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Registered number:
For the Year Ended
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Packaging Automation Limited
Company Information
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Packaging Automation Limited
Contents
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Packaging Automation Limited
Strategic Report
For the Year Ended 30 September 2024
The company's principal activity is the design and manufacture of packaging machinery and weighing equipment for sale and hire within a wide range of sectors in the UK and overseas.
Packaging Automation Limited is a leading innovator in the tray sealing, pot filling and weighing markets with significant annual investment in research & development. Through innovation and new product development the company continues to increase market share in its UK and export markets. The innovative products supplied by Packaging Automation Limited provide customers with the very latest technology to facilitate efficiency gains and reduce their environmental impact.
The results for the year ending 30 September 2024 show a pre-tax profit of £174,101 (2023: loss £533,858) on a turnover of £11,143,038 (2023: £11,158,769).
After a challenging start to the year, the business achieved overall growth in net profit on unchanged turnover. After restructuring and reducing headcount in the previous financial year, operational efficiency gains were realised during the reporting period leading to improved profitability. The business invested in the aftermarket team to maintain its commitment to customer service and aftersales support. This positions the company as a market leader in customer support and preventative maintenance.
There are a variety of business risks which can affect the company of the size and complexity of Packaging Automation Limited, including cost pressures and severe competition.
The company's operations expose it to a number of financial risks, which include the effects of credit risk, this is managed through strict credit control procedures. The credit and hire terms employed, limit exposure to credit risk ensuring a significant percentage of cash is collected in advance of delivery of goods. Trade debtors are reviewed on a regular basis, with a very low level of bad debt experienced by the company. The company does not actively use financial instruments as part of its financial risk management. The company will continue to focus on new global opportunities to spread economic risk and limit exposure to any one country and economic conditions.
Financial performance is continually monitored through a wide range of KPIs including but not limited to turnover, gross profit and cash. KPIs are also used across the business to monitor and improve customer service including quality, delivery performance, speed of customer sign off post machinery installation and service satisfaction scores.
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Packaging Automation Limited
Strategic Report (continued)
For the Year Ended 30 September 2024
Packaging Automation Limited is a leading innovator in the tray sealing, pot filling and weighing market with significant annual investment in research and development. The company continues to invest in creating and protecting intellectual property to maintain its competitive advantage.
During 2024 there was further expansion of the core tray sealing machinery range to broaden the offering to the market and to continue to offer capability to handle board packaging at all speeds with significant benefits to customers choosing this format of packaging over plastic alternatives. Research and development will continue to ensure the company’s machinery can accommodate all new sustainable packaging formats by using the latest technology. The business continually evolves machine designs to support shelf-life extension of packaged products, to reduce food waste, and to offer improved overall operating energy savings.
This report was approved by the board and signed on its behalf.
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Packaging Automation Limited
Directors' Report
For the Year Ended 30 September 2024
The directors present their report and the financial statements for the year ended 30 September 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;
∙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 profit for the year, after taxation, amounted to £97,942 (2023 -loss £237,930).
The directors do not recommend payment of a final dividend.
The directors who served during the year were:
The directors believe the company is well placed for future growth in the UK and overseas from sales of a new range of tray sealing machinery that has been designed to handle at speed a wide range of non-plastic packaging formats.
Furthermore, to ensure continued alignment with market requirements, the business will evolve machine designs to support shelf-life extension of packaged products, to reduce food waste, and to offer improved overall operating energy savings.
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Packaging Automation Limited
Directors' Report (continued)
For the Year Ended 30 September 2024
There have been no significant events affecting the company since the year end.
The auditors, Hurst Accountants Limited, 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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Packaging Automation Limited
Independent auditors' report to the members of Packaging Automation Limited
We have audited the financial statements of Packaging Automation Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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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Packaging Automation Limited
Independent auditors' report to the members of Packaging Automation 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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Packaging Automation Limited
Independent auditors' report to the members of Packaging Automation 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:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration and bonus levels;
∙Enquiring of management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud;
°The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙Discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
∙Obtaining and understanding of the legal frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or that had a fundamental effect on the operations of the Company, including General Data Protection Regulation and Anti-Bribery and Corruption Policy.
∙Revenue recognition gives rise to a risk of material misstatement due to fraud. Revenue may be recognised in the wrong period.
Audit response to risks identified
Our procedures to respond to risks identified included the following:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
∙Evaluation of management's controls designed to prevent and deter irregularities;
∙Enquiring of management about any actual or potential litigation and claims;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material missstatement due to fraud;
∙Reading minutes of meetings of those charged with governance;
∙Testing a sample of customer orders throughout the year and at the year end, ensuring the revenue had been recognised in line with the United Kingdom's Generally Accepted Accounting Practice.
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Packaging Automation Limited
Independent auditors' report to the members of Packaging Automation Limited (continued)
We have also considered the risks noted above in addressing the risk of fraud through management override of controls:
∙Testing the appropriateness of journal entries and other adjustments; we have used data analytics software to run tests designed to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error;
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluation of the business rationale of any significant transactions that are unusual or outside the normal course of business.
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.
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 Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG
23 May 2025
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Packaging Automation Limited
Statement of Comprehensive Income
For the Year Ended 30 September 2024
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Packaging Automation Limited
Registered number: 00761199
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 31 form part of these financial statements.
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Packaging Automation Limited
Statement of Changes in Equity
For the Year Ended 30 September 2024
Statement of Changes in Equity
For the Year Ended 30 September 2023
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Packaging Automation Limited
Statement of Cash Flows
For the Year Ended 30 September 2024
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Packaging Automation Limited
Analysis of Net Debt (continued)
For the Year Ended 30 September 2024
Analysis of Net Debt
For the Year Ended 30 September 2024
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Packaging Automation Limited is a private company limited by members capital incorporated in England, registered number 00761199. The address of the registered office and principal place of business is Unit 1, Montgomery Close, Parkgate Industrial Park, Knutsford, Cheshire, WA16 8XW.
The nature of the company's operation and its principal activity is the design and manufacture of packaging machinery for sale and hire within a wide range of sectors in the UK and overseas.
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 (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, which assumes that the company will continue its operations for the foreseeable future. The directors have assessed the company’s ability to continue as a going concern and have considered the following factors:
Financial Position: The company has reviewed its financial position, including liquidity, solvency, and working capital. Based on available information, there are no indications of imminent financial distress. Cash Flow Forecasts: The directors have prepared cash flow forecasts covering a period of at least 12 months from the reporting date. These forecasts consider expected revenues, expenses, and financing arrangements. The company expects to meet its obligations during this period. Material Uncertainties: The directors have considered any material uncertainties that may impact the company’s ability to continue as a going concern. These include risks related to economic conditions, industry-specific challenges, and regulatory changes. Mitigating Actions: The company has implemented measures to mitigate risks, including a restructuring of the business in May 2023 which resulted in a reduced headcount to capitalise on investment in new plant and machinery and software which has provided efficiency improvements. Based on the above assessment, the directors believe that the going concern basis is appropriate.
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Finance lease interest charged on the sales made under finance leases is recognised over the period of the lease so as to produce a constant rate of return. Debtors under finance leases represent outstanding amounts due under these arrangements less finance charges allocated to future periods. Revenue from rental of hire machines under operating leases is recognised on a straight line basis over the period of the lease. Assets held by the company for leasing under operating leases are capitalised as tangible fixed assets.
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Research and development expenditure is written off in the year in which it is incurred.
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
The company only enters into basic financial instrument transactions that result in the recongition of financial assets and liabilities like trade and other detbros and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undisclosed amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an assets's carying amount and the present value of estimated cash flows. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Functional and presentation currency
Transactions and balances
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
2.Accounting policies (continued)
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Leased assets Judgement is required in the classification of a lease at inception and after any material amendment to assess whether substantially all the significant risks and rewards of ownership accrue to the lessor or the lessee. Provision for impairment loss on trade debtors The management of the company exercises significant judgement in providing for impairment loss on trade debtors. The value of trade debtors at the year end totalled £1,299,879 (2023: £826,606). Provision for obsolete and slow moving stocks The company reviews its stocks to assess loss on account of obsolescence on a regular basis. In determining whether provision for obsolescence should be recorded in the profit or loss, the company makes judgements as to whether there is any observable data indicating that there is any future saleability of the product and the estimated net realisable value for such product. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by the management. The provision for obsolescence of stock is based on the ageing and historical sales pattern. The value of stock at the year end totalled £1,438,437 (2023: £1,796,853). Other estimates and judgements Management of the company also exercises significant judgement in estimating the useful life of tangible fixed assets. The net book value of tangible fixed assets at the year end totalled £2,885,289 (2023: £3,402,203). Should these estimates vary, the profit or loss and balance sheet of the following years could be impacted.
The whole of the turnover is attributable to the principal activity of the company.
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Staff costs, including directors' remuneration, were as follows:
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
There are tax losses carried forward of £684,214 available to offset future trading taxable profits.
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
13.Tangible fixed assets (continued)
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
Capital redemption reserve
Profit and loss account
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £145,200 (2023: £146,672). Contributions totalling £24,399 (2023: £27,167) were payable to the fund at the balance sheet date.
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Packaging Automation Limited
Notes to the Financial Statements
For the Year Ended 30 September 2024
The company is controlled by C A Royle.
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