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COMPANY REGISTRATION NUMBER: 15389887
Allgroup Packaging Holdings Limited
Financial Statements
31 December 2024
Allgroup Packaging 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
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Allgroup Packaging 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
Kingwood Lakeside
Cannock
Staffordshire
England
WS11 8LD
Auditor
Riverside Accountancy Lancaster Limited
Chartered accountants & statutory auditor
Suite 2, 2 Mannin Way
Lancaster Business Park
Caton Road
Lancaster
LA1 3SU
Allgroup Packaging 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 2024, a further reorganisation was completed for the group and this created this top holding company that owns 100% of Allgroup Holdings Limited, who in turn own the majority share of Allpack Packaging Limited the trading company. 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
Kingwood Lakeside
Cannock
Staffordshire
England
WS11 8LD
Allgroup Packaging Holdings Limited
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr G Clarke
(Appointed 5 January 2024)
Mr M Clarke
(Appointed 5 January 2024)
Mr R Clarke
(Appointed 5 January 2024)
Dividends
Particulars of recommended dividends are detailed in note 13 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make 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 group and 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 group and 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
Kingwood Lakeside
Cannock
Staffordshire
England
WS11 8LD
Allgroup Packaging Holdings Limited
Independent Auditor's Report to the Members of Allgroup Packaging Holdings Limited
Year ended 31 December 2024
Opinion
We have audited the financial statements of Allgroup Packaging Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The 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 group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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 group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
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 group's 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 group's or the parent 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 group or the parent 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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 Packaging Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 31 December 2024
2024
Note
£
Turnover
4
31,021,749
Cost of sales
20,553,927
-------------
Gross profit
10,467,822
Distribution costs
19,038
Administrative expenses
9,293,551
Other operating income
5
634
-------------
Operating profit
6
1,155,867
Other interest receivable and similar income
10
128,169
Interest payable and similar expenses
11
26,585
-------------
Profit before taxation
1,257,451
Tax on profit
12
416,374
------------
Profit for the financial year and total comprehensive income
841,077
------------
All the activities of the group are from continuing operations.
Allgroup Packaging Holdings Limited
Consolidated Statement of Financial Position
31 December 2024
2024
Note
£
Fixed assets
Intangible assets
14
13,484,721
Tangible assets
15
685,995
-------------
14,170,716
Current assets
Stocks
16
3,139,466
Debtors
17
15,873,255
Cash at bank and in hand
2,333,382
-------------
21,346,103
Creditors: amounts falling due within one year
19
5,307,911
-------------
Net current assets
16,038,192
-------------
Total assets less current liabilities
30,208,908
Creditors: amounts falling due after more than one year
20
80,167
Provisions
22
30,958
-------------
Net assets
30,097,783
-------------
Capital and reserves
Called up share capital
26
29,775,000
Profit and loss account
322,783
-------------
Shareholders funds
30,097,783
-------------
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: 15389887
Allgroup Packaging Holdings Limited
Company Statement of Financial Position
31 December 2024
2024
Note
£
Current assets
Debtors
17
1,830,802
Investments
18
29,775,000
-------------
31,605,802
Creditors: amounts falling due within one year
19
1,801,314
-------------
Net current assets
29,804,488
-------------
Total assets less current liabilities
29,804,488
-------------
Capital and reserves
Called up share capital
26
29,775,000
Profit and loss account
29,488
-------------
Shareholders funds
29,804,488
-------------
The profit for the financial year of the parent company was £ 547,782 .
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: 15389887
Allgroup Packaging Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2024
Profit for the year
841,077
841,077
----
---------
---------
Total comprehensive income for the year
841,077
841,077
Issue of shares
29,775,000
29,775,000
Dividends paid and payable
13
( 518,294)
( 518,294)
-------------
---------
-------------
Total investments by and distributions to owners
29,775,000
( 518,294)
29,256,706
-------------
---------
-------------
At 31 December 2024
29,775,000
322,783
30,097,783
-------------
---------
-------------
Allgroup Packaging Holdings Limited
Company Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 January 2024
Profit for the year
547,782
547,782
----
---------
---------
Total comprehensive income for the year
547,782
547,782
Issue of shares
29,775,000
29,775,000
Dividends paid and payable
13
( 518,294)
( 518,294)
-------------
---------
-------------
Total investments by and distributions to owners
29,775,000
( 518,294)
29,256,706
-------------
---------
-------------
At 31 December 2024
29,775,000
29,488
29,804,488
-------------
---------
-------------
Allgroup Packaging Holdings Limited
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
£
Cash flows from operating activities
Profit for the financial year
841,077
Adjustments for:
Depreciation of tangible assets
188,340
Amortisation of intangible assets
1,666,654
Other interest receivable and similar income
( 128,169)
Interest payable and similar expenses
26,585
Loss on disposal of tangible assets
50,707
Tax on profit
416,374
Accrued expenses
718,518
Changes in:
Stocks
( 3,139,466)
Trade and other debtors
( 15,873,255)
Trade and other creditors
4,078,145
-------------
Cash generated from operations
( 11,154,490)
Interest paid
( 26,585)
Interest received
128,169
Tax paid
( 660,331)
-------------
Net cash (used in)/from operating activities
( 11,713,237)
-------------
Cash flows from investing activities
Purchase of tangible assets
( 268,855)
Proceeds from sale of tangible assets
899,618
-------------
Net cash from investing activities
630,763
-------------
Cash flows from financing activities
Proceeds from issue of ordinary shares
29,775,000
Payments of share issue costs
( 15,775,000)
Payments of finance lease liabilities
( 65,850)
Dividends paid
( 518,294)
-------------
Net cash from financing activities
13,415,856
-------------
Net increase in cash and cash equivalents
2,333,382
Cash and cash equivalents at beginning of year
------------
Cash and cash equivalents at end of year
2,333,382
------------
Allgroup Packaging 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, Kingwood Lakeside, Cannock, Staffordshire, WS11 8LD, England.
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.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Allgroup Packaging Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
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 The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Useful economic life of tangible assets: the annual depreciation charge is sensitive to changes in the estimated economic lives and residual value of tangible fixed assets. Management re-assess these annually and amend them where necessary to reflect current estimates. 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: Impairment of debtors: When assessing the recoverability of debtors, management consider the type of business and past recoverability. Stock provisions are determined as and when required, this can be related to slow moving and also reduced pricing of goods sold post the year end.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over the economic life of the asset
Patents, trademarks and licences
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
£
Sale of goods
31,021,749
-------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
£
Other operating income
634
----
6. Operating profit
Operating profit or loss is stated after charging:
2024
£
Amortisation of intangible assets
1,666,654
Depreciation of tangible assets
188,340
Loss on disposal of tangible assets
50,707
Impairment of trade debtors
136,211
Foreign exchange differences
78,971
------------
7. Auditor's remuneration
2024
£
Fees payable for the audit of the financial statements
17,600
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
No.
Number of other staff
79
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
£
Wages and salaries
3,208,105
Social security costs
314,268
Other pension costs
47,167
------------
3,569,540
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
£
Remuneration
37,710
--------
10. Other interest receivable and similar income
2024
£
Interest on cash and cash equivalents
84,103
Interest receivable
44,066
---------
128,169
---------
11. Interest payable and similar expenses
2024
£
Interest on obligations under finance leases and hire purchase contracts
18,454
Other interest payable and similar charges
8,131
--------
26,585
--------
12. Tax on profit
Major components of tax expense
2024
£
Current tax:
UK current tax expense
531,806
Deferred tax:
Origination and reversal of timing differences
( 115,432)
---------
Tax on profit
416,374
---------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than the standard rate of corporation tax in the UK of 50 %.
2024
£
Profit on ordinary activities before taxation
1,257,451
------------
Profit on ordinary activities by rate of tax
1,071,111
Adjustment to tax charge in respect of prior periods
( 70,567)
Effect of expenses not deductible for tax purposes
24,220
Effect of capital allowances and depreciation
( 47,043)
Effect of revenue exempt from tax
( 388,722)
Unused tax losses
( 125,926)
Tax on profit pre group
(46,699)
------------
Tax on profit
416,374
------------
13. Dividends
2024
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
518,294
---------
14. Intangible assets
Group
Goodwill
Patents, trademarks and licences
Total
£
£
£
Cost
At 1 January 2024
452,349
2,478,853
2,931,202
Additions
13,223,968
13,223,968
-------------
------------
-------------
At 31 December 2024
13,676,317
2,478,853
16,155,170
-------------
------------
-------------
Amortisation
At 1 January 2024
452,349
510,132
962,481
Charge for the year
1,212,197
454,457
1,666,654
Transfers
41,314
41,314
-------------
------------
-------------
At 31 December 2024
1,664,546
1,005,903
2,670,449
-------------
------------
-------------
Carrying amount
At 31 December 2024
12,011,771
1,472,950
13,484,721
-------------
------------
-------------
The company has no intangible assets.
15. Tangible assets
Group
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2024
950,000
96,068
732,028
391,332
2,169,428
Additions
650
170,112
63,864
34,229
268,855
Disposals
( 950,650)
( 4,285)
( 954,935)
Transfers
(1,475)
(10,515)
(4,875)
(257)
(17,122)
---------
--------
---------
---------
--------
------------
At 31 Dec 2024
94,593
887,340
450,321
33,972
1,466,226
---------
--------
---------
---------
--------
------------
Depreciation
At 1 Jan 2024
31,371
325,391
235,129
591,891
Charge for the year
16,227
115,660
53,626
2,827
188,340
---------
--------
---------
---------
--------
------------
At 31 Dec 2024
47,598
441,051
288,755
2,827
780,231
---------
--------
---------
---------
--------
------------
Carrying amount
At 31 Dec 2024
46,995
446,289
161,566
31,145
685,995
---------
--------
---------
---------
--------
------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2024
221,064
68,063
289,127
---------
--------
---------
16. Stocks
Group
Company
2024
2024
£
£
Raw materials and consumables
3,139,466
------------
----
17. Debtors
Group
Company
2024
2024
£
£
Trade debtors
6,325,553
Prepayments and accrued income
539,516
Directors loan account
1,830,802
1,830,802
Other debtors
7,177,384
-------------
------------
15,873,255
1,830,802
-------------
------------
18. Investments
Group
Company
2024
2024
£
£
Investments in group undertakings
29,775,000
----
-------------
19. Creditors: amounts falling due within one year
Group
Company
2024
2024
£
£
Trade creditors
2,508,945
Amounts owed to group undertakings
1,569,175
Accruals and deferred income
718,518
Corporation tax
649,737
9,829
Social security and other taxes
724,192
Obligations under finance leases and hire purchase contracts
112,351
Other creditors
594,168
222,310
------------
------------
5,307,911
1,801,314
------------
------------
20. Creditors: amounts falling due after more than one year
Group
Company
2024
2024
£
£
Obligations under finance leases and hire purchase contracts
80,167
--------
----
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2024
£
£
Not later than 1 year
112,351
Later than 1 year and not later than 5 years
80,167
---------
----
192,518
---------
----
22. Provisions
Group
Deferred tax (note 23)
£
At 1 January 2024
Charge against provision
30,958
--------
At 31 December 2024
30,958
--------
The company does not have any provisions.
23. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2024
£
£
Included in provisions (note 22)
30,958
--------
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2024
£
£
Accelerated capital allowances
30,958
--------
----
24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 47,167 .
25. Investment in subsidiaries
Allgroup Packaging Holdings owns 100% of the ordinary share capital of Allgroup Holdings Limited.
Allgroup Holdings Limited owns 91% ordinary share of Allpack Packaging Limited.
All companies are registered in England and Wales. All company registered offices are the same as the parent company.
26. Called up share capital
Issued, called up and fully paid
2024
No.
£
AIT Ordinary Shares shares of £ 1 each
3,712,500
3,712,500
A2T Ordinary Shares shares of £ 1 each
3,712,500
3,712,500
B1T Ordinary Shares shares of £ 1 each
3,712,500
3,712,500
B2T Ordinary Shares shares of £ 1 each
3,712,500
3,712,500
C1T Ordinary Shares shares of £ 1 each
3,712,500
3,712,500
C2T Ordinary Shares shares of £1 each
3,712,500
3,712,500
Redeemable P1 shares of £1 each
3,750,000
3,750,000
Redeemable P2 shares of £1 each
3,750,000
3,750,000
-------------
-------------
29,775,000
29,775,000
-------------
-------------
27. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
2,333,382
2,333,382
Debt due within one year
(112,351)
(112,351)
Debt due after one year
(80,167)
(80,167)
----
------------
------------
2,140,864
2,140,864
----
------------
------------
28. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2024
£
£
Not later than 1 year
841,378
Later than 1 year and not later than 5 years
1,683,193
------------
----
2,524,571
------------
----
29. Directors' advances, credits and guarantees
At the year end there are amounts owed by directors of £1,830,802. The loan are repayable on demand, interest is charged at HMRC official rate.
30. Controlling party
The company is under the control of its directors .