Company registration number 07097640 (England and Wales)
ORIGIN PACKAGING LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
ORIGIN PACKAGING LIMITED
COMPANY INFORMATION
Directors
Mr TJ Pocock
Mr JW Pocock
Mr KR Wade
Company number
07097640
Registered office
Melton House Jackson Way
Melton
North Ferriby
East Riding Of Yorkshire
England
HU14 3HJ
Auditor
Rackhams Accountants Limited
3 Melton Park
Redcliff Road
Melton
East Yorkshire
England
HU14 3RS
ORIGIN PACKAGING LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
19
Notes to the financial statements
13 - 28
ORIGIN PACKAGING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Fair Review of the Business
Origin Packaging continues to invest in its value proposition to the global pharmaceutical and healthcare industries.
2024 saw further investments in the company’s position as an established leader in the development and supply of packaging technology, notably in the areas of child protective packaging. Embodying its core values of Responsibility, Integrity, Innovation and Humility.
Further stability and normalisation of the organisation’s cost structure saw an overall increase in profitability for the year ending 31st December 2024. The management team at Origin are optimistic about the future growth and profitability of the company.
Description of Principal Risks and Uncertainties
Instability in the geopolitical environment continues to represent the greatest potential risk to the achievement of Origin’s growth aspirations. However, the pharmaceutical market continues to thrive and grow, and initiatives such as onshoring and export demonstrate the resolve of the management team and the ability of the company to adapt to changes in its environment.
Mr KR Wade
Director
7 May 2025
ORIGIN PACKAGING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be the design, manufacture and supply of specialist packaging products and services.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were declared amounting to £800,000. The directors do not recommend declaration of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr TJ Pocock
Mr JW Pocock
Mr KR Wade
Financial instruments
Liquidity and cash flow risk
Within the company there is minimal exposure, payment terms are agreed to enable the company to generate sufficient cash flow to fulfil its obligations.
In order to maintain liquidity to ensure that funds are available for ongoing operations and business growth opportunities, the company maintains good levels of cash reserves combined with medium term loans.
Foreign currency risk
The Company's current operations give a high level of natural hedging. Foreign exchange movements are closely monitored within the company to ensure this is the case on an ongoing basis.
Credit risk
The Company's principle financial assets are bank balances and trade debtors. The Company's credit risk is primarily attributable to its trade debtors. Credit risk is mitigated by balances being spread over a large number of customers and by rigorous credit control procedures.
Research and development
The company is always striving to bring new and innovative products to the market.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Medium-sized companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.
ORIGIN PACKAGING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
Mr KR Wade
Director
7 May 2025
ORIGIN PACKAGING LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
The directors are responsible for preparing the annual 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 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.
ORIGIN PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ORIGIN PACKAGING LIMITED
- 5 -
Opinion
We have audited the financial statements of Origin Packaging Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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.
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.
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 contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our 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.
ORIGIN PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ORIGIN PACKAGING LIMITED (CONTINUED)
- 6 -
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.
ORIGIN PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ORIGIN PACKAGING LIMITED (CONTINUED)
- 7 -
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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.
As part of our planning process:
• We enquired of management the systems and controls the company has in place, in the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected, or alleged fraud.
• We obtained an understanding of the legal and regulatory frameworks applicable to the company and we determined that the following were most relevant: FRS 102, Companies Act 2006, Health and Safety at Work Act and Employment Law.
• We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetrated, and tailored our risk assessment accordingly.
• Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities, including fraud, and
tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
• Identifying and testing journal entries and the overall accounting records. In particular, we tested items that were significant and unusual.
• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates. In particular, we considered going concern and impairment of trade debtors.
• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
• Testing key revenue lines.
• Performing physical verification of key assets.
• Obtaining third party confirmation of material balances.
• Documenting and verifying all significant related party balances and transactions.
• Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
ORIGIN PACKAGING LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ORIGIN PACKAGING LIMITED (CONTINUED)
- 8 -
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.
Mr Trevor Rackham
Senior Statutory Auditor
For and on behalf of Rackhams Accountants Limited
7 May 2025
Chartered Certified Accountants
Statutory Auditor
3 Melton Park
Redcliff Road
Melton
East Yorkshire
England
HU14 3RS
ORIGIN PACKAGING LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
21,336,188
21,554,617
Cost of sales
(14,858,618)
(15,282,297)
Gross profit
6,477,570
6,272,320
Administrative expenses
(5,014,614)
(4,640,973)
Other operating income
154,721
197,803
Operating profit
4
1,617,677
1,829,150
Interest receivable and similar income
7
3,797
Interest payable and similar expenses
8
(31,524)
(123,835)
Amounts written off investments
9
-
(431,868)
Profit before taxation
1,589,950
1,273,447
Tax on profit
10
(392,906)
(250,397)
Profit for the financial year
1,197,044
1,023,050
The profit and loss account has been prepared on the basis that all operations are continuing operations.
ORIGIN PACKAGING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
2024
2023
£
£
Profit for the year
1,197,044
1,023,050
Other comprehensive income
-
-
Total comprehensive income for the year
1,197,044
1,023,050
ORIGIN PACKAGING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
18,632
Tangible assets
13
3,620,471
4,372,090
3,620,471
4,390,722
Current assets
Stocks
14
2,504,159
2,956,878
Debtors
15
4,782,745
3,759,750
Cash at bank and in hand
1,527,394
1,925,171
8,814,298
8,641,799
Creditors: amounts falling due within one year
16
(3,566,810)
(3,572,794)
Net current assets
5,247,488
5,069,005
Total assets less current liabilities
8,867,959
9,459,727
Creditors: amounts falling due after more than one year
17
(4,523,684)
(5,512,520)
Net assets
4,344,275
3,947,207
Capital and reserves
Called up share capital
22
1,467,643
1,467,619
Capital redemption reserve
101,923
101,923
Profit and loss reserves
2,774,709
2,377,665
Total equity
4,344,275
3,947,207
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 7 May 2025 and are signed on its behalf by:
Mr KR Wade
Director
Company registration number 07097640 (England and Wales)
ORIGIN PACKAGING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,467,619
101,923
2,134,615
3,704,157
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
1,023,050
1,023,050
Dividends
11
-
-
(780,000)
(780,000)
Balance at 31 December 2023
1,467,619
101,923
2,377,665
3,947,207
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
1,197,044
1,197,044
Issue of share capital
22
24
-
-
24
Dividends
11
-
-
(800,000)
(800,000)
Balance at 31 December 2024
1,467,643
101,923
2,774,709
4,344,275
ORIGIN PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information
Origin Packaging Limited is a private company limited by shares incorporated in England and Wales. The registered office is Melton House Jackson Way, Melton, North Ferriby, East Riding Of Yorkshire, England, HU14 3HJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
ORIGIN PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
33% straight line
Patents & licences
5% - 33% straight line
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
10% straight line
Plant and equipment
25% reducing balance/33%-50% straight line
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
ORIGIN PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
ORIGIN PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
ORIGIN PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
ORIGIN PACKAGING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
26
2,665,098
3,276,965
Interest paid
(31,524)
(123,835)
Income taxes paid
(594,158)
(244,855)
Net cash inflow from operating activities
2,039,416
2,908,275
Investing activities
Purchase of tangible fixed assets
(275,316)
(65,407)
Proceeds from disposal of tangible fixed assets
144,254
30,865
Interest received
3,797
Net cash used in investing activities
(127,265)
(34,542)
Financing activities
Proceeds from issue of shares
24
Repayment of borrowings
(1,263,051)
(1,217,709)
Repayment of bank loans
(200,000)
(200,000)
Payment of finance leases obligations
(846,901)
(608,663)
Net cash used in financing activities
(2,309,928)
(2,026,372)
Net (decrease)/increase in cash and cash equivalents
(397,777)
847,361
Cash and cash equivalents at beginning of year
1,925,171
1,077,810
Cash and cash equivalents at end of year
1,527,394
1,925,171
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of Goods
21,336,188
21,554,617
2024
2023
£
£
Turnover analysed by geographical market
UK
18,529,540
18,539,126
Rest of world
2,806,648
3,015,491
21,336,188
21,554,617
2024
2023
£
£
Other revenue
Interest income
3,797
-
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(81,936)
(140,643)
Research and development costs
251,268
31,651
Fees payable to the company's auditor for the audit of the company's financial statements
11,004
11,496
Depreciation of owned tangible fixed assets
853,940
973,443
Loss/(profit) on disposal of tangible fixed assets
28,741
(17,048)
Amortisation of intangible assets
18,632
35,569
(Profit)/loss on disposal of intangible assets
-
1,534
Operating lease charges
372,421
258,151
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Production
12
17
Administration and support
27
22
Total
39
39
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,707,391
1,631,953
Social security costs
175,897
165,079
Pension costs
37,329
33,283
1,920,617
1,830,315
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
56,935
56,976
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,797
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
3,797
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
8
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Interest on finance leases and hire purchase contracts
40,885
126,270
Other interest
(9,361)
(2,435)
31,524
123,835
9
Amounts written off investments
2024
2023
£
£
Amounts written back to/(written off) financial assets held at cost
-
(431,868)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
421,809
336,210
Adjustments in respect of prior periods
(13,627)
(138,684)
Total current tax
408,182
197,526
Deferred tax
Origination and reversal of timing differences
(15,276)
52,871
Total tax charge
392,906
250,397
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
1,589,950
1,273,447
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
397,488
318,362
Tax effect of expenses that are not deductible in determining taxable profit
9,045
6,303
Effect of change in corporation tax rate
(54,578)
Under/(over) provided in prior years
(13,627)
(138,684)
Deferred tax adjustments in respect of prior years
129,435
Reversal of permanent differences
(10,441)
Taxation charge for the year
392,906
250,397
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
11
Dividends
2024
2023
£
£
Final paid
800,000
780,000
12
Intangible fixed assets
Software
Patents & licences
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
16,945
94,197
111,142
Amortisation and impairment
At 1 January 2024
15,412
77,098
92,510
Amortisation charged for the year
1,533
17,099
18,632
At 31 December 2024
16,945
94,197
111,142
Carrying amount
At 31 December 2024
At 31 December 2023
1,533
17,099
18,632
13
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
3,899,693
7,178,795
845,949
50,347
94,100
12,068,884
Additions
33,895
142,194
7,525
6,707
84,995
275,316
Disposals
(4,468)
(363,958)
(46,026)
(3,251)
(129,100)
(546,803)
At 31 December 2024
3,929,120
6,957,031
807,448
53,803
49,995
11,797,397
Depreciation and impairment
At 1 January 2024
1,296,784
5,812,538
487,875
26,986
72,611
7,696,794
Depreciation charged in the year
391,536
349,522
91,082
9,562
12,238
853,940
Eliminated in respect of disposals
(2,479)
(253,246)
(35,838)
(1,562)
(80,683)
(373,808)
At 31 December 2024
1,685,841
5,908,814
543,119
34,986
4,166
8,176,926
Carrying amount
At 31 December 2024
2,243,279
1,048,217
264,329
18,817
45,829
3,620,471
At 31 December 2023
2,602,909
1,366,257
358,074
23,361
21,489
4,372,090
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 24 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2024
2023
£
£
Plant and equipment
508,032
696,969
14
Stocks
2024
2023
£
£
Finished goods and goods for resale
2,504,159
2,956,878
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
3,616,903
3,184,021
Corporation tax recoverable
110,037
Other debtors
173,789
7,863
Prepayments and accrued income
683,063
384,189
4,583,792
3,576,073
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 20)
198,953
183,677
Total debtors
4,782,745
3,759,750
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
16
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
18
200,000
200,000
Obligations under finance leases
19
509,297
742,482
Other borrowings
18
363,662
Trade creditors
2,063,213
1,969,704
Corporation tax
75,939
Other taxation and social security
372,533
174,471
Other creditors
56,342
Accruals and deferred income
365,425
46,536
3,566,810
3,572,794
17
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
18
166,667
366,667
Obligations under finance leases
19
201,187
814,903
Other borrowings
18
3,574,814
3,674,203
Other creditors
581,016
656,747
4,523,684
5,512,520
18
Loans and overdrafts
2024
2023
£
£
Bank loans
366,667
566,667
Loans from group undertakings
3,574,814
3,674,203
Other loans
363,662
3,941,481
4,604,532
Payable within one year
200,000
563,662
Payable after one year
3,741,481
4,040,870
Bank loans include an unsecured loan of £366,667 with a term of 72 months and a remaining term of 22 months with a variable interest rate of 2.64% above the Bank of England base rate.
Loans from group undertakings is an unsecured interest free loan from the parent of the Company.
Other loans in 2023 comprise an unsecured loan of £363,662 repayable within 60 days of a request by the provider with a fixed interest rate of 3% per annum.
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
19
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
509,297
742,482
In two to five years
201,187
814,903
710,484
1,557,385
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
20
Deferred taxation
The following are the major deferred tax assets recognised by the company and movements thereon:
Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
194,425
180,151
Tax losses
493
-
Retirement benefit obligations
4,035
3,526
198,953
183,677
2024
Movements in the year:
£
Asset at 1 January 2024
(183,677)
Credit to profit or loss
(15,276)
Asset at 31 December 2024
(198,953)
No material reversal of the deferred tax asset set out above is expected to reverse within 12 months as the utilisation of writing down allowances against future expected profits of the same period keep pace with depreciation.
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,329
33,283
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
A shares of £1 each
400
400
400
400
B shares of £1 each
16
10
16
10
C shares of £1 each
16
10
16
10
D shares of £1 each
16
10
16
10
Fixed income shares of £1 each
1,467,089
1,467,089
1,467,089
1,467,089
E Shares of £1 each
6
-
6
-
1,467,643
1,467,619
1,467,643
1,467,619
23
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
310,847
265,052
Between two and five years
258,584
399,675
569,431
664,727
24
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities controlled by the same ultimate shareholders
-
5,738
1,120,845
1,976,557
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
3,582,111
3,674,203
The following amounts were outstanding at the reporting end date:
ORIGIN PACKAGING LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
25
Analysis of changes in net debt
1 January 2024
Cash flows
Other non-cash changes
31 December 2024
£
£
£
£
Cash at bank and in hand
1,925,171
(397,777)
-
1,527,394
Borrowings excluding overdrafts
(4,604,532)
1,463,051
(800,000)
(3,941,481)
Obligations under finance leases
(1,557,385)
846,901
-
(710,484)
(4,236,746)
1,912,175
(800,000)
(3,124,571)
26
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,197,044
1,023,050
Adjustments for:
Taxation charged
392,906
250,397
Finance costs
31,524
123,835
Investment income
(3,797)
Loss/(gain) on disposal of tangible fixed assets
28,741
(17,048)
(Gain)/loss on disposal of intangible assets
-
1,534
Amortisation and impairment of intangible assets
18,632
35,569
Depreciation and impairment of tangible fixed assets
853,940
973,442
Other gains and losses
-
431,868
Movements in working capital:
Decrease/(increase) in stocks
452,719
(134,687)
(Increase)/decrease in debtors
(897,682)
1,048,278
Increase/(decrease) in creditors
591,071
(459,273)
Cash generated from operations
2,665,098
3,276,965
2024-12-312024-01-01falsefalsefalseCCH SoftwareCCH Accounts Production 2025.100Mr TJ PocockMr JW PocockMr KR 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