IRIS Accounts Production v24.2.0.383 03790889 Board of Directors 1.10.23 30.9.24 30.9.24 Medium entities true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037908892023-09-30037908892024-09-30037908892023-10-012024-09-30037908892022-09-30037908892022-10-012023-09-30037908892023-09-3003790889ns15:EnglandWales2023-10-012024-09-3003790889ns14:PoundSterling2023-10-012024-09-3003790889ns10:Director12023-10-012024-09-3003790889ns10:CompanySecretary12023-10-012024-09-3003790889ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3003790889ns10:MediumEntities2023-10-012024-09-3003790889ns10:Audited2023-10-012024-09-3003790889ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3003790889ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3003790889ns10:FullAccounts2023-10-012024-09-3003790889ns10:OrdinaryShareClass12023-10-012024-09-3003790889ns10:Director22023-10-012024-09-3003790889ns10:Director32023-10-012024-09-3003790889ns10:Director42023-10-012024-09-3003790889ns10:RegisteredOffice2023-10-012024-09-3003790889ns5:RetainedEarningsAccumulatedLosses2023-09-3003790889ns5:RetainedEarningsAccumulatedLosses2022-09-3003790889ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3003790889ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3003790889ns5:RetainedEarningsAccumulatedLosses2024-09-3003790889ns5:RetainedEarningsAccumulatedLosses2023-09-3003790889ns5:CurrentFinancialInstruments2024-09-3003790889ns5:CurrentFinancialInstruments2023-09-3003790889ns5:Non-currentFinancialInstruments2024-09-3003790889ns5:Non-currentFinancialInstruments2023-09-3003790889ns5:ShareCapital2024-09-3003790889ns5:ShareCapital2023-09-3003790889ns5:SharePremium2024-09-3003790889ns5:SharePremium2023-09-3003790889ns5:PlantMachinery2023-10-012024-09-3003790889ns5:FurnitureFittings2023-10-012024-09-3003790889ns5:MotorVehicles2023-10-012024-09-3003790889ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-10-012024-09-3003790889ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-10-012023-09-3003790889ns5:OwnedAssets2023-10-012024-09-3003790889ns5:OwnedAssets2022-10-012023-09-3003790889ns5:LeasedAssets2023-10-012024-09-3003790889ns5:LeasedAssets2022-10-012023-09-300379088912023-10-012024-09-300379088912022-10-012023-09-3003790889ns5:HirePurchaseContracts2023-10-012024-09-3003790889ns5:HirePurchaseContracts2022-10-012023-09-3003790889ns10:OrdinaryShareClass12022-10-012023-09-3003790889ns5:PlantMachinery2023-09-3003790889ns5:FurnitureFittings2023-09-3003790889ns5:MotorVehicles2023-09-3003790889ns5:PlantMachinery2024-09-3003790889ns5:FurnitureFittings2024-09-3003790889ns5:MotorVehicles2024-09-3003790889ns5:PlantMachinery2023-09-3003790889ns5:FurnitureFittings2023-09-3003790889ns5:MotorVehicles2023-09-3003790889ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3003790889ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3003790889ns5:LeasedAssetsHeldAsLessee2023-09-3003790889ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-09-3003790889ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-09-3003790889ns5:LeasedAssetsHeldAsLessee2024-09-3003790889ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3003790889ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3003790889ns5:LeasedAssetsHeldAsLessee2023-10-012024-09-3003790889ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-09-3003790889ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-09-3003790889ns5:LeasedAssetsHeldAsLessee2023-09-3003790889ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3003790889ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3003790889ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-09-3003790889ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-09-3003790889ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-09-3003790889ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-09-3003790889ns5:HirePurchaseContracts2024-09-3003790889ns5:HirePurchaseContracts2023-09-3003790889ns5:DeferredTaxation2023-09-3003790889ns5:DeferredTaxation2023-10-012024-09-3003790889ns5:DeferredTaxation2024-09-3003790889ns10:OrdinaryShareClass12024-09-3003790889ns5:SharePremium2023-09-30
REGISTERED NUMBER: 03790889 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

TCL PACKAGING LIMITED

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)






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 5

Statement of Income and Retained Earnings 9

Statement of Financial Position 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


TCL PACKAGING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: G D Davis
K Edwards
M Jarvstrom
A Williams



SECRETARY: K Edwards



REGISTERED OFFICE: The Opal Building
Stafford Park 6
Telford
Shropshire
TF3 3AT



BUSINESS ADDRESS: The Opal Building
Stafford Park 6
Telford
Staffordshire
TF3 3AT



REGISTERED NUMBER: 03790889 (England and Wales)



SENIOR STATUTORY AUDITOR: Mark Fletcher BSc ACA



AUDITORS: Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The company has over the past year managed to successfully navigate the continued raw material supply challenges as well as the huge impact of the energy crisis. Labour shortage continues to be a limiting factor this year which the company has had to address but will have, undoubtedly, affected the performance of the company as well as many of our suppliers and customers.

The company continues to drive energy efficiency as well as productivity improvements. This work will continue into the new year to mitigate further energy and raw material cost increases as much as possible. There have been several projects completed in the year resulting in reduced energy and carbon footprint with more planned for the following year.

The packaging sector has remained buoyant throughout the year, both for food and non-food items. The drive towards easily recyclable flexible film materials has continued at pace. Many new medium and high barrier applications have been introduced with several still in trial stages.

The combination of highly skilled and motivated people with good infrastructure and sound finances gives the company a strong position to serve the UK market with more of high quality and cost-effective flexible packaging with fast deliveries going forward.

PRINCIPAL RISKS AND UNCERTAINTIES
The company faces a number of risks and uncertainties that may have an impact on its operation or future performance.

It is important for the Board to effectively manage risk and opportunities in seeking to achieve the Company's objectives. The directors have overall responsibility for risk management and internal control systems.

The risks and uncertainties described below represent those which the directors consider to be the most significant in achieving the Company's objectives.

UK economic conditions - The current economic conditions in the UK have not had a detrimental effect on the Company but it is still a risk and uncertainty for the future.

Exchange rate and interest rate fluctuations - These will impact on the operational and finance costs of the Company.

Law and regulations - Violations in food hygiene regulations could lead to reputations damage and loss in income.

Competition - Any new competitors in the industry or in the area could be a risk to the Company.

ON BEHALF OF THE BOARD:





K Edwards
K Edwards - Secretary


31 March 2025

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

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 printing,conversion and distribution of film 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.

G D Davis
K Edwards
M Jarvstrom

Other changes in directors holding office are as follows:

A Williams - appointed 2 October 2023

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, Crombies Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



K Edwards
K Edwards - Secretary


31 March 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TCL PACKAGING LIMITED

Opinion
We have audited the financial statements of TCL Packaging Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, Statement of Cash Flows and Notes to the 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TCL PACKAGING LIMITED


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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TCL PACKAGING LIMITED


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:

-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the company through discussions with directors and other management

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental (including Waste Electrical and Electronic Equipment recycling (WEEE) Regulations 2013) and health and safety legislation;

-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
-performed analytical procedures to identify any unusual or unexpected relationships;
-tested journal entries to identify unusual transactions;
-assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
-investigated the rationale behind significant or unusual transactions
.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
-agreeing financial statement disclosures to underlying supporting documentation;
-reading the minutes of meetings of those charged with governance;
-enquiring of management as to actual and potential litigation and claims; and
-reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors
.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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
TCL PACKAGING 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.




Mark Fletcher BSc ACA (Senior Statutory Auditor)
for and on behalf of Crombies Accountants Limited
Chartered Accountants and Statutory Auditor
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

31 March 2025

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

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

2024 2023
Notes £    £   

TURNOVER 11,561,933 10,250,421

Cost of sales 9,146,551 8,070,980
GROSS PROFIT 2,415,382 2,179,441

Administrative expenses 2,233,204 2,173,976
182,178 5,465

Other operating income - 117,504
OPERATING PROFIT 4 182,178 122,969


Interest payable and similar expenses 5 170,496 131,024
PROFIT/(LOSS) BEFORE TAXATION 11,682 (8,055 )

Tax on profit/(loss) 6 (104,699 ) (17,439 )
PROFIT FOR THE FINANCIAL YEAR 116,381 9,384

Retained earnings at beginning of year 3,256,348 3,326,964

Dividends 7 - (80,000 )

RETAINED EARNINGS AT END OF
YEAR

3,372,729

3,256,348

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,705,725 1,928,099

CURRENT ASSETS
Stocks 9 1,852,364 1,546,688
Debtors 10 4,963,037 4,321,980
Cash at bank 368,748 50,514
7,184,149 5,919,182
CREDITORS
Amounts falling due within one year 11 4,881,981 3,909,780
NET CURRENT ASSETS 2,302,168 2,009,402
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,007,893

3,937,501

CREDITORS
Amounts falling due after more than one
year

12

(199,268

)

(226,085

)

PROVISIONS FOR LIABILITIES 14 (317,196 ) (336,368 )
NET ASSETS 3,491,429 3,375,048

CAPITAL AND RESERVES
Called up share capital 15 13,350 13,350
Share premium 16 105,350 105,350
Retained earnings 16 3,372,729 3,256,348
SHAREHOLDERS' FUNDS 3,491,429 3,375,048

The financial statements were approved by the Board of Directors and authorised for issue on 31 March 2025 and were signed on its behalf by:





M Jarvstrom - Director


TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 628,935 360,305
Interest paid (150,233 ) (111,701 )
Interest element of hire purchase payments
paid

(20,263

)

(19,323

)
Net cash from operating activities 458,439 229,281

Cash flows from investing activities
Purchase of tangible fixed assets (60,044 ) (468,455 )
Sale of tangible fixed assets - 8,199
Net cash from investing activities (60,044 ) (460,256 )

Cash flows from financing activities
Capital repayments in year (80,161 ) 152,221
Equity dividends paid - (80,000 )
Net cash from financing activities (80,161 ) 72,221

Increase/(decrease) in cash and cash equivalents 318,234 (158,754 )
Cash and cash equivalents at beginning of
year

2

50,514

209,268

Cash and cash equivalents at end of year 2 368,748 50,514

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

NOTES TO THE STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit/(loss) before taxation 11,682 (8,055 )
Depreciation charges 282,417 296,731
Loss on disposal of fixed assets - 1,615
Finance costs 170,496 131,024
464,595 421,315
Increase in stocks (305,676 ) (187,010 )
(Increase)/decrease in trade and other debtors (474,230 ) 278,678
Increase/(decrease) in trade and other creditors 944,246 (152,678 )
Cash generated from operations 628,935 360,305

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 368,748 50,514
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 50,514 209,268


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank 50,514 318,234 368,748
50,514 318,234 368,748
Debt
Finance leases (376,978 ) 80,161 (296,817 )
(376,978 ) 80,161 (296,817 )
Total (326,464 ) 398,395 71,931

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

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

1. STATUTORY INFORMATION

TCL Packaging Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirement of paragraph 33.7.

Significant accounting judgements and key sources of estimation uncertainty
Management is required to make judgements, estimates and assumptions about the carrying values 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 id 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.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

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

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.
Plant and machinery - 5% - 20% on cost
Fixtures and fittings - 10% - 20% on cost
Motor vehicles - 15% on cost

Stocks
Raw material stocks are valued at on an average cost basis. Work in Progress is valued based on the degree of completion reached at the balance sheet date. Finished Goods are valued at 90% of the selling value.

Financial instruments
Basic financial instruments are recognised at amortised costs, except for investments in non-convertible preference shares or non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

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 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.

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

Pension costs and other post-retirement benefits
The 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.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,294,858 2,096,513
Social security costs 802 -
2,295,660 2,096,513

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

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

3. EMPLOYEES AND DIRECTORS - continued

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

Salary employees 25 23
Wages employees 51 45
76 68

2024 2023
£    £   
Directors' remuneration 31,488 35,313

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Leasing payments 22,981 14,837
Depreciation - owned assets 255,268 213,711
Depreciation - assets on hire purchase contracts 27,150 83,020
Loss on disposal of fixed assets - 1,615
Auditors' remuneration 4,604 8,216

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 117,773 80,494
Sales finance charges 32,460 31,207
Hire purchase 20,263 19,323
170,496 131,024

6. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax (24,052 ) (53,540 )
Overprovision in respect of prior years (61,475 ) -
Total current tax (85,527 ) (53,540 )

Deferred tax (19,172 ) 36,101
Tax on profit/(loss) (104,699 ) (17,439 )

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

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

6. TAXATION - continued

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

2024 2023
£    £   
Profit/(loss) before tax 11,682 (8,055 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2023 - 19%)

2,220

(1,530

)

Effects of:
Depreciation in excess of capital allowances 26,740 -
Adjustments to tax charge in respect of previous periods (61,475 ) -
R&D relief (51,195 ) (53,540 )
Super deduction - (11,338 )
Deferred tax movement (19,172 ) 8,664
Surrendered to group 22,235 40,305
R&D Tax credit (24,052 ) -
Total tax credit (104,699 ) (17,439 )

7. DIVIDENDS
2024 2023
£    £   
Final - 80,000

8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 October 2023 7,121,658 411,310 106,591 7,639,559
Additions 60,044 - - 60,044
At 30 September 2024 7,181,702 411,310 106,591 7,699,603
DEPRECIATION
At 1 October 2023 5,334,793 357,917 18,750 5,711,460
Charge for year 244,650 20,768 17,000 282,418
At 30 September 2024 5,579,443 378,685 35,750 5,993,878
NET BOOK VALUE
At 30 September 2024 1,602,259 32,625 70,841 1,705,725
At 30 September 2023 1,786,865 53,393 87,841 1,928,099

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

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

8. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 October 2023 3,735,194 106,591 3,841,785
Transfer to ownership (3,362,734 ) - (3,362,734 )
At 30 September 2024 372,460 106,591 479,051
DEPRECIATION
At 1 October 2023 3,027,306 18,750 3,046,056
Charge for year 10,150 17,000 27,150
Transfer to ownership (3,003,754 ) - (3,003,754 )
At 30 September 2024 33,702 35,750 69,452
NET BOOK VALUE
At 30 September 2024 338,758 70,841 409,599
At 30 September 2023 707,888 87,841 795,729

9. STOCKS
2024 2023
£    £   
Stocks 1,451,912 1,025,410
Work-in-progress 150,574 146,071
Finished goods 249,878 375,207
1,852,364 1,546,688

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,468,635 2,026,363
Amounts owed by group undertakings 2,121,425 2,040,125
Tax 139,067 53,540
Prepayments 233,910 201,952
4,963,037 4,321,980

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 97,549 150,893
Trade creditors 2,390,668 1,951,565
Social security and other taxes 317,212 284,450
Sales Financing Account 1,984,791 1,460,140
Accrued expenses 91,761 62,732
4,881,981 3,909,780

TCL PACKAGING LIMITED (REGISTERED NUMBER: 03790889)

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

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 199,268 226,085

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 97,549 150,893
Between one and five years 199,268 226,085
296,817 376,978

14. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 317,196 336,368

Deferred
tax
£   
Balance at 1 October 2023 336,368
Credit to Income Statement during year (19,172 )
Balance at 30 September 2024 317,196

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
12,500 Ordinary shares 1 13,350 13,350

16. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 October 2023 3,256,348 105,350 3,361,698
Profit for the year 116,381 116,381
At 30 September 2024 3,372,729 105,350 3,478,079

17. ULTIMATE PARENT COMPANY

Goldstrom Limited is regarded by the directors as being the company's ultimate parent company.