Company registration number 03083059 (England and Wales)
Pakex (UK) Plc
Annual Report and Financial Statements
For the year ended 31 December 2024
Pakex (UK) Plc
Contents
Page
Company information
1
Strategic report
2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
Pakex (UK) Plc
Company Information
- 1 -
Directors
Mr M Russell
Ms R Potts
Ms K Timms
Mrs C Russell
Secretary
Mr M Russell
Company number
03083059
Registered office
Pendragon House
65 London Road
St Albans
Herts
AL1 1LJ
Auditor
Gilberts Chartered Accountants
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
Business address
1 Prime Point
Bessemer Road
Welwyn Garden City
Herts
AL7 1FE
Pakex (UK) Plc
Strategic Report
For the year ended 31 December 2024
- 2 -

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

Principal activities

The principal activity of the company continued to be that of supplying packaging and cleaning materials.

Review of the business

The directors are satisfied with the company's results for the year. The company made an operating profit of £445,624 (2023 - £549,204) on turnover of £6,827,787 (2023 - £6,774,587).

 

No major changes in the structure of the company or the nature of operations are planned.

Principal risks and uncertainties

The Company operates in a very competitive market and can be affected by factors such as the following:

Key performance indicators

The company's performance was measured and reviewed by the directors on a quarterly basis, comparing actual performance against budget and previous years.

 

The company considers the following key performance indicators:

 

 

2024

2023

 

£

£

Sales

6,827,787

6,774,587

Gross profit

1,886,514

1,840,413

Gross profit margin

28%

27%

Net profit

443,113

543,860

 

S172 Statement

The strategy of the company is designed to deliver long term value for its shareholders. It aims to balance the demands of the main customers with the principal risks and uncertainties faced by the business.

 

The directors are fully committed to operating ethically and responsibly in relation to all its stakeholders including customers and suppliers. The board recognises that the long-term success of the company relies upon good relations with its various stakeholders. The directors periodically review the company's stakeholder strategy and action plan and thereby updates the analysis of the stakeholders and their interests and assesses how their needs and expectations are being managed.

On behalf of the board

Mr M Russell
Director
28 May 2025
Pakex (UK) Plc
Directors' Report
For the year ended 31 December 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 8.

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Russell
Ms R Potts
Ms K Timms
Mrs C Russell
Auditor

The auditor, Gilberts Chartered Accountants, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the company has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

Statement of directors' responsibilities

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:

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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments.

Pakex (UK) Plc
Directors' Report (Continued)
For the year ended 31 December 2024
- 4 -
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.

On behalf of the board
Mr M Russell
Director
28 May 2025
Pakex (UK) Plc
Independent Auditor's Report
To the Members of Pakex (UK) Plc
- 5 -
Opinion

We have audited the financial statements of Pakex (UK) Plc (the 'company') for the year ended 31 December 2024 which comprise 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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:

Pakex (UK) Plc
Independent Auditor's Report
To the Members of Pakex (UK) Plc (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:

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.

Explanations as to what extent the audit was considered capable of detecting irregularities, including fraud
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. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed in our approach below:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK taxation legislation.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We enquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. There are inherent limitations in the audit procedures noted above, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance, miscellaneous receipts and payments testing, journal entry testing, analytical procedures and obtaining additional corroborative evidence as required. In doing so we evaluate whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We recognise that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Pakex (UK) Plc
Independent Auditor's Report
To the Members of Pakex (UK) Plc (Continued)
- 7 -
We communicated relevant key laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud and non-compliance with laws and regulations throughout the audit.
We did not identify any audit matters relating to irregularities, including fraud.

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.

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.

Amanda Ruggles (Senior Statutory Auditor)
For and on behalf of Gilberts Chartered Accountants, Statutory Auditor
Pendragon House
65 London Road
St Albans
Hertfordshire
AL1 1LJ
28 May 2025
Pakex (UK) Plc
Statement of Comprehensive Income
For the year ended 31 December 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
6,827,787
6,774,587
Cost of sales
(4,941,273)
(4,934,414)
Gross profit
1,886,514
1,840,173
Administrative expenses
(1,440,890)
(1,290,970)
Operating profit
4
445,624
549,203
Interest receivable and similar income
8
3,515
-
0
Interest payable and similar expenses
9
(6,026)
(5,344)
Profit before taxation
443,113
543,859
Tax on profit
10
(137,337)
(107,017)
Profit for the financial year
305,776
436,842

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Pakex (UK) Plc
Balance Sheet
As at 31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,311,771
1,418,642
Current assets
Stocks
13
682,890
681,817
Debtors
14
919,037
1,043,389
Cash at bank and in hand
893,273
326,293
2,495,200
2,051,499
Creditors: amounts falling due within one year
15
(1,415,765)
(1,307,061)
Net current assets
1,079,435
744,438
Total assets less current liabilities
2,391,206
2,163,080
Creditors: amounts falling due after more than one year
16
(99,028)
(33,678)
Net assets
2,292,178
2,129,402
Capital and reserves
Called up share capital
20
50,000
50,000
Capital redemption reserve
21
47,500
47,500
Profit and loss reserves
22
2,194,678
2,031,902
Total equity
2,292,178
2,129,402
The financial statements were approved by the board of directors and authorised for issue on 28 May 2025 and are signed on its behalf by:
Mr M Russell
Director
Company registration number 03083059 (England and Wales)
Pakex (UK) Plc
Statement of Changes in Equity
For the year ended 31 December 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
50,000
47,500
1,738,110
1,835,610
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
436,842
436,842
Dividends
11
-
-
(143,050)
(143,050)
Balance at 31 December 2023
50,000
47,500
2,031,902
2,129,402
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
305,776
305,776
Dividends
11
-
-
(143,000)
(143,000)
Balance at 31 December 2024
50,000
47,500
2,194,678
2,292,178
Pakex (UK) Plc
Statement of Cash Flows
For the year ended 31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
740,581
683,748
Interest paid
(6,026)
(5,344)
Income taxes paid
(107,017)
(50,185)
Net cash inflow from operating activities
627,538
628,219
Investing activities
Purchase of tangible fixed assets
-
0
(167,536)
Proceeds on disposal of tangible fixed assets
13,038
-
0
Interest received
3,515
-
0
Net cash generated from/(used in) investing activities
16,553
(167,536)
Financing activities
Proceeds of new bank loans
140,000
-
0
Repayment of bank loans
(37,500)
(56,250)
Payment of finance leases obligations
(36,611)
(2,661)
Dividends paid
(143,000)
(143,050)
Net cash used in financing activities
(77,111)
(201,961)
Net increase in cash and cash equivalents
566,980
258,722
Cash and cash equivalents at beginning of year
326,293
67,571
Cash and cash equivalents at end of year
893,273
326,293
Pakex (UK) Plc
Notes to the Financial Statements
For the year ended 31 December 2024
- 12 -
1
Accounting policies
Company information

Pakex (UK) Plc is a public company limited by shares incorporated in England and Wales. The registered office is Pendragon House, 65 London Road, St Albans, Herts, AL1 1LJ. The principal place of business is 1 Prime Point, Bessemer Road, Welwyn Garden City, Herts, AL7 1FE.

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.

1.4
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
2% straight line
Plant and equipment
10% straight line
Computers
15% straight line
Motor vehicles
20% straight line
1.5
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.

1.6
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.

Pakex (UK) Plc
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
- 13 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 and Section 12 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.

 

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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 fair value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

 

Basic financial liabilities

Basic financial liabilities, which include trade and other payables and bank loans, are initially measured at transaction price and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present fair value of the future receipts discounted at a market rate of interest.

1.8
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.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
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.

Pakex (UK) Plc
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 14 -
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
6,827,787
6,774,587
2024
2023
£
£
Other revenue
Interest income
3,515
-

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
93,828
54,507
Loss on disposal of tangible fixed assets
5
-
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
13,000
12,500
For other services
All other non-audit services
11,850
13,150

Non-audit services relates to the preparation of the financial statements and corporation tax computation.

Pakex (UK) Plc
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 15 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Sales
4
4
Administration and management
9
8
Warehouse and distribution
6
6
Total
19
18

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
785,336
738,176
Social security costs
82,483
76,049
Pension costs
83,107
48,548
950,926
862,773
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
293,000
284,968
Company pension contributions to defined contribution schemes
58,852
34,687
351,852
319,655

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
110,559
109,679
Company pension contributions to defined contribution schemes
891
19,313
Pakex (UK) Plc
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 16 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
3,515
-
0
9
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
1,096
4,809
Other finance costs:
Interest on finance leases and hire purchase contracts
4,930
535
6,026
5,344
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
137,337
107,017

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
443,113
543,859
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
110,778
135,965
Tax effect of expenses that are not deductible in determining taxable profit
4,257
19,141
Effect of change in corporation tax rate
-
0
(8,046)
Depreciation on assets not qualifying for tax allowances
22,302
(40,043)
Taxation charge for the year
137,337
107,017
11
Dividends
2024
2023
£
£
Final paid
143,000
143,050
Pakex (UK) Plc
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 17 -
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2024
1,489,488
42,120
199,922
610,584
2,342,114
Disposals
-
0
-
0
-
0
(171,831)
(171,831)
At 31 December 2024
1,489,488
42,120
199,922
438,753
2,170,283
Depreciation and impairment
At 1 January 2024
413,926
18,733
181,213
309,600
923,472
Depreciation charged in the year
20,644
3,515
3,545
66,124
93,828
Eliminated in respect of disposals
-
0
-
0
-
0
(158,788)
(158,788)
At 31 December 2024
434,570
22,248
184,758
216,936
858,512
Carrying amount
At 31 December 2024
1,054,918
19,872
15,164
221,817
1,311,771
At 31 December 2023
1,075,562
23,387
18,709
300,984
1,418,642
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
682,890
681,817
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
869,205
990,964
Other debtors
-
0
2,767
Prepayments and accrued income
49,832
49,658
919,037
1,043,389
Pakex (UK) Plc
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 18 -
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
17
40,972
37,500
Obligations under finance leases
18
30,728
33,661
Trade creditors
898,230
856,728
Corporation tax
137,337
107,017
Other taxation and social security
138,131
72,322
Other creditors
3,701
3,409
Accruals and deferred income
166,666
196,424
1,415,765
1,307,061

The bank loan is secured by way of a fixed and floating charge over the assets of the company.

16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
17
99,028
-
0
Obligations under finance leases
18
-
0
33,678
99,028
33,678

The bank loan is secured by way of a fixed and floating charge over the assets of the company.

17
Loans and overdrafts
2024
2023
£
£
Bank loans
140,000
37,500
Payable within one year
40,972
37,500
Payable after one year
99,028
-
0

The bank loan is secured by way of a fixed and floating charge over the assets of the company.

Pakex (UK) Plc
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 19 -
18
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
30,728
33,661
In two to five years
-
0
33,678
30,728
67,339

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 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
83,107
48,548

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.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000

The company has one class of ordinary shares which carry no right to fixed income. These shares carry the right to vote, participate in dividends and participle in capital including on winding up.

21
Capital redemption reserve
2024
2023
£
£
At the beginning and end of the year
47,500
47,500

A statutory, non-distributable reserve into which amounts are transferred following the redemption or purchase of a shares out of distributable profits.

Pakex (UK) Plc
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 20 -
22
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
2,031,902
1,738,110
Profit for the year
305,776
436,842
Dividends declared and paid in the year
(143,000)
(143,050)
At the end of the year
2,194,678
2,031,902
23
Directors' transactions

Included in other creditors is £589 (2023 - £314) owed to the directors.

24
Ultimate controlling party

The ultimate controlling party of the Company is identified as Mr M Russell who is a director and majority shareholder..

25
Cash generated from operations
2024
2023
£
£
Profit after taxation
305,776
436,842
Adjustments for:
Taxation charged
137,337
107,017
Finance costs
6,026
5,344
Investment income
(3,515)
-
0
Loss on disposal of tangible fixed assets
5
-
Depreciation and impairment of tangible fixed assets
93,828
54,507
Movements in working capital:
(Increase)/decrease in stocks
(1,073)
127,841
Decrease in debtors
124,352
104,705
Increase/(decrease) in creditors
77,845
(152,508)
Cash generated from operations
740,581
683,748
Pakex (UK) Plc
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
- 21 -
26
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
326,293
566,980
893,273
Borrowings excluding overdrafts
(37,500)
(102,500)
(140,000)
Obligations under finance leases
(67,339)
36,611
(30,728)
221,454
501,091
722,545
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