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REGISTERED NUMBER: 11013108 (England and Wales)















Ring Containers Limited

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024






Ring Containers Limited (Registered number: 11013108)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


Ring Containers Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: F Geyer
B J Livingston





REGISTERED OFFICE: 27 Old Gloucester Street
London
WC1N 3AX





REGISTERED NUMBER: 11013108 (England and Wales)





AUDITORS: CLA Evelyn Partners Limited
Northern Assurance Buildings
9/21 Princess Street
Manchester
M2 4DN

Ring Containers Limited (Registered number: 11013108)

Group Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
Consolidated turnover (England & Canada) increased by £494,332 between 2023 and 2024. Sales volume for HDPE containers (food service edible oil) increased from nominal customer share gains and positive trends in several markets. Selling prices for HDPE products increased between 2023 and 2024 in conjunction with changes to raw material costs for resin and corrugate.

The Group increased £5.34 million in cash and cash equivalents during 2024.

The Group continues to build on its strong market position and was awarded or re-secured the key customers targeted within the business plan for the year.

The results for the year and financial position of the group are as shown in the annexed financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies throughout the Group are subject to board approval and ongoing review by management. Compliance with regulation, legal and ethical standards is a high priority for the Group and the compliance team and finance department take on an important oversight role in this regard.

The Group does not have any long-term debt financing obligations and utilizes cash flow from normal operations to support ongoing operating activities. The Group conducts business in countries with stable economies and limited fluctuation in currency notes.

KEY PERFORMANCE INDICATORS ('KPIS')
The Group’s key financial and other performance indicators during the year were as follows:



2024

2023

Turnover

24,407,556

23,913,224

Gross Profit Margin

48.0%

47.7%

Profit before tax

7,320,446

7,025,733

ON BEHALF OF THE BOARD:





F Geyer - Director


6 March 2025

Ring Containers Limited (Registered number: 11013108)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of manufacturing of storage containers.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

F Geyer
B J Livingston

GOING CONCERN
The financial statements have been prepared on a going concern basis. The Group's sales have remained steady. The Group has managed expenses effectively during this time and ultimately from a cash flow perspective, the parent company Ring US has ample cash flow to support the Group if ever required. Based on these indicators, given the measures that could be undertaken and the resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Ring Containers Limited (Registered number: 11013108)

Report of the Directors
for the Year Ended 31 December 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





F Geyer - Director


6 March 2025

Report of the Independent Auditors to the Members of
Ring Containers Limited

Opinion
We have audited the financial statements of Ring Containers Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

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

Other information
The other information comprises the information included in the report of the directors, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the report of the directors.

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. 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.

Report of the Independent Auditors to the Members of
Ring Containers Limited


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 Group 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 Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Ring Containers Limited


Auditors' responsibilities for the audit of the 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:

Based on our understanding of the Company and industry, we identified that the principal risks ofnon-compliance with laws and regulations related to UK employment and tax legislation. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to fraudulent financial reporting and management bias in accounting estimates. Audit procedures performed by the Company engagement team, but were not limited to:

- Discussions with management, including consideration of known or suspected instances of
non-compliance with laws and regulation and fraud;

- Identifying and assessing the design of effectiveness of controls management has in place to prevent and detect fraud.

- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations and unusual words; and this includes the use of audit data analytical software.

- Challenging assumptions and judgements made by management in their significant accounting estimates.

- Revenue recognition, in particular focusing on occurrence and valuation by obtaining direct confirmations from customers, agreeing to underlying records and cash after date.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Report of the Independent Auditors to the Members of
Ring Containers Limited


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.




Antony Sassen FCA (Senior Statutory Auditor)
for and on behalf of CLA Evelyn Partners Limited
Northern Assurance Buildings
9/21 Princess Street
Manchester
M2 4DN

6 March 2025

Ring Containers Limited (Registered number: 11013108)

Consolidated
Income Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   

TURNOVER 3 24,407,556 23,913,224

Cost of sales 12,677,179 12,498,551
GROSS PROFIT 11,730,377 11,414,673

Distribution costs 824,411 889,981
Administrative expenses 3,627,894 3,424,000
4,452,305 4,313,981
OPERATING PROFIT 5 7,278,072 7,100,692

Interest receivable and similar income 281,182 -
7,559,254 7,100,692

Interest payable and similar expenses 6 238,808 74,959
PROFIT BEFORE TAXATION 7,320,446 7,025,733

Tax on profit 7 1,798,685 1,701,727
PROFIT FOR THE FINANCIAL
YEAR

5,521,761

5,324,006
Profit attributable to:
Owners of the parent 5,521,761 5,324,006

Ring Containers Limited (Registered number: 11013108)

Consolidated
Other Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

PROFIT FOR THE YEAR 5,521,761 5,324,006


OTHER COMPREHENSIVE INCOME
Gain/(Loss) on translation of subsidiary (837,928 ) (253,936 )
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE
INCOME FOR THE YEAR, NET OF
INCOME TAX


(837,928


)


(253,936


)
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

4,683,833

5,070,070

Total comprehensive income attributable to:
Owners of the parent 4,683,833 5,070,070

Ring Containers Limited (Registered number: 11013108)

Consolidated Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,770,269 1,868,359
Investments 10 - -
1,770,269 1,868,359

CURRENT ASSETS
Stocks 11 730,157 577,779
Debtors 12 5,611,519 5,962,623
Cash at bank and in hand 19,393,447 14,053,450
25,735,123 20,593,852
CREDITORS
Amounts falling due within one year 13 2,439,013 2,142,417
NET CURRENT ASSETS 23,296,110 18,451,435
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,066,379

20,319,794

PROVISIONS FOR LIABILITIES 15 291,419 245,353
NET ASSETS 24,774,960 20,074,441

CAPITAL AND RESERVES
Called up share capital 16 100 100
Translation reserve 17 (1,118,053 ) (280,125 )
Other reserves 17 13,072,742 13,072,742
Retained earnings 17 12,820,171 7,281,724
SHAREHOLDERS' FUNDS 24,774,960 20,074,441

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2025 and were signed on its behalf by:





F Geyer - Director


Ring Containers Limited (Registered number: 11013108)

Company Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 597,518 630,083
Investments 10 100 100
597,618 630,183

CURRENT ASSETS
Stocks 11 369,952 289,614
Debtors 12 4,975,511 5,170,714
Cash at bank and in hand 6,474,841 4,634,329
11,820,304 10,094,657
CREDITORS
Amounts falling due within one year 13 1,020,321 1,172,379
NET CURRENT ASSETS 10,799,983 8,922,278
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,397,601

9,552,461

PROVISIONS FOR LIABILITIES 15 49,451 -
NET ASSETS 11,348,150 9,552,461

CAPITAL AND RESERVES
Called up share capital 16 100 100
Other reserves 17 5,896,790 5,896,790
Retained earnings 17 5,451,260 3,655,571
SHAREHOLDERS' FUNDS 11,348,150 9,552,461

Company's profit for the financial year 1,795,689 1,869,385

Ring Containers Limited (Registered number: 11013108)

Company Balance Sheet - continued
31 December 2024


The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2025 and were signed on its behalf by:





F Geyer - Director


Ring Containers Limited (Registered number: 11013108)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Translation Other Total
capital earnings reserve reserves equity
£    £    £    £    £   
Balance at 1 January 2023 100 1,957,718 (26,189 ) 13,072,742 15,004,371

Changes in equity
Total comprehensive income - 5,324,006 (253,936 ) - 5,070,070
Balance at 31 December 2023 100 7,281,724 (280,125 ) 13,072,742 20,074,441

Changes in equity
Total comprehensive income - 5,521,761 (837,928 ) - 4,683,833
Balance at 31 December 2024 100 12,803,485 (1,118,053 ) 13,072,742 24,758,274

Ring Containers Limited (Registered number: 11013108)

Company Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Other Total
capital earnings reserves equity
£    £    £    £   
Balance at 1 January 2023 100 1,786,186 5,896,790 7,683,076

Changes in equity
Profit for the year - 1,869,385 - 1,869,385
Total comprehensive income - 1,869,385 - 1,869,385
Total transactions with owners,
recognised directly in equity

-

-

-

-
Balance at 31 December 2023 100 3,655,571 5,896,790 9,552,461

Changes in equity
Profit for the year - 1,795,689 - 1,795,689
Total comprehensive income - 1,795,689 - 1,795,689
Total transactions with owners,
recognised directly in equity

-

-

-

-
Balance at 31 December 2024 100 5,451,260 5,896,790 11,348,150

Ring Containers Limited (Registered number: 11013108)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 7,235,066 6,768,162
Finance costs paid (238,808 ) (74,959 )
Tax paid (1,811,950 ) (1,519,463 )
Net cash from operating activities 5,184,308 5,173,740

Cash flows from investing activities
Purchase of tangible fixed assets (364,730 ) (381,207 )
Sale of tangible fixed assets 5,589 -
Interest received 281,182 -
Net cash from investing activities (77,959 ) (381,207 )

Cash flows from financing activities
New Intercompany loans in year 233,648 893,044
Net cash from financing activities 233,648 893,044

Increase in cash and cash equivalents 5,339,997 5,685,577
Cash and cash equivalents at
beginning of year

2

14,053,450

8,367,873

Cash and cash equivalents at end of
year

2

19,393,447

14,053,450

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 7,320,446 7,025,733
Depreciation charges 309,485 264,608
Loss on disposal of fixed assets 6,974 -
FX Gain/(loss) on translation of sub (636,051 ) (215,342 )
Finance costs 238,808 74,959
Finance income (281,182 ) -
6,958,480 7,149,958
(Increase)/decrease in stocks (152,378 ) 294,837
Decrease/(increase) in trade and other debtors 117,456 (30,998 )
Increase/(decrease) in trade and other creditors 311,508 (645,635 )
Cash generated from operations 7,235,066 6,768,162

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 19,393,447 14,053,450
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 14,053,450 8,367,873


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 14,053,450 5,339,997 19,393,447
14,053,450 5,339,997 19,393,447
Total 14,053,450 5,339,997 19,393,447

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Ring Containers 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 General Information page.

The principal place of business is: 1 Southern Cross, London Road, Swanley, BR8 8DE.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The Company's sales have remained steady. The Company has managed expenses effectively during this time and ultimately from a cash flow perspective, the parent company Ring US has ample cash flow to support the company if ever required. Based on these indicators, given the measures that could be undertaken and the resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Basis of consolidation
The accounts have been consolidated using the acquisition method.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales are recognised when substantively all the risks and rewards in connection with the goods have been passed to the buyer.

Tangible fixed assets
Assets under construction
Assets under construction relate to all costs of constructing the asset until it is completed and ready for use and is recognised at cost less impairment, if any. Depreciation will be charged once the asset is ready for use over its estimated useful life.

Other assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life

Plant and machinery - 25% on reducing balance
Plant and machinery (Subsidiary) - between 3.5 years to 11 years (depending on sub-class of asset)
Land and buildings - 25% on reducing balance
Leasehold improvements - over 39 years

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and amounts owed by and to group undertakings.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently amortised at cost using the effective interest method. Debt instruments are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid of received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at market rate, the financial asset of liability is measured initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
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.

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 included as interest payable and similar items and are taken into account in arriving at the profit before taxation.

Upon consolidation, assets and liabilities in foreign subsidiaries are translated into sterling at the rates of exchange ruling at the balance sheet date. Profit & loss items in the foreign subsidiary are translated into sterling at the average rate for the relevant period. Exchange differences arising from translation of foreign subsidiaries are recognised in other comprehensive income.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Investment in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 9,069,880 10,009,833
Europe 2,662,559 1,289,595
North America 12,675,117 12,613,796
24,407,556 23,913,224

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,739,573 1,737,294
Social security costs 128,235 78,110
Other pension costs 48,496 37,217
1,916,304 1,852,621

The average number of employees during the year was as follows:
31.12.24 31.12.23

Human Resources 2 2
Maintenance 4 5
Production 24 24
Warehouse 6 5
36 36

31.12.24 31.12.23
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.24 31.12.23
£    £   
Hire of plant and machinery - 857
Depreciation - owned assets 303,889 263,671
Loss on disposal of fixed assets 6,974 -
Auditors remuneration 18,108 33,000
Rent 1,168,839 1,036,234

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Foreign exchange loss 238,808 74,959

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 635,957 576,000
Foreign tax charges 1,161,081 1,132,373
Total current tax 1,797,038 1,708,373

Deferred tax 1,647 (6,646 )
Tax on profit 1,798,685 1,701,727

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:

31.12.24 31.12.23
£    £   
Profit before tax 7,320,446 7,025,733
Profit multiplied by the standard rate of corporation tax in the UK
of 25 % (2023 - 25 %)

1,830,112

1,756,433

Effects of:
Expenses not deductible for tax purposes 24,202 45,292
Depreciation in excess of capital allowances 13,711 63,605
Adjustment re foreign tax rates (68,928 ) (165,264 )
Deferred tax (412 ) 1,661
Total tax charge 1,798,685 1,701,727

Tax effects relating to effects of other comprehensive income

31.12.24
Gross Tax Net
£    £    £   
Gain/(Loss) on translation of subsidiary (837,928 ) - (837,928 )

31.12.23
Gross Tax Net
£    £    £   
Gain/(Loss) on translation of subsidiary (253,936 ) - (253,936 )

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

7. TAXATION - continued

Since 1 April 2023, profits have been charged a corporation tax rate of 25% compared to 19% previously.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. TANGIBLE FIXED ASSETS

Group
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 January 2024 284,484 3,705,879 3,990,363
Additions 4,541 360,189 364,730
Disposals - (77,627 ) (77,627 )
Exchange differences (14,424 ) (182,741 ) (197,165 )
At 31 December 2024 274,601 3,805,700 4,080,301
DEPRECIATION
At 1 January 2024 81,982 2,040,022 2,122,004
Charge for year 9,443 294,446 303,889
Eliminated on disposal - (65,064 ) (65,064 )
Exchange differences (2,259 ) (48,538 ) (50,797 )
At 31 December 2024 89,166 2,220,866 2,310,032
NET BOOK VALUE
At 31 December 2024 185,435 1,584,834 1,770,269
At 31 December 2023 202,502 1,665,857 1,868,359

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS - continued

Company
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 January 2024 62,325 1,907,356 1,969,681
Additions - 112,772 112,772
Disposals - (74,500 ) (74,500 )
At 31 December 2024 62,325 1,945,628 2,007,953
DEPRECIATION
At 1 January 2024 47,189 1,292,409 1,339,598
Charge for year 3,784 130,170 133,954
Eliminated on disposal - (63,117 ) (63,117 )
At 31 December 2024 50,973 1,359,462 1,410,435
NET BOOK VALUE
At 31 December 2024 11,352 586,166 597,518
At 31 December 2023 15,136 614,947 630,083

Included within plant and machinery additions is £112,772 (2023: £248,635) of costs incurred for the asset under construction.

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakin
£   
COST
At 1 January 2024
and 31 December 2024 100
NET BOOK VALUE
At 31 December 2024 100
At 31 December 2023 100

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Ring Containers Canada ULC
Registered office: 1820 31st North, Lethbridge, T1H 5K8
Nature of business: Manufacturing of storage containers.
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves 13,668,873 10,779,088
Profit for the year 3,727,719 3,447,975


11. STOCKS

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Stocks 730,157 577,779 369,952 289,614

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Trade debtors 2,825,754 3,042,051 1,584,694 1,900,993
Amounts owed by group undertakings 2,342,305 2,575,953 3,064,845 3,120,556
Other debtors 101,543 189,461 3,379 222
Deferred tax asset - - - 11,654
Prepayments and accrued income 341,917 155,158 322,593 137,289
5,611,519 5,962,623 4,975,511 5,170,714

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Trade creditors 1,468,071 841,300 511,996 401,147
Amounts owed to group undertakings 146,299 146,299 146,299 146,299
Tax 209,724 224,636 85,000 215,298
Social security and other taxes 24,527 24,970 24,527 24,970
VAT 22,747 72,696 22,747 72,696
Other creditors 82,148 214,423 11,146 18,256
Accruals and deferred income 485,497 618,093 218,606 293,713
2,439,013 2,142,417 1,020,321 1,172,379

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 1,030,597 918,931
Between one and five years 3,268,095 3,883,135
4,298,692 4,802,066

Company
Non-cancellable operating leases
31.12.24 31.12.23
£    £   
Within one year 730,879 603,119
Between one and five years 2,192,636 2,412,474
2,923,515 3,015,593

15. PROVISIONS FOR LIABILITIES

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Deferred tax 291,419 245,353 49,451 -

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

15. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 January 2024 245,353
Accelerated capital allowances 46,066
Balance at 31 December 2024 291,419

Company
Deferred
tax
£   
Balance at 1 January 2024 (11,654 )
Accelerated capital allowances 61,105
Balance at 31 December 2024 49,451

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
100 Ordinary £1 100 100

17. RESERVES

Group
Retained Translation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 January 2024 7,298,410 (280,125 ) 13,072,742 20,091,027
Profit for the year 5,521,761 5,521,761
Translation reserve - (837,928 ) - (837,928 )
At 31 December 2024 12,820,171 (1,118,053 ) 13,072,742 24,774,860

Ring Containers Limited (Registered number: 11013108)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2024

17. RESERVES - continued

Company
Retained Other
earnings reserves Totals
£    £    £   

At 1 January 2024 3,655,571 5,896,790 9,552,361
Profit for the year 1,795,689 1,795,689
At 31 December 2024 5,451,260 5,896,790 11,348,050

Translation reserves relate to foreign exchange differences arising from the translation of the Group's foreign operations from their functional currency into Ring Container Limited's functional currency.

Other reserves relate to capital contributions made by shareholders. These are loans given by equity holders which are not repayable until dissolution.

18. RELATED PARTY DISCLOSURES

During the year, the group had transfers out of £80,425 (2023 - £55,951) and transfers in of £22,000 (2023 - £438) with group undertakings. As at 31 December 2024, the amounts due to these companies were £2,978,244 (2023 - £2,919,819).

All of the above loans are interest free and repayable on demand.

19. ULTIMATE CONTROLLING PARTY

As at the date of approval of these financial statements, the immediate controlling party by virtue of its shareholding is

Ring Container Technologies Group LLC
State of Delaware
1209 Orange Street
Wilmington
Delaware 19801

Incorporated in the USA.