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Registered number: NI691427









HUB PACKAGING HOLDINGS LTD









ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
HUB PACKAGING HOLDINGS LTD
 
 
COMPANY INFORMATION


Directors
Mr B Crozier 
Mr J Coldrick 
Mr R Brennan 




Company secretary
Mr M Lyons



Registered number
NI691427



Registered office
11 Newry Road
Rathfriland

Newry

Co Down

BT34 5AL




Independent auditors
AAB Group Accountants Limited
Chartered Accountants & & Statutory Auditors

Dromalane Mill

The Quays

Newry

Co. Down

BT35 8QS




Bankers
AIB
42-44 Hill Street

Newry

Co. Down

BT34 1AU





Bank of Scotland PLC

PO Box 17235

Edinburgh

United Kingdom

EH11 1YH




Solicitors
Patrick J. Cole Solicitor
12 Duke Street

Warrenpoint

Co. Down

BT34 3JY





 
HUB PACKAGING HOLDINGS LTD
 

CONTENTS



Page
Group strategic report
 
 
1 - 2
Directors' report
 
 
3
Directors' responsibilities statement
 
 
4
Independent auditors' report
 
 
5 - 8
Consolidated statement of comprehensive income
 
 
9
Consolidated balance sheet
 
 
10
Company balance sheet
 
 
11
Consolidated statement of changes in equity
 
 
12
Company statement of changes in equity
 
 
13
Consolidated statement of cash flows
 
 
14 - 15
Notes to the financial statements
 
 
16 - 37


 
HUB PACKAGING HOLDINGS LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Business review
 
The principal activities of the group are supplying industrial packaging and consumable products throughout the whole of Ireland.
In recent years there has been significant investment within IT, Infrastructure & staffing to improve efficiencies, remain competitive and improve turnover. 

Principal risks and uncertainties
 
The group is reliant on a core customer base.  Accordingly, it is important that customer credit is controlled and that payments are received within agreed terms.  In addition, the group operates in a global environment where selling prices and costs of materials are subject to currency fluctuations.  Production efficiency is critical to remaining globally competitive.  The re-emergence of inflationary pressures requires the group to retain a dynamic overview of costs and selling prices.
The Board continues to believe that in the medium and long-term prospects for the business are strong.

Financial key performance indicators
 
The group continued to trade strongly, with an increase in turnover of £2.4m with signs that this should continue to grow in 2025.  The group has remained in a strong financial position.      
The group operates in a competitive market.  The directors consider the ongoing financial performance of the business to be satisfactory when the current market conditions are considered.

The groups's key performance indicators are as follows;
                                                                         2024         2023                     
Gross profit %                                 32.1%        30.6%                        
Profit before taxation%            14%        149%                    
Net assets                     £5.87m      £5.48m           

Page 1

 
HUB PACKAGING HOLDINGS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Other key performance indicators
 
Environment Social and Governance
The Hub Packaging Group has made further encouraging progress towards its ESG agenda. The business is Carbon Neutral and we seek to minimise our impact on the environment by adopting eco-friendly practices at every juncture. We have optimised resource usage and have invested in renewable energy sources such as solar panels and the programme to electrify our company vehicles. 
We work tirelessly to help customers on their own sustainability journey and are engaged daily in introducing sustainable plastic and paper products to reduce their carbon footprint. 
We are proud to be ISO9001, ISO14001 and ISO45001 accredited.
Health and Safety
The group continues to be committed to achieving the highest practical standards in health and safety management and strives to make all sites and offices safe environments for employees.   
People
The number of employees is monitored and managed in line with customer requirements. Retention of key staff is critical and the group has invested in employment training and development.  Hub Packaging Holdings  Limited Group is an equal opportunities employer.
Employee experience and satisfaction in the workplace is very important to us.  Operating our business in a non-discriminatory manner that focuses on the fair treatment and respect for each other is a core value and underpins our interactions with our employees, customers and suppliers.
Our employees continue to demonstrate commitment to the needs of our customers and the challenges of the current environment and the directors are appreciative of their continued support. 


This report was approved by the board and signed on its behalf.



Mr J Coldrick
Director

Date: 18 July 2025

Page 2

 
HUB PACKAGING HOLDINGS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Principal activity

The principal activities of the group are supplying industrial packaging and consumable products throughout the whole of Ireland.
In recent years there has been significant investment within IT, Infrastructure & staffing to improve efficiencies, remain competitive and improve turnover.  

Results and dividends

The profit for the year, after taxation, amounted to £2,069,343 (2023 - £1,659,929).

Ordinary dividends were paid amounting to £1,693,854  (2023 - £816,950). The directors do not recommend payment of a further dividend.

Directors

The directors who served during the year and up to the date of signing were:

Mr B Crozier 
Mr J Coldrick 
Mr R Brennan 

Branches outside the United Kingdom

The group  operates a branch within the Republic of Ireland.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

The auditorsAAB Group Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

AAB Group Accountants Limited were previously named FPM Accountants Limited

This report was approved by the board on 18 July 2025 and signed on its behalf.
 





Mr J Coldrick
Director
Mr R Brennan
Director

Page 3

 
HUB PACKAGING HOLDINGS LTD
 
 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements 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;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 4

 
HUB PACKAGING HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUB PACKAGING HOLDINGS LTD
 

Opinion


We have audited the financial statements of Hub Packaging Holdings Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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.


Page 5

 
HUB PACKAGING HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUB PACKAGING HOLDINGS LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 6

 
HUB PACKAGING HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUB PACKAGING HOLDINGS LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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 Group 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management.
Our procedures to respond to those risks identified included, but were not limited to:
•Identifying and assessing the design of key controls implemented by management to prevent and detect fraud;
•Enquiry of management and those charged with governance;
•Performance of analytical procedures to identify unusual relationships which may indicate a risk of fraud or an
irregularity;
•Assessment of the reasonableness of judgements made by management in accounting estimates.
The inherent limitations of an audit mean that there will always be a risk that irregularities will go undetected,
including those which may ultimately lead to a material misstatement. This risk is considered greater where an
irregularity results from fraud including misrepresentation, collusion, and forgery


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


Page 7

 
HUB PACKAGING HOLDINGS LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HUB PACKAGING HOLDINGS LTD (CONTINUED)


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 2006Our 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 Auditors' 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.





Deborah Mullen (Senior statutory auditor)
  
for and on behalf of
AAB Group Accountants Limited
 
Chartered Accountants
& Statutory Auditors
  
Dromalane Mill
The Quays
Newry
Co. Down
BT35 8QS

18 July 2025
Page 8

 
HUB PACKAGING HOLDINGS LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
18,072,647
15,693,309

Cost of sales
  
(12,273,661)
(10,891,166)

Gross profit
  
5,798,986
4,802,143

Administrative expenses
  
(3,396,288)
(2,620,546)

Operating profit
 5 
2,402,698
2,181,597

Interest receivable and similar income
 9 
57,030
21,617

Interest payable and similar expenses
 10 
(625)
(9,304)

Profit before taxation
  
2,459,103
2,193,910

Tax on profit
 11 
(389,760)
(533,981)

Profit for the financial year
  
2,069,343
1,659,929

Profit for the year attributable to:
  

Owners of the parent Company
  
2,069,343
1,659,929

  
2,069,343
1,659,929

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 37 form part of these financial statements.

Page 9

 
HUB PACKAGING HOLDINGS LTD
REGISTERED NUMBER: NI691427

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
25,034
29,112

Tangible assets
 14 
347,772
341,356

  
372,806
370,468

Current assets
  

Stocks
 16 
1,709,103
1,592,126

Debtors: amounts falling due within one year
 17 
3,346,841
3,212,882

Cash at bank and in hand
 18 
2,525,754
2,704,965

  
7,581,698
7,509,973

Creditors: amounts falling due within one year
 19 
(2,041,225)
(2,345,208)

Net current assets
  
 
 
5,540,473
 
 
5,164,765

Total assets less current liabilities
  
5,913,279
5,535,233

Creditors: amounts falling due after more than one year
 20 
-
(9,848)

Provisions for liabilities
  

Deferred tax
 22 
(40,599)
(28,194)

  
 
 
(40,599)
 
 
(28,194)

Net assets
  
5,872,680
5,497,191


Capital and reserves
  

Called up share capital 
 23 
153
153

Share premium account
  
135,320
135,320

Profit and loss account
  
5,737,207
5,361,718

  
5,872,680
5,497,191


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 July 2025.




Mr R Brennan
Mr J Coldrick
Director
Director

The notes on pages 16 to 37 form part of these financial statements.

Page 10

 
HUB PACKAGING HOLDINGS LTD
REGISTERED NUMBER: NI691427

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
253
253

  
253
253

Current assets
  

Cash at bank and in hand
 18 
930,027
893,361

  
930,027
893,361

Creditors: amounts falling due within one year
  
(74,436)
(2,059)

Net current assets
  
 
 
855,591
 
 
891,302

Total assets less current liabilities
  
855,844
891,555

  

  

Net assets excluding pension asset
  
855,844
891,555

Net assets
  
855,844
891,555


Capital and reserves
  

Called up share capital 
 23 
153
153

Profit and loss account brought forward
  
891,402
-

Profit for the year
  
1,658,143
1,708,352

Other changes in the profit and loss account

  

(1,693,854)
(816,950)

Profit and loss account carried forward
  
855,691
891,402

  
855,844
891,555


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 July 2025.


Mr R Brennan
Mr J Coldrick
Director
Director

The notes on pages 16 to 37 form part of these financial statements.

Page 11

 
HUB PACKAGING HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
153
135,320
4,518,739
4,654,212



Profit for the year
-
-
1,659,929
1,659,929

Dividends: Equity capital
-
-
(816,950)
(816,950)



At 1 January 2024
153
135,320
5,361,718
5,497,191



Profit for the year
-
-
2,069,343
2,069,343

Dividends: Equity capital
-
-
(1,693,854)
(1,693,854)


At 31 December 2024
153
135,320
5,737,207
5,872,680


The notes on pages 16 to 37 form part of these financial statements.

Page 12

 
HUB PACKAGING HOLDINGS LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£



Profit for the year
-
1,708,352
1,708,352

Dividends: Equity capital
-
(816,950)
(816,950)

Shares issued during the year
153
-
153



At 1 January 2024
153
891,402
891,555



Profit for the year
-
1,658,143
1,658,143

Dividends: Equity capital
-
(1,693,854)
(1,693,854)


At 31 December 2024
153
855,691
855,844


The notes on pages 16 to 37 form part of these financial statements.

Page 13

 
HUB PACKAGING HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,069,343
1,659,929

Adjustments for:

Amortisation of intangible assets
9,778
11,400

Depreciation of tangible assets
81,505
78,579

Loss on disposal of tangible assets
(16,032)
(11,777)

Interest paid
-
6,974

Interest received
(57,030)
(21,617)

Taxation charge
389,760
533,981

(Increase)/decrease in stocks
(116,977)
196,862

(Increase)/decrease in debtors
(133,959)
122,294

(Decrease)/increase in creditors
(180,451)
782,966

Corporation tax (paid)
(526,678)
(630,833)

Net cash generated from operating activities

1,519,259
2,728,758


Cash flows from investing activities

Purchase of intangible fixed assets
(5,700)
-

Purchase of tangible fixed assets
(126,014)
(208,386)

Sale of tangible fixed assets
54,125
63,997

Interest received
54,408
20,825

HP interest paid
-
(6,974)

Associates interest received
2,622
792

Net cash from investing activities

(20,559)
(129,746)

Cash flows from financing activities

Repayment of loans
-
(35,549)

Repayment of other loans
(24,057)
(23,462)

Repayment of/new finance leases
40,000
(58,290)

Dividends paid
(1,693,854)
(816,950)

Net cash used in financing activities
(1,677,911)
(934,251)

Net (decrease)/increase in cash and cash equivalents
(179,211)
1,664,761

Cash and cash equivalents at beginning of year
2,704,965
1,040,204

Cash and cash equivalents at the end of year
2,525,754
2,704,965


Cash and cash equivalents at the end of year comprise:
Page 14

 
HUB PACKAGING HOLDINGS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£


Cash at bank and in hand
2,525,754
2,704,965

2,525,754
2,704,965


The notes on pages 16 to 37 form part of these financial statements.

Page 15

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Hub Packaging Holdings Limited ("the company") is a private company limited by shares incorporated in Northern Ireland. The registered office is 11 Newry Road, Rathfriland, Newry, Co. Down, Northern Ireland, BT34 5AL.
The group consists of Hub Packaging Holdings Limited and all of its subsidiaries.
The subsidiary companies included in the financial statements are Hub Packaging Limited and Hub Fulfilment Limited.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

  
2.2

Basis of Consolidation

The consolidated group financial statements consist of the financial statements of the parent company Hub Packaging Holdings Limited together with all entities controlled by the parent company (its subsidiaries). 
All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. 

 
2.3

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group  has adequate resources to continue in operational existence for the foreseeable future. Thus the the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 16

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 17

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 18

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Page 19

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Software
-
20%
Straight Line

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Straight Line Method
Plant and machinery
-
25%
Reducing Balance Method
Motor vehicles
-
25%
Reducing Balance Method
Fixtures and fittings
-
15%
Reducing Balance Method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 20

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.14

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 21

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.21

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Page 22

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate
Page 23

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

  
2.22

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.

  
2.23

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. 
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Page 24

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.24

Retirement benefits

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

  
2.25

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 financial statements 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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors 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.
Key sources of estimation uncertainty
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;
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement., future investments, economic utilisation and the physical condition of the assets.
Inventory Provision
The group considers the recoverability of the cost of the inventory and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the inventory, as well as applying assumptions around anticipated salesability of finished goods and future usage of raw materials.
Impairment of debtors
The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical debtors. 

Page 25

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales of Goods
18,072,647
15,693,309

18,072,647
15,693,309


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,605,084
7,301,623

Rest of the world
10,467,563
8,391,686

18,072,647
15,693,309



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
37,504
(68,388)

Other operating lease rentals
120,673
120,673

Depreciation of owned tangible fixed assets
81,505
75,216

Depreciation of tangible fixed assets held under finance lease
-
3,363

Profit on disposal of tangible fixed assets
(16,032)
(11,777)

Amortisation of intangible assets
9,778
11,400

Page 26

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the consolidated and parent Company's financial statements
4,750
4,525

Fees payable to the Company's auditors and their associates in respect of:

The auditing of accounts of associates of the Company
12,610
11,475


7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,961,382
1,506,521

Social security costs
160,801
100,567

Cost of defined contribution scheme
17,701
18,384

2,139,884
1,625,472


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
3
3



Distribution & Packaging
8
8



Administration & Sales
36
30

47
41

The parent company has no employees.

Page 27

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
28,440
28,440

28,440
28,440



9.


Interest receivable

2024
2023
£
£


Share of associates' interest receivable
2,622
792

Other interest receivable
54,408
20,825

57,030
21,617


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
625
2,330

Finance leases and hire purchase contracts
-
6,974

625
9,304

Page 28

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
356,365
519,928

Adjustments in respect of previous periods
20,990
-


377,355
519,928


Total current tax
377,355
519,928

Deferred tax


Origination and reversal of timing differences
12,405
14,053

Total deferred tax
12,405
14,053


389,760
533,981

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 -  25  %). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,459,103
2,193,910


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -  25  %)
614,776
548,478

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(206,686)
108,228

Capital allowances for year in excess of depreciation
(5,925)
(109,325)

Effect of overseas tax rates
-
653

Deferred Tax
(12,405)
(14,053)

Total tax charge for the year
389,760
533,981


Factors that may affect future tax charges

Page 29

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)

There are no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends Paid
1,693,854
816,950

1,693,854
816,950


13.


Intangible assets

Group and Company





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2024
43,667
160,000
203,667


Additions
5,700
-
5,700



At 31 December 2024

49,367
160,000
209,367



Amortisation


At 1 January 2024
14,555
160,000
174,555


Charge for the year on owned assets
9,778
-
9,778



At 31 December 2024

24,333
160,000
184,333



Net book value



At 31 December 2024
25,034
-
25,034



At 31 December 2023
29,112
-
29,112



There are no intangible assets in the parent company.

Page 30

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
28,560
187,096
251,888
163,542
631,086


Additions
40,574
40,199
-
45,241
126,014


Disposals
-
-
(74,102)
-
(74,102)



At 31 December 2024

69,134
227,295
177,786
208,783
682,998



Depreciation


At 1 January 2024
1,916
114,440
83,382
89,992
289,730


Charge for the year on owned assets
3,789
18,164
42,149
17,403
81,505


Disposals
-
-
(36,009)
-
(36,009)



At 31 December 2024

5,705
132,604
89,522
107,395
335,226



Net book value



At 31 December 2024
63,429
94,691
88,264
101,388
347,772



At 31 December 2023
26,644
72,656
168,506
73,550
341,356

Page 31

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
253



At 31 December 2024
253





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Holding

Hub Packaging Limited
Northern Ireland
100%
Hub Fulfilment Limited
Scotland
100%


16.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
1,709,103
1,592,126

1,709,103
1,592,126


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Finished goods and goods for resale are stated after provisions of £32,020 (2023 - £111,104).
The parent company held no stock as at 31 December 2024 (2023: Nil).

Page 32

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
3,213,257
2,954,980

Other debtors
15,099
178,324

Prepayments and accrued income
98,734
79,578

Tax recoverable
19,751
-

3,346,841
3,212,882


All trade debtors are due within one year. All trade debtors are within the group's normal terms.
Trade debtors are stated after provisions for impairment of £20,843 (2023: £9,342)
The parent company had no debtors due as at 31 December 2024 (2023: Nil).


18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,525,754
2,704,965
930,027
893,361

2,525,754
2,704,965
930,027
893,361


Page 33

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Other loans
11,027
25,236
-
-

Trade creditors
1,310,733
1,617,172
-
-

Amounts owed to group undertakings
-
-
100
100

Corporation tax
6,086
155,409
6,086
1,959

Other taxation and social security
320,657
299,424
-
-

Obligations under finance lease and hire purchase contracts
40,000
-
-
-

Other creditors
39,292
8,632
-
-

Accruals and deferred income
313,430
239,335
68,250
-

2,041,225
2,345,208
74,436
2,059


The repayment of trade creditors vary between on demand and ninety days. No interest is payable on trade creditors.


20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Other loans
-
9,848

-
9,848




Page 34

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Other loans
11,027
25,236


11,027
25,236

Amounts falling due 1-2 years

Other loans
-
9,848


-
9,848

Amounts falling due 2-5 years


11,027
35,084



22.


Deferred taxation


Group



2024


£






At beginning of year
(28,194)


Charged to profit or loss
(12,405)



At end of year
(40,599)

Page 35

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
22.Deferred taxation (continued)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(40,599)
(28,194)

(40,599)
(28,194)


23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



21 (2023 - 21) Ordinary A Shares shares of £1.00 each
21
21
17 (2023 - 17) Ordinary B Shares shares of £1.00 each
17
17
25 (2023 - 25) Ordinary C Shares shares of £1.00 each
25
25
25 (2023 - 25) Ordinary D Shares shares of £1.00 each
25
25
20 (2023 - 20) Ordinary F Shares shares of £1.00 each
20
20
16 (2023 - 16) Ordinary G Shares shares of £1.00 each
16
16
29 (2023 - 29) Ordinary H Shares shares of £1.00 each
29
29

153

153


Page 36

 
HUB PACKAGING HOLDINGS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

24.


Related party transactions

During the year director remuneration totalled £28,440 (2023: £28,440)
During the year dividends totalling £1,693,854 ( 2023: £816,950) were declared to shareholders.
Included within Other creditors is a balance of £3,596 was owing to directors (2023: £3,596  ). This balance is unsecured, interest free and payable/repayable on demand.
Included within administration costs are amounts of £85,200 (2023: £76,800)  for the year in relation to rental expenses paid to a related party by virtue of common control. This cost is deemed to be at the market rate. The total duration of the rental agreement is two years commencing Sept 2018 and after natural expiration of the lease a new tenancy from month to month will be created.
Included within administration costs are amounts of £88,200 (2023: £41,862)  for the year in relation to consultancy expenses paid to a related party by virtue of common control. This cost is deemed to be at the market rate. 
No one outside the board is considered to be key management personnel.


25.


Controlling party

Given the diversity of the shareholding, there is no one individual deemed to have ultimate control.


26.


Auditor's liability limitation agreement

The directors, on behalf of the group have entered into a Limited Liability Agreement on 29th November 2024, with their auditors. The auditors liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with company's legislation.

Page 37