Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302024-04-30No description of principal activityfalse22023-05-01false2falsefalse 12503317 2023-05-01 2024-04-30 12503317 2022-05-01 2023-04-30 12503317 2024-04-30 12503317 2023-04-30 12503317 2022-05-01 12503317 c:Director1 2023-05-01 2024-04-30 12503317 c:Director2 2023-05-01 2024-04-30 12503317 c:RegisteredOffice 2023-05-01 2024-04-30 12503317 d:Buildings 2023-05-01 2024-04-30 12503317 d:Buildings d:LongLeaseholdAssets 2023-05-01 2024-04-30 12503317 d:PlantMachinery 2023-05-01 2024-04-30 12503317 d:MotorVehicles 2023-05-01 2024-04-30 12503317 d:ComputerEquipment 2023-05-01 2024-04-30 12503317 d:Goodwill 2023-05-01 2024-04-30 12503317 d:CurrentFinancialInstruments 2024-04-30 12503317 d:CurrentFinancialInstruments 2023-04-30 12503317 d:Non-currentFinancialInstruments 2024-04-30 12503317 d:Non-currentFinancialInstruments 2023-04-30 12503317 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 12503317 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 12503317 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 12503317 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 12503317 d:ShareCapital 2023-05-01 2024-04-30 12503317 d:ShareCapital 2024-04-30 12503317 d:ShareCapital 2022-05-01 2023-04-30 12503317 d:ShareCapital 2023-04-30 12503317 d:ShareCapital 2022-05-01 12503317 d:SharePremium 2023-05-01 2024-04-30 12503317 d:SharePremium 2024-04-30 12503317 d:SharePremium 2022-05-01 2023-04-30 12503317 d:SharePremium 2023-04-30 12503317 d:SharePremium 2022-05-01 12503317 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 12503317 d:RetainedEarningsAccumulatedLosses 2024-04-30 12503317 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 12503317 d:RetainedEarningsAccumulatedLosses 2023-04-30 12503317 d:RetainedEarningsAccumulatedLosses 2022-05-01 12503317 c:OrdinaryShareClass1 2023-05-01 2024-04-30 12503317 c:OrdinaryShareClass1 2024-04-30 12503317 c:OrdinaryShareClass1 2023-04-30 12503317 c:OrdinaryShareClass2 2023-05-01 2024-04-30 12503317 c:OrdinaryShareClass2 2024-04-30 12503317 c:OrdinaryShareClass2 2023-04-30 12503317 c:FRS102 2023-05-01 2024-04-30 12503317 c:Audited 2023-05-01 2024-04-30 12503317 c:FullAccounts 2023-05-01 2024-04-30 12503317 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 12503317 d:Subsidiary1 2023-05-01 2024-04-30 12503317 d:Subsidiary1 1 2023-05-01 2024-04-30 12503317 c:Consolidated 2024-04-30 12503317 c:ConsolidatedGroupCompanyAccounts 2023-05-01 2024-04-30 12503317 2 2023-05-01 2024-04-30 12503317 6 2023-05-01 2024-04-30 12503317 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 12503317







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


STEWART PACKAGING LIMITED






































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STEWART PACKAGING LIMITED
 


 
COMPANY INFORMATION


Directors
C J Sewart 
R J Stewart 




Registered number
12503317



Registered office
Stewart House
Primett Road

Stevenage

Hertofrdshire

SG1 3EE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

Herts

SG1 3QP





 


STEWART PACKAGING LIMITED
 



CONTENTS



Page
Group strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Consolidated statement of comprehensive income
9
Consolidated balance sheet
10
Company balance sheet
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 31


 


STEWART PACKAGING LIMITED
 


 
GROUP 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. 
The Group'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 Group 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 Group 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 Group'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 subsidiary, Stevenage Packaging Limited  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 group 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 Group 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 group continues to operate in various packaging sectors, for which there are risks of competition from within the UK and of overseas supply chain. The group 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 Group's principle financial instruments comprise bank balances, other debtors and other creditors. The group has a robust cash management strategy to ensure that any risks arising can be managed from existing reserves. 
The group 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

 


STEWART PACKAGING LIMITED
 



GROUP 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

 


STEWART 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £500,000 (2023 - £141,016).
Dividends of £2,448 (2023: £2,448) were declared during the year ended 30 April 2024. 

Directors

The directors who served during the year were:

C J Sewart 
R J Stewart 

Future developments

The new financial year continues to be positive and strong. The group’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

 


STEWART 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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

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

 


STEWART PACKAGING LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEWART PACKAGING LIMITED

Opinion


We have audited the financial statements of Stewart Packaging Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The 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

 


STEWART PACKAGING LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEWART 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the 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 Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


STEWART PACKAGING LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STEWART 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 Group 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 and capabilities 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 to material 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 or other 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.


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.


Page 7

 


STEWART PACKAGING LIMITED


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




James Fox ACA FCCA (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

 


STEWART PACKAGING LIMITED
 


 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 3 
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
  
(2,977,061)
(3,082,115)

Other operating income
 4 
66,780
121,499

Operating profit
  
943,467
464,236

Interest receivable and similar income
 9 
66,860
-

Interest payable and similar expenses
 10 
(96,136)
(86,904)

Profit before tax
  
914,191
377,332

Tax on profit
 11 
(414,191)
(236,316)

Profit for the financial year
  
500,000
141,016

Other comprehensive income for the year
  

Total comprehensive income for the year
  
500,000
141,016

Profit for the year attributable to:
  

Owners of the parent company
  
(500,000)
(141,016)

  
(500,000)
(141,016)

Total comprehensive income attributable to:
  

The notes on pages 16 to 31 form part of these financial statements.

Page 9

 


STEWART PACKAGING LIMITED
REGISTERED NUMBER:12503317



CONSOLIDATED BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
4,450,342
5,213,402

Tangible assets
 14 
773,860
802,083

  
5,224,202
6,015,485

Current assets
  

Stocks
 16 
1,191,238
1,443,327

Debtors: amounts falling due within one year
 17 
3,600,166
4,246,531

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

  
7,351,414
8,008,454

Creditors: amounts falling due within one year
 18 
(4,582,351)
(5,135,214)

Net current assets
  
 
 
2,769,063
 
 
2,873,240

Total assets less current liabilities
  
7,993,265
8,888,725

Creditors: amounts falling due after more than one year
 19 
(915,459)
(2,305,427)

Provisions for liabilities
  

Deferred tax
 21 
(12,384)
(15,428)

Other provisions
 22 
(363,247)
(363,247)

  
 
 
(375,631)
 
 
(378,675)

Net assets
  
6,702,175
6,204,623


Capital and reserves
  

Called up share capital 
 23 
58,951
58,951

Share premium account
  
4,846,149
4,846,149

Profit and loss account
  
1,797,075
1,299,523

  
6,702,175
6,204,623


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.




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

The notes on pages 16 to 31 form part of these financial statements.

Page 10

 


STEWART PACKAGING LIMITED
REGISTERED NUMBER:12503317



COMPANY BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
10,050,000
10,050,000

  
10,050,000
10,050,000

Current assets
  

Debtors: amounts falling due within one year
 17 
5,100
5,100

  
5,100
5,100

Creditors: amounts falling due within one year
 18 
(870,006)
(574,039)

Net current liabilities
  
 
 
(864,906)
 
 
(568,939)

Total assets less current liabilities
  
9,185,094
9,481,061

  

Creditors: amounts falling due after more than one year
 19 
(274,750)
(1,354,372)

  

Net assets excluding pension asset
  
8,910,344
8,126,689

Net assets
  
8,910,344
8,126,689


Capital and reserves
  

Called up share capital 
 23 
58,951
58,951

Share premium account
  
4,846,149
4,846,149

Profit and loss account
  
4,005,244
3,221,589

  
8,910,344
8,126,689


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2025.


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

The notes on pages 16 to 31 form part of these financial statements.

Page 11

 


STEWART PACKAGING LIMITED
 



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


Called up share capital
Share premium account
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 May 2022
58,951
4,846,149
1,160,955
6,066,055
6,066,055


Comprehensive income for the year

Profit for the year
-
-
141,016
141,016
141,016
Total comprehensive income for the year
-
-
141,016
141,016
141,016


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,448)
(2,448)
(2,448)


Total transactions with owners
-
-
(2,448)
(2,448)
(2,448)



At 1 May 2023
58,951
4,846,149
1,299,523
6,204,623
6,204,623


Comprehensive income for the year

Profit for the year
-
-
500,000
500,000
500,000
Total comprehensive income for the year
-
-
500,000
500,000
500,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(2,448)
(2,448)
(2,448)


Total transactions with owners
-
-
(2,448)
(2,448)
(2,448)


At 30 April 2024
58,951
4,846,149
1,797,075
6,702,175
6,702,175


The notes on pages 16 to 31 form part of these financial statements.

Page 12

 


STEWART PACKAGING LIMITED
 



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


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

£
£
£
£


At 1 May 2022
58,951
4,846,149
2,449,326
7,354,426


Comprehensive income for the year

Loss for the year

-
-
(25,293)
(25,293)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(25,293)
(25,293)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
797,556
797,556


Total transactions with owners
-
-
797,556
797,556



At 1 May 2023
58,951
4,846,149
3,221,589
8,126,689


Comprehensive income for the year

Loss for the year
-
-
(13,901)
(13,901)
Total comprehensive income for the year
-
-
(13,901)
(13,901)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
797,556
797,556


Total transactions with owners
-
-
797,556
797,556


At 30 April 2024
58,951
4,846,149
4,005,244
8,910,344


The notes on pages 16 to 31 form part of these financial statements.

Page 13

 


STEWART PACKAGING LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
500,000
141,016

Adjustments for:

Amortisation of intangible assets
763,060
763,814

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
646,365
363,642

(Decrease) in creditors
(1,840,305)
(906,964)

Increase in provisions
-
363,247

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

Net cash generated from operating activities

584,577
442,578


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
974
(7,242)

Dividends paid
(2,448)
(2,448)

Net cash used in financing activities
(296,933)
(302,014)

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 16 to 31 form part of these financial statements.

Page 14

 


STEWART PACKAGING LIMITED
 



CONSOLIDATED 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

(344,308)

(15,860)

(360,168)


1,023,233
535,900
1,559,133

The notes on pages 16 to 31 form part of these financial statements.

Page 15

 


STEWART PACKAGING LIMITED
 


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

1.


General information

Stevenage Packaging Limited is a private company, limited by shares, registered in England and Wales. Thecompany'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.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

  
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

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

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 16

 


STEWART PACKAGING LIMITED
 


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

2.Accounting policies (continued)

 
2.4

Revenue

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

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Interest income

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

 
2.6

Finance costs

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

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

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

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

Page 17

 


STEWART PACKAGING LIMITED
 


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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

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

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

Tangible fixed assets

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

Page 18

 


STEWART PACKAGING LIMITED
 


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

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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

Depreciation is provided on the following basis:

Freehold property
-
Not depreciated
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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

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

 
2.15

Cash and cash equivalents

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

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 19

 


STEWART PACKAGING LIMITED
 


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

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Turnover

The whole of the turnover is attributable to the one principal activity of the company.

Analysis of turnover by country of destination:

2024
2023
£
£

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

Rest of Europe
192,369
262,270

Rest of the world
13,893
2,100

16,602,048
18,163,407


Page 20

 


STEWART PACKAGING LIMITED
 


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

4.


Other operating income

2024
2023
£
£

Other operating income
8,000
64,000

Net rents receivable
58,780
57,499

66,780
121,499



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
27,912
21,094

Other operating lease rentals
374,752
344,128


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
15,500
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).




Page 21

 


STEWART PACKAGING LIMITED
 


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

7.


Employees

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


Group
Group
2024
2023
£
£

Wages and salaries
975,039
868,696

Staff national insurance
111,171
94,981

Cost of defined contribution scheme
14,432
12,750

1,100,642
976,427


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
2
2
2
2



Selling and admin
25
24
-
-

27
26
2
2


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 Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
66,860
-

66,860
-

Page 22

 


STEWART PACKAGING LIMITED
 


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

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
82,235
61,611

Other interest payable
13,901
25,293

96,136
86,904


11.


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 23

 


STEWART PACKAGING LIMITED
 


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


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19.493%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
914,191
377,332


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19.493%)
228,548
73,553

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
196,737
150,933

Capital allowances for year in excess of depreciation
4,722
3,201

Utilisation of tax losses
(3,475)
(4,930)

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

Other timing differences leading to an increase (decrease) in taxation
(3,044)
13,559

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


12.


Dividends

2024
2023
£
£


Final
2,448
2,448

2,448
2,448

Page 24

 


STEWART PACKAGING LIMITED
 


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

13.


Intangible assets

Group and Company





Computer software
Goodwill
Total

£
£
£



Cost


At 1 May 2023
66,424
7,573,662
7,640,086



At 30 April 2024

66,424
7,573,662
7,640,086



Amortisation


At 1 May 2023
46,687
2,379,997
2,426,684


Charge for the year on owned assets
5,694
757,366
763,060



At 30 April 2024

52,381
3,137,363
3,189,744



Net book value



At 30 April 2024
14,043
4,436,299
4,450,342



At 30 April 2023
19,737
5,193,665
5,213,402



Page 25

 


STEWART PACKAGING LIMITED
 


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

14.


Tangible fixed assets

Group






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


Page 26

 


STEWART PACKAGING LIMITED
 


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

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
10,050,000



At 30 April 2024
10,050,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Stevenage Packaging Limited
Stewart House, Primmet Road, Stevenage, Hertfordshire, SG1 3EE
Packaging solutions expert
Ordinary
100%

The aggregate of the share capital and reserves as at 30 April 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Stevenage Packaging Limited
3,402,518
1,268,253


16.


Stocks

Group
Group
2024
2023
£
£

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

1,191,238
1,443,327


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 27

 


STEWART PACKAGING LIMITED
 


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

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


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

Amounts owed by connected companies
710,311
1,027,723
-
-

Other debtors
138,655
133,558
5,100
5,100

Prepayments and accrued income
115,913
91,826
-
-

3,600,166
4,246,531
5,100
5,100



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
319,717
304,830
-
-

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

Amounts owed to group undertakings
-
-
546,100
-

Corporation tax
417,311
225,352
-
-

Other taxation and social security
257,913
113,794
-
-

Other creditors
506,761
823,593
213,310
477,344

Accruals and deferred income
236,685
259,749
110,596
96,695

4,582,351
5,135,214
870,006
574,039



19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
640,709
951,055
-
-

Other creditors
274,750
1,354,372
274,750
1,354,372

915,459
2,305,427
274,750
1,354,372




Page 28

 


STEWART PACKAGING LIMITED
 


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

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
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



21.


Deferred taxation


Group



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:

Group
Group
2024
2023
£
£

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

(12,384)
(15,428)

Page 29

 


STEWART PACKAGING LIMITED
 


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

22.


Provisions


Group



Provisions

£





At 1 May 2023
363,247



At 30 April 2024
363,247


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000
4,895,100 (2023 - 4,895,100) Non redeemable preference shares of £0.01 each
48,951
48,951

58,951

58,951



24.


Operating Lease

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
304,425
304,425

Later than 1 year and not later than 5 years
1,217,700
1,217,700

Later than 5 years
3,244,392
2,026,692

4,766,517
3,548,817
Page 30

 


STEWART PACKAGING LIMITED
 


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

25.


Related party transactions

At the year end the group was owed £464,997 (2023: £363,464) from Trumpington Estates Limited, a connected company.
At the year end the group was owed £244,707 (2023: £663,838) from World Packaging Limited, a connected company.
During the year the group 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 the group made donations of £4,099 (2023: £8,504) to Uniqueness Limited, a charity in which R J Stewart is a trustee.
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.

 
Page 31