these risks and differentiates itself by focusing on innovative unique products, technically engineered solutions and best in class customer service. With the customer centric business model, along with their commitment to the four core values of honesty, loyalty, trust and integrity, they believe they will continue to thrive against competitor threat within the market.
Financial risks
The company's principle financial instruments comprise bank balances, other debtors and other creditors. The company has a robust cash management strategy to ensure that any risks arising can be managed from existing reserves. 
The company is exposed to transaction foreign exchange risk and seeks to reduce this through direct currency purchases from banks, not brokers, and holding multiple currency bank accounts.

Financial key performance indicators
 
We measure customer satisfaction through regular feedback and retention rates, ensuring a consistently high level of service that supports long term growth.
Our target is to achieve year-on-year revenue growth of at least 5% above inflation.
Additionally, we aim to maintain our historical growth profit margin, balancing cost efficiency with competitive pricing to preserve profitability. 

Page 1

 


STEVENAGE PACKAGING LIMITED
 



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


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



................................................
R J Stewart
Director

Date: 31 January 2025

Page 2

 


STEVENAGE PACKAGING 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.

Directors' responsibilities statement

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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to 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.

Results and dividends

The profit for the year, after taxation, amounted to £1,271,267 (2023 - £923,675).

Dividends of £800,004 (2023: £800,004) were declared during the year ended 30 April 2024. 

Directors

The directors who served during the year were:

R J Stewart 
W E Peacock 
C Stewart 

Future developments

The new financial year continues to be positive and strong. The company’s brand and reputation are helping it to attract new and talented team members, in an uncertain recruitment market. Our focussed recruitment strategy is able to add financial value to the business, as well as appointing key personnel quickly and effectively to minimise internal disruption and assist with company growth plans.
Utilising the strong management team currently in place, the directors will continue to seek acquisition and growth opportunities in both the current and alternative sectors. 
With the introduction of Extended Producer Responsibility and ongoing Plastic Packaging Tax regulatory changes, the business will remain focused on recyclable materials and sustainable solutions. They will continue to monitor the supply chain to ensure they are committed to their Carbon Reduction Plan.

Page 3

 


STEVENAGE PACKAGING LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

There were no post balance sheet events.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





................................................
R J Stewart
Director

Date: 31 January 2025

Page 4

 


STEVENAGE PACKAGING LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEVENAGE PACKAGING LIMITED

Opinion


We have audited the financial statements of Stevenage Packaging Limited (the 'Company') for the year ended 30 April 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 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 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 United Kingdom, including the Financial Reporting Council'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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


STEVENAGE PACKAGING LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEVENAGE PACKAGING LIMITED (CONTINUED)

Opinion 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 the 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 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 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.


Page 6

 


STEVENAGE PACKAGING LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEVENAGE PACKAGING LIMITED (CONTINUED)

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 an Auditors' 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

•The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act,employment law, health and safety, pensions legislation and tax legislation.
•We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
•The engagement partner assessed whether the engagement team collectively had the appropriate competence andcapabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
•We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible tomaterial misstatement due to fraud. Audit procedures performed by the engagement team included:
•Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•Understanding how those charged with governance considered and addressed the potential for override of controls orother inappropriate influence over the financial reporting process;
•Challenging assumptions and judgments made by management in its significant accounting estimates; and
•Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
The assessment did not identify any issues in these areas.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-complance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation


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


Page 7

 


STEVENAGE PACKAGING LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEVENAGE PACKAGING LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





James Fox FCCA ACA (Senior statutory auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Richmond House
Walkern Road
Stevenage
Herts
SG1 3QP

31 January 2025
Page 8

 


STEVENAGE PACKAGING LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
16,602,048
18,163,407

Cost of sales
  
(12,748,300)
(14,738,555)

Gross profit
  
3,853,748
3,424,852

Administrative expenses
  
(2,219,695)
(2,324,749)

Other operating income
  
66,780
121,499

Operating profit
  
1,700,833
1,221,602

Interest receivable and similar income
  
66,860
-

Interest payable and similar expenses
  
(82,235)
(61,611)

Profit before tax
 5 
1,685,458
1,159,991

Tax on profit
 9 
(414,191)
(236,316)

Profit for the financial year
  
1,271,267
923,675

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 25 form part of these financial statements.

Page 9

 


STEVENAGE PACKAGING LIMITED
REGISTERED NUMBER:02341130



BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 11 
14,043
19,737

Tangible assets
 12 
773,860
802,083

  
787,903
821,820

Current assets
  

Stocks
 13 
1,191,238
1,443,327

Debtors
 14 
4,141,164
4,241,431

Cash at bank and in hand
  
2,560,010
2,318,596

  
7,892,412
8,003,354

Creditors: amounts falling due within one year
 15 
(4,258,443)
(4,561,175)

Net current assets
  
 
 
3,633,969
 
 
3,442,179

Total assets less current liabilities
  
4,421,872
4,263,999

Creditors: amounts falling due after more than one year
 16 
(640,709)
(951,055)

Provisions for liabilities
  

Deferred tax
 19 
(12,384)
(15,428)

Other provisions
 20 
(363,247)
(363,247)

  
 
 
(375,631)
 
 
(378,675)

Net assets
  
3,405,532
2,934,269


Capital and reserves
  

Called up share capital 
 21 
10,000
10,000

Profit and loss account
  
3,395,532
2,924,269

  
3,405,532
2,934,269


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R J Stewart
Director

Date: 31 January 2025

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 


STEVENAGE PACKAGING LIMITED
 



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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 May 2022
10,000
2,800,598
2,810,598


Comprehensive income for the year

Profit for the year
-
923,675
923,675
Total comprehensive income for the year
-
923,675
923,675


Contributions by and distributions to owners

Dividends: Equity capital
-
(800,004)
(800,004)


Total transactions with owners
-
(800,004)
(800,004)



At 1 May 2023
10,000
2,924,269
2,934,269


Comprehensive income for the year

Profit for the year
-
1,271,267
1,271,267
Total comprehensive income for the year
-
1,271,267
1,271,267


Contributions by and distributions to owners

Dividends: Equity capital
-
(800,004)
(800,004)


Total transactions with owners
-
(800,004)
(800,004)


At 30 April 2024
10,000
3,395,532
3,405,532


The notes on pages 14 to 25 form part of these financial statements.

Page 11

 


STEVENAGE PACKAGING LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,271,267
923,675

Adjustments for:

Amortisation of intangible assets
5,694
6,448

Depreciation of tangible assets
78,620
75,387

Loss on disposal of tangible assets
(4,167)
-

Taxation charge
414,191
236,316

Decrease/(increase) in stocks
252,089
(149,679)

Decrease in debtors
100,267
363,642

(Decrease) in creditors
(508,103)
(132,253)

Increase in provisions
-
363,247

Corporation tax (paid)
(225,276)
(444,201)

Net cash generated from operating activities

1,384,582
1,242,582


Cash flows from investing activities

Purchase of tangible fixed assets
(61,729)
(35,606)

Sale of tangible fixed assets
15,499
-

Net cash from investing activities

(46,230)
(35,606)

Cash flows from financing activities

Repayment of loans
(295,459)
(292,324)

Loans due from/(repaid to) directors
(1,475)
(9,690)

Dividends paid
(800,004)
(800,004)

Net cash used in financing activities
(1,096,938)
(1,102,018)

Net increase in cash and cash equivalents
241,414
104,958

Cash and cash equivalents at beginning of year
2,318,596
2,213,638

Cash and cash equivalents at the end of year
2,560,010
2,318,596


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,560,010
2,318,596

2,560,010
2,318,596


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 


STEVENAGE PACKAGING LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

2,318,596

241,414

2,560,010

Debt due after 1 year

(951,055)

310,346

(640,709)

Debt due within 1 year

(536,964)

(13,412)

(550,376)


830,577
538,348
1,368,925

The notes on pages 14 to 25 form part of these financial statements.

Page 13

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


Statutory information

Stevenage 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.
The presentation currency of the financial statements is the Pound Sterling (£).


2.


Statement of compliance

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.

3.Accounting policies

 
3.1

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

  
3.2

Significant judgements and estimates

In the application of the company's accounting policies, which are described below, management is required to
make judgements estimates and assumptions about the carrying value 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 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 Key sources of estimation uncertainty that have a significant effect on the amounts recognised in the
financial statements are described below.

  
3.3

Revenue

Revenue represents the total invoice value, excluding value added tax, trade discounts and all other taxes of
sales made during the year.

  
3.4

Revenue recognition

Revenue is recognised when goods have been delivered and services supplied to customers such that risks and rewards of ownership have transferred to them.

  
3.5

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost
less any accumulated amortisation and any accumulated impairment losses.
Other intangible assets is being amortised evenly over its estimated useful life of ten years.

Page 14

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.Accounting policies (continued)

 
3.6

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.

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.

Depreciation is provided on the following basis:

Freehold property
-
Not depreciation
Long-term leasehold property
-
20% on cost
Plant and machinery
-
20% on cost
Motor vehicles
-
25% on cost
Computer equipment
-
20% on cost

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.

  
3.7

Inventories

Inventories and work in progress are 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 stocks to their present location and condition.

  
3.8

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive
Income, except to the extent that it relates to items recognised in other comprehensive income or directly in
equity.
Current or deferred tax 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 statement of financial position date.

Page 15

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

3.Accounting policies (continued)

  
3.9

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at
the statement of financial position 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.

  
3.10

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
statement of financial position 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.

  
3.11

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 the income statement in the period to which they relate.

  
3.12

Operating lease commitments

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.


4.


Turnover

The revenue and profit before taxation are attributable to the one principal activity of the company.
An analysis of turnover by class of business is as follows:


2024
2023
£
£

United Kingdom
16,395,786
17,899,037

Europe
192,369
262,270

Rest of world
13,893
2,100

16,602,048
18,163,407


Page 16

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation - owned assets
78,620
75,387

Profit on disposal of fixed assets
(4,167)
-

Other intangible assets amortisation
5,694
6,448

Auditors' remuneration
15,500
17,000

Exchange differences
27,912
21,094

Rental income
58,780
57,499


6.


Auditors remuneration

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements were £15,500 (2023: £12,500).
Fees payable to the Company's auditors and its associates in respect of other non-audit services were £4,250 (2023: £4,500).


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Staff salaries and PHI
975,039
868,696

Social security costs
111,171
94,981

Pension costs
14,432
12,750

1,100,642
976,427


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


        2024
        2023
            No.
            No.







Directors
2
2



Selling and admin
25
24

27
26

Page 17

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
218,952
212,150

218,952
212,150


The highest paid director received remuneration of £129,512 (2023 - £128,534).

The value of the Company's contributions paid to a money purchase scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
426,532
222,757

Adjustments in respect of previous periods
(9,297)
-


417,235
222,757


Total current tax
417,235
222,757

Deferred tax


Origination and reversal of timing differences
(3,044)
13,559

Total deferred tax
(3,044)
13,559


Tax on profit
414,191
236,316
Page 18

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,685,458
1,159,991


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
421,365
226,117

Effects of:


Expenses not deductible for tax purposes, other than amortisation
3,920
746

Capital allowances for year in excess of depreciation
4,722
3,419

Adjustments to tax charge in respect of prior periods
(9,297)
(2,595)

Deferred Tax
(3,044)
13,559

Group relief
(3,475)
(4,930)

Total tax charge for the year
414,191
236,316


10.


Dividends

2024
2023
£
£


Final
800,004
800,004

800,004
800,004

Page 19

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Intangible assets




Computer software

£



Cost


At 1 May 2023
66,424



At 30 April 2024

66,424



Amortisation


At 1 May 2023
46,687


Charge for the year on owned assets
5,694



At 30 April 2024

52,381



Net book value



At 30 April 2024
14,043



At 30 April 2023
19,737



Page 20

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets





Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
603,750
110,756
253,566
152,421
59,964
1,180,457


Additions
-
58,109
-
-
3,620
61,729


Disposals
-
-
(40,000)
-
-
(40,000)



At 30 April 2024

603,750
168,865
213,566
152,421
63,584
1,202,186



Depreciation


At 1 May 2023
-
80,714
124,608
116,537
56,514
378,373


Charge for the year on owned assets
-
11,265
49,823
15,425
2,107
78,620


Disposals
-
-
(28,667)
-
-
(28,667)



At 30 April 2024

-
91,979
145,764
131,962
58,621
428,326



Net book value



At 30 April 2024
603,750
76,886
67,802
20,459
4,963
773,860



At 30 April 2023
603,750
30,042
128,958
35,884
3,449
802,083




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
603,750
603,750

Long leasehold
76,887
30,041

680,637
633,791


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:





Page 21

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

13.


Stocks

2024
2023
£
£

Raw materials and consumables
1,191,238
1,443,327

1,191,238
1,443,327



14.


Debtors

2024
2023
£
£



Trade debtors
2,635,287
2,993,424

Amounts owed by group undertakings
1,256,411
1,027,723

Other debtors
133,553
128,458

Prepayments and accrued income
115,913
91,826

4,141,164
4,241,431



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
319,717
304,830

Trade creditors
2,843,964
3,407,896

Corporation tax
417,311
225,352

Other taxation and social security
257,913
113,794

Other creditors
293,449
346,249

Accruals and deferred income
126,089
163,054

4,258,443
4,561,175


Page 22

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
640,709
951,055

640,709
951,055







Details of security provided:

Security has been provided to the company bankers by way of a fixed and floating charge over all assets of the company.


17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
319,717
304,830


319,717
304,830


Amounts falling due 2-5 years

Bank loans
640,709
951,055


640,709
951,055


960,426
1,255,885



18.


Operating Lease


2024
2023
£
£


Within one year
304,425
304,425

Between 1-5 years
1,217,700
1,217,700

Over 5 years
3,244,392
2,026,692

4,766,517
3,548,817

Page 23

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Deferred taxation




2024


£






At beginning of year
(15,428)


Charged to profit or loss
3,044



At end of year
(12,384)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(12,384)
(15,428)

(12,384)
(15,428)


20.


Provisions




Provisions

£





At 1 May 2023
363,247



At 30 April 2024
363,247


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares shares of £1.00 each
10,000
10,000


Page 24

 


STEVENAGE PACKAGING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Related party transactions

At the year end Stevenage Packaging Limited was owed £464,997 (2023: £363,464) from Trumpington Estates
Limited, a connected company.
At the year end Stevenage Packaging Limited was owed £244,707 (2023: £663,838) from World Packaging
Limited, a connected company.
During the year Stevenage Packaging Limited made donations of £10,046 (2023: £6,040) to The Stevenage
Community Trust Limited, a charity in which R J Stewart is a trustee.
During the year Stevenage Packaging Limited made donations of £4,099 (2023: £8,504) to Uniqueness Limited, a
charity in which R J Stewart is a trustee.
The total amount of dividends that Stevenage Packaging Ltd paid to Stewart Packaging Ltd, the parent company,
was £800,004 (2023: £800,004).
Security over the Lloyds CBILS Loan by way of debenture over the freehold land and buildings is provided by
Trumpington Estates Limited, a connected company.
During the year, a total of key management personnel compensation of £319,794 (2023: £305,280) was paid.


23.


Controlling party

Stewart Packaging Limited, a company incorporated in the United Kingdom, is the ultimate parent company.
The registered office address is Stewart House, Primett Road, Stevenage, Hertfordshire, SG1 3EE.

 
Page 25