Company registration number 09790351 (England and Wales)
YORKSHIRE REPAK HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
YORKSHIRE REPAK HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
YORKSHIRE REPAK HOLDINGS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Investments
4
10,872
10,872
Current assets
-
-
Creditors: amounts falling due within one year
6
(6)
Net current liabilities
(6)
Total assets less current liabilities
10,872
10,866
Creditors: amounts falling due after more than one year
7
(4,120)
(4,347)
Net assets
6,752
6,519
Capital and reserves
Called up share capital
1
1
Share premium account
3
3
Profit and loss reserves
6,748
6,515
Total equity
6,752
6,519
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 December 2024 and are signed on its behalf by:
Mr M Cummings
Director
Company Registration No. 09790351
YORKSHIRE REPAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Yorkshire Repak Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Summer Lane, Barnsley, S70 2NP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1,000.
The financial statements have been prepared on the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of certain exemptions conferred by section 1.11 of FRS 102 as follows:
Exemption from presenting a statement of cash flows as a primary note to the financial statements;
Exemption from disclosing details of its financial instruments
Exemption from disclosing key management personnel remuneration
The company has also taken advantage of the exemptions conferred by section 33.11 of FRS 102 allowing it to not disclose transactions and balances within its group as otherwise required by section 33.7, on the grounds that those entities are related by virtue of having the same control as defined in 33.11(b).
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
The ultimate parent company is Yorkshire Repak Group Limited and is the smallest and largest group into which these financial statements are consolidated. Yorkshire Repak Group Limited's registered office is Summer Lane, Barnsley, S70 2NP.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
YORKSHIRE REPAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loan notes and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
YORKSHIRE REPAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no key judgments, estimates or assumptions which affect the financial statements.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
The company has no employees other than the directors.
YORKSHIRE REPAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Fixed asset investments
2024
2023
£000
£000
Shares in group undertakings and participating interests
10,872
10,872
5
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Yorkshire Repak Europe B.V.
Lindenburg 43, 4707 CR Roosendaal, The Netherlands.
Ordinary
-
100.00
Yorkshire Repak Limited
Summer Lane, Barnsley, S70 2NP
Ordinary
100.00
-
Yorkshire Repak Europe B.V. is wholly owned by Yorkshire Repak Limited.
6
Creditors: amounts falling due within one year
2024
2023
£000
£000
Corporation tax
6
7
Creditors: amounts falling due after more than one year
2024
2023
£000
£000
Amounts owed to group undertakings
4,120
4,347
Amounts owed to group undertakings relates to a long term intercompany loan between Yorkshire Repak Limited, Yorkshire Repak Group Limited and Yorkshire Repak Holdings Limited. Interest is charged on the loan at the average external bank debt rate with no fixed repayment terms.
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daisy Marsden
Statutory Auditor:
Azets Audit Services Limited
YORKSHIRE REPAK HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
9
Financial commitments, guarantees and contingent liabilities
Yorkshire Repak Group Limited has a bank loan and Yorkshire Repak Limited has an invoice finance facility, for which the company has provided cross-company guarantees. The total guarantee at the year end of £2,733,000 (2023 - £3,004,000 ) is therefore a contingent liability of the company.
10
Related party transactions
The company has provided guarantees to subsidiary Yorkshire Repak Limited and parent Yorkshire Repak Group Limited as disclosed in note 9.
11
Parent company
As at the year end, the company’s immediate and ultimate parent company was Yorkshire Repak Group Limited, with a registered office of Summer Lane, Barnsley, S70 2NP. Yorkshire Repak Group Limited is the smallest and largest group into which Yorkshire Repak Holdings Limited is consolidated.