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Registered number: 03708621









AMIPAK LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
AMIPAK LIMITED
 
 
COMPANY INFORMATION


Directors
M Friedler 
J Friedler 
D Schwitzer 
J Schwitzer 
P Schwitzer 




Registered number
03708621



Registered office
16/18 Factory Lane

Croydon

CR0 3RL




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Statutory Audtiors

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
AMIPAK LIMITED
 

CONTENTS



Page
Strategic Report
1
Directors' Report
2 - 3
Independent Auditors' Report
4 - 7
Statement of Comprehensive Income
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Statement of Cash Flows
11 - 12
Notes to the Financial Statements
13 - 27


 
AMIPAK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The directors present their strategic report for the year ended 31 May 2024. 

Business review
 
The result for the year and financial position of the Company at the year end are shown in the annexed financial statements.
The key performance indicators used by the Company are the level of sales of each product line and the related gross profitability margins.
The Company continues to make substantial investment in updating its buildings, purchase new machinery, and in staff training and development.
The key financial highlights are as follows:

Year ended 2024
Year ended 2023
15 months ended 2022
Year ended 2021
Year ended 2020
        £
        £
        £
        £
        £

Turnover

25,582,429

23,404,415

31,536,248
 
16,548,457
 
14,072,269

Gross Profit

5,813,284

4,082,080

5,860,401
 
2,973,713
 
2,257,055

Profit before tax

1,858,260

854,314

2,208,810
 
903,546
 
188,754

Shareholder funds

7,742,298

6,992,740

6,279,912
 
4,757,871
 
4,043,302


Principal risks and uncertainties
 
The directors have considered the risks the Company faces; the principal risks are those which relate to uncertainties surrounding the demand for packaging materials and the prices of raw materials.  However, sales activity remains strong and the directors remain optimistic about future sales growth potential.
The Company is exposed to currency risk as a result of its operations. The Company operates foreign currency bank accounts in order to offset foreign currency receipts and payments.

Other key performance indicators
 
The Company ensure, as far as is reasonably practical, that a safe and healthy workplace and working environment is provided for all of its employees, which is at least as high as that required by law.
The Company's products are primarily made from cardboard obtained from environmentally sustainable sources, with recyclable and compostable credentials.


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



M Friedler
Director

Date: 26 February 2025

Page 1

 
AMIPAK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

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


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,249,558 (2023 - £724,078).

Dividends paid in the period amounted to £500,000 (2023 - £11,250). 

Directors

The directors who served during the year were:

M Friedler 
J Friedler 
D Schwitzer 
J Schwitzer 
P Schwitzer 




Page 2

 
AMIPAK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditorsHarris & Trotter 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.
 





M Friedler
Director

Date: 26 February 2025

Page 3

 
AMIPAK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF AMIPAK LIMITED
 

Opinion


We have audited the financial statements of Amipak Limited (the 'Company') for the year ended 31 May 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 May 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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


Page 4

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


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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 5

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


Auditors' responsibilities for the audit of the financial statements
 

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


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
• We obtained an understanding of the legal and regulatory frameworks applicable to the company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102, the Companies Act 2006 and Health and Safety at Work Act.
• We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making enquiries of management.
• We challenged assumptions and judgments made by management in its significant accounting estimates.
We did not identify any key audit matters relating to irregularities, including fraud.


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 6

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





Jamie Taylor (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants
Statutory Audtiors
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

26 February 2025
Page 7

 
AMIPAK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 3 
25,582,429
23,404,415

Cost of sales
  
(19,769,145)
(19,322,335)

Gross profit
  
5,813,284
4,082,080

Distribution costs
  
(1,785,685)
(1,612,461)

Administrative expenses
  
(2,227,588)
(1,614,978)

Operating profit
 4 
1,800,011
854,641

Interest receivable and similar income
 7 
64,102
8,524

Interest payable and similar expenses
 8 
(5,853)
(8,851)

Profit before tax
  
1,858,260
854,314

Tax on profit
 9 
(608,702)
(130,236)

Profit for the financial year
  
1,249,558
724,078

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

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

The notes on pages 13 to 27 form part of these financial statements.

Page 8

 
AMIPAK LIMITED
REGISTERED NUMBER: 03708621

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
2,626,206
2,042,735

  
2,626,206
2,042,735

Current assets
  

Stocks
 12 
2,946,251
3,548,391

Debtors: amounts falling due within one year
 13 
4,778,084
4,291,337

Cash at bank and in hand
 14 
2,415,334
1,858,720

  
10,139,669
9,698,448

Creditors: amounts falling due within one year
 15 
(3,838,689)
(3,456,803)

Net current assets
  
 
 
6,300,980
 
 
6,241,645

Total assets less current liabilities
  
8,927,186
8,284,380

Creditors: amounts falling due after more than one year
 16 
(610,707)
(999,414)

Provisions for liabilities
  

Deferred tax
 19 
(574,181)
(292,226)

  
 
 
(574,181)
 
 
(292,226)

Net assets
  
7,742,298
6,992,740


Capital and reserves
  

Called up share capital 
 20 
1,000
1,000

Share premium account
  
818,152
818,152

Profit and loss account
  
6,923,146
6,173,588

  
7,742,298
6,992,740


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




M Friedler
Director

Date: 26 February 2025

The notes on pages 13 to 27 form part of these financial statements.

Page 9

 
AMIPAK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


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

£
£
£
£


At 1 June 2022
1,000
818,152
5,460,760
6,279,912



Profit for the year
-
-
724,078
724,078

Dividends: Equity capital
-
-
(11,250)
(11,250)



At 1 June 2023
1,000
818,152
6,173,588
6,992,740



Profit for the year
-
-
1,249,558
1,249,558

Dividends: Equity capital
-
-
(500,000)
(500,000)


At 31 May 2024
1,000
818,152
6,923,146
7,742,298


The notes on pages 13 to 27 form part of these financial statements.

Page 10

 
AMIPAK LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,249,558
724,078

Adjustments for:

Depreciation of tangible assets
550,616
592,933

Loss on disposal of tangible assets
33,644
(32,583)

Interest paid
5,853
8,851

Interest received
(64,102)
(8,524)

Taxation charge
608,702
130,236

Decrease/(increase) in stocks
602,141
(145,699)

(Increase)/decrease in debtors
(486,747)
412,485

Increase/(decrease) in creditors
247,225
(345,927)

Corporation tax (paid)
(178,499)
(118,363)

Foreign exchange
12,673
-

Net cash generated from operating activities

2,581,064
1,217,487


Cash flows from investing activities

Purchase of tangible fixed assets
(1,154,298)
(432,803)

Sale of tangible fixed assets
-
102,376

Interest received
64,102
8,524

HP interest paid
(5,853)
(8,619)

Net cash from investing activities

(1,096,049)
(330,522)

Cash flows from financing activities

Repayment of loans
(16,721)
(100,000)

Repayment of other loans
(411,680)
(91,946)

Dividends paid
(500,000)
(11,250)

Interest paid
-
(232)

Net cash used in financing activities
(928,401)
(203,428)

Net increase in cash and cash equivalents
556,614
683,537

Cash and cash equivalents at beginning of year
1,858,720
1,175,183

Cash and cash equivalents at the end of year
2,415,334
1,858,720


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,415,334
1,858,720
Page 11

 
AMIPAK LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024


2024
2023

£
£


2,415,334
1,858,720


The notes on pages 13 to 27 form part of these financial statements.

Page 12

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Amipak Limited is a company limited by shares and is incorporated in England and Wales. The registered office is 16/18 Factory Lane, Croydon, CR0 3RL.
The company's principal activity is the manufacturing of food and drink packaging and containers. 

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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

Page 13

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
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.

Page 14

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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 reporting date.


 
2.10

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 15

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
7%
reducing balance
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance

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.

 
2.11

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 reporting 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.

 
2.12

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.

 
2.13

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 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 Company's cash management.

 
2.14

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 16

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.15

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.

 
2.16

Financial instruments

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

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the
Page 17

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are
Page 18

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.16
Financial instruments (continued)

settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.17

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 Company's principal activity.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
23,485,771
22,615,515

Rest of the World
2,096,658
788,900

25,582,429
23,404,415



4.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
9,982
-

Exchange differences
(12,673)
(3,515)

Page 19

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Employees

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


2024
2023
£
£

Wages and salaries
3,961,351
3,432,047

Social security costs
356,140
331,478

Cost of defined contribution scheme
82,467
83,730

4,399,958
3,847,255


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


        2024
        2023
            No.
            No.







Administration
19
18



Manufacturing
70
75

89
93


6.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
285,433
248,545

Company contributions to defined contribution pension schemes
11,236
12,406

296,669
260,951


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £107,894 (2023 - £109,396).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2023 - £2,466).

Page 20

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

7.


Interest receivable

2024
2023
£
£


Other interest receivable
64,102
8,524

64,102
8,524


8.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
-
232

Finance leases and hire purchase contracts
5,853
8,619

5,853
8,851


9.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
326,747
185,803


326,747
185,803


Total current tax
326,747
185,803

Deferred tax


Origination and reversal of timing differences
281,955
(55,567)

Total deferred tax
281,955
(55,567)


Tax on profit
608,702
130,236
Page 21

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
1,858,260
854,314


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
464,565
162,320

Effects of:


Short-term timing difference leading to an increase (decrease) in taxation
258,556
-

Changes in provisions leading to an increase (decrease) in the tax charge
18,514
-

Accelerated capital allowances
(132,933)
(32,084)

Total tax charge for the year
608,702
130,236


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


10.


Dividends

2024
2023
£
£


Interim dividends declared
500,000
11,250

500,000
11,250

Page 22

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
556,262
5,070,024
169,858
271,163
6,067,307


Additions
-
1,133,906
20,392
-
1,154,298


Disposals
-
-
(70,018)
-
(70,018)



At 31 May 2024

556,262
6,203,930
120,232
271,163
7,151,587



Depreciation


At 1 June 2023
228,835
3,420,071
111,017
264,650
4,024,573


Charge for the year on owned assets
21,828
502,367
19,808
6,513
550,516


Disposals
-
-
(49,708)
-
(49,708)



At 31 May 2024

250,663
3,922,438
81,117
271,163
4,525,381



Net book value



At 31 May 2024
305,599
2,281,492
39,115
-
2,626,206



At 31 May 2023
327,427
1,649,954
58,841
6,513
2,042,735




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


2024
2023
£
£

Long leasehold
305,599
327,427

305,599
327,427


Page 23

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Stocks

2024
2023
£
£

Raw materials and consumables
955,966
1,148,725

Work in progress (goods to be sold)
794,795
891,896

Finished goods and goods for resale
1,195,490
1,507,770

2,946,251
3,548,391



13.


Debtors

2024
2023
£
£


Trade debtors
4,535,404
4,129,984

Other debtors
94,245
39,043

Prepayments and accrued income
148,435
122,310

4,778,084
4,291,337



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,415,334
1,858,720

2,415,334
1,858,720


Page 24

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,357,349
2,343,829

Corporation tax
319,647
184,988

Other taxation and social security
382,859
508,935

Obligations under finance lease and hire purchase contracts
63,989
114,846

Other creditors
255,670
244,504

Accruals and deferred income
459,175
59,701

3,838,689
3,456,803



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

CBILS Loan
158,278
258,333

Other creditors
452,429
741,081

610,707
999,414



17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£



Amounts falling due 2-5 years

Other loans
158,278
258,333


158,278
258,333


158,278
258,333


Page 25

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

18.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,415,334
1,858,720

Financial assets measured at amortised cost
4,367,793
4,169,027

6,783,127
6,027,747


Financial liabilities


Financial liabilities measured at amortised cost
3,953,226
4,456,217


Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio comprise….




19.


Deferred taxation




2024


£






At beginning of year
(292,226)


Charged to profit or loss
(281,955)



At end of year
(574,181)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(574,181)
(292,226)

(574,181)
(292,226)

Page 26

 
AMIPAK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



460 (2023 - 460) Ordinary A shares of £1.00 each
460
460
355 (2023 - 355) Ordinary B shares of £1.00 each
355
355
115 (2023 - 115) Ordinary C shares of £1.00 each
115
115
10 (2023 - 10) Ordinary D shares of £1.00 each
10
10
10 (2023 - 10) Ordinary E shares of £1.00 each
10
10
10 (2023 - 10) Ordinary F shares of £1.00 each
10
10
10 (2023 - 10) Ordinary G shares of £1.00 each
10
10
10 (2023 - 10) Ordinary H shares of £1.00 each
10
10
10 (2023 - 10) Ordinary I shares of £1.00 each
10
10
10 (2023 - 10) Ordinary J shares of £1.00 each
10
10

1,000

1,000



21.


Related party transactions

The key management personnel of the Company comprise the directors. Further details of directors’ emoluments are disclosed in Note 6 of the financial statements. The Company had the following transactions with related parties during the year:
Payments to Shareholder:
The Company also made rental payments of £273,959 (2023: £273,500) to a shareholder on an arm’s length basis.
Payments to Retirement Benefit Schemes and Trusts:
 An amount of £200,060 was paid to the Amipak Ltd Executive Directors Retirement Benefit Scheme.
 A further amount of £90,000 was paid to the Friedler Grandchildren’s Trust.


22.


Controlling party

The directors exercise immediate and ultimate control of the Company.

 
Page 27