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REGISTERED NUMBER: 01327043 (England and Wales)















T. & B. CONTAINERS LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024






T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4 to 6

Statement of Income and Retained Earnings 7

Statement of Financial Position 8

Notes to the Financial Statements 9 to 18


T. & B. CONTAINERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mrs B O Dickinson
A J Dickinson
T J H Curtis
Mrs D J Curtis
Mrs L A Dickinson
L Newark





SECRETARY: Mrs B O Dickinson





REGISTERED OFFICE: Brenton Villa
Wrangle Bank
Boston
Lincolnshire
PE22 9DL





REGISTERED NUMBER: 01327043 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and the non-complex nature of our business and is written in the context of risk and uncertainties we face.

REVIEW OF BUSINESS
As a major packaging producer, the company supplies corrugated boxes to a wide customer base in many industries.

We consider that our key performance indicators are those that most adequately communicate the financial performance and strength of the company as a whole, these being turnover and gross margin. Turnover increased by £961,399 (3.99%) in the year under review and there has also been an increase in gross profit by 12.48% from £4,969,146 to £5,282,228.

These results are considered acceptable by the directors given the economic climate during the year under review.
Haulage of flat cardboard continues to be more cost effective than the haulage of made-up boxes. This has meant the company continues to provide machinery to customers to enable them to make up the boxes on their own premises, which T&B Containers have continued to push more in the year under review.

T&B Containers have been able to strengthen their position within the UK market, with aid from their investors De Jong, and they will look to further improve this market position in the coming years.

The Company continues to provide a recycling facility for all used cardboard. This assists customers with disposing of unwanted cardboard in an environmentally beneficial manner. This is something the directors of the company feel strongly about.

PRINCIPAL RISKS AND UNCERTAINTIES
The company produces packaging which is necessary whatever the economic circumstances although being able to meet the customer's demands can be a challenge. This challenge is seen especially in years of uncertain harvest in the agricultural industry.

The company will also continue to be affected by wage rate increases due to changes in the minimum wage, price movements on materials and transportation costs. The company's major threat continues to be the general move by their customers away from corrugated boxes to plastic containers, the company have addressed this issue by developing more appropriate cardboard containers for specialist markets. In order to mitigate the effect of any individual customer moving towards a different type of material, the directors are constantly focused on attracting new customers with the company's ever developing products and the expansion into new geographical areas.

Considering the risks, the directors continue to improve standards to customer satisfaction. They continue to maintain the BRCGS accreditation, which is necessary to many customers who supply large supermarkets.

With these risks and uncertainties in mind, we are aware that any plans for future development of the business may be subject to unforeseen future events outside of our control.

ON BEHALF OF THE BOARD:





Mrs D J Curtis - Director


7 March 2025

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture of packaging.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

Mrs B O Dickinson
A J Dickinson
T J H Curtis
Mrs D J Curtis
Mrs L A Dickinson
L Newark

Other changes in directors holding office are as follows:

A G J Smit ceased to be a director after 30 September 2024 but prior to the date of this 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). 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.

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:





Mrs D J Curtis - Director


7 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
T. & B. CONTAINERS LIMITED

Opinion
We have audited the financial statements of T. & B. Containers Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position 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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
T. & B. CONTAINERS LIMITED


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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with Directors and other management obtained as part of the work required by auditing standards. We have also discussed with the Directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit.

The potential impact of different laws and regulations varies considerably. Firstly, the company is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements such as depreciation of tangible fixed assets, as well as the risk of inappropriate journal entries to increased reported profitability. Audit procedures performed by the engagement team included the identification and testing of material and unusual journal entries and challenging
management on key accounting estimates, assumptions and judgements made in the preparation of the financial statements. We carried out detailed substantive tests on accounting estimates, including reviewing the methods used by management to make those estimates, re-performing the calculation, and reviewing the outcome of prior year estimates.

Secondly, the company is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and Safety regulations and Employment laws.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Directors and other management and inspection. This inspection included an assessment of the company's employment and health and safety controls. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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
T. & B. 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.




Rachel Rudkin FCCA (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
18 Northgate
Sleaford
Lincolnshire
NG34 7BJ

14 March 2025

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 3 25,071,555 24,110,156

Cost of sales 19,789,327 19,414,010
GROSS PROFIT 5,282,228 4,696,146

Administrative expenses 4,756,810 4,290,770
525,418 405,376

Other operating income 47,409 36,783
OPERATING PROFIT 5 572,827 442,159

Interest receivable and similar income 10,379 4,244
583,206 446,403

Interest payable and similar expenses 6 48,291 11,405
PROFIT BEFORE TAXATION 534,915 434,998

Tax on profit 7 195,498 139,875
PROFIT FOR THE FINANCIAL YEAR 339,417 295,123

Retained earnings at beginning of year 6,246,506 5,991,383

Dividends 8 - (40,000 )

RETAINED EARNINGS AT END OF YEAR 6,585,923 6,246,506

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 6,725 9,415
Tangible assets 10 3,693,453 2,689,557
3,700,178 2,698,972

CURRENT ASSETS
Stocks 11 2,984,969 3,174,948
Debtors 12 5,878,546 4,894,282
Cash at bank and in hand 2,889,015 3,495,612
11,752,530 11,564,842
CREDITORS
Amounts falling due within one year 13 7,558,078 7,313,744
NET CURRENT ASSETS 4,194,452 4,251,098
TOTAL ASSETS LESS CURRENT LIABILITIES 7,894,630 6,950,070

CREDITORS
Amounts falling due after more than one year 14 (579,109 ) (174,672 )

PROVISIONS FOR LIABILITIES 17 (719,598 ) (518,892 )
NET ASSETS 6,595,923 6,256,506

CAPITAL AND RESERVES
Called up share capital 18 10,000 10,000
Retained earnings 19 6,585,923 6,246,506
SHAREHOLDERS' FUNDS 6,595,923 6,256,506

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2025 and were signed on its behalf by:





Mrs D J Curtis - Director


T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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

1. GENERAL INFORMATION

T. & B. Containers Limited is a limited company incorporated in England and Wales. The address of the registered office is given in the company information page on page one of these financial statements. The nature of the company's operations and principal activity are detailed in the directors' report on page 3.

The significant accounting policies applied in the preparation of these financial statement are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions 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;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirement of paragraph 33.7.

The company is a subsidiary of T. & B. Containers Holdings Ltd. Consolidated financial statements of T. & B. Containers Holdings Ltd can be obtained from Brenton Villa, Wrangle Bank, Boston, PE22 9DL.

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.

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

Goodwill
Goodwill is initially measured at cost and has been amortised over its useful economic life of 5 years. After initial recognition, goodwill is measured at cost less any subsequent accumulated amortisation and any subsequent accumulated impairment losses.

Stamp duty land tax
Stamp duty land tax, being the amount paid in connection with the property leases, is being amortised evenly over period of the lease of 5 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 25% on reducing balance
Improvements to property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are held at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Tangible fixed assets are inspected on a periodic basis for any impairment.

Stocks
Stocks are stated at the lower of cost incurred in bringing each product to its present location and condition, and fair value less costs to sell after making due allowance for obsolete and slow-moving items. Cost includes all direct expenditure. Stock is accounted for on a first-in-first-out basis.

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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

2. ACCOUNTING POLICIES - continued

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 financial reportingstatement of financial position 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 instruments
The company has adopted the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, 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.

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 asset's original effective interest rate. The impairment loss is recognised in the income statement.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

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

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and estimation uncertainty
In the application of the Companies accounting policies, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

(i) Useful economic life of property, plant and equipment

The annual deprecation charge for property, plant and equipment is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimates, based on use by the company and the physical condition of the assets.

(ii) Supplier rebates

The provision for supplier rebates is dependent on the amount of purchases that are made from cardboard suppliers. The rebate percentage is based on the predicted purchases of the company based on previous years purchasing patterns.

3. TURNOVER

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

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Cardboard boxes 22,736,881 22,280,201
Recycling 2,334,674 1,829,955
25,071,555 24,110,156

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 25,027,312 24,060,118
Europe 44,243 50,038
25,071,555 24,110,156

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,325,183 3,023,597
Social security costs 372,171 332,787
Other pension costs 47,551 44,902
3,744,905 3,401,286

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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

4. EMPLOYEES AND DIRECTORS - continued

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

Office and management 9 9
Sales and distribution 65 65
74 74

2024 2023
£    £   
Directors' remuneration 1,067,869 1,001,850

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

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 311,883 285,493

5. OPERATING PROFIT

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

2024 2023
£    £   
Depreciation - owned assets 671,176 570,634
Depreciation - assets on hire purchase contracts and finance leases 186,200 101,965
Loss/(profit) on disposal of fixed assets 707 (21,034 )
Stamp duty land tax amortisation 2,690 2,690
Auditors' remuneration 20,800 18,500
Operating leases land and buildings 427,172 403,868
Operating leases motor vehicles 44,158 106,917
Defined contribution pension 50,325 48,536

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase interest 4,234 413
Lease interest 44,057 10,992
48,291 11,405

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
Adjustment re previous years (5,208 ) -

Deferred tax 200,706 139,875
Tax on profit 195,498 139,875

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

2024 2023
£    £   
Profit before tax 534,915 434,998
Profit multiplied by the standard rate of corporation tax in the UK of 19% (2023 -
19%)

101,634

82,650

Effects of:
Expenses not deductible for tax purposes (6,684 ) 1,948
Capital allowances in excess of depreciation (100,868 ) (117,185 )
Adjustments to tax charge in respect of previous periods (5,208 ) -
Summary of timing differences 200,706 139,875
Corporation tax losses brought forward (32,587 ) -
Corporation tax losses carried forward 38,505 32,587
Total tax charge 195,498 139,875

Deferred taxation has been calculated at 25% (2023: 25%).

8. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - 40,000

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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

9. INTANGIBLE FIXED ASSETS
Stamp
duty land
tax
£   
COST
At 1 October 2023
and 30 September 2024 13,450
AMORTISATION
At 1 October 2023 4,035
Amortisation for year 2,690
At 30 September 2024 6,725
NET BOOK VALUE
At 30 September 2024 6,725
At 30 September 2023 9,415

10. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 October 2023 150,284 232,358 5,423,126
Additions - - 1,110,659
Disposals - - (437,711 )
At 30 September 2024 150,284 232,358 6,096,074
DEPRECIATION
At 1 October 2023 95,518 70,023 4,069,919
Charge for year 14,890 14,133 426,132
Eliminated on disposal - - (371,358 )
At 30 September 2024 110,408 84,156 4,124,693
NET BOOK VALUE
At 30 September 2024 39,876 148,202 1,971,381
At 30 September 2023 54,766 162,335 1,353,207

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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

10. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 October 2023 1,992,226 226,383 8,024,377
Additions 957,515 2,186 2,070,360
Disposals (326,939 ) - (764,650 )
At 30 September 2024 2,622,802 228,569 9,330,087
DEPRECIATION
At 1 October 2023 927,521 171,839 5,334,820
Charge for year 387,421 14,800 857,376
Eliminated on disposal (184,204 ) - (555,562 )
At 30 September 2024 1,130,738 186,639 5,636,634
NET BOOK VALUE
At 30 September 2024 1,492,064 41,930 3,693,453
At 30 September 2023 1,064,705 54,544 2,689,557

The net book value of tangible fixed assets includes £ 951,872 (2023 - £ 362,172 ) in respect of assets held under hire purchase contracts and finance leases.

11. STOCKS
2024 2023
£    £   
Raw materials and consumables 2,984,969 3,174,948

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

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,492,884 4,105,132
Other debtors 743,578 192,438
Tax 113,209 72,001
Prepayments and accrued income 528,875 524,711
5,878,546 4,894,282

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts and finance leases (see note 15)
223,192

150,345
Trade creditors 4,433,992 4,724,777
Amounts owed to group undertakings 12,273 16,340
Other taxes and social security 74,749 70,774
VAT 707,060 541,589
Other creditors 406,129 405,281
Directors' loan accounts 139,463 155,993
Accrued expenses 1,561,220 1,248,645
7,558,078 7,313,744

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts and finance leases (see note 15)
579,109

174,672

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
2024 2023 2024 2023
£    £    £    £   
Net obligations repayable:
Within one year 96,038 80,801 127,154 69,544
Between one and five years 131,519 66,161 447,590 108,511
227,557 146,962 574,744 178,055

The hire purchase contracts relate to a number of fixed assets. The remaining lease terms range from one to five years. At the end of the lease, title of the assets passes to the company for a nominal fee.

Non-cancellable operating leases
2024 2023
£    £   
Within one year 389,815 360,509
Between one and five years 898,966 833,565
1,288,781 1,194,074

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts and finance leases 802,301 325,017

The hire purchase contracts and finance leases are secured on the assets to which they relate.

17. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 719,598 518,892

Deferred
tax
£   
Balance at 1 October 2023 518,892
Accelerated capital allowances 200,706
Balance at 30 September 2024 719,598

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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: £    £   
10,000 Ordinary £1 10,000 10,000

19. RESERVES
Retained
earnings
£   

At 1 October 2023 6,246,506
Profit for the year 339,417
At 30 September 2024 6,585,923

The retained earnings represents cumulative profit and losses net of dividends and other adjustments.

20. ULTIMATE PARENT COMPANY

T. & B. Containers Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

The principal place of business of T. & B. Containers Holdings Ltd is:

Brenton Villa
Wrangle Bank
Boston
Lincolnshire
PE22 9DL

21. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 164,068

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end date the company owed the directors £139,463 (2023: £155,993). This loan is unsecured and repayable on demand, with interest charged at the official rate.

23. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Amount due to related party 12,273 16,340

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Compensation 1,074,129 1,001,850

T. & B. CONTAINERS LIMITED (REGISTERED NUMBER: 01327043)

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

23. RELATED PARTY DISCLOSURES - continued

Entities that provide key management personnel services to the entity
2024 2023
£    £   
Purchases 49,682 48,708
Amount due to related party 8,280 12,177

Other related parties
2024 2023
£    £   
Purchases 6,756,214 6,707,104
Amount due from related party 540,857 648
Amount due to related party 2,289,165 2,592,603