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REGISTERED NUMBER: 02597908 (England and Wales)












CPG LOGISTICS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Balance Sheet 10

Statement of Changes in Equity 12

Notes to the Financial Statements 13


CPG LOGISTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: R A Lord
A Haynes
Mrs S Lord
Mrs L C Goddard
D Jones


REGISTERED OFFICE: Unit 900 Fareham Reach
166 Fareham Road
Gosport
Hampshire
PO13 0FW


REGISTERED NUMBER: 02597908 (England and Wales)


SENIOR STATUTORY AUDITOR: James Flood FCA


AUDITORS: Hopper Williams & Bell Limited
Statutory Auditor
Chartered Accountants
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR


BANKERS: HSBC Bank plc
Mitchell Way
Southampton International Airport
Southampton
Hampshire
SO18 2XU


SOLICITORS: Hentys LLP Solicitors
Kintyre House
70 High Street
Fareham
Hampshire
PO16 7BB

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

CPG Logistics Limited ("the company") operates warehouse and distribution services from modern facilities situated on the South Coast. It continues to manage complex supply chain solutions and services in collaboration with chosen partners throughout Europe. While the company's core business has traditionally been within the pharmaceutical sector, we have successfully expanded into various industries, leveraging our expertise to meet diverse client needs.

REVIEW OF BUSINESS
The results for the year and financial position of the company are as shown in the annexed financial statements.

In terms of financial performance, we have achieved remarkable growth this year, surpassing the successes of the previous year. Our strategic initiatives have led to increased profitability and a solid outlook for the future.

A key driver of our success has been the continued expansion of our e-commerce and retail activities, particularly within the luxury goods, cosmetics, and health sectors. We have efficiently fulfilled direct-to-consumer orders across the UK and EU, significantly broadening our client base in the pharmaceutical/healthcare, animal health, optical, cosmetics, and defence industries.

Despite the achievements, we have encountered similar challenges as in previous years, including rising labour costs and staff retention. In response, we have enhanced our remuneration packages for both existing and prospective employees. This investment in our workforce has resulted in increased wage costs, which we anticipate will persist into the upcoming year.

We are also committed to minimising our environmental impact. We continue to source products from FSC approved producers, ensuring that our wood, paper, and other forest products come from well-managed forests and/or recycled sources. Our focus on sustainable packaging remains a priority as we work to identify and implement environmentally friendly solutions.

Overall, we are proud of our financial performance this year and the strides we have made across various facets of our business. We remain confident in our ability to sustain growth while making a positive impact, all while upholding our commitment to sustainability.

KPIs
2024 2023 Variance
£ £ £
Turnover 21,505,414 15,669,985 5,835,429
Gross Profit 11,160,136 8,349,711 2,810,425
Gross Profit % 51.9% 53.3% (1.4% )
Profit Before Tax 1,693,161 1,060,319 632,842

RESEARCH AND DEVELOPMENTS
During the year, the company continued to invest in developing software to enhance efficiencies and allow it to continue to provide bespoke services to its customers. As a business, CPG's focus is on the technological offering, allowing it to serve customers in varying and specialised sectors.

PRINCIPAL RISKS AND UNCERTAINTIES
The key business risks and uncertainties affecting the company are expected to come from its customers' continued objectives to drive down supply chain costs. In this respect, the company continues to invest in the development of new and innovative services and systems that will assist its customers to achieve their objectives. The policy has enabled the company to retain and renew existing contracts and at the same time build and develop the customer base. High standards are fundamental to the company and this extends across all aspects of the business. This has allowed it to compete in some of the most highly regulated sectors and work with many blue-chip multinational organisations.


CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

FUTURE DEVELOPMENTS
The longer-term strategy of the company is to drive growth and its margins upward by increasing the utilisation of its facilities and value-added services including production, customisation, and IT offerings.

ON BEHALF OF THE BOARD:





R A Lord - Director


17 February 2025

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

DIVIDENDS
The total distribution of dividends for the period ended 30 September 2024 was £466,500 (2023: £305,500).

DIRECTORS
R A Lord has held office during the whole of the period from 1 October 2023 to the date of this report.

Other changes in directors holding office are as follows:

E Waters - resigned 6 June 2024
A Haynes - appointed 1 October 2023
Mrs S Lord - appointed 19 June 2024
Mrs L C Goddard - appointed 19 June 2024
D Jones - appointed 19 June 2024

DISCLOSURE IN THE STRATEGIC REPORT
The directors set out an analysis of the company's performance, development activities, key risks and uncertainties and future developments within the separate strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently;
-make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



R A Lord - Director


17 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CPG LOGISTICS LIMITED


Opinion
We have audited the financial statements of CPG Logistics Limited (the 'company') for the year ended 30 September 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CPG LOGISTICS LIMITED


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud
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. Due to the inherent limitations of an audit, there is a risk that we will not detect all irregularities even though the audit has been properly planned and performed in accordance with the ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the company, and the industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit procedures including but not limited to a review of legal and professional costs and correspondence.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CPG LOGISTICS LIMITED

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of fraud and management override of controls. We designed our audit procedures to respond to this assessment, including the identification and testing of any related party transactions and the testing of journal transactions that arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




James Flood FCA (Senior Statutory Auditor)
for and on behalf of Hopper Williams & Bell Limited
Statutory Auditor
Chartered Accountants
Highland House
Mayflower Close
Chandler's Ford
Eastleigh
Hampshire
SO53 4AR

18 February 2025

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

INCOME STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £ £

TURNOVER 21,505,414 15,669,985

Cost of sales (10,344,836 ) (7,320,274 )
GROSS PROFIT 11,160,578 8,349,711

Administrative expenses (8,782,456 ) (6,772,864 )
OPERATING PROFIT 4 2,378,122 1,576,847

Interest receivable and similar income 349 -
2,378,471 1,576,847

Interest payable and similar expenses 5 (685,310 ) (516,528 )
PROFIT BEFORE TAXATION 1,693,161 1,060,319

Tax on profit 6 (153,891 ) (82,926 )
PROFIT FOR THE FINANCIAL YEAR 1,539,270 977,393

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £ £
FIXED ASSETS
Intangible assets 8 3,974,882 3,807,207
Tangible assets 9 4,299,181 4,073,514
8,274,063 7,880,721

CURRENT ASSETS
Stocks 10 64,276 64,321
Debtors 11 8,387,158 5,914,225
Cash at bank and in hand 784,420 180,408
9,235,854 6,158,954
CREDITORS
Amounts falling due within one year 12 (6,915,644 ) (5,730,726 )
NET CURRENT ASSETS 2,320,210 428,228
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,594,273

8,308,949

CREDITORS
Amounts falling due after more than one
year

13

(3,019,321

)

(2,426,140

)

PROVISIONS FOR LIABILITIES 17 (1,391,554 ) (772,181 )
NET ASSETS 6,183,398 5,110,628

CAPITAL AND RESERVES
Called up share capital 18 50,000 50,000
Capital redemption reserve 87,161 87,161
Reserves - non- distributable 47,356 83,999
Retained earnings 5,998,881 4,889,468
SHAREHOLDERS' FUNDS 6,183,398 5,110,628

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

BALANCE SHEET - continued
30 SEPTEMBER 2024



The financial statements were approved by the Board of Directors and authorised for issue on 17 February 2025 and were signed on its behalf by:





R A Lord - Director


CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

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

Called up Capital Reserves -
share Retained redemption non- Total
capital earnings reserve distributable equity
£ £ £ £ £
Balance at 1 October 2022 50,000 4,180,932 87,161 120,642 4,438,735

Changes in equity
Dividends - (305,500 ) - - (305,500 )
Total comprehensive income - 1,014,036 - (36,643 ) 977,393
Balance at 30 September 2023 50,000 4,889,468 87,161 83,999 5,110,628

Changes in equity
Dividends - (466,500 ) - - (466,500 )
Total comprehensive income - 1,575,913 - (36,643 ) 1,539,270
Balance at 30 September 2024 50,000 5,998,881 87,161 47,356 6,183,398

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

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


1. STATUTORY INFORMATION

CPG Logistics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

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.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate primarily to the capitalisation of internally generated intangible development time. There are no other areas of critical judgement.

Turnover
Turnover represents the provision of services net of VAT and trade discounts.

The provision of the service is recognised when goods are stored or physically dispatched in accordance with the customer's instructions.

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold- Over the length of the lease
Commercial vehicles- 3-7 years straight line
Plant and machinery- 2-25 years straight line
Fixtures and fittings- 2-15 years straight line
Equipment- 3-10 years straight line

Upon adoption of FRS 102, the company revalued some items of plant and machinery to fair value. The increase in fair value will is being released to the income statement over the remaining useful life of the assets.

The profit or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in the income statement.

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

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

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Development costs (both internal and external) of computer software are capitalised once a detailed program design has been established and are amortised on the straight line basis over the estimated useful life of twelve years.

Other research and development expenses are charged to the profit and loss account in the year which they are incurred.

For the purposes of calculating distributable profits, unamortised development costs have not been treated as a realised loss because identifiable sales will result in the near future.

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Operating lease agreements
Rentals payable on operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets
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 assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 4,759,995 4,029,439
Social security costs 496,025 414,219
Other pension costs 180,420 161,077
5,436,440 4,604,735

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


3. EMPLOYEES AND DIRECTORS - continued

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

Distribution 90 91
Administration 63 58
Management 6 5
159 154

2024 2023
£ £
Directors' remuneration 662,041 295,512
Directors' pension contributions to money purchase schemes 16,994 6,409

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

Money purchase schemes 5 1

Information regarding the highest paid director is as follows:
2024 2023
£ £
Emoluments etc 238,500 185,430
Pension contributions to money purchase schemes 7,440 6,409

4. OPERATING PROFIT

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

2024 2023
£ £
Depreciation - owned assets 386,574 397,256
Depreciation - assets on hire purchase contracts 318,348 229,414
Profit on disposal of fixed assets - (217 )
R&D amortisation 536,749 487,278
Auditors' remuneration 13,380 12,740
Auditors' remuneration for non audit work 20,046 14,710
Foreign exchange differences 17,692 10,597
Hire of plant and machinery 323,310 297,642
Other operating leases 1,706,387 1,755,607

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Bank interest 10,044 10,446
Bank loan interest 77,817 107,921
Other interest 282,194 184,808
Other loan interest 178,900 98,585
Hire purchase 136,355 114,768
685,310 516,528

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 34,518 -

Deferred tax 119,373 82,926
Tax on profit 153,891 82,926

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

2024 2023
£ £
Profit before tax 1,693,161 1,060,319
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

423,290

233,270

Effects of:
Expenses not deductible for tax purposes 22,257 16,175
Amortisation on intangible fixed assets 134,187 107,201
Depreciation on non-qualifying assets 18,646 16,716
Intangible assets treated as revenue deductions (176,106 ) (151,017 )
Research and development enhanced deduction (138,809 ) (148,096 )
Effect of different rates of tax for corporation tax and deferred tax - 9,951
Impact of capital allowances super deduction - (1,274 )
Impact of group relief (129,574 ) -
Total tax charge 153,891 82,926

UK corporation tax has been charged at an effective rate of 25% (2023: 22%).

The average rate of corporation tax in the prior year was 22% as the rate increased from 19% to 25% on 1 April 2023.

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


7. DIVIDENDS
2024 2023
£ £
Interim 466,500 305,500

8. INTANGIBLE FIXED ASSETS
R&D
£
COST
At 1 October 2023 9,277,114
Additions 704,424
At 30 September 2024 9,981,538
AMORTISATION
At 1 October 2023 5,469,907
Amortisation for year 536,749
At 30 September 2024 6,006,656
NET BOOK VALUE
At 30 September 2024 3,974,882
At 30 September 2023 3,807,207

9. TANGIBLE FIXED ASSETS
Short Commercial Plant and
leasehold vehicles machinery
£ £ £
COST
At 1 October 2023 891,316 361,715 8,404,487
Additions 30,791 - 3,572
At 30 September 2024 922,107 361,715 8,408,059
DEPRECIATION
At 1 October 2023 328,501 226,144 5,601,378
Charge for year 50,207 67,786 307,658
At 30 September 2024 378,708 293,930 5,909,036
NET BOOK VALUE
At 30 September 2024 543,399 67,785 2,499,023
At 30 September 2023 562,815 135,571 2,803,109

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


9. TANGIBLE FIXED ASSETS - continued

Fixtures
and
fittings Equipment Totals
£ £ £
COST
At 1 October 2023 1,924,356 1,387,063 12,968,937
Additions 27,249 868,977 930,589
At 30 September 2024 1,951,605 2,256,040 13,899,526
DEPRECIATION
At 1 October 2023 1,473,078 1,266,322 8,895,423
Charge for year 110,707 168,564 704,922
At 30 September 2024 1,583,785 1,434,886 9,600,345
NET BOOK VALUE
At 30 September 2024 367,820 821,154 4,299,181
At 30 September 2023 451,278 120,741 4,073,514

The net book value of assets held on hire purchase contracts included within the above was £1,338,926 (2023: £922,783). The depreciation charge relating to these assets amounted to £318,347 (2023: £229,414).

10. STOCKS
2024 2023
£ £
Stocks 64,276 64,321

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 3,886,677 2,877,018
Amounts owed by group undertakings 2,803,349 1,239,409
Other debtors 1,193 3,218
Directors' current accounts 185,502 59,518
Tax 86,613 156,327
Prepayments and accrued income 1,423,824 1,578,735
8,387,158 5,914,225

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts (see note 14) 1,157,712 600,000
Other loans (see note 14) 433,911 398,878
Hire purchase contracts (see note 15) 327,587 300,358
Trade creditors 2,267,348 1,909,426
Amounts owed to group undertakings 626 1,404
Tax 34,518 -
Taxation and social security 1,195,958 494,682
Other creditors 1,109,853 1,161,233
Accruals and deferred income 388,131 864,745
6,915,644 5,730,726

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans (see note 14) 1,305,562 1,200,000
Other loans (see note 14) 760,049 782,428
Hire purchase contracts (see note 15) 953,710 439,422
Social security and other taxes - 4,290
3,019,321 2,426,140

14. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 357,274 -
Bank loans - less than 1 year 800,438 600,000
Other loans - less than 1 year 433,911 398,878
1,591,623 998,878

Amounts falling due between one and two years:
Bank loans - 1-2 years 816,960 600,000
Other loans - 1-2 years 243,336 340,577
1,060,296 940,577

Amounts falling due between two and five years:
Bank loans - 2-5 years 488,602 600,000
Other loans - 2-5 years 471,096 441,851
959,698 1,041,851

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


14. LOANS - continued
2024 2023
£ £
Amounts falling due in more than five years:
Repayable by instalments
Other loans more than 5 years
by instalments 45,617 -
45,617 -

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£ £
Gross obligations repayable:
Within one year 433,498 363,105
Between one and five years 1,128,940 511,316
1,562,438 874,421

Finance charges repayable:
Within one year 105,911 62,747
Between one and five years 175,230 71,894
281,141 134,641

Net obligations repayable:
Within one year 327,587 300,358
Between one and five years 953,710 439,422
1,281,297 739,780

Non-cancellable
operating leases
2024 2023
£ £
Within one year 2,059,579 1,994,858
Between one and five years 4,188,673 4,993,632
In more than five years 8,507,540 9,342,016
14,755,792 16,330,506

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank overdraft 357,274 -
Bank loans 2,106,000 1,800,000
Hire purchase contracts 1,281,297 739,780
Other loans 1,193,960 1,181,306
Other creditors 913,711 1,075,262
5,852,242 4,796,348

Loans and overdrafts are secured by debenture, including fixed and floating charges over the company's assets. Liabilities under hire purchase are secured on the assets to which they relate. Other creditors are secured by way of a fixed and floating charge over the company's assets.

Bank loans are partially secured by way of personal guarantee given by a company director.

In addition to the above, there is also an unlimited multilateral guarantee dated 30 September 2011 given by CPG Logistics Limited, its parent company CPG Holdings Limited, its ultimate parent company CPG Capital Limited and other group companies, Jamesurl Limited and Medisa Services Limited.

17. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax
Accelerated capital allowances 891,554 794,703
Unutilised tax losses - (22,522 )
891,554 772,181

Other provisions 500,000 -

Aggregate amounts 1,391,554 772,181

Deferred tax
£
Balance at 1 October 2023 772,181
Accelerated capital allowances 96,851
Corporation tax losses 22,522
Balance at 30 September 2024 891,554

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
50,000 Ordinary £1 50,000 50,000

19. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Employer's contributions payable for the year amounted to £180,420 (2023: £161,077). Contributions totalling £19,925 (2023: £14,871) were outstanding at the year end and are included within other creditors.

20. ULTIMATE PARENT COMPANY

CPG Holdings Limited, incorporated in the United Kingdom, is the company's immediate parent undertaking.

Jamesurl Limited, incorporated in the United Kingdom, was the company's ultimate parent undertaking up to 6 June 2024.

CPG Capital Limited, incorporated in the United Kingdom, is now the company's ultimate parent undertaking from 6 June 2024.

The largest and smallest group in which the results of the company are consolidated is that headed by CPG Capital Limited. The registered office address for CPG Capital Limited is Unit 900 Fareham Reach, Fareham Road, Gosport, Hampshire, PO13 0FW. The consolidated accounts of this company are available to the public and may be obtained from Companies House. No other group accounts include the results of the company.

21. CONTINGENT LIABILITIES

In the prior year, there were bank guarantees in the favour of International Air Transport for £1,000 and HM Revenue and Customs for £153,260, however these were cancelled in the current year.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£ £
E Waters
Balance outstanding at start of year 21,388 156,972
Amounts advanced 76,778 14,416
Amounts repaid (98,166 ) (150,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 21,388

CPG LOGISTICS LIMITED (REGISTERED NUMBER: 02597908)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

R A Lord
Balance outstanding at start of year 38,130 284,764
Amounts advanced 212,568 78,366
Amounts repaid (65,196 ) (325,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 185,502 38,130

No interest is being charged on the above balances.