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REGISTERED NUMBER: 02871882 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

Euro Wrap Limited

Euro Wrap Limited (Registered number: 02871882)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Euro Wrap Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: G M G Nusse
M Nusse





REGISTERED OFFICE: Unit 2 Pikelaw Place
West Pimbo Industrial Estate
Skelmersdale
WN8 9PP





REGISTERED NUMBER: 02871882 (England and Wales)





AUDITORS: Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

Euro Wrap Limited (Registered number: 02871882)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The company turnover has decreased from kGBP 15,623 to kGBP 15,474. 2024 was a challenging year for the new directors. Numerous external factors made trading more difficult.

The company's gross margin in % is lower than in 2023. This is due to a huge increase in transport costs.

The company's profit for the period amounted to kGBP 1,041. The result for the period and the financial position at the year-end were considered satisfactory by the directors.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's operations expose it to a variety of financial risks the major ones being foreign exchange risk and credit risk. Uncertainty regarding the evolution of freight costs is one of the company's challenges.

Foreign exchange risk
The company is exposed to foreign exchange risk and aims to maximise the forward booking of currency to ensure that purchase commitments in foreign currencies are appropriately covered. The situation is regularly reviewed by the managing director with a view to providing a minimum of 12 months cover as and when beneficial rates apply.

Credit risk
The company has implemented policies that require appropriate credit checks on all potential customers before deliveries are made.

Price risk and stock obsolescence
The company is exposed to a price risk as a direct result of its trading as well as a risk of stock obsolescence exists.

KEY PERFORMANCE INDICATORS
The key financial performance indicators reviewed by management via the monthly management accounts are sales, gross margins, overheads, stock levels and profit before tax. Orders, sales and stock received are reviewed on a weekly basis and compared with the comparative position in previous years.

Other key performance indicators such as staffing levels and waste production are monitored on a weekly basis and compared to previous years.

ON BEHALF OF THE BOARD:





M Nusse - Director


24 February 2025

Euro Wrap Limited (Registered number: 02871882)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of selling gift wrapping paper, gift bags, gift boxes, general associated gift packaging and party items.

DIVIDENDS
During the financial period a dividend on 500kGBP was paid.

FUTURE DEVELOPMENTS
Turnover is expected to be similar, despite strong freight disruption and ongoing inflation.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

G M G Nusse
M Nusse

FINANCIAL INSTRUMENTS
The Company uses forward exchange contracts to hedge the exposure of financial risk of changes in the USD exchange rate and the resultant impact on purchases. Hedging is accomplished by the managing director with the overall target to hedge the transaction risk on a 6-month basis. The Company does not use derivative financial instruments for speculative purposes.

POLITICAL AND CHARITABLE CONTRIBUTIONS
The company made charitable donations during the year of kGBP 0 (2023: kGBP 0). The company made no political donations or incurred any political expenditure during the period.

POST BALANCE SHEET EVENTS
No post balance sheet events have occurred since 31 December 2024 which require reporting or disclosing in the accounts.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Euro Wrap Limited (Registered number: 02871882)

Report of the Directors
for the Year Ended 31 December 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Krogh & Partners Limited, (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M Nusse - Director


24 February 2025

Report of the Independent Auditors to the Members of
Euro Wrap Limited (Registered number: 02871882)

Opinion
We have audited the financial statements of Euro Wrap Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 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; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Euro Wrap Limited (Registered number: 02871882)


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Euro Wrap Limited (Registered number: 02871882)


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

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;
- reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John Lindegaard (Senior Statutory Auditor)
for and on behalf of Krogh & Partners Limited, (Statutory Auditor)
823 Salisbury House
29 Finsbury Circus
London
EC2M 5QQ

24 February 2025

Euro Wrap Limited (Registered number: 02871882)

Income Statement
for the Year Ended 31 December 2024

2024 2023
Notes £'000 £'000

TURNOVER 3 15,474 15,623

Cost of sales 11,077 10,568
GROSS PROFIT 4,397 5,055

Administrative expenses 3,517 3,717
880 1,338

Other operating income 4 431 309
OPERATING PROFIT 7 1,311 1,647

Interest receivable and similar income 8 100 46
1,411 1,693

Interest payable and similar expenses 9 8 11
PROFIT BEFORE TAXATION 1,403 1,682

Tax on profit 10 362 413
PROFIT FOR THE FINANCIAL YEAR 1,041 1,269

Euro Wrap Limited (Registered number: 02871882)

Other Comprehensive Income
for the Year Ended 31 December 2024

2024 2023
Notes £'000 £'000

PROFIT FOR THE YEAR 1,041 1,269


OTHER COMPREHENSIVE INCOME
Hedging of derivate financial instrument - (5 )
Income tax relating to other comprehensive
income

-

1
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

-

(4

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,041

1,265

Euro Wrap Limited (Registered number: 02871882)

Balance Sheet
31 December 2024

2024 2023
Notes £'000 £'000 £'000
FIXED ASSETS
Tangible assets 12 1,694 1,729

CURRENT ASSETS
Stocks 13 2,816 2,635
Debtors 14 3,074 1,931
Cash at bank 5,006 5,811
10,896 10,377
CREDITORS
Amounts falling due within one year 15 1,229 1,286
NET CURRENT ASSETS 9,667 9,091
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,361

10,820

CAPITAL AND RESERVES
Called up share capital 18 - -
Retained earnings 11,361 10,820
SHAREHOLDERS' FUNDS 11,361 10,820

The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by:





M Nusse - Director


Euro Wrap Limited (Registered number: 02871882)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000
Balance at 1 January 2023 - 12,055 12,055

Changes in equity
Dividends - (2,500 ) (2,500 )
Total comprehensive income - 1,265 1,265
Balance at 31 December 2023 - 10,820 10,820

Changes in equity
Dividends - (500 ) (500 )
Total comprehensive income - 1,041 1,041
Balance at 31 December 2024 - 11,361 11,361

Euro Wrap Limited (Registered number: 02871882)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover from the sale of goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received.

Turnover is measured at the fair value of the agreed consideration, excluding VAT and other indirect
taxes. Turnover is net of all types of discounts granted.

Net financials
Financial income and expenses include interest, realised and unrealised exchange adjustments, value adjustments on securities as well as amortisation of long-term receivables.

Tangible fixed assets
Tangible assets are stated at cost, net of depreciation and any provision for impairment.

Depreciation on fixed assets is provided at rates estimated to write off the cost amounts, less estimated residual value, of each asset over its expected useful life ad follows:

Freehold property 2% per annum
Motor vehicles 25% per annum
Fixtures and fittings 15% per annum
Plant and machinery 15% per annum
Computer equipment 33% per annum

Write down for impairment of fixed assets
The carrying amounts of tangible fixed assets are reviewed on an annual basis to determine whether there is any indication of impairment exceeding the writedowns in connection with general amortisation and depreciation. Where writedown for impairment is required, writedown is made to the recoverable amount, if lower. The recoverable amount of the asset is determined as the higher of net selling price and value in use. Where it is not possible to determine the recoverable amount of the individual asset, the impairment writedown requirement is assessed in respect of smallest group of assets for which it is possible to determine the recoverable.

Hire purchase agreements
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Euro Wrap Limited (Registered number: 02871882)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes import duties, transport and handling costs directly attributable to the acquisition of the goods.

Debtors
Debtors are measured at the lower of amortised cost or net realisable value corresponding to the nominal value less losses for uncollectibles. Losses on uncollectibles are calculated on the basis of an individual assessment of each debtor, and an additional general provision is made in respect of trade debtors.

Creditors
Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortised cost.

Financial debt
Fixed-rate loans such as mortgagees and loans held to maturity are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, borrowing are stated at amortised cost corresponding to the capitalised value using the effective interest method; the difference between proceeds and the nominal value (the capital loss) is recognised in the profit and loss account over the loan period. Other debts are measured at amortised cost, materially corresponding to nominal value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension cost and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the start of each month. Exchange differences are taken into account in arriving at the operating profit.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Euro Wrap Limited (Registered number: 02871882)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£'000 £'000
United Kingdom 9,725 9,626
Europe 5,022 5,175
Rest of the world 727 822
15,474 15,623

4. OTHER OPERATING INCOME
2024 2023
£'000 £'000
Other operating income 431 309

5. EMPLOYEES AND DIRECTORS
2024 2023
£'000 £'000
Wages and salaries 1,841 1,939
Social security costs 193 212
Other pension costs 36 35
2,070 2,186

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

Warehouse 17 15
Sales 15 15
Administration 19 23
51 53

6. DIRECTORS' EMOLUMENTS



Year ended Year ended
31.12.24 31.12.23
£'000 £'000
Aggregate emoluments (including benefits in kind) 108 150
Company contributions to money purchase pension schemes 0 0


During the year retirement benefits were accruing to 0 directors (2023: 0).

Euro Wrap Limited (Registered number: 02871882)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Year endedYear ended
31.12.2431.12.23
£'000£'000
Auditors' remuneration - in total2119

Depreciation - owned tangible fixed assets10990
Depreciation of assets held under hire purchase agreements014
(Profit)/loss on disposal of fixed assets118

Operating lease rentals - other:210216

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
£'000 £'000
Other interest 100 46

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£'000 £'000
Other various interest 8 11

10. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£'000 £'000
Current tax:
UK corporation tax 366 427

Deferred tax (4 ) (14 )
Tax on profit 362 413

UK corporation tax has been charged at 25% (2023 - 23.50%).

Euro Wrap Limited (Registered number: 02871882)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. TAXATION - continued

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

2024 2023
£'000 £'000
Profit before tax 1,403 1,682
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.500%)

351

395

Effects of:
Expenses not deductible for tax purposes 6 17
Depreciation in excess of capital allowances 9 17
Adjustments to tax charge in respect of previous periods - (2 )

Deferred tax movement (4 ) (14 )
Total tax charge 362 413

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 31 December 2024.

2023
Gross Tax Net
£'000 £'000 £'000
Hedging of derivate financial instrument (5 ) 1 (4 )

11. DIVIDENDS
2024 2023
£'000 £'000
Ordinary shares of 0.01 each
Paid 500 2,500

Euro Wrap Limited (Registered number: 02871882)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£'000 £'000 £'000 £'000 £'000
COST
At 1 January 2024 1,955 263 512 273 3,003
Additions - 24 8 73 105
Disposals - - - (66 ) (66 )
At 31 December 2024 1,955 287 520 280 3,042
DEPRECIATION
At 1 January 2024 416 249 476 133 1,274
Charge for year 24 10 16 60 110
Eliminated on disposal - - - (36 ) (36 )
At 31 December 2024 440 259 492 157 1,348
NET BOOK VALUE
At 31 December 2024 1,515 28 28 123 1,694
At 31 December 2023 1,539 14 36 140 1,729

Hire purchase agreements

Included within plant and machinery is kGBP 0 (2023 - kGBP 0) relating to assets held under finance lease agreements. Included within motor vehicles is kGBP 0 (2023 - kGBP 17) relating to assets held under finance lease agreements.

13. STOCKS
2024 2023
£'000 £'000
Finished goods 2,816 2,635

Purchases of finished goods and changes in finished goods recognised as cost of sales in the year amounted to kGBP 9,636 (2023 - kGBP 10,297). Stock are stated after provisions for impairment of kGBP 52 (2023 - kGBP 114).

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Trade debtors 2,211 1,479
Amounts owed by group undertakings 638 246
Other debtors - 1
Deferred tax asset
Accelerated capital allowances 24 20
Prepayments and accrued income 201 185
3,074 1,931

Euro Wrap Limited (Registered number: 02871882)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£'000 £'000
Hire purchase contracts (see note 16) - 20
Trade creditors 519 444
Amounts owed to group undertakings 363 238
Tax 36 229
Social security and other taxes 89 85
VAT 116 163
Accruals and deferred income 106 107
1,229 1,286

16. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase contracts
2024 2023
£'000 £'000
Net obligations repayable:
Within one year - 20

Operating Leases:
At 31 December the Company had commitments under non-cancellable operating leases as set out below:

2024 2023
£'000 £'000
Not later than one year 257 208
Later than one year and not later than five years 757 58
1,014 266

17. DEFERRED TAX
£'000
Balance at 1 January 2024 (20 )
Credit to Income Statement during year (4 )
Charged to OCI during year
Balance at 31 December 2024 (24 )

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
200 Ordinary 0.01 2 2

19. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. During the year the charge to profit or loss in respect of defined contribution schemes was kGBP 36 (2023: kGBP 35). At the balance sheet date contributions of kGBP 9 (2023: kGBP 9) were due to the fund and are included in creditors.

Euro Wrap Limited (Registered number: 02871882)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

20. PARENT UNDERTAKINGS AND RELATED PARTIES

The ultimate parent undertaking is Exacompta Clairefontaine SA, incorporated in France.

Exacompta Clairefontaine SA (incorporated in France) is the largest group to consolidate these financial statements and copies can be obtained from:

Exacompta Clairefontaine SA
19 Rue de l'Abbaye
F-88480 Etival Clairefontaine
France

Eurowrap A/S (incorporated in Denmark) is the smallest group to consolidate these financial statements and copies can be obtained from:

Eurowrap A/S
Odinsvej 30
DK-4100 Ringsted
Denmark

21. GUARANTEES AND SECURITIES

The Company has given suretyship for the parent entity Eurowrap A/S' bank connection. The bank debt of Eurowrap A/S at 31 December 2024 was kGBP 567 (2023: kGBP 1,222).

22. FAIR VALUE OF ASSETS AND LIABILITIES

The company has entered into a number of forward contracts during the year which had been settled at 31 December 2024 with a total net nominal value of kGBP 0 (2023: kGBP 500). The purpose of these contracts was to hedge future fluctuations in the USD and EUR exchange rate and the resultant impact on purchases in the period up until June 2024. Their estimated fair value at 31 December 2024 was a profit before corporation tax of kGBP 0 (2023: profit kGBP 1).