REGISTERED NUMBER: 10189986 (England and Wales) |
T. & B. CONTAINERS HOLDINGS LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
REGISTERED NUMBER: 10189986 (England and Wales) |
T. & B. CONTAINERS HOLDINGS LTD |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 | to | 7 |
Consolidated Statement of Income and Retained Earnings | 8 |
Consolidated Statement of Financial Position | 9 |
Company Statement of Financial Position | 10 |
Consolidated Statement of Cash Flows | 11 |
Notes to the Consolidated Statement of Cash Flows | 12 |
Notes to the Consolidated Financial Statements | 13 | to | 23 |
T. & B. CONTAINERS HOLDINGS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Rachel Rudkin FCCA |
AUDITORS: |
18 Northgate |
Sleaford |
Lincolnshire |
NG34 7BJ |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their strategic report of the company and the group 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 group 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 group 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 group 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 group 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 group feel strongly about. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group 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 group 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 group's major threat continues to be the general move by their customers away from corrugated boxes to plastic containers, the group 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 group'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: |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of 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. |
Other changes in directors holding office are as follows: |
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. |
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 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 group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
T. & B. CONTAINERS HOLDINGS LTD |
Opinion |
We have audited the financial statements of T. & B. Containers Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 30 September 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 directors are responsible for the other information. The other information comprises the information in the Group 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
T. & B. CONTAINERS HOLDINGS LTD |
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 |
T. & B. CONTAINERS HOLDINGS LTD |
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 group 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 group 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 group'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 HOLDINGS LTD |
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. |
for and on behalf of |
18 Northgate |
Sleaford |
Lincolnshire |
NG34 7BJ |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
CONSOLIDATED 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 | 19,414,007 |
GROSS PROFIT | 5,282,228 | 4,696,149 |
Administrative expenses | 4,758,599 | 4,295,580 |
523,629 | 400,569 |
Other operating income | 47,409 | 36,783 |
OPERATING PROFIT | 5 | 571,038 | 437,352 |
Interest receivable and similar income | 10,379 | 4,244 |
581,417 | 441,596 |
Interest payable and similar expenses | 6 | 48,291 | 11,405 |
PROFIT BEFORE TAXATION | 533,126 | 430,191 |
Tax on profit | 7 | 195,498 | 139,875 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year | 2,167,447 | 1,877,131 |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR |
2,505,075 |
2,167,447 |
Profit attributable to: |
Owners of the parent | 337,628 | 290,316 |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 6,725 | 9,415 |
Tangible assets | 10 | 3,693,457 | 2,689,561 |
Investments | 11 | - | - |
3,700,182 | 2,698,976 |
CURRENT ASSETS |
Stocks | 12 | 2,984,969 | 3,174,948 |
Debtors | 13 | 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 | 14 | 7,548,930 | 7,302,807 |
NET CURRENT ASSETS | 4,203,600 | 4,262,035 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 7,903,782 | 6,961,011 |
CREDITORS |
Amounts falling due after more than one year | 15 | (579,109 | ) | (174,672 | ) |
PROVISIONS FOR LIABILITIES | 19 | (719,598 | ) | (518,892 | ) |
NET ASSETS | 6,605,075 | 6,267,447 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 4,100,000 | 4,100,000 |
Retained earnings | 21 | 2,505,075 | 2,167,447 |
SHAREHOLDERS' FUNDS | 6,605,075 | 6,267,447 |
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 HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
COMPANY STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year | (1,789 | ) | 35,187 |
The financial statements were approved by the Board of Directors and authorised for issue on |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 868,540 | 2,383,117 |
Interest element of hire purchase and finance lease rental payments paid |
(48,291 |
) |
(11,405 |
) |
Tax paid | (36,000 | ) | (215,807 | ) |
Net cash from operating activities | 784,249 | 2,155,905 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (2,070,360 | ) | (1,370,233 | ) |
Sale of tangible fixed assets | 208,381 | 195,600 |
Interest received | 10,379 | 4,244 |
Net cash from investing activities | (1,851,600 | ) | (1,170,389 | ) |
Cash flows from financing activities |
Capital repayments in year | 477,284 | (147,877 | ) |
Amount introduced by directors | 11,067 | 66,290 |
Amount withdrawn by directors | (27,597 | ) | (40 | ) |
Net cash from financing activities | 460,754 | (81,627 | ) |
(Decrease)/increase in cash and cash equivalents | (606,597 | ) | 903,889 |
Cash and cash equivalents at beginning of year | 2 | 3,495,612 | 2,591,723 |
Cash and cash equivalents at end of year | 2 | 2,889,015 | 3,495,612 |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 533,126 | 430,191 |
Depreciation charges | 860,066 | 675,288 |
Loss/(profit) on disposal of fixed assets | 707 | (21,034 | ) |
Finance costs | 48,291 | 11,405 |
Finance income | (10,379 | ) | (4,244 | ) |
1,431,811 | 1,091,606 |
Decrease in stocks | 189,979 | 756,992 |
(Increase)/decrease in trade and other debtors | (943,056 | ) | 386,541 |
Increase in trade and other creditors | 189,806 | 147,978 |
Cash generated from operations | 868,540 | 2,383,117 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 2,889,015 | 3,495,612 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
£ | £ |
Cash and cash equivalents | 3,495,612 | 2,591,723 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 3,495,612 | (606,597 | ) | 2,889,015 |
3,495,612 | (606,597 | ) | 2,889,015 |
Debt |
Hire purchase and finance leases | (325,017 | ) | (477,284 | ) | (802,301 | ) |
(325,017 | ) | (477,284 | ) | (802,301 | ) |
Total | 3,170,595 | (1,083,881 | ) | 2,086,714 |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
1. | STATUTORY INFORMATION |
T. & B. Containers Holdings Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The subsidiary 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 Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7 |
The disclosure above is incorporated within these consolidated financial statements. |
Basis of consolidation |
The consolidated accounts comprise those of T. & B. Containers Holdings Limited and its subsidiary for the period ended 30 September 2024. The consolidation has been accounted for using the equity accounting method. |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the group's 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 group 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 group based on previous years purchasing patterns. |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
Short leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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. |
Financial instruments |
The group 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 HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED 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 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 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 statement 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 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. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
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 |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
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 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Office and management | 9 | 9 |
Sales and distribution | 65 | 65 |
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 | 570,632 |
Depreciation - assets on hire purchase contracts and finance leases | 186,200 | 101,966 |
Loss/(profit) on disposal of fixed assets | 707 | (21,034 | ) |
Stamp duty land tax amortisation | 2,690 | 2,690 |
Auditors' remuneration | 20,695 | 23,190 |
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 HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED 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 |
UK corporation tax has been charged at 19 % (2023 - 22 %). |
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 | 533,126 | 430,191 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 19 %) |
101,294 |
81,736 |
Effects of: |
Expenses not deductible for tax purposes | (5,469 | ) | (2,923 | ) |
Capital allowances in excess of depreciation | (100,868 | ) | (112,275 | ) |
Taxable losses carried forward | 38,505 | 33,462 |
Deferred tax movement | 200,706 | 139,875 |
Adjustment for previous years | (5,208 | ) | - |
Losses brought forward | (33,462 | ) | - |
Total tax charge | 195,498 | 139,875 |
Deferred taxation has been calculated at 25% (2023: 25%). |
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. |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Stamp |
duty land |
Goodwill | tax | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
and 30 September 2024 | 7,921 | 13,450 | 21,371 |
AMORTISATION |
At 1 October 2023 | 7,921 | 4,035 | 11,956 |
Amortisation for year | - | 2,690 | 2,690 |
At 30 September 2024 | 7,921 | 6,725 | 14,646 |
NET BOOK VALUE |
At 30 September 2024 | - | 6,725 | 6,725 |
At 30 September 2023 | - | 9,415 | 9,415 |
10. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Short | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 October 2023 | 150,284 | 232,358 | 5,423,125 |
Additions | - | - | 1,110,659 |
Disposals | - | - | (437,711 | ) |
At 30 September 2024 | 150,284 | 232,358 | 6,096,073 |
DEPRECIATION |
At 1 October 2023 | 95,518 | 70,021 | 4,069,917 |
Charge for year | 14,890 | 14,133 | 426,132 |
Eliminated on disposal | - | - | (371,358 | ) |
At 30 September 2024 | 110,408 | 84,154 | 4,124,691 |
NET BOOK VALUE |
At 30 September 2024 | 39,876 | 148,204 | 1,971,382 |
At 30 September 2023 | 54,766 | 162,337 | 1,353,208 |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
10. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2023 | 1,992,226 | 226,384 | 8,024,377 |
Additions | 957,515 | 2,186 | 2,070,360 |
Disposals | (326,939 | ) | - | (764,650 | ) |
At 30 September 2024 | 2,622,802 | 228,570 | 9,330,087 |
DEPRECIATION |
At 1 October 2023 | 927,522 | 171,838 | 5,334,816 |
Charge for year | 387,421 | 14,800 | 857,376 |
Eliminated on disposal | (184,204 | ) | - | (555,562 | ) |
At 30 September 2024 | 1,130,739 | 186,638 | 5,636,630 |
NET BOOK VALUE |
At 30 September 2024 | 1,492,063 | 41,932 | 3,693,457 |
At 30 September 2023 | 1,064,704 | 54,546 | 2,689,561 |
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. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiary |
Registered office: Brenton Villa, Wrangle Bank, Boston, PE22 9DL |
Nature of business: |
% |
Class of shares: | holding |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
12. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Raw materials | 2,984,969 | 3,174,948 |
The difference between purchase price and production cost of stock and their replacement cost is not material. |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 4,492,884 | 4,105,132 |
Amounts owed by group undertakings | - | - |
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 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Hire purchase contracts and finance leases (see note 16) | 223,192 |
150,345 |
Trade creditors | 4,433,992 | 4,724,777 |
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 | 1,564,345 | 1,254,048 |
7,548,930 | 7,302,807 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts and finance leases (see note 16) | 579,109 |
174,672 |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
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. |
Group |
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 |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
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. |
18. | FINANCIAL INSTRUMENTS |
The group has the following financial instruments: |
2024 | 2023 |
£ | £ |
Financial assets that are debt instruments measured at amortised cost |
Trade debtors | 4,511,972 | 4,105,132 |
Other debtors | 743,578 | 192,438 |
Taxation | - | 72,001 |
Financial liabilities measured at amortised cost |
Trade creditors | 4,433,990 | 4,724,777 |
Other taxes and social security | 74,749 | 70,774 |
Other creditors | 406,129 | 405,281 |
Directors' loan accounts | 139,463 | 155,993 |
VAT | 707,060 | 541,589 |
Taxation | (111,237 | ) | - |
Hire purchase contracts | 223,192 | 150,345 |
There is no interest income or expense for financial assets and liabilities that are not measured at fair value through profit and loss. |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 719,598 | 518,892 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 518,892 |
Accelerated capital allowances | 200,706 |
Effect of change in tax rate |
Balance at 30 September 2024 | 719,598 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 4,100,000 | 4,100,000 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 October 2023 | 2,167,447 |
Profit for the year | 337,628 |
At 30 September 2024 | 2,505,075 |
Company |
Retained |
earnings |
£ |
At 1 October 2023 |
Deficit for the year | ( |
) |
At 30 September 2024 |
The retained earnings represents cumulative profit and losses net of dividends and other adjustments. |
22. | CAPITAL COMMITMENTS |
2024 | 2023 |
£ | £ |
Contracted but not provided for in the |
financial statements | - | 164,068 |
23. | RELATED PARTY DISCLOSURES |
T. & B. CONTAINERS HOLDINGS LTD (REGISTERED NUMBER: 10189986) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
23. | RELATED PARTY DISCLOSURES - continued |
Key management personnel of the entity or its parent (in the aggregate) |
2024 | 2023 |
£ | £ |
Compensation | 1,074,129 | 1,001,850 |
The loans due to directors are unsecured and interest free. |
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 |
The loans due to/from related parties are unsecured and interest free. |
During the year, a total of key management personnel compensation of £ 1,074,129 (2023 - £ 1,001,850 ) was paid. |