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Registered number: 01636565









CAPS CASES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

 
CAPS CASES LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
T C Bissett 
M H Bissett 
J T Bissett 
N J Drewry 
D Bowman 
D Lochhead 




COMPANY SECRETARY
N J Drewry



REGISTERED NUMBER
01636565



REGISTERED OFFICE
Studlands Park Industrial Estate

Newmarket

Suffolk

CB8 7AU




INDEPENDENT AUDITOR
Peters Elworthy & Moore
Chartered Accountants & Statutory Auditors

Salisbury House

Station Road

Cambridge

CB1 2LA





 
CAPS CASES LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 5
Independent Auditor's Report
 
6 - 9
Statement of Comprehensive Income
 
10
Balance Sheet
 
11 - 12
Statement of Changes in Equity
 
13
Notes to the Financial Statements
 
14 - 36


 
CAPS CASES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

INTRODUCTION
 
This Strategic Report provides a balanced and comprehensive review of the Company’s performance and development during the year ended 31 October 2024, as well as its financial and operational position at the year end. The commentary is proportionate to the size and relatively non-complex nature of the business and has been prepared in the context of the principal risks and uncertainties that the Company faces.

BUSINESS REVIEW
 
The Company’s core activity during the year remained the manufacture of packaging materials.
Operating within a highly competitive market environment and against a backdrop of sustained inflationary pressure, the company delivered a resilient performance. Continued capital investment, prudent supply chain management, and the commitment of our workforce supported the maintenance of a reliable and efficient supply capability.
Despite these strengths, turnover for the year declined by 3%, falling to £29.6 million (2023 - £30.5 million). However, operational efficiencies enabled the business to maintain a consistent gross margin relative to the prior year.
The reduction in turnover, combined with increased wage and salary obligations (driven by statutory minimum requirements), a full-year impact of depreciation, and additional rental expenses linked to capital investments and corporate acquisitions, contributed to a decrease in operating profit margin—from 5.5% in 2023 to 2.6% in 2024.
Looking ahead to the remainder of 2024 and into 2025, although overall demand for corrugated packaging has softened slightly, the directors are confident in the company’s ability to achieve growth by adapting to evolving market demands. In particular, demand for high-quality, high-graphic packaging solutions for the e-commerce sector remains robust, despite wider economic challenges.

FINANCIAL KEY PERFORMANCE INDICATORS
 
Given the straightforward nature of the business, the directors consider that the most relevant performance indicators are those reflecting financial outcomes at a high level. These include:
Key Metric       2024                   2023
         
 £          £
Turnover  29,596,153  30,543,271
Gross Profit  11,139,009  11,482,056
Profit Before Tax       372,348              1,300,837
The directors are of the view that further breakdown or analysis using additional performance metrics is not required to understand the Company’s financial performance or position.

Page 1

 
CAPS CASES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
 
The Company operates in an environment subject to a range of risks and uncertainties, predominantly influenced by the broader UK packaging industry. Factors such as fluctuations in board prices and general macroeconomic conditions can significantly impact performance.
To manage its exposure, the Company identifies and mitigates key areas of financial risk, which include market risk, price risk, and credit risk. Measures implemented to address these risks include:
• Preparation and ongoing monitoring of profit and loss budgets and cash flow forecasts.
• Regular performance comparisons against budgeted expectations.
Credit risk, arising primarily from trade debtors, is actively managed through:
• Defined and regularly reviewed customer credit limits.
• Use of credit reports, debtor ageing profiles, and collection history.
• Maintenance of a trade credit insurance policy to further mitigate risk.
The Company also maintains strong working relationships with its primary funders. All credit facilities have been extended or renewed as required. Interest rate risk is managed by selecting borrowing terms that align with the purpose of each facility, ensuring that financing costs remain controlled and appropriate.


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



T C Bissett
Director

Date: 24 July 2025

Page 2

 
CAPS CASES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The Directors present their report and the financial statements for the year ended 31 October 2024.

PRINCIPAL ACTIVITY

The principal activity of the Company is the manufacture of paperboard containers.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £595,879 (2023 - £627,279).

Dividends of £NIL (2023 - £NIL) were paid during the year. No final dividends have been recommended.

DIRECTORS

The Directors who served during the year were:

T C Bissett 
M H Bissett 
J T Bissett 
N J Drewry 
D Bowman (appointed 1 June 2024)
D Lochhead (appointed 1 June 2024)

DIRECTORS' RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Strategic Report, the Directors' 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 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 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 
CAPS CASES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

FUTURE DEVELOPMENTS

The Company remains committed to maintaining an efficient and technologically advanced manufacturing process. In anticipation of sustained competitive pressures, we will continue to focus on the production of high-quality, specialist bespoke products and world-class print solutions.
As part of our customer-focused approach, we will actively support clients in identifying opportunities to reduce packaging costs. This will be achieved through innovative design improvements and packaging rationalisation initiatives, helping to mitigate the inflationary challenges currently facing the UK packaging sector.
Looking ahead, we expect continued robust demand for corrugated packaging, which is increasingly recognised as a sustainable and environmentally responsible (“Green”) solution.

RESEARCH AND DEVELOPMENT ACTIVITIES

During the year the Company continued to invest in research and development (R&D). Our R&D activities primarily centred on developing next-generation products that meet evolving customer demands in terms of performance, efficient and sustainability. The directors recognise the importance of R&D in driving the company’s future growth and differentiation in the marketplace. 

DISCLOSURE OF INFORMATION TO AUDITOR

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's auditor is 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's auditor is aware of that information.

POST BALANCE SHEET EVENTS

Subsequent to the financial year end, on 1 November 2024, the Company undertook a group restructuring whereby the trade and assets of two group companies, UK Corr Limited and Reliant Packaging Limited, were transferred to the Company by way of a hive-up arrangement.
The hive-up was effected through the transfer of all operational assets and liabilities. The group companies ceased trading following the transfer and are expected to be formally dissolved in due course.

AUDITOR

Peters Elworthy & Moore were appointed auditor in March 2025. 

The auditor, Peters Elworthy & Moorewill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 4

 
CAPS CASES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

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





T C Bissett
Director

Date: 24 July 2025

Page 5

 
CAPS CASES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED
 

OPINION


We have audited the financial statements of Caps Cases Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 Company's affairs as at 31 October 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 6

 
CAPS CASES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED (CONTINUED)


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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


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


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 7

 
CAPS CASES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED (CONTINUED)


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.


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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the Responsible Individual ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we: 

tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
tested significant transactions, in particular the evaluation of the business rationale for any which appeared unusual or outside the Company’s normal course of business. 
Page 8

 
CAPS CASES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CAPS CASES LIMITED (CONTINUED)


AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS (CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

agreeing financial statement disclosures to underlying supporting documentation; and
enquiring of management as to actual and potential litigation and claims. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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 Auditor's Report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 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 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.





Thomas Hamilton (Senior Statutory Auditor)
  
for and on behalf of
Peters Elworthy & Moore
 
Chartered Accountants
Statutory Auditors
  
Salisbury House
Station Road
Cambridge
CB1 2LA

 
Date: 
24 July 2025
Page 9

 
CAPS CASES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

Turnover
 4 
29,596,153
30,543,271

Cost of sales
  
(18,457,144)
(19,061,215)

GROSS PROFIT
  
11,139,009
11,482,056

Distribution costs
  
(1,942,718)
(1,767,157)

Administrative expenses
  
(8,475,864)
(8,048,835)

Exceptional items
 12 
41,342
-

OPERATING PROFIT
 5 
761,769
1,666,064

Interest receivable and similar income
 9 
-
5,453

Interest payable and similar expenses
 10 
(389,421)
(370,680)

PROFIT BEFORE TAX
  
372,348
1,300,837

Tax on profit
 11 
223,531
(673,558)

PROFIT FOR THE FINANCIAL YEAR
  
595,879
627,279

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

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

The notes on pages 14 to 36 form part of these financial statements.

Page 10

 
CAPS CASES LIMITED
REGISTERED NUMBER: 01636565

BALANCE SHEET
AS AT 31 OCTOBER 2024

As restated (see note 26)
2024
2023
Note
£
£

FIXED ASSETS
  

Intangible assets
 13 
974,601
846,658

Tangible assets
 14 
7,885,458
8,335,606

Investments
 15 
208,867
770,905

  
9,068,926
9,953,169

CURRENT ASSETS
  

Stocks
 16 
635,517
578,563

Debtors: amounts falling due within one year
 17 
14,082,371
11,885,228

Cash at bank and in hand
 18 
193,449
522,073

  
14,911,337
12,985,864

Creditors: amounts falling due within one year
 19 
(11,030,428)
(10,206,203)

NET CURRENT ASSETS
  
 
 
3,880,909
 
 
2,779,661

TOTAL ASSETS LESS CURRENT LIABILITIES
  
12,949,835
12,732,830

Creditors: amounts falling due after more than one year
 20 
(1,757,480)
(2,056,340)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 23 
(1,832,153)
(1,912,167)

  
 
 
(1,832,153)
 
 
(1,912,167)

NET ASSETS
  
9,360,202
8,764,323


CAPITAL AND RESERVES
  

Called up share capital 
 24 
6,000
6,000

Profit and loss account
 25 
9,354,202
8,758,323

  
9,360,202
8,764,323


Page 11

 
CAPS CASES LIMITED
REGISTERED NUMBER: 01636565
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




T C Bissett
Director

Date: 24 July 2025

The notes on pages 14 to 36 form part of these financial statements.

Page 12

 
CAPS CASES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


AT 1 NOVEMBER 2022
6,000
8,131,044
8,137,044



Profit for the year
-
627,279
627,279



AT 1 NOVEMBER 2023
6,000
8,758,323
8,764,323



Profit for the year
-
595,879
595,879


AT 31 OCTOBER 2024
6,000
9,354,202
9,360,202


The notes on pages 14 to 36 form part of these financial statements.

Page 13

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


GENERAL INFORMATION

Caps Cases Limited (the 'Company') is a private company limited by shares and incorporated in England and Wales. Its registered office and principal trading address is Studland Park Industrial Estate, Newmarket, Suffolk, CB8 7AU.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of CATMJ Limited as at 31 October 2024 and these financial statements may be obtained from Companies House.

 
2.3

EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 14

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes that the Company will have adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the date of approval of these financial statements.
In making their assessment, the Directors have reviewed the latest available financial information at the date of signing, including trading forecasts for the remainder of the financial year and the period beyond. The Company meets its day to day working capital requirements using cash reserves and bank borrowings for capital purchases. Business performance is reviewed monthly and the Directors acknowledge the ongoing turbulent global economic environment. 
However, having considered the adequacy of the Company's financial position at the time of approving the financial statements, noting the level of cash held, the cost base of the Company, the sales pipeline and approved budgets, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. On the basis of their review they are therefore satisfied that it is appropriate to prepare the financial statements on the going concern basis.

 
2.5

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.

Page 15

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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.

 
2.7

OPERATING LEASES: THE COMPANY 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.

 
2.8

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

  
2.9

RESEARCH AND DEVELOPMENT

Research and development expenditure is written off as incurred.

 
2.10

INTEREST INCOME

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

 
2.11

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 16

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

BORROWING COSTS

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

 
2.13

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 other creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.


 
2.15

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 17

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.16

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 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 Statement of Comprehensive Income over its useful economic life of 10 years.

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. The estimated useful life of other intangible assets is two years.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

 
2.17

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a range of methods as set out below.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20% straight line
Plant and machinery
-
7.7% - 20% straight line or 15% - 33% reducing balance
Motor vehicles
-
25% straight line or 25% reducing balance
Fixtures and fittings
-
25% straight line or 15% reducing balance

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 18

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.18

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.19

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 first in, first out 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.

 
2.20

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.

 
2.21

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.

 
2.22

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.

 
2.23

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.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 19

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.24

FINANCIAL INSTRUMENTS

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

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

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

Basic financial assets, which include 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 Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

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 Company after the deduction of all its liabilities.

Page 20

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.24
FINANCIAL INSTRUMENTS (CONTINUED)

Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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 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.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company 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 Company 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 Company's contractual obligations expire or are discharged or cancelled.

 
2.25

DIVIDENDS

Equity dividends are recognised when they become legally payable.

Page 21

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of the financial statements requires management to make significant judgements and estimates. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
Depreciation and useful economic life of tangible fixed assets
The determination of the useful economic lives and residual values of tangible fixed assets is a key area of judgement. Management reviews the expected useful lives of assets at each reporting date, taking into account factors such as the expected usage of the asset, physical wear and tear, technical or commercial obsolescence, and legal or similar limits on the use of the asset.
Changes in these estimates could significantly affect the carrying amount of tangible fixed assets and the depreciation charge for the year. Where there is a change in the estimated useful life of an asset, the depreciation charge is adjusted prospectively.
These estimates are based on historical experience and industry practice, and are reviewed regularly to ensure they remain appropriate.
Amortisation and useful economic life of goodwill
The Company determines the useful economic life of goodwill arising on business combinations based on management’s judgement of the period over which the acquired business is expected to generate economic benefits. This assessment considers factors such as the nature of the business, the stability of the industry, expected future cash flows, and the anticipated duration of customer relationships.
The Company has determined a useful economic life of 10 years for goodwill recognised in the financial statements, based on the expected longevity of the acquired business’s operations and synergies. This estimate is reviewed annually and revised if there are indicators that the useful life has changed. Changes in the estimated useful life could have a material impact on the amortisation charge and the carrying amount of goodwill.
Carrying value of investments in subsidiaries
The Company assesses the carrying value of investments in subsidiaries at each reporting date to determine whether there is any indication of impairment. This assessment requires significant judgement, particularly in evaluating the future performance and financial position of the subsidiaries.
Indicators of impairment may include recurring operating losses, deteriorating market conditions, or adverse changes in the economic environment. Where such indicators exist, the Company estimates the recoverable amount of the investment, which is the higher of fair value less costs to sell and value in use. This involves forecasting future cash flows and selecting appropriate discount rates, both of which require judgement and estimation.
Changes in these assumptions could lead to material adjustments to the carrying value of the investments. 

Page 22

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

4.


TURNOVER

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


2024
2023
£
£

Sale of goods
29,596,153
30,543,271


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
29,332,810
30,208,068

Rest of Europe
263,343
335,203

29,596,153
30,543,271



5.


OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024
2023
£
£

Exchange differences
3,078
4,908

Other operating lease rentals
933,784
782,282

Depreciation of tangible fixed assets
1,168,849
1,002,640

Amortisation of intangible fixed assets
241,548
196,686

Profit on disposal of tangible fixed assets
(50,254)
(50,262)

Impairment of trade debtors
30,817
67,527

Impairment of stock
(56,952)
188,285


6.


AUDITOR'S REMUNERATION

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
27,500
25,000

Page 23

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


EMPLOYEES

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


2024
2023
£
£

Wages and salaries
7,097,188
7,066,515

Social security costs
661,893
647,284

Cost of defined contribution scheme
130,891
144,043

7,889,972
7,857,842


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


        2024
        2023
            No.
            No.







Production staff
194
213



Administrative staff
28
23



Sales staff
6
6

228
242


8.


DIRECTORS' REMUNERATION

2024
2023
£
£

Directors' emoluments
148,407
100,902

Company contributions to defined contribution pension schemes
2,422
1,321

150,829
102,223


During the year retirement benefits were accruing to 3 Directors (2023 - 1) in respect of defined contribution pension schemes.


9.


INTEREST RECEIVABLE

2024
2023
£
£


Other interest receivable
-
5,453

Page 24

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank loan interest payable
3,569
6,709

Other interest payable
28,059
14,440

Interest payable on factored debts
231,873
184,305

Finance leases and hire purchase contracts
125,920
165,226

389,421
370,680


11.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
63,090
-

Adjustments in respect of prior periods
(206,607)
4,275

TOTAL CURRENT TAX
(143,517)
4,275

DEFERRED TAX


Origination and reversal of timing differences
(80,014)
669,283

TOTAL DEFERRED TAX
(80,014)
669,283


TAX ON PROFIT
(223,531)
673,558
Page 25

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
 
11.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25.00% (2023 - 22.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
372,348
1,300,837


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023 - 22.52%)
93,087
292,920

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
105,232
662

Capital allowances for year in excess of depreciation
81,386
18,988

Non-taxable write back of intercompany loans
(110,689)
-

Research and development claim non-taxable income
(206,606)
-

Other permanent differences
-
944

Other tax adjustments, reliefs and transfers
-
(22,118)

Movement in deferred tax not recognised
(185,941)
87,607

Adjustment of tax charge in respect of previous periods
-
4,275

Group relief
-
232,527

Remeasurement of deferred tax for changes in tax rates
-
57,753

TOTAL TAX CHARGE FOR THE YEAR
(223,531)
673,558


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.


12.


EXCEPTIONAL ITEMS

2024
2023
£
£


Impairment of investment in subsidiary
401,414
-

Write back of intercompany loan
(442,756)
-

(41,342)
-

Page 26

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


INTANGIBLE ASSETS




Other intangible assets
Goodwill
Total

£
£
£



COST


At 1 November 2023
685,000
872,094
1,557,094


Additions
-
369,491
369,491


Disposals
(685,000)
-
(685,000)



At 31 October 2024

-
1,241,585
1,241,585



AMORTISATION


At 1 November 2023
685,000
25,436
710,436


Charge for the year on owned assets
-
241,548
241,548


On disposals
(685,000)
-
(685,000)



At 31 October 2024

-
266,984
266,984



NET BOOK VALUE



At 31 October 2024
-
974,601
974,601



At 31 October 2023
-
846,658
846,658

Goodwill arose from the hive up of trade and assets from two group companies in April 2023. 



Page 27

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

14.


TANGIBLE FIXED ASSETS





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

£
£
£
£
£



COST OR VALUATION


At 1 November 2023
95,859
16,081,506
655,739
640,911
17,474,015


Additions
60,722
411,429
241,943
20,233
734,327


Disposals
(33,144)
(14,091)
(177,228)
-
(224,463)


Transfers between classes
-
10,312
-
(10,312)
-



At 31 October 2024

123,437
16,489,156
720,454
650,832
17,983,879



DEPRECIATION


At 1 November 2023
44,434
8,264,279
302,224
527,472
9,138,409


Charge for the year on owned assets
19,283
482,587
151,139
38,197
691,206


Charge for the year on financed assets
-
477,643
-
-
477,643


Disposals
(32,789)
(11,846)
(164,202)
-
(208,837)



At 31 October 2024

30,928
9,212,663
289,161
565,669
10,098,421



NET BOOK VALUE



At 31 October 2024
92,509
7,276,493
431,293
85,163
7,885,458



At 31 October 2023
51,425
7,817,227
353,515
113,439
8,335,606

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£


Plant and machinery
3,486,984
3,994,250

Page 28

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies

£



COST OR VALUATION


At 1 November 2023
770,905


Additions
208,867


Disposals
(369,491)



At 31 October 2024

610,281



IMPAIRMENT


Charge for the period
401,414



At 31 October 2024

401,414



NET BOOK VALUE



At 31 October 2024
208,867



At 31 October 2023
770,905


SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Carry on Packaging Limited
(a)
Ordinary
100%
Pos-Pack Limited
(a)
Ordinary
100%
Prior Packaging Limited
(a)
Ordinary
100%
UK Corr Limited
(a)
Ordinary
100%
Reliant Packaging Limited *
(a)
Ordinary
100%
Nene Packaging Limited *
(a)
Ordinary
100%

* investments held indirectly
(a) Caps Cases Limited, Studlands Park Industrial Estate, Newmarket, Suffolk, CB8 7AU
Subsequent to the year end Pos-Pack Limited was dissolved on 24 December 2024.

Page 29

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

16.


STOCKS

As restated (see note 26)
2024
2023
£
£

Raw materials and consumables
186,738
184,227

Work in progress (goods to be sold)
102,900
57,495

Finished goods and goods for resale
345,879
336,841

635,517
578,563


Raw materials and consumables are stated net of a provision of £14,392 (2023 - £32,918) for slow moving and obsolete stock.


17.


DEBTORS

As restated (see note 26)
2024
2023
£
£

Trade debtors excluding factored debts
232,967
156,695

Factored debts
6,987,985
6,853,663

Amounts owed by group undertakings
3,995,875
3,645,895

Other debtors
2,142,649
547,757

Prepayments and accrued income
711,828
611,052

Tax recoverable
11,067
70,166

14,082,371
11,885,228


Trade debtors are stated net of a provision of £23,356 (2023 - £124,413) for bad and doubtful debts.
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
The Company has a debt factoring arrangement under which trade debtors are factored to a third party. The arrangement is with recourse, and as such, the Company retains the significant risks and rewards associated with the trade debtors. Accordingly, these have not been derecognised and remain on the balance sheet within trade debtors. The factoring facility is secured against the related trade debtors and is subject to interest at 1.38% over the Bank of England Base Rate per annum.





Page 30

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

18.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
193,449
522,073



19.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans (see note 21)
169,427
-

Other loans (see note 21)
13,369
-

Trade creditors
4,022,099
3,326,682

Amounts owed to group undertakings
-
813,264

Corporation tax
63,090
-

Other taxation and social security
767,869
730,101

Obligations under finance lease and hire purchase contracts (see note 22)
599,919
696,626

Proceeds of factored debts
4,520,145
3,975,872

Other creditors
219,484
192,356

Accruals and deferred income
655,026
471,302

11,030,428
10,206,203


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
The Company has a debt factoring arrangement under which trade debtors are factored to a third party. The arrangement is with recourse, and as such, the Company retains the significant risks and rewards associated with the trade debtors. Accordingly, these have not been derecognised and remain on the balance sheet within trade debtors. The factoring facility is secured against the related trade debtors and is subject to interest at 1.38% over the Bank of England Base Rate base per annum.


20.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans (see note 21)
380,573
-

Other loans (see note 21)
-
13,369

Obligations under finance leases and hire purchase contracts (see note 22)
1,376,907
2,042,971

1,757,480
2,056,340


Page 31

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

21.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
169,427
-

Other loans
13,369
-


182,796
-

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
183,334
-

Other loans
-
13,369


183,334
13,369

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
197,239
-


197,239
-


563,369
13,369


Bank loans comprise a fixed rate commercial loan that accrues interest at a rate of 7.33% per annum. This loan was drawn down in October 2024 and is repayable in monthly instalments to October 2027. 
The loan is secured by a fixed charge over tangible fixed assets held by the Company. 

Page 32

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
599,918
696,626

Between 1-5 years
1,376,907
2,042,971

1,976,825
2,739,597

Obligations under finance leases and hire purchase contracts are secured over specific assets to which they relate.


23.


DEFERRED TAXATION




2024
2023


£

£



At beginning of year
1,912,167
1,242,884


(Credited)/charged to profit or loss
(80,014)
669,283



AT END OF YEAR
1,832,153
1,912,167

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
1,834,668
1,915,161

Short term timing differences
(2,515)
(2,994)

1,832,153
1,912,167


24.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



6,000 (2023 - 6,000) Ordinary shares of £1.00 each
6,000
6,000


Page 33

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

25.


RESERVES

Profit and loss account

The profit and loss account reserve represents cumulative retained profits and losses of the Company, net of dividends paid and other appropriations.


26.


PRIOR YEAR ADJUSTMENT

During the current financial year, the directors undertook a review of the classification of stock balances.  It was identified that amounts previously presented as "amounts recoverable on contracts" within debtors due within one year more appropriately meet the definition of "finished goods and goods for resale" and "work in progress (goods to be sold)" within stock, as they represent bespoke stock items that had not been dispatched at the year end. 
As a result, a prior year adjustment has been made to reclassify these balances in the comparative period. This adjustment has no impact on previously reported profit or net assets but affects the presentation of the balance sheet.
The impact of the reclassification is as follows:
 
Increase in "finished goods and goods for resale" within stock, of £336,841;
Increase in "work in progress (goods to be sold)" within stock of £57,495; and
Decrease in "amounts recoverable on contacts" within debtors due within one year of £394,336.

The comparative figures have been restated accordingly, and the notes to the financial statements reflect this reclassification.
Additionally, during the current financial year, the directors undertook a review of the classification of deposit balances. It was identified that amounts previously presented as "prepayments and accrued income" within debtors due within one year more appropriately meet the definition of "other debtors" within debtors due within one year.
As a result, a prior year adjustment has been made to reclassify these balances in the comparative period. This adjustment has no impact on previously reported profit or net assets but affects the presentation of the balance sheet.
The impact of the reclassification is as follows:
 
Increase in "other debtors" within debtors due within one year, of £487,179; and
Decrease in "prepayments and accrued income" within debtors due within one year of £487,179.

The comparative figures have been restated accordingly, and the notes to the financial statements reflect this reclassification.

Page 34

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

27.


CAPITAL COMMITMENTS


At 31 October 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
2,247,344
1,247,802


28.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £130,891 (2023 - £144,043). Contributions totalling £24,596 (2023 - £25,083) were payable to the fund at the balance sheet date and are included in other creditors.


29.


COMMITMENTS UNDER OPERATING LEASES

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
810,512
877,862

Later than 1 year and not later than 5 years
2,047,695
2,057,119

Later than 5 years
715,000
2,680

3,573,207
2,937,661


30.FINANCIAL GUARANTEES

The Company has provided a cross guarantee in respect of the bank borrowings of the immediate parent undertaking, Tradegreat Limited. As at 31 October 2024, these borrowings amounted to £1,092,346 (2023 - £1,335,966).


31.


RELATED PARTY TRANSACTIONS

Transactions with group companies
The Company has taken advantage of the exemption available under FRS 102 Section 33.1A from disclosing transactions with wholly owned subsidiaries of the same group. 
Transactions with connected companies
Included in other debtors is a loan of £1,229,936 (2023 - £27,312) to TMJB Investments Limited, a company under common control. The loan is unsecured, interest free and repayable on demand.

Page 35

 
CAPS CASES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

32.


POST BALANCE SHEET EVENTS

Subsequent to the financial year end, on 1 November 2024, the Company undertook a group restructuring whereby the trade and assets of two group companies, UK Corr Limited and Reliant Packaging Limited, were transferred to the Company by way of a hive-up arrangement.
The hive-up was effected through the transfer of all operational assets and liabilities. The group companies ceased trading following the transfer and are expected to be formally dissolved in due course.


33.


CONTROLLING PARTY

The immediate parent undertaking is Tradegreat Limited and the ultimate parent undertaking is CATMJ Limited. These companies are both incorporated in England and Wales.
The smallest group in which the results of the company are consolidated is that headed by CATMJ Limited. Copies of the consolidated financial statements can be obtained from Companies House.
The ultimate controlling party is C H Bissett and A B Bissett by virtue of their shareholdings in the ultimate parent undertaking, CATMJ Limited.

 
Page 36