Company registration number 00918517 (England and Wales)
BEMIS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BEMIS LIMITED
COMPANY INFORMATION
Directors
Mr P Bancken
Mr S Laflen
Mr J Lonigro
Company number
00918517
Registered office
Rossendale Road Industrial Estate
Farrington Road
Burnley
BB11 5SW
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
BEMIS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
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 - 23
BEMIS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Review of the business

The principal activity of the company continued to be sales, marketing, manufacturing, and distribution of toilet seats.

 

The key performance indicators for the company are net revenue growth, gross profit and operating profit %.

 

2024 showed an overall decrease in sales of 21% from £10,311,844 in 2023 to £8,172,388 in 2024.

 

Breaking down the sales, the UK market saw a decrease of 22% whilst export markets experienced a drop of 21%. B&Q and Screwfix, both part of the Kingfisher group have decreased their orders significantly.

 

During the year the company experienced several customers going into administration or bankruptcy (5 in total).

 

Actual gross profit percentage decreased from 20.6% in 2023 to 19.5% in 2024, mainly due to several one-off costs (Italian obsolete stock, pallets, utilities and rebates insufficiently accrued in 2023 and hitting the 2024 operating profit position).

 

The combination of the factors noted above resulted in a loss before tax for the year of £288,591 a significant decrease vs the profit in 2023 of £86,022.

We took measures to improve profitability, by making necessary adjustments to its operations and reducing its operational costs.

Principal risks and uncertainties

Competition

The management recognizes that one of the biggest risks is low priced competition particularly those products coming into the UK from China. The company continually monitors the competition and continues to work with its parent and sister companies on the development of new, innovative products.

 

Foreign currency risk

The company purchases and sells goods and services in Sterling and currencies other than Sterling. As a result, the value of the company's non-Sterling revenues, purchases, financial assets, liabilities and cash flows can be affected significantly by movements in exchange rates in general.

 

The company's transactional currency exposure arises from sales or purchases in currencies other than its functional currency. It is the company's policy not to enter into forward contracts.

 

Interest rate risk

The company does not have any external debt.

 

Liquidity risk

The company mitigates liquidity risk by managing cash generation by its operations, applying cash collection targets and setting authorization limits for investment. The company's funding is not reliant on external finance and is wholly provided by group funds.

 

Price risk

The company does not enter into swap or option contracts. No trading in derivative financial instruments has been undertaken in the year.

 

Tariff risk

The rings and covers that Bemis Ltd used for its moulded wood seats are imported from the US, where the main moulded wood factory of the Bemis Group is located. The current uncertainties about the US tariffs may have an impact on the costs of these imported goods.

BEMIS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Other information and explanations

The company is continuing to gear itself towards overcoming the challenges within its key markets. In order to achieve this the directors, continue to implement changes which are sustainable and fit for purpose and not necessarily seeking a swift solution for today, at the expense of future years. The company is taking a number of steps to ensure it has a key focus on both its current key and potential future markets.

 

The directors have identified a number of opportunities by which to develop new markets, lowering costs alongside growing sales volumes and margins within existing markets and in so doing, fully expect the company will continue to stay profitable in the long term.

On behalf of the board

Mr P Bancken
Director
8 July 2025
BEMIS LIMITED
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.

Principal activities

The principal activity of the company continued to be the sales, marketing, manufacturing, and distribution of toilet seats.

Results and dividends

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

No ordinary dividends were paid. The directors do not recommend payment of a final 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 P Bancken
Mr S Laflen
Mr J Lonigro
Auditor

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

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 the financial risk management and future developments.

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.

On behalf of the board
Mr P Bancken
Director
8 July 2025
BEMIS 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:

 

 

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.

BEMIS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BEMIS LIMITED
- 5 -
Opinion

We have audited the financial statements of Bemis Limited (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 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 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.

BEMIS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BEMIS LIMITED (CONTINUED)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

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.

Matters on which we are required to report by exception

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 responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

BEMIS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BEMIS LIMITED (CONTINUED)
- 7 -

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Joe Sullivan FCA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
8 July 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
BEMIS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
8,172,388
10,311,841
Cost of sales
(6,577,982)
(8,191,815)
Gross profit
1,594,406
2,120,026
Distribution costs
(830,684)
(1,113,928)
Administrative expenses
(1,251,088)
(1,045,172)
Other operating income
210,497
148,412
Exceptional item
4
(11,179)
-
0
Operating (loss)/profit
5
(288,048)
109,338
Interest receivable and similar income
9
(543)
(167)
Interest payable and similar expenses
10
-
0
(23,149)
(Loss)/profit before taxation
(288,591)
86,022
Tax on (loss)/profit
11
(4,716)
(4,606)
(Loss)/profit for the financial year
(293,307)
81,416

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

BEMIS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,448,068
1,589,239
Current assets
Stocks
13
2,720,895
3,344,609
Debtors
14
2,831,692
3,614,778
Cash at bank and in hand
1,136,924
1,417,747
6,689,511
8,377,134
Creditors: amounts falling due within one year
15
(2,979,748)
(4,515,235)
Net current assets
3,709,763
3,861,899
Net assets
5,157,831
5,451,138
Capital and reserves
Called up share capital
17
1,098,000
1,098,000
Share premium account
18
88,818
88,818
Other reserves
18
2,099,702
2,099,702
Profit and loss reserves
18
1,871,311
2,164,618
Total equity
5,157,831
5,451,138

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 8 July 2025 and are signed on its behalf by:
Mr P Bancken
Director
Company registration number 00918517 (England and Wales)
BEMIS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Share premium account
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2023
1,098,000
88,818
2,099,702
2,083,202
5,369,722
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
-
81,416
81,416
Balance at 31 December 2023
1,098,000
88,818
2,099,702
2,164,618
5,451,138
Year ended 31 December 2024:
Loss and total comprehensive income
-
-
-
(293,307)
(293,307)
Balance at 31 December 2024
1,098,000
88,818
2,099,702
1,871,311
5,157,831
BEMIS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
22
(244,105)
(643,737)
Interest paid
-
0
(23,149)
Income taxes paid
(4,716)
(4,606)
Net cash outflow from operating activities
(248,821)
(671,492)
Investing activities
Purchase of tangible fixed assets
(31,459)
(216,237)
Interest received
(543)
(167)
Net cash used in investing activities
(32,002)
(216,404)
Net decrease in cash and cash equivalents
(280,823)
(887,896)
Cash and cash equivalents at beginning of year
1,417,747
2,305,643
Cash and cash equivalents at end of year
1,136,924
1,417,747
BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Bemis Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rossendale Road Industrial Estate, Farrington Road, Burnley, BB11 5SW.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is well positioned going into the next financial year and continues to benefit from the continued support trueof its parent company Bemis Manufacturing Company in the US.

 

The Directors have made an assessment on the continued adoption of the going concern principle in preparing the financial statements and as a result of this assessment deem it appropriate to continue to do so.

 

At the time of approving the financial statements, the directors have every expectation that the company has adequate resources to continue in operational existence for the foreseeable future and at the very least, greater than one year from the date of the audit report.

1.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods provided in the normal course of business, net of discounts, VAT and other sales related taxes or duty. Income is recognised when the significant risks and rewards of ownership have passed to the customer. This is normally upon delivery of the goods to the customer.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% and 6.67% straight line per annum
Plant and machinery
12.5% - 25% straight line per annum
IT and office equipment
25% straight line per annum

Assets under construction represents the cost incurred on tangible fixed assets under construction which are not ready and available for use at the balance sheet date. Assets under construction are not depreciated. Depreciation commences once the assets are completed and have been transferred to the appropriate tangible fixed assets category. Assets under construction are usually completed in less than a year.

BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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.

1.5
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible 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.

1.6
Stocks

Stocks are stated at the lower of standard cost and net realisable value after making due allowance for obsolete and slow moving items. Standard 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.

 

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
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 assets are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Basic financial assets

Basic financial assets, which include debtors, 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

The company does not have any financial assets which are not classified as basic financial instruments.

Impairment of financial assets

Financial assets 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. The impairment loss is recognised in profit or loss.

BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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 are initially measured 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. Other financial liabilities classified as fair value through profit or loss are measured at fair value.

Other financial liabilities

The company does not have any financial liabilities which are not basic financial instruments.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
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 in the relevant trading jurisdiction by the reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax, with the following exception:

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.11
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

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.

1.12
Retirement benefits

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

1.13
Leases

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.

1.14
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.

BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
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 assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Provision for slow moving and obsolete stock

The provision is calculated on an individual stock line basis, with due regard to previous and expected stock movements. Reference to realisable values through scrapping and the expectations of specific relevant non-finance department staff are made throughout the calculation process. The provision is reviewed and updated at each reporting date.

Provision for irrecoverable trade debtors

At each balance sheet date, management undertake a review of the outstanding trade debtor balances and estimate the balance that should either be impaired or provided against.

 

This calculation is based on the financial position of the customers, the historical speed of payment compared to approved credit terms and the status/progress of any ongoing communications with them.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Attributable to the company's continuing principal activities
8,172,388
10,311,841
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
4,858,868
5,907,495
Europe
3,021,192
3,576,516
Rest of the World
292,328
827,830
8,172,388
10,311,841
2024
2023
£
£
Other revenue
Interest income
(543)
(167)
BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 17 -

 

4
Exceptional item
2024
2023
£
£
Expenditure
Restructuring costs
11,179
-

The company incurred one off costs in the year ended 31 December 2024 in respect of restructuring certain aspects of operations.

5
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging:
£
£
Exchange losses
519
35,098
Depreciation of owned tangible fixed assets
172,630
155,621
Operating lease charges
75,766
83,002
6
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
22,000
18,320
7
Employees

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

2024
2023
Number
Number
Administration
31
29
Production
23
24
Total
54
53
BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Employees
(Continued)
- 18 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,599,909
1,565,770
Social security costs
164,297
160,108
Pension costs
119,627
121,265
1,883,833
1,847,143
8
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
141,279
95,250
Company pension contributions to defined contribution schemes
45,554
38,093
186,833
133,343
9
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
(543)
(167)
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
(543)
(167)
10
Interest payable and similar expenses
2024
2023
£
£
Other finance costs:
Other interest
-
0
23,149
11
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
4,716
4,606
BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Taxation
(Continued)
- 19 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(288,591)
86,022
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
(72,148)
20,232
Tax effect of expenses that are not deductible in determining taxable profit
420
575
Unutilised tax losses carried forward
68,535
(24,190)
Depreciation on assets not qualifying for tax allowances
3,643
3,427
Other non-reversing timing differences
73
-
0
Depreciation in excess of capital allowances
256
-
0
Short term timing differences
(779)
-
0
Foreign tax paid
4,716
4,606
Super deduction
-
0
(44)
Taxation charge for the year
4,716
4,606

A net deferred tax asset of £856,775 (2023: £807,487) has not been recognised within the financial statements due to the uncertainty over the timing of tax losses being utilised.

 

This balance was calculated through applying a corporation tax rate of 25%.

 

BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
12
Tangible fixed assets
Freehold land and buildings
Plant and machinery
IT and office equipment
Total
£
£
£
£
Cost
At 1 January 2024
1,917,992
3,265,339
612,139
5,795,470
Additions
-
0
28,463
2,996
31,459
At 31 December 2024
1,917,992
3,293,802
615,135
5,826,929
Depreciation and impairment
At 1 January 2024
1,037,852
2,654,435
513,944
4,206,231
Depreciation charged in the year
41,904
100,191
30,535
172,630
At 31 December 2024
1,079,756
2,754,626
544,479
4,378,861
Carrying amount
At 31 December 2024
838,236
539,176
70,656
1,448,068
At 31 December 2023
880,140
610,904
98,195
1,589,239

The carrying value of land and buildings which is not depreciated comprises:

2024
2023
£
£
Freehold
97,140
97,140
13
Stocks
2024
2023
£
£
Raw materials and consumables
1,202,614
1,363,580
Finished goods and goods for resale
1,518,281
1,981,029
2,720,895
3,344,609
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,322,209
2,507,994
Amounts owed by group undertakings
1,314,655
926,222
Other debtors
22,131
-
0
Prepayments and accrued income
172,697
180,562
2,831,692
3,614,778
BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
15
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
157,799
362,358
Amounts owed to group undertakings
2,364,879
3,069,141
Taxation and social security
10,849
112,623
Accruals and deferred income
446,221
971,113
2,979,748
4,515,235
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
119,627
121,265

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.

 

At the reporting end date, the pension creditor was £4,007 (2023: £10,853).

17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
10,980,000
10,980,000
1,098,000
1,098,000
18
Reserves
Capital contribution reserve

Other reserves relate to a capital contributions received from a group company in the financial year ended 31 December 2013.

BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
19
Operating lease commitments
Lessee

Operating lease payments represent rentals payable by the company in respect of motor vehicles and office equipment.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which expire as follows:

2024
2023
£
£
Within one year
15,041
31,215
Between two and five years
14,683
13,437
29,724
44,652
20
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, is as follows.

2024
2023
£
£
Aggregate compensation
198,924
143,075
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 with control, joint control or significant influence over the company
5,626
10,565
1,825,598
2,512,923
Other group entities
1,480,117
1,720,274
855,160
1,213,552
21
Ultimate controlling party

The directors consider Bemis Manufacturing Company Inc, a company incorporated in the United States of America, to be the ultimate parent undertaking. There is no single ultimate controlling party.

BEMIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
22
Cash absorbed by operations
2024
2023
£
£
(Loss)/profit for the year after tax
(293,307)
81,416
Adjustments for:
Taxation charged
4,716
4,606
Finance costs
-
0
23,149
Investment income
543
167
Depreciation and impairment of tangible fixed assets
172,630
155,621
Movements in working capital:
Decrease in stocks
623,714
359,669
Decrease in debtors
783,086
365,205
Decrease in creditors
(1,535,487)
(1,633,570)
Cash absorbed by operations
(244,105)
(643,737)
23
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
1,417,747
(280,823)
1,136,924
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