Company registration number 15300419 (England and Wales)
CAPRIPACK WAREHOUSE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
CAPRIPACK WAREHOUSE LIMITED
COMPANY INFORMATION
Directors
Mr Kurt Beyer
(Appointed 21 November 2023)
Mr Telmo Valido
(Appointed 21 November 2023)
Mr Lukas Zeitlberger
(Appointed 21 November 2023)
Secretary
CSC CLS (UK) Limited
Company number
15300419
Registered office
Second Floor Cleveland House, 33, King Street
London
United Kingdom
SW1Y 6RJ
CAPRIPACK WAREHOUSE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income statement
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 19
CAPRIPACK WAREHOUSE LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the Period ended 31 December 2024.
Review of the business
Capripack Warehouse Limited (the "Company'') is an investment holding entity. The directors are satisfied with the position and performance of the Company.
During the year the Company acted as a vehicle for a management incentive plan in which investments with value of €17,586,013 were purchased and €15,586,013 sold to management. Later in the year the company repurchased investments valued at €1,443,487. At 31 December 2024 investments stood at €3,443,487.
The results for the financial period are set out on page 9. The Company generated a pre-tax loss of €142,711. Net assets at 31 December 2024 stood at €3,109,789.
Key performance indicators
The Company's primary role is an intermediate holding company and as such it has no material trading activities and therefore there are no key performance indicators.
Future developments
The Company is expected to generate income in the future through its fixed asset investments. The primary purpose of the Company will remain as a holding company.
Financial Instruments
The Company's principal financial asset is its bank balance and other receivables. The Company has no significant credit risk. The credit risk on liquid assets is limited because the counterparties are banks with high credit ratings assigned by international ratings agencies.
Principal risks and uncertainties
The principal risks are considered to be the wider global economic environment. These risks are reviewed and managed through the Company's business performance and risk management processes. Set out below are the principal risks associated with the Company's activities as an investment holding entity together with the policies agreed by the Board for their management.
Financial risk
Financial risk arises through the Company's holdings in financial assets and financial liabilities. The key financial risk is that proceeds from financial assets are insufficient to fund obligations arising from distributions to its shareholders as they fall due. The most important components of financial risk are; interest rate risk, foreign currency risk; and liquidity risk.
Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. This is related to the underlying valuation of equity instruments.
Management does not beleive the Company is any more exposed to financial statement risk factors than others in the industry and has a system of internal controls and procedures that are designed to mitigate such risks.
Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities. The Company's policy and approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the reputation of the Company.
Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to an immaterial level of currency risk as all of the Company's financial assets and liabilities are denominated in Euro.
CAPRIPACK WAREHOUSE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 2 -
Risk from environmental matters
Environment risks are the risks that the effects of climate change or environmental factors will have on the operations and cash flows of the Company.
Management does not beleive that the Company is any more exposed than others in the industry has a comprehensive Environmental, Social and Governance (ESG) strategy built along seven pillars, including management, sustainable products, carbon footprints, circular economy, corporate social responsibility, reporting and green financing. The Company has defined clear and specific targets around each of the programs and is working activly to implement the programmes.
Section 172 Statement
The Directors of the Company as those of all UK companies, must act in accordance with a set of general duties. These duties are detailed in section 172 of the Companies Act 2006 which is summarised below;
The Directors must act in they way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its shareholders as a whole and, in doing so have regard (amongst other matters) to:
The likely consequence of any decisions in the long-term;
The need to foster the company's business relationships with suppliers, customers and others;
The impact of the company's operations on the community and the environment;
The desirability of the company to maintain a reputation for high standards of business conduct;
The need to act fairly as between shareholders and the company; and
The interests of the company’s employees.
The following paragraphs summarise how the Directors fulfill their duties:
The Company, through its investment is exposed to diverse risks, and as such considers the wider global economic environment as its principal risk. The Directors, through assessing the company’s performance constantly assess this risk. Details of the Company’s principal risks are contained within the strategic report.
As the company is an investment holding entity in nature the Directors consider that its key stakeholder is Capripack Equityco Limited.
The Company maintains close relations with its shareholders due to their membership of the wider organisational group. The directors also make themselves available for meetings and interactions with key stakeholders.
The Company also recognises the importance of the stakeholders and engagement activities of its associates companies and the key management decisions of the company can be seen in it's respective financial statements. The Company has no employees other than the directors.
.............................................
Mr Kurt Beyer
Director
Date: .............................................
CAPRIPACK WAREHOUSE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 3 -
The directors present their annual report and financial statements for the Period ended 31 December 2024.
Principal activities
The principle activity of the Company during the period was that of a holding company.
Dividends paid and declared
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
Mr Kurt Beyer
(Appointed 21 November 2023)
Mr Telmo Valido
(Appointed 21 November 2023)
Mr Lukas Zeitlberger
(Appointed 21 November 2023)
Directors Indemnities
The Company has not made qualifying third party indemnity provisions for the benefit of its Directors during the year and up to the date of this report.
Political Donations and Charitable Contributions
The Company made no political and charitable donations during the financial period.
Post reporting date events
Subsequent to the reporting date, on 4 March 2025, a fellow group company closed the acquisition of a majority of shares of Aluflexpack AG by settling a purchase agreement with two majority shareholders and a successful public tender offer for the remaining publicly listed shares.
The acquisition was financed using a combination of shareholder equity and third-party debt. As of 6 March 2025, the Group owns 98.17% of the shares of Aluflexpack AG, thus meeting the threshold for a statutory squeeze-out under Swiss law. Such squeeze-out is currently undergoing.
There are no other significant subsequent events after the reporting date which could have had a material effect on the state of affairs of the Company as at 31st December 2024 that has not been adequately provided for or disclosed in the financial statements.
Further information on post reporting date events can be found on note 14.
Future developments
The main features of the Company's future developments can be found in the Strategic Report.
Auditor
On the 21 November 2024 Deloitte LLP were appointed as independent auditors of the Company. Persuant to section 487 of the Companies Act 2006, the directors have resolved that Deloitte will not be re-appointed.
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.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
CAPRIPACK WAREHOUSE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 4 -
Going concern
The Company has prepared a going concern assessment for a period of at least 12 months from the date of approval of these financial statements. Our forecasts and projections take into account reasonably possible changes in business operations and demonstrate that the Company has sufficient funds to meet its obligations as they fall due. In addition, the Company investment value of €3,443,487 is anticipated to generate future profits later in the company life cycle.
The Company recorded net current liabilities of €333,698 that are expected to be settled by downstreaming cash from other Group companies.
On 31 December 2024, the Company recorded a net asset position of €3,109,789.
Accordingly the Company has adopted the going concern basis for preparing these financial statements which the Directors consider appropriate having regard to the above considerations.
Further information on going concern can be found on note 1.3 of accounts.
On behalf of the board
Mr Kurt Beyer
Director
18 July 2025
CAPRIPACK WAREHOUSE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 5 -
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), including FRS 101 "Reduced Disclosure Framework". 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;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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.
CAPRIPACK WAREHOUSE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPRIPACK WAREHOUSE LIMITED
- 6 -
Report on the audit of financial statements
Opinion
In our opinion the financial statements of Capripack Warehouse Limited (the ‘company’):
give a true and fair view of the state of the company’s affairs as at 31 December 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 101 “Reduced Disclosure Framework”; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise:
the income statement;
the statement of financial position;
the statement of changes in equity; and
the related notes 1 to 15.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).
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 Financial Reporting Council’s (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.
CAPRIPACK WAREHOUSE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPRIPACK WAREHOUSE LIMITED (CONTINUED)
- 7 -
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.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Extent to which 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act and tax legislation.
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
enquiring of management concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and
reading minutes of meetings of those charged with governance
CAPRIPACK WAREHOUSE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CAPRIPACK WAREHOUSE LIMITED (CONTINUED)
- 8 -
Report on other legal and regulatory requirements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial period 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.
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 any material misstatements in the strategic report or the directors’ report.
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report in respect of the following matters 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.
We have nothing to report in respect of these matters.
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.
Christopher Machell FCA (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Cambridge, United Kingdom
18 June 2025
CAPRIPACK WAREHOUSE LIMITED
INCOME STATEMENT
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 9 -
Period from
21 November 2023 -
31 December
2024
Notes
€
Administrative expenses
(18,632)
Operating loss
(18,632)
Finance income - interest income
7
2,421
Finance costs
8
(126,500)
Loss before taxation
(142,711)
Tax on loss
Loss for the financial period
(142,711)
There were no components of 'other comprehensive income' which are required to be separately disclosed during the current period. The results are from continuing operations.
The notes on pages 12 to 19 form part of these financial statements.
CAPRIPACK WAREHOUSE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
Notes
€
€
Non-current assets
Investments in associates
9
3,443,487
Current assets
Cash and cash equivalents
126,729
Current liabilities
Amounts owed to group undertakings
11
(460,428)
Net current liabilities
(333,698)
Net assets
3,109,789
Equity
Share capital
12
32,525
Share premium account
13
3,219,975
Accumulated deficit
(142,711)
Equity attributable to owners of the Company
3,109,789
The notes on pages 12 to 19 form part of these financial statements.
The financial statements were approved by the board of directors and authorised for issue on ......................... and are signed on its behalf by:
..............................................
Mr Kurt Beyer
Director
CAPRIPACK WAREHOUSE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium
Accumulated deficit
Total
Notes
€
€
€
€
Balance at 21 November 2023
-
-
-
-
Period ended 31 December 2024:
Issue of share capital
12,13
32,525
3,219,975
-
3,252,500
Loss and total comprehensive income
-
-
(142,711)
(142,711)
Balance at 31 December 2024
32,525
3,219,975
(142,711)
3,109,789
The notes on pages 12 to 19 form part of these financial statements.
CAPRIPACK WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information
Capripack Warehouse Limited (the Company) is a private company limited by shares incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Second Floor Cleveland House, 33, King Street, London, United Kingdom, SW1Y 6RJ. The Company's principal activities and nature of its operations are disclosed in the directors' report page 3.
The financial statements are prepared in euros, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €.
1.1
Reporting period
The Company's financial year starts 1 January and ends 31 December except for this reporting period. The reporting period is for 13 months which started from the date of incorporation i.e. 21 November 2023 until 31 December 2024.
1.2
Accounting convention
The Company meets the definition of a qualifying entity under FRS 100 'Application of Financial Reporting Requirements' issued by the FRC. Accordingly these financial statements were prepared in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'.
These financial statements are separate financial statements. The Company is exempt from the preparation and delivery of consolidated financial statements, because it is included in the group accounts of Capripack EquityCo Limited. The group accounts of Capripack EquityCo Limited are available to the public and can be obtained as set out in note 15.
The financial statements have been prepared under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for the goods and services.
As permitted by FRS 101, the Company has taken advantage of the following disclosure exemptions from the requirements of IFRS:
inclusion of an explicit and unreserved statement of compliance with IFRS;
presentation of a statement of cash flows and related notes;
disclosure of the objectives, policies and processes for managing capital;
disclosure of key management personnel compensation;
disclosure of the categories of financial instrument and the nature and extent of risks arising on these financial instruments;
the effect of financial instruments on the statement of comprehensive income;
disclosure of the future impact of new International Financial Reporting Standards in issue but not yet effective at the reporting date;
a reconciliation of the number and weighted average exercise prices of share options, how the fair value of share-based payments was determined and their effect on profit or loss and the financial position;
comparative narrative information;
This information is included in the consolidated financial statements of Capripack EquityCo Limited as at 31
December 2024 and these financial statements may be obtained as set out in note 15.
CAPRIPACK WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.3
Going concern
The Company has prepared a going concern assessment for a period of at least 12 months from the date of approval of these financial statements. Our forecasts and projections take into account reasonably possible changes in business operations and demonstrate that the Company has sufficient funds to meet its obligations as they fall duetrue. In addition, the Company investment value of €3,443,487 is anticipated to generate future profits later in the company life cycle.
The Company recorded net current liabilities of €333,698 that are expected to be settled by downstreaming cash from other Group companies.
On 31 December 2024, the Company recorded a net asset position of €3,109,789.
Accordingly the Company has adopted the going concern basis for preparing these financial statements which the Directors consider appropriate having regard to the above considerations.
1.4
Investments in subsidiaries
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Investments in subsidiaries are accounted for at cost less, where appropriate, provisions for impairment.
1.5
Cash and cash equivalents
Cash and cash equivalents 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.
1.6
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Impairment of financial assets
Financial assets carried at amortised cost are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.7
Taxation
The tax expense represents the sum of current and deferred income tax expense.
CAPRIPACK WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.
1.8
Foreign exchange
Transactions in currencies other than euros 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.
1.9
Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.
Interest income is recognised in profit or loss and is included in the ‘finance income – interest income’ line item.
CAPRIPACK WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 15 -
2
Adoption of new and revised standards and changes in accounting policies
The following new standards and amendments are effective for the period beginning 1 January 2023:
IFRS 17 Insurance contracts
Disclosure of Accounting policies (Amendments to IAS 1 Presentation of financial statements and IFRS Practice statement 2 Making materiality judgements)
Definition of Accounting estimates (Amendments to IAS 8 Accounting policies, Changes in accounting estimates and Errors)
Deferred tax related to Assets and Liabilities arising from a single transaction (Amendments to IAS 12 Income taxes)
International Tax reform – Pillar 2 Model rules (Amendment to IAS 12 Income taxes).
None of these amendments had any impact on the Company.
3
Critical accounting 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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
It is the view of the directors that there are no critical judgements in applying the Company's accounting
policies or key sources of estimation uncertainty.
4
Loss for the period
The loss for the period of €142,711 represents the difference between total income and total expenses for the reporting period, resulting in a net loss for the period. A breakdown of the expenses can be seen below:
2024
€
5
Employees
The Company has no employees other than the directors, who did not receive any remuneration.
CAPRIPACK WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 16 -
6
Auditor's remuneration
2024
Fees payable to the company's auditor and associates:
€
For audit services
Audit of the financial statements of the company
9,973
The fees payable to the company's auditor and associates were for audit services, there has been no non-audit services during the period. The audit fees have been borne by another group entity.
7
Finance income - interest income
2024
€
Interest on bank deposits
2,421
8
Finance costs
2024
€
Interest on loans
126,500
The interest on loan is relates to a loan that was fully repaid during the year.
9
Investments
2024
€
Investments in associates
3,443,487
3,443,487
During the year the Company acted as a vehicle for a management incentive plan in which investments with value of €17,586,013 where purchased and €15,586,013 sold to management. Later in the year the company repurchased investments valued at €1,443,487. At 31 December 2024 investments stood at €3,443,487.
CAPRIPACK WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
9
Investments
(Continued)
- 17 -
Movements in non-current investments
Shares in associates
€
Cost
At 21 November 2023
-
Additions
17,586,013
Repurchase of investment
1,443,487
Disposals
(15,586,013)
At 31 December 2024
3,443,487
Carrying amount
At 31 December 2024
3,443,487
The list of associates can be found in note 10.
10
Associates
Details of the company's associates at 31 December 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Capripack Co-Invest zwei GmbH & Co.KG
1
Ordinary
19.77
Capripack Co-Invest eins GmbH & Co.KG
1
Ordinary
29.75
Registered office addresses:
1 Schubertring 6 1010 Wien, Austria
11
Amounts due to group undertakings
2024
€
Amounts due to group undertakings
460,427
Amounts due to group undertakings are interest free and repayable in full on demand.
CAPRIPACK WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 18 -
12
Share capital
2024
2024
Ordinary share capital
Number
€
Authorised
of € 0.01
3,252,499
32,525
Issued and fully paid
At 21 November 2023, 1 ordinary share of € 0.01 each, total consideration of 0.01
1
0.01
At 2 January 2024, 2,899,99 ordinary shares of € 0.01 each, total consideration of 2,899,999.99
2,899,999
28,999.99
At 27 March 2024, 352,499 ordinary shares of € 0.01 each, total consideration of 352,499.80
352,499
3,524.99
3,252,499
32,524.99
The Company has one class of ordinary shares which carry no right to fixed income.
The Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.
13
Share premium account
2024
€
At the beginning of the Period
-
Issue of new shares
3,219,975
At the end of the Period
3,219,975
14
Events after the reporting date
Subsequent to the reporting date, on 4 March 2025, a fellow group company closed the acquisition of a majority of shares of Aluflexpack AG by settling a purchase agreement with two majority shareholders and a successful public tender offer for the remaining publicly listed shares.
The acquisition was financed using a combination of shareholder equity and third-party debt. As of 6 March 2025, the Group owns 98.17% of the shares of Aluflexpack AG, thus meeting the threshold for a statutory squeeze-out under Swiss law. Such squeeze-out is currently undergoing.
There are no other significant subsequent events after the reporting date which could have had a material effect on the state of affairs of the Company as at 31st December 2024 that has not been adequately provided for or disclosed in the financial statements.
CAPRIPACK WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2024
- 19 -
15
Controlling party
The immediate parent undertaking is Capripack Equityco Limited, a company established under the laws of England and Wales. .
The ultimate parent and controlling party is Capripack Investor Holdings GP, LLC a limited liability company incorporated in the Cayman Islands with its registered office at Walkers Corporate Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9008, Cayman Islands.
The largest and smallest group in which these results are consolidated is Capripack EquityCo Limited and its principal place of business and registered office is at 33, King Street, London, United Kingdom, SW1Y 6RJ. Copies of the consolidated financial statements of Capripack EquityCo Limited can be obtained from its registered office.
2024-12-312023-11-21Mr Kurt BeyerMr Telmo ValidoMr Lukas ZeitlbergerCSC CLS (UK) LimitedfalseCCH SoftwareiXBRL Review & Tag 2022.22025-06-182025-06-180153004192023-11-212024-12-3115300419bus:Director12023-11-212024-12-3115300419bus:Director22023-11-212024-12-3115300419bus:Director32023-11-212024-12-3115300419bus:CompanySecretary12023-11-212024-12-3115300419bus:RegisteredOffice2023-11-212024-12-31153004192024-12-3115300419core:ContinuingOperations2023-11-212024-12-3115300419core:RetainedEarningsAccumulatedLosses2023-11-212024-12-3115300419core:ShareCapital2024-12-3115300419core:SharePremium2024-12-3115300419core:RetainedEarningsAccumulatedLosses2024-12-3115300419core:Non-currentFinancialInstruments2024-12-3115300419bus:PrivateLimitedCompanyLtd2023-11-212024-12-3115300419bus:FRS1012023-11-212024-12-3115300419bus:Audited2023-11-212024-12-3115300419bus:FullAccounts2023-11-212024-12-31xbrli:purexbrli:sharesiso4217:GBP