0 0 0 0 0 false false false false true true false false false false false false true false false false false false false No description of principal activity 2024-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 521,180 15,136,046 14,000,000 29,136,046 29,136,046 15,136,046 xbrli:pure xbrli:shares iso4217:GBP 14905143 2024-01-01 2024-12-31 14905143 2024-12-31 14905143 2023-12-31 14905143 2023-01-01 2023-12-31 14905143 2023-12-31 14905143 2022-12-31 14905143 core:Subsidiary1 2024-01-01 2024-12-31 14905143 bus:RegisteredOffice 2024-01-01 2024-12-31 14905143 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 14905143 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 14905143 bus:OrdinaryShareClass4 2024-01-01 2024-12-31 14905143 bus:OrdinaryShareClass5 2024-01-01 2024-12-31 14905143 bus:LeadAgentIfApplicable 2024-01-01 2024-12-31 14905143 bus:Director1 2024-01-01 2024-12-31 14905143 bus:Director2 2024-01-01 2024-12-31 14905143 bus:Director3 2024-01-01 2024-12-31 14905143 bus:Director4 2024-01-01 2024-12-31 14905143 bus:Director4 2024-12-31 14905143 core:WithinOneYear 2024-12-31 14905143 core:ShareCapital 2023-01-01 2023-12-31 14905143 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 14905143 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 14905143 core:UKTax 2024-01-01 2024-12-31 14905143 bus:AllOrdinaryShares 2024-01-01 2024-12-31 14905143 core:ShareCapital 2024-12-31 14905143 core:ShareCapital 2023-12-31 14905143 core:RetainedEarningsAccumulatedLosses 2024-12-31 14905143 core:CostValuation core:Non-currentFinancialInstruments 2023-12-31 14905143 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-12-31 14905143 core:CostValuation core:Non-currentFinancialInstruments 2024-12-31 14905143 core:Non-currentFinancialInstruments 2024-12-31 14905143 core:Non-currentFinancialInstruments 2023-12-31 14905143 bus:MediumEntities 2024-01-01 2024-12-31 14905143 bus:Audited 2024-01-01 2024-12-31 14905143 bus:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 14905143 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 14905143 bus:FullAccounts 2024-01-01 2024-12-31 14905143 bus:AllOrdinaryShares 2024-12-31 14905143 bus:AllOrdinaryShares 2023-12-31 14905143 bus:OrdinaryShareClass2 2024-12-31 14905143 bus:OrdinaryShareClass2 2023-12-31 14905143 bus:OrdinaryShareClass3 2024-12-31 14905143 bus:OrdinaryShareClass3 2023-12-31 14905143 bus:OrdinaryShareClass4 2024-12-31 14905143 bus:OrdinaryShareClass4 2023-12-31 14905143 bus:OrdinaryShareClass5 2024-12-31 14905143 bus:OrdinaryShareClass5 2023-12-31 14905143 core:EntitiesControlledByKeyManagementPersonnel 2024-01-01 2024-12-31
COMPANY REGISTRATION NUMBER: 14905143
Allgroup Holdings Limited
Financial Statements
31 December 2024
Allgroup Holdings Limited
Financial Statements
Year ended 31 December 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Directors' report
4
Independent auditor's report to the members
6
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14
Allgroup Holdings Limited
Officers and Professional Advisers
The board of directors
Mr G Clarke
Mr M Clarke
Mr R Clarke
Registered office
Somerville House
Blakeney Way
Kingswood Lakeside
Cannock
Staffordshire
WS118LD
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
Allgroup Holdings Limited
Strategic Report
Year ended 31 December 2024
History and Family Value We have traded since 1994 with successful growth year on year. We're still family owned and run and have a strong sense of our core values running through the entire organisation but are also now large enough to be a strong player in the National, European and Global packaging markets. During 2023, the businesses took part in a restructuring process which created this holding company. This company is the majority shareholder of the trading company that was originally Allpack LLP. Principal Risks Key risks facing the business are external factors such as global supply chains and shipping lanes. We mitigate these risks by strong stock control, high stock levels, and bringing a sourcing and manufacturing closer to our headquarters. Another risk is the global economy and our customer base struggling financially. We mitigate this risk by very strong financial controls, credit insurance, continuous debt management. Our strong balance sheet and close monitoring of key financial ratios put these risks to a very low level for our company.
Corporate Social Responsibility The directors believe that the long-term interests of the company, its employees, its customers, and all of the stakeholders are best served by acting in a corporate social manner. Therefore, the company ensures that high standards are maintained in everything that we do. Allpack's continuous drive to 'not cost the earth' and to be sustainable in all products and services is borne out by our recent 'carbon neutral certification' achievement. Research and Development Allpack is continually striving to create products and services that add real value to our partners and to the planet. Our in-house R&D team are continually investing in the future of Allpack's sphere of influence.
Environment and Quality The directors of Allpack continue to believe in the company's core founding principles. Quality products, quality service, and quality people are what make a true difference to how we serve our customers. Similarly, and in line with our CSR commitments, we challenge everything we do through the lens of how it impacts on the environment around us. From manufacturing processes, to transport, to efficient infrastructures including a focus on switching to electric vehicles as our fleet is renewed. Financial Our strong balance sheet and financial ratios are testament to a well-run and established company. We're continually building on this for future generations that will rely on Allpack.
Our People The ongoing success of Allpack is due to our greatest asset, our people. We continue to build a strong team of dedicated professionals who live by our core values and commit to serving our customers' needs to the highest level. Ongoing training is continuous, and we strive to upskill and cross train in as many areas as possible. A structured organisational chart and a strong senior leadership team enable the company to run effectively even when directors are not present. We remain committed to equality and offer equal opportunities without reference to age, ethnicity, gender, sexual orientation, religion, or disability and we are opposed to all forms of discrimination. We have company policies to support these undertakings. I use this opportunity to extend my sincere thanks to all of our staff for their continued dedication and commitment to the company. The directors acknowledge that it is our employees that always have and continue to significantly contribute to the continued success of our business. Other Stakeholders We also recognise there are other important stakeholders beyond the immediate owners, staff, and customers. We strive to be a company of choice for supply partners, manufacturing partners, local and regional communities, and even charities that we support to have enjoyable interactions with.
Going Concern and The Future The board of directors are required to consider the company's ability to continue trading. The board are more than confident that the company can continue to trade successfully for many more years to come. Our strong order book, strong balance sheet, strong liquidity, and consistent profits enable the company to have a bright future.
This report was approved by the board of directors on 27 May 2025 and signed on behalf of the board by:
Mr G Clarke
Director
Registered office:
Somerville House
Blakeney Way
Kingswood Lakeside
Cannock
Staffordshire
WS118LD
Allgroup Holdings Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr G Clarke
Mr M Clarke
Mr R Clarke
Mr J Clarke
(Resigned 31 January 2024)
Dividends
Particulars of recommended dividends are detailed in note 8 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report 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 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 judgments 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on 27 May 2025 and signed on behalf of the board by:
Mr G Clarke
Director
Registered office:
Somerville House
Blakeney Way
Kingswood Lakeside
Cannock
Staffordshire
WS118LD
Allgroup Holdings Limited
Independent Auditor's Report to the Members of Allgroup Holdings Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Allgroup Holdings Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows 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 FRS 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 31 December 2024 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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.
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 directors' report. We have nothing to report in respect of the following matters in relation to which 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 directors' responsibilities statement, 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 is 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.
Auditor's 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 an auditor’s 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: - Review of directors minutes and review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements. - The assessment of fraud was consider as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting requirements to the members. A review of journal entries and consideration of their appropriateness was carried out through the audit. - During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair. - Challenging assumptions made by management in making their significant accounting estimates. - Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 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 an auditor's 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.
Penelope Bowden ACA
(Senior Statutory Auditor)
For and on behalf of
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
27 May 2025
Allgroup Holdings Limited
Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Income from shares in group undertakings
4
518,294
14,863,954
Income from other fixed asset investments
5
( 14,863,954)
Other interest receivable and similar income
6
3,848
---------
-------------
Profit before taxation
522,142
Tax on profit
7
962
---------
----
Profit for the financial year and total comprehensive income
521,180
---------
----
All the activities of the company are from continuing operations.
Allgroup Holdings Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Investments
9
29,136,046
15,136,046
Current assets
Debtors
10
2,065,643
14,863,954
Creditors: amounts falling due within one year
11
1,198,803
------------
-------------
Net current assets
866,840
14,863,954
-------------
-------------
Total assets less current liabilities
30,002,886
30,000,000
-------------
-------------
Capital and reserves
Called up share capital
12
30,000,000
30,000,000
Profit and loss account
2,886
-------------
-------------
Shareholders funds
30,002,886
30,000,000
-------------
-------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 27 May 2025 , and are signed on behalf of the board by:
Mr G Clarke
Director
Company registration number: 14905143
Allgroup Holdings Limited
Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2023
Profit for the year
Issue of shares
36,000,000
36,000,000
Cancellation of subscribed capital
( 6,000,000)
( 6,000,000)
-------------
----
-------------
Total investments by and distributions to owners
30,000,000
30,000,000
At 31 December 2023
30,000,000
30,000,000
Profit for the year
521,180
521,180
-------------
---------
-------------
Total comprehensive income for the year
521,180
521,180
Dividends paid and payable
8
( 518,294)
( 518,294)
----
---------
---------
Total investments by and distributions to owners
( 518,294)
( 518,294)
-------------
---------
-------------
At 31 December 2024
30,000,000
2,886
30,002,886
-------------
---------
-------------
Allgroup Holdings Limited
Statement of Cash Flows
Year ended 31 December 2024
2024
2023
£
£
Cash flows from operating activities
Profit for the financial year
521,180
Adjustments for:
Income from shares in group undertakings
( 518,294)
( 14,863,954)
Income from other fixed asset investments
14,863,954
Other interest receivable and similar income
( 3,848)
Tax on profit
962
Changes in:
Trade and other debtors
12,798,311
( 14,863,954)
Trade and other creditors
170,172
-------------
-------------
Cash generated from operations
12,968,483
( 14,863,954)
Interest received
3,848
-------------
-------------
Net cash from/(used in) operating activities
12,972,331
( 14,863,954)
-------------
-------------
Cash flows from investing activities
Acquisition of subsidiaries
( 14,000,000)
( 36,000,000)
Proceeds from sale of subsidiaries
20,863,954
Proceeds from sale of other investments
(14,863,954)
Dividends received
518,294
14,863,954
-------------
-------------
Net cash used in investing activities
( 13,481,706)
( 15,136,046)
-------------
-------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
36,000,000
Payments of share issue costs
( 6,000,000)
Proceeds from loans from group undertakings
1,027,669
Dividends paid
( 518,294)
-------------
-------------
Net cash from financing activities
509,375
30,000,000
-------------
-------------
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
----
----
Cash and cash equivalents at end of year
----
----
Allgroup Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Somerville House, Blakeney Way, Kingswood Lakeside, Cannock, Staffordshire, WS118LD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There have been no critical judgements made by the directors in the process of applying the company's accounting policies that have a significant effect on the amounts recognised in the statutory financial statements. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Recoverability of debtors The company establishes a provision for debtors that are estimated not to be recoverable. When assessing recoverability the directors have considered factors such as the ageing of the debtors, past experience of recoverability, and the credit profile of individual groups of customers. (ii) Impairment of investment assets Investment assets are tested for impairment where there is an indication that the asset may be impaired. Existence of impairment indicators is assessed at each reporting date, and the director deemed there to be no indicators at the end of the year .
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Income from shares in group undertakings
2024
2023
£
£
Dividends from group undertakings
518,294
14,863,954
---------
-------------
5. Income from other fixed asset investments
2024
2023
£
£
Gain/(loss) on disposal of other fixed asset investments
(14,863,954)
----
-------------
6. Other interest receivable and similar income
2024
2023
£
£
Interest receivable
3,848
-------
----
7. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
962
----
----
Tax on profit
962
----
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: the same as) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
522,142
---------
----
Profit on ordinary activities by rate of tax
130,536
Effect of revenue exempt from tax
( 129,574)
---------
----
Tax on profit
962
---------
----
8. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
518,294
---------
----
9. Investments
Shares in group undertakings
£
Cost
At 1 January 2024
15,136,046
Additions
14,000,000
-------------
At 31 December 2024
29,136,046
-------------
Impairment
At 1 January 2024 and 31 December 2024
-------------
Carrying amount
At 31 December 2024
29,136,046
-------------
At 31 December 2023
15,136,046
-------------
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Allpack Packaging Limited
Somerville House, Blakeney Way
Ordinary
91
Kingwood Lakeside
Cannock
Staffordshire
England
WS11 8LD
10. Debtors
2024
2023
£
£
Amounts owed by group undertakings
1,569,174
14,863,954
Other debtors
496,469
------------
-------------
2,065,643
14,863,954
------------
-------------
11. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
1,027,669
Corporation tax
962
Other creditors
170,172
------------
----
1,198,803
------------
----
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A1T shares of £ 1 each
3,712,500
3,712,500
3,712,500
3,712,500
Ordinary A2T shares of £ 1 each
3,712,500
3,712,500
3,712,500
3,712,500
Ordinary B1T shares of £ 1 each
3,712,500
3,712,500
3,712,500
3,712,500
Ordinary B2T shares of £ 1 each
3,712,500
3,712,500
3,712,500
3,712,500
Ordinary C1T shares of £1 each
3,712,500
3,712,500
3,712,500
3,712,500
Ordinary C2T shares of £1 each
3,712,500
3,712,500
3,712,500
3,712,500
Ordinary F shares of £1 each
300,000
300,000
300,000
300,000
Other Trading shares of £1 each
7,425,000
7,425,000
7,425,000
7,425,000
-------------
-------------
-------------
-------------
30,000,000
30,000,000
30,000,000
30,000,000
-------------
-------------
-------------
-------------
13. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Debt due within one year
(1,027,669)
(1,027,669)
----
------------
------------
Allgroup Holdings Limited
Notes to the Financial Statements (continued)
Year ended 31 December 2024
14. Related party transactions
Included within Debtors and Creditors are amounts owed by and to connected parties, see note 10 and 11 .
15. Controlling party
The company is controlled by its directors and connected family members . The company is 100% owned by Allgroup Packaging Holding Limited, this was completed in January 2024. The company forms part of the consolidated accounts for its parent and a copy can be found at Somerville House, Blakeney Way, Kingswood Lakeside, Cannock, WS11 8LD.