Company registration number: 09320142
COMPANY INFORMATION
CONTENTS
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Flexopack Trade and Services UK Ltd was established in 2014 and is part of the Flexopack Group. The company is involved in the distribution of plastic packaging materials mainly used for packaging food, medical and hygiene products.
The company was established in the UK as part of the group’s strategy to further expand its presence in the United Kingdom by upgrading the local distribution and service channel.
In 2024, Flexopack Trade and Services UK Ltd continues to grow, targeting medium and large food manufacturers. The company is building confidence and credibility in the Flexopack brand, proving the technical competence of its products whilst being commercially attractive.
The company was established in the UK as part of the group’s strategy to further expand its presence in the United Kingdom by upgrading the local distribution and service channel.
In 2024, Flexopack Trade and Services UK Ltd continues to grow, targeting medium and large food manufacturers. The company is building confidence and credibility in the Flexopack brand, proving the technical competence of its products whilst being commercially attractive.
Sales in 2024 reached £17,170,632, an increase of 15% compared to the prior year which is due to the current growth strategy being implemented.
The gross profit margin was 7.4% in 2024 compared to 9.5% in 2023 as a result of the penetration and growth strategy developed.
Loss before tax was £238,140 due to high costs in the year, this is expected to return to profitability in the following years.
Liquidity remains high, which ensures that the company has sufficient funds for future operations.
The gross profit margin was 7.4% in 2024 compared to 9.5% in 2023 as a result of the penetration and growth strategy developed.
Loss before tax was £238,140 due to high costs in the year, this is expected to return to profitability in the following years.
Liquidity remains high, which ensures that the company has sufficient funds for future operations.
Market risk: Market risk relates to the potential loss that may be associated with selling in an uncertain marketplace. The food packaging industry can be characterised as mature, since most customers are well established food manufacturing enterprises, who hold long-term contracts with suppliers in order to cover their production needs.
This report was approved by the board and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 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.
The loss for the year, after taxation, amounted to £238,140 (2023 - profit £290,594).
No dividends have been proposed in this year.
The Directors who served during the year were:
There are no planned future developments to note.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The principal financial instruments of the company comprise bank balances, trade debtors, and trade creditors. The main purpose is to raise funds for the company's operations.
Credit risk: The company's maximum exposure to credit risk in relation to financial assets is represented by bank balances and cash, trade and other receivables. The company's risk is primarily attributable to its trade receivables and the amounts presented in the balance sheet are net of allowances for doubtful receivables. The company has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss.
Liquidity risk and cash flow risk: The Company's policy on liquidity risk is to ensure that significant cash is available to fund on-going operations. The Company manages its cash flow risk by reviewing cash flow forecasts on a monthly basis and regularly reviewing required capital facilities to identify if external facilities are required.
Foreign currency risk: The Company's principal foreign currency exposures arise from purchases from overseas group companies. The Company manages its exposure to foreign currency risk by selling to foreign currency and by using foreign currency accounts
Credit risk: The company's maximum exposure to credit risk in relation to financial assets is represented by bank balances and cash, trade and other receivables. The company's risk is primarily attributable to its trade receivables and the amounts presented in the balance sheet are net of allowances for doubtful receivables. The company has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss.
Liquidity risk and cash flow risk: The Company's policy on liquidity risk is to ensure that significant cash is available to fund on-going operations. The Company manages its cash flow risk by reviewing cash flow forecasts on a monthly basis and regularly reviewing required capital facilities to identify if external facilities are required.
Foreign currency risk: The Company's principal foreign currency exposures arise from purchases from overseas group companies. The Company manages its exposure to foreign currency risk by selling to foreign currency and by using foreign currency accounts
proceedings brought by third parties. The indemnity applied throughout the financial year and remains in force.
There have been no significant events affecting the Company since the year end.
The auditors, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEXOPACK TRADE AND SERVICES UK LIMITED
We have audited the financial statements of Flexopack Trade and Services UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, 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).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Directors are responsible for the other information contained within the Annual Report. 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEXOPACK TRADE AND SERVICES UK LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEXOPACK TRADE AND SERVICES UK LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant:
∙The Companies Act 2006;
∙Financial Reporting Standard 102;
∙UK employment legislation;
∙General Data Protection Regulations; and
∙UK tax legislation
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures.
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
∙Identifying and assessing the measures management has in place to prevent and detect fraud;
∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
∙Challenging assumptions and judgments made by management in its significant accounting estimates; and
∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud would be through the use of management override or the inappropriate use of judgment in accounting estimates.
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 Auditors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEXOPACK TRADE AND SERVICES UK LIMITED (CONTINUED)
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 an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
95 Gresham Street
London
EC2V 7AB
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 10 to 16 form part of these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Flexopack Trade & Services UK Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act.
The address of the registered office is 95 Gresham Street, London, EC2V 7AB and the company registration number is 09320142. The trading address is 79 Condor Close, Woolsbridge Ind. Est., Wimborne, BH21 6SU.
The address of the registered office is 95 Gresham Street, London, EC2V 7AB and the company registration number is 09320142. The trading address is 79 Condor Close, Woolsbridge Ind. Est., Wimborne, BH21 6SU.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
The turnover shown in the profit and loss account represents amounts receivable for goods at the point that the risks and rewards are passed to the customer during the period in the normal course of business net of trade discounts, rebates, VAT and other sales and related taxes.
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the 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 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Flexopack SA as at 31 December 2024 and these financial statements may be obtained from https://www.flexopack .com/investor-relations /financial-statements/.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The turnover and loss before tax are attributable to the one principal activity of the company.
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
8.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Flexopack Trade and Services UK Limited is included in the consolidated financial statements of Flexopack SA, a company incorporated in Greece, which is the ultimate parent company and only group for which consolidated financial statements are produced. The address of Flexopack SA is Ifaistou 37, Thesi Tzima, Koropi, Attiki, 19400, Greece. Copies of the consolidated financial statements can be obtained from the company's website at https://www.flexopack .com/investor-relations /financial-statements /.
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