Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-272024-09-272023-09-30212truetruetruetruefalsetrue215falsefalse 03627281 2023-09-30 2024-09-27 03627281 2022-10-01 2023-09-29 03627281 2024-09-27 03627281 2023-09-29 03627281 2022-10-01 03627281 c:CompanySecretary1 2023-09-30 2024-09-27 03627281 c:Director1 2023-09-30 2024-09-27 03627281 c:Director2 2023-09-30 2024-09-27 03627281 c:Director2 2024-09-27 03627281 c:Director3 2023-09-30 2024-09-27 03627281 c:Director4 2023-09-30 2024-09-27 03627281 c:Director4 2024-09-27 03627281 c:Director5 2023-09-30 2024-09-27 03627281 c:Director6 2023-09-30 2024-09-27 03627281 c:Director6 2024-09-27 03627281 c:Director7 2023-09-30 2024-09-27 03627281 c:Director7 2024-09-27 03627281 c:RegisteredOffice 2023-09-30 2024-09-27 03627281 d:Buildings 2023-09-30 2024-09-27 03627281 d:Buildings 2024-09-27 03627281 d:Buildings 2023-09-29 03627281 d:Buildings d:OwnedOrFreeholdAssets 2023-09-30 2024-09-27 03627281 d:PlantMachinery 2023-09-30 2024-09-27 03627281 d:PlantMachinery 2024-09-27 03627281 d:PlantMachinery 2023-09-29 03627281 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-30 2024-09-27 03627281 d:MotorVehicles 2023-09-30 2024-09-27 03627281 d:MotorVehicles 2024-09-27 03627281 d:MotorVehicles 2023-09-29 03627281 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-30 2024-09-27 03627281 d:FurnitureFittings 2023-09-30 2024-09-27 03627281 d:FurnitureFittings 2024-09-27 03627281 d:FurnitureFittings 2023-09-29 03627281 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-30 2024-09-27 03627281 d:OtherPropertyPlantEquipment 2023-09-30 2024-09-27 03627281 d:OtherPropertyPlantEquipment 2024-09-27 03627281 d:OtherPropertyPlantEquipment 2023-09-29 03627281 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-09-30 2024-09-27 03627281 d:OwnedOrFreeholdAssets 2023-09-30 2024-09-27 03627281 d:Goodwill 2024-09-27 03627281 d:Goodwill 2023-09-29 03627281 d:CurrentFinancialInstruments 2024-09-27 03627281 d:CurrentFinancialInstruments 2023-09-29 03627281 d:Non-currentFinancialInstruments 2024-09-27 03627281 d:Non-currentFinancialInstruments 2023-09-29 03627281 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-27 03627281 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-29 03627281 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-27 03627281 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-29 03627281 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-09-27 03627281 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-09-29 03627281 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-09-27 03627281 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-09-29 03627281 e:UnitedKingdom 2023-09-30 2024-09-27 03627281 e:UnitedKingdom 2022-10-01 2023-09-29 03627281 e:RestEuropeOutsideUK 2023-09-30 2024-09-27 03627281 e:RestEuropeOutsideUK 2022-10-01 2023-09-29 03627281 e:RestWorldOutsideUK 2023-09-30 2024-09-27 03627281 e:RestWorldOutsideUK 2022-10-01 2023-09-29 03627281 d:ShareCapital 2024-09-27 03627281 d:ShareCapital 2022-10-01 2023-09-29 03627281 d:ShareCapital 2023-09-29 03627281 d:ShareCapital 2022-10-01 03627281 d:SharePremium 2023-09-30 2024-09-27 03627281 d:SharePremium 2024-09-27 03627281 d:SharePremium 2022-10-01 2023-09-29 03627281 d:SharePremium 2023-09-29 03627281 d:SharePremium 2022-10-01 03627281 d:RevaluationReserve 2023-09-30 2024-09-27 03627281 d:RevaluationReserve 2024-09-27 03627281 d:RevaluationReserve 2023-09-29 03627281 d:RevaluationReserve 2022-10-01 03627281 d:RetainedEarningsAccumulatedLosses 2023-09-30 2024-09-27 03627281 d:RetainedEarningsAccumulatedLosses 2024-09-27 03627281 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-29 03627281 d:RetainedEarningsAccumulatedLosses 2023-09-29 03627281 d:RetainedEarningsAccumulatedLosses 2022-10-01 03627281 d:AcceleratedTaxDepreciationDeferredTax 2024-09-27 03627281 d:AcceleratedTaxDepreciationDeferredTax 2023-09-29 03627281 d:TaxLossesCarry-forwardsDeferredTax 2024-09-27 03627281 d:TaxLossesCarry-forwardsDeferredTax 2023-09-29 03627281 d:RetirementBenefitObligationsDeferredTax 2024-09-27 03627281 d:RetirementBenefitObligationsDeferredTax 2023-09-29 03627281 d:OtherDeferredTax 2024-09-27 03627281 d:OtherDeferredTax 2023-09-29 03627281 c:OrdinaryShareClass1 2023-09-30 2024-09-27 03627281 c:OrdinaryShareClass1 2024-09-27 03627281 c:OrdinaryShareClass1 2023-09-29 03627281 c:FRS102 2023-09-30 2024-09-27 03627281 c:Audited 2023-09-30 2024-09-27 03627281 c:FullAccounts 2023-09-30 2024-09-27 03627281 c:PrivateLimitedCompanyLtd 2023-09-30 2024-09-27 03627281 d:Subsidiary1 2023-09-30 2024-09-27 03627281 d:Subsidiary1 1 2023-09-30 2024-09-27 03627281 d:Subsidiary2 2023-09-30 2024-09-27 03627281 d:Subsidiary2 1 2023-09-30 2024-09-27 03627281 d:Subsidiary3 2023-09-30 2024-09-27 03627281 d:Subsidiary3 1 2023-09-30 2024-09-27 03627281 d:WithinOneYear 2024-09-27 03627281 d:WithinOneYear 2023-09-29 03627281 d:BetweenOneFiveYears 2024-09-27 03627281 d:BetweenOneFiveYears 2023-09-29 03627281 d:MoreThanFiveYears 2024-09-27 03627281 d:MoreThanFiveYears 2023-09-29 03627281 d:HirePurchaseContracts d:WithinOneYear 2024-09-27 03627281 d:HirePurchaseContracts d:WithinOneYear 2023-09-29 03627281 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-09-27 03627281 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-29 03627281 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-09-27 03627281 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-09-29 03627281 f:PoundSterling 2023-09-30 2024-09-27 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 03627281









ESTERFORM PACKAGING LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 27 SEPTEMBER 2024

 
ESTERFORM PACKAGING LIMITED
 
 
COMPANY INFORMATION


Directors
M C Davis 
J E Hall (appointed 12 August 2024)
S J Hartley 
L O Milan (appointed 1 November 2024)
M J Tyne 




Company secretary
S C Parsons



Registered number
03627281



Registered office
Esterform Packaging Ltd
Boraston Lane

Tenbury Wells

Worcestershire

WR15 8LE




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

Cornerblock

2 Cornwall St

Birmingham

B3 2DX





 
ESTERFORM PACKAGING LIMITED
 

CONTENTS



Page
Strategic report
1 - 3
Directors' report
4 - 7
Independent auditors' report
8 - 11
Statement of comprehensive income
12
Balance sheet
13 - 14
Statement of changes in equity
15
Notes to the financial statements
16 - 39


 
ESTERFORM PACKAGING LIMITED
 
 
STRATEGIC REPORT
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

Introduction
 
The directors present the strategic report for the period ending 27 September 2024. The principal activities of the Company involve the design, manufacture, and marketing of plastic packaging. The UK market for the Company's products remains highly competitive, and the board considers that investment in the latest technology to provide customers with high-quality and cost-effective products is crucial for the future growth and success of the business.

Business review and future developments
 
During the year and as a result of actions taken by the board over the past two years, the company experienced strong growth in profitability and has strengthened its balance sheet in line with the strategic plans for the year ending September 2024. Recent investments in state-of-the-art manufacturing equipment and a continued focus on new product development have enabled the business to enter new market areas, which the board believes will drive significant profitable growth in the future. The company is pleased to announce the acquisition of Primepac Limited which will broaden the group’s product offering and expand the customer base whilst continuing to focus on the customer requirements.  
Esterform takes its environmental responsibilities very seriously and has sustainability at the forefront of the business objectives.  The company’s strategy is to continue to reduce the adverse environmental impacts; including energy-saving, lightweighting, and recycling initiatives. All PET processed by the company is 100% recyclable back to food grade and in 2024, approximately 37% of the PET used was post-consumer recycled PET (rPET), compared to 32% in 2023.

Principal risks and uncertainties
 
The Company's principal financial instruments comprise cash at bank, hire purchase contracts and loans. The main purpose of these financial instruments is to raise finance for the Company's operations. The Company has various other financial instruments such as trade debtors and trade creditors, which arise directly from it's operations.

The main risks arising from the Company's financial instruments are interest rate risk, market risk, liquidity risk, credit risk and currency risk.

Interest risk

The Company borrows in Sterling at floating rates of interest, under the terms of the facilities provided. The Directors monitor the overall level of borrowings and interest costs to limit any adverse effects on the financial performance of the Company.

Market risk

The Company is exposed to adverse movements and volatility in commodity prices relating to PET. The Company seeks to benchmark its ability to manufacture cost effectively, against both UK and international suppliers, by measuring PET resin buying against a number of published indices, and also by internal evaluations against non EU supplies. The Company is also exposed to the impacts of inflation relating to other factory or production costs, including energy costs, which can fluctuate due to local or global economic conditions. The Company has taken steps to mitigate these risks more effectively by building in inflation recovery mechanisms into key customer contracts.

Liquidity risk

The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of purchase contracts, cash at bank, invoice discounting and loans.


Page 1

 
ESTERFORM PACKAGING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

Credit risk

The Company's principal financial assets are cash at bank and in hand and trade debtors, which represent the most significant exposure to credit risk in relation to financial assets. Credit risk is managed by continually evaluating the creditworthiness of individual customers. In addition, the Company takes out credit insurance. Trade debtors are stated net of provisions for specific doubtful debts, which are based on the circumstances of individual customers in the context of the prevailing economic climate. The credit risk on liquid funds is limited as the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

Currency risk

The Company's main raw material is based on US Dollar or Euro pricing, thereby providing an exchange risk and a competition risk when compared to non-UK suppliers. In addition, a proportion of the Company's sales are invoiced in US Dollars. The Company seeks to match US Dollar revenues and costs to reduce the exchange risk where possible.

Competition risk

A key risk to the business is the competitive environment both from indigenous UK competitors and increasingly from Continental Europe. The Company works hard with its customers to ensure they receive good value for money and the highest levels of customer service, product development (such as light-weighting) and design. This adds value to the Company's commercial proposition and enhances the Company's core skill of delivering near zero defect products to tight just-in-time schedules.

Financial key performance indicators
 
Turnover in the period ended 27 September 2024 was £82.4m compared to £102.3m in 2023, due to a reduction in raw material prices and the increased use of tolled resin.

EBITDA (earnings before interest, tax, depreciation, amortisation and exceptional items) grew by 18% for the period to £7.8m (2023: £6.6m), largely due to volume growth.

With depreciation and amortisation charges of £5.1m (2023: £6.3m) and exceptional costs of £nil (2023: £1.13m), the Company made an operating profit of £2.7m compared to an operating loss of (£0.78m) in 2023.

Biffa Waste Services Limited took a significant minority stake in the group in April 2023 and the Directors re-financed the group in June 2024 by agreeing a new credit facility totalling £31.2m with Santander.

The Company's key financial performance indicator is EBITDA and key non-financial performance indicator is sales volume. The board believes that taken together with these statements no further indicators are required in this report to gain an overall understanding of the business.

Going concern
 
In June 2024, the directors agreed on a new credit facility totalling £31.2m with Santander. This facility, along with improved financial performance and forecasts, supports the preparation of financial statements on a going concern basis. The directors have reviewed the companies forecasts and projects, which extend greater than twelve months from the date of the financial statements and the directors consider that the Company will have sufficient resources to meet its liabilities as they fall due for the foreseeable future.







Page 2

 
ESTERFORM PACKAGING LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

Statement by the Directors in performance of their statutory duties in accordance with s172(1) Companies Act 2006
 
We recognise the importance of our wider stakeholders in delivering our strategy and business sustainability and are conscientious about our responsibilities and duties to our stakeholders under section 172 of the Companies Act 2006. In considering our responsibilities in this regard, we have specifically considered the likely consequences of decisions in the long term, and the need to act fairly between members.

Our customers

Our customers are at the centre of everything that we do. We continue to focus on providing customers with quality products and services at competitive prices.

Our employees

We want Esterform to be a great place to work, where employees are empowered to make decisions and can develop their skills and capabilities to serve our customers' needs, Our colleagues rely on us to provide stable employment and opportunities to realise their potential in a working environment where they can be at their best.

Our communities

Our products, services and people are beneficial to the communities in which we operate. High standards of ethics and business conduct is an important part of being a responsible member of the communities in which we operate.

The environment

Our products, supply chain and operations all have an impact on the environment. We believe that, as a general matter, our policies, working practices and procedures are properly designed to prevent unreasonable risk of environmental damage, and of resulting financial liability, in connection with our business. We continually seek out opportunities to improve our environmental performance and to contribute to the well-being and sustainability of the areas in which we operate.

Our shareholders

We continue to create long-term, sustainable value for our shareholders, by investing in our competitiveness in our chosen markets.

Our suppliers

We continue to develop and strengthen the partnerships we have with our suppliers to deliver great quality products and services to our customers, at great value.


This report was approved by the board on 24 July 2025 and signed on its behalf.



S J Hartley
Director

Page 3

 
ESTERFORM PACKAGING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

The directors present their report and the financial statements for the period ended 27 September 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 judgments 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 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.

Principal activity

The principal activity of the Company continued to be that of design, manufacture and marketing of plastic packaging.

Results and dividends

The profit for the period, after taxation, amounted to £651k (2023 - loss £3,360k).

Ordinary dividends were paid amounting to £nil (2023: £nil).

Directors

The directors who served during the period were:

M C Davis 
J E Hall (appointed 12 August 2024)
S J Hartley 
M J Tyne 
P A James (resigned 31 October 2024)
R G Neale (resigned 17 June 2024)

Page 4

 
ESTERFORM PACKAGING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors during the period. These provisions remain in force at the reporting date.

Research and development activities

The Company has a continuing commitment to research and development.

Greenhouse gas emissions, energy consumption and energy efficiency action

Compliance overview

The SECR disclosure represents our United Kingdom carbon footprint across Scope 1, 2 and to some extent Scope 3 emissions. It also includes an appropriate intensity metric, our total electricity, gas and transport fuel energy use, and a summary of the energy efficiency actions taken in the relevant financial period.

Energy consumption
2024
2023

kWh
kWh
Aggregate of energy consumption in the period:


Electricity purchased
56,206,551
54,307,411
Gas combustion
2,739,742
2,612,506
Fuel consumed for transport
2,180,763
2,391,210
Total energy consumption
61,127,056
59,311,127


Emissions of CO2 equivalent
2024
2024
2023
2023

tCO2e
Carbon Intensity metric tCO2e/tonne of product
tCO2e
Carbon Intensity metric tCO2e/tonne of product
Electricity purchased (Scope 2)
11,638
0.16
11,246
0.16
Gas combustion (Scope 1)
538
0.01
512
0.01
Fuel consumed for transport (Scope 1 and 3)
520
0.01
571
0.01
Total gross emissions
12,696
0.18
12,329
0.18


Methodology and Estimates

This report (including the Scope 1, 2 and 3 consumption and CO2e emissions data) have been developed and calculated using the GHG Protocol - A Corporate Accounting and Reporting Standard (World Resources Institute and World Business Council for Sustainable Development, 2004); Greenhouse Gas Protocol - Scope 2 Guidance (World Resources Institute, 2015); ISO 14064-1 and ISO 14064-2 (ISO 2018; ISO 2019); Environmental Reporting Guidelines: Including Streamlined Energy and Carbon Reporting Guidance (HM Government, 2019). Government Emissions Factor Database 2022 version 1.1 has been used, utilising the published kWh gross calorific value (CV) and kgCO2e emissions factors relevant for the reporting period 30/09/2023 - 27/09/2024.

Estimations were undertaken to cover missing billing periods for properties directly invoiced to the Company. These were calculated on a kWh/day pro-rata basis at the meter level.




Page 5

 
ESTERFORM PACKAGING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

Energy efficiency action taken

The Company is committed to year-on-year improvements in their operational energy efficiency. A register of energy efficiency measures has been compiled, with a view to implementing these measures in the next five years.

During 2024 Esterform Packaging’s Leeds site underwent multiple upgrades to enhance energy efficiency including new, energy efficient Chiller’s to improve Esterform Packaging’s emissions reductions.

Esterform Packaging engaged in upgrading the lighting across all sites to implement LED’s, a more energy efficient form of lighting. In addition to this, lighting sensors have been implemented to reduce energy wastage, so lights are only used when they are needed.

Measures prioritised for implementation in 2024/25:

Continue commitment to becoming more energy efficient by reporting on current energy consumption data and understanding some potential initiatives to further reduce consumption so Esterform Packaging stays aligned with government standards on Environmental Reporting regulations.
Further LED Lighting Installations Plans are in place to continue replacing the current light fittings with LEDs until every site only uses LED Lighting, improving energy efficiency across every site. 

Matters covered in the Strategic report

The Company has chosen in accordance with Companies Act 2006, S 414C(11) to set out in the Company's Strategic Report information required by Large and Medium-sized Companies (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Director's Report. It has done so in respect of future developments and financial risk management.

Information in the Strategic Report describes how the directors have had regard to the matters set out in section 172 (1) (a) to (f) of the Companies Act 2006 when performing their duty where relevant.

Stakeholder engagement

Information on how the directors have had regard to the need to foster business relationships with suppliers, customers and others and the effect of that regard has been disclosed in the section 172 statement in the strategic report.

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'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's auditors are aware of that information.

Page 6

 
ESTERFORM PACKAGING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 27 SEPTEMBER 2024


Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 24 July 2025 and signed on its behalf.
 





S J Hartley
Director

Page 7

 
ESTERFORM PACKAGING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESTERFORM PACKAGING LIMITED
 

Opinion


We have audited the financial statements of Esterform Packaging Limited (the 'Company') for the period ended 27 September 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 27 September 2024 and of its profit for the period 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 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 8

 
ESTERFORM PACKAGING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESTERFORM PACKAGING LIMITED (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 Strategic report and the Directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


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 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 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 9

 
ESTERFORM PACKAGING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESTERFORM PACKAGING LIMITED (CONTINUED)


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 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.

Based on our understanding of the Company and industry, we identify the key laws and regulations affecting the Company, including: 

Companies Act;
Tax legislation; and
Employment legislation.

We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

Management bias in respect of accounting estimates and judgements made;
Management override of controls;
Posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Company's financial statements.
Our procedures included, but were not limited to:

Enquiry of management and those charged with governance around actual and potential litigation and claims including instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of those charged with governance, where available;
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular depreciation of tangible fixed assets and overhead absorption rate used for stock valuation.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


 


Page 10

 
ESTERFORM PACKAGING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ESTERFORM PACKAGING LIMITED (CONTINUED)


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


A further description of our responsibilities 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.


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.





Stephen Newman (Senior Statutory Auditor)
  
for and on behalf of
PKF Smith Cooper Audit Limited
 
Statutory Auditors
  
Cornerblock
2 Cornwall St
Birmingham
B3 2DX

25 July 2025
Page 11

 
ESTERFORM PACKAGING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

Period ended
27 September
Period ended
29 September
2024
2023
Note
£000
£000

  

Turnover
 4 
82,407
102,306

Cost of sales
  
(62,807)
(84,626)

Gross profit
  
19,600
17,680

Distribution costs
  
(8,040)
(8,552)

Administrative expenses
  
(3,762)
(2,518)

Operating profit before exceptional costs, depreciation and amortisation
 5 
7,798
6,610

Exceptional costs
 11 
-
(1,130)

Depreciation and amortisation
  
(5,082)
(6,259)

Operating profit/(loss)
  
2,716
(779)

Management recharge
  
25
-

Interest payable and similar expenses
 9 
(2,585)
(2,689)

Profit/(loss) before taxation
  
156
(3,468)

Tax on profit/(loss)
 10 
495
108

Profit/(loss) for the financial period
  
651
(3,360)

Total comprehensive income for the period
  
651
(3,360)

The notes on pages 16 to 39 form part of these financial statements.

Page 12

 
ESTERFORM PACKAGING LIMITED
REGISTERED NUMBER: 03627281

BALANCE SHEET
AS AT 27 SEPTEMBER 2024

27 September
29 September
2024
2023
Note
£000
£000

Fixed assets
  

Intangible assets
 12 
-
-

Tangible assets
 13 
16,634
22,002

Investments
 14 
4,311
842

  
20,945
22,844

Current assets
  

Stocks
 15 
8,600
8,367

Debtors: amounts falling due after more than one year
 16 
-
3,248

Debtors: amounts falling due within one year
 16 
33,304
29,699

Cash at bank and in hand
 17 
1,514
580

  
43,418
41,894

Creditors: amounts falling due within one year
 18 
(51,909)
(53,217)

Net current liabilities
  
 
 
(8,491)
 
 
(11,323)

Total assets less current liabilities
  
12,454
11,521

Creditors: amounts falling due after more than one year
 19 
(9,830)
(9,053)

Provisions for liabilities
  

Deferred tax
 22 
(605)
(1,100)

Net assets
  
2,019
1,368


Capital and reserves
  

Called up share capital 
 23 
680
680

Share premium account
 24 
5,269
5,269

Revaluation reserve
 24 
240
240

Profit and loss account
 24 
(4,170)
(4,821)

  
2,019
1,368


Page 13

 
ESTERFORM PACKAGING LIMITED
REGISTERED NUMBER: 03627281
    
BALANCE SHEET (CONTINUED)
AS AT 27 SEPTEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 July 2025.




S J Hartley
Director

The notes on pages 16 to 39 form part of these financial statements.

Page 14

 
ESTERFORM PACKAGING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 27 SEPTEMBER 2024


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

£000
£000
£000
£000
£000


At 1 October 2022
408
16
240
(1,461)
(797)



Loss for the period
-
-
-
(3,360)
(3,360)

Shares issued during the period
272
5,253
-
-
5,525



At 30 September 2023
680
5,269
240
(4,821)
1,368



Profit for the period
-
-
-
651
651


At 27 September 2024
680
5,269
240
(4,170)
2,019


The notes on pages 16 to 39 form part of these financial statements.

Page 15

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

1.


General information

Esterform Packaging Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Esterform Packaging Ltd, Boraston Lane, Tenbury Wells, Worcestershire, WR15 8LE.
The company's principal activities and nature of its operations are disclosed in the Directors' Report.

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 financial statements are made up to the Friday nearest to the period end for each financial period.

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

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest whole £1,000 except where otherwise indicated.

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 Esterform Holdings Limited as at 27 September 2024 and these financial statements may be obtained from Boraston Lane, Tenbury Wells, Worcestershire, WR15 8LE.

 
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 16

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.4

Going concern

In June 2024, the directors agreed on a new credit facility totalling £31.2m with Santander. This facility, along with improved financial performance and forecasts, supports the preparation of financial statements on a going concern basis.  The directors have reviewed the companies forecasts and projects, which extend greater than twelve months from the date of the financial statements and the directors consider that the Company will have sufficient resources to meet its liabilities as they fall due for the foreseeable future.

 
2.5

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Intangible assets

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its expected life, which is 6 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Page 17

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold buildings
-
2% - 20%
Plant and machinery
-
6.67% - 50%
Motor vehicles
-
25%
Fixtures and fittings
-
10% - 33%
Leased Stacka Boxes
-
20%

Assets under construction are carried at cost, less any identified impairment loss. Cost includes professional fees and other directly attributable costs that are necessary to bring the asset to its operating condition. No depreciation is charged until asset is available for use, then transferred to freehold buildings or plant and machinery as appropriate.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

  
2.8

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the Statement of Comprehensive Income.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Page 18

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.9

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 the Statement of Comprehensive Income, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 
2.10

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 the Statement of Comprehensive Income.

 
2.11

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.

 
2.12

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 when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.






 
Page 19

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade debtors, other debtors (including accrued income), amounts owed by Company undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through the Statement of Comprehensive Income, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 the Statement of Comprehensive Income.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in the Statement of Comprehensive Income.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and loans from fellow Group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.




 
Page 20

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the Company's contractual obligations are discharged, cancelled, or they expire.

  
2.13

Equity instruments

Equity instruments issued by the company are recorded at the fair value of 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.

 
2.14

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income 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

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution 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 the Statement of Comprehensive Income 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 Company in independently administered funds.



Page 21

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.16

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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the Statement of Comprehensive Income so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to the Statement of Comprehensive Income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

The company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 1 October 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Rental income from operating leases is recognised in the financial statements on a straight line basis over the lease term.

 
2.17

Foreign currency translation

Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to the Statement of Comprehensive Income, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.

  
2.18

Provisions

Provisions are recognised when the company has an obligation at the reporting dates as a result of a past event which it is probably will result in the transfer of economic benefits and that obligation can be estimated reliably.
Provisions are measured at the best estimate of the amounts required to settle the obligation where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre tax discount rate that reflects the risks specifics to the liability. The unwinding of the discount is recognised within interest payable and similar expenses.

Page 22

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

2.Accounting policies (continued)

  
2.19

Research and development expenditure

Research and development expenditure is written off against profits in the period in which it is incurred.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Trade debtors

Trade debtors consist of amounts due from customers. An allowance for doubtful accounts of £929k (2023: £539k) is maintained for estimated losses resulting from the inability of the company's customers to make required payments. The allowance is based on the company's regular assessment of the creditworthiness and financial conditions of customers.

Stocks

Certain factors could affect the realisable value of the company's stocks, including customer demand and market conditions. The company considers historic usage, expected demand, anticipated sales price, effect of new product introductions, product obsolescence and other factors when evaluating the value of stock. The carrying value of stock at the period end is £8,600k (2023: £8,367k).

Goodwill

The recoverable amount of goodwill is based on value in use which requires estimates in respect of the allocation of goodwill to cash generating units, the future cash flows and an appropriate discount rate. Having taken these factors into consideration the directors consider that the carrying value of goodwill at 27 September 2024 at £nil (2023: £nil) is recoverable in full.

Provisions - Dilapidations

Certain of the company's leased premises are subject to tenant repairing arrangements. Consideration has been given to the staus of the respective lease with provision recognised for any dilapidations that might require to be made good at the end of the lease based on consultations with third party surveyors. At 27 September 2024, the provision for dilapidations amounted to £nil (2023: £nil).

Page 23

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

4.


Turnover

Analysis of turnover by country of destination:

Period ended
27 September
Period ended
29 September
2024
2023
£000
£000

United Kingdom
76,846
93,651

Rest of Europe
4,239
5,924

Rest of the world
1,322
2,731

82,407
102,306



5.


Operating profit/(loss)

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

Period ended
27 September
Period ended
29 September
2024
2023
£000
£000

Exchange differences
(573)
(613)

Depreciation of owned tangible fixed assets
3,883
5,015

Depreciation of tangible fixed assets held under finance leases
1,199
1,243

Profit on disposal of tangible fixed assets
-
(334)

Amortisation of intangible assets
-
1

Impairment of stocks recognised or reversed
273
267

Operating lease charges
2,380
2,431

Page 24

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

6.


Auditors' remuneration

Period ended
27 September
Period ended
29 September
2024
2023
£000
£000

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements

70
71

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

Taxation compliance services
5
12

All other non-audit services
7
28


7.


Employees

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


Period ended
27 September
Period ended
29 September
2024
2023
£000
£000

Wages and salaries
8,644
7,641

Social security costs
835
773

Cost of defined contribution scheme
199
172

9,678
8,586


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


     Period ended
     27 September
     Period ended
     29 September
        2024
        2023
            No.
            No.







Production
144
143



Distribution
41
42



Administration
30
27

215
212

Page 25

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

8.


Directors' remuneration

Period ended
27 September
Period ended
29 September
2024
2023
£000
£000

Directors' emoluments
861
804

Company contributions to defined contribution pension schemes
25
36

886
840


During the period retirement benefits were accruing to 2 directors (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £420,000 (2023 - £310,000).


9.


Interest payable and similar expenses

Period ended
27 September
Period ended
29 September
2024
2023
£000
£000


Bank interest payable
2,096
2,135

Finance leases and hire purchase contracts
480
554

Interest payable on overdue taxation
9
-

2,585
2,689

Page 26

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

10.


Taxation


Period ended
27 September
Period ended
29 September
2024
2023
£000
£000



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
(495)
(108)

Total deferred tax
(495)
(108)


(495)
(108)

Factors affecting tax charge for the period

The tax assessed for the period is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 22.01%). The differences are explained below:

Period ended
27 September
Period ended
29 September
2024
2023
£000
£000


Profit/(loss) on ordinary activities before tax
156
(3,468)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.01%)
39
(763)

Effects of:


Expenses not deductible for tax purposes
284
631

Capital allowances for period in excess of depreciation
-
(13)

Fixed asset differences
19
37

Adjustments to tax charge in respect of deferred tax movement
(838)
-

Other differences leading to an increase (decrease) in the tax charge
1
-

Total tax charge for the period
(495)
(108)

Page 27

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024
 
10.Taxation (continued)


Factors that may affect future tax charges

The company has estimated losses of £9.1m (2023: £12.2m) available for carry forward against future trading profits.


11.


Exceptional items

During the year, the company incurred legal and professional costs of £nil (2023 - £1,130k) in respect of a refinancing exercise in the year.


12.


Intangible assets






Goodwill

£000



Cost


At 30 September 2023
5,858



At 27 September 2024

5,858



Amortisation


At 30 September 2023
5,858



At 27 September 2024

5,858



Net book value



At 27 September 2024
-



At 29 September 2023
-



Page 28

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

13.


Tangible fixed assets







Freehold buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Assets under construction
Total

£000
£000
£000
£000
£000
£000



Cost 


At 30 September 2023
3,086
66,698
52
691
37
70,564


Additions
-
857
-
-
381
1,238


Transfers intra group
-
(2,787)
-
-
-
(2,787)


Disposals
-
(2,283)
-
-
-
(2,283)


Transfers between classes
-
5
42
-
(47)
-



At 27 September 2024

3,086
62,490
94
691
371
66,732



Depreciation


At 30 September 2023
1,025
46,828
52
657
-
48,562


Charge for the period
93
4,975
-
14
-
5,082


Transfers intra group
-
(1,726)
-
-
-
(1,726)


Disposals
-
(1,820)
-
-
-
(1,820)



At 27 September 2024

1,118
48,257
52
671
-
50,098



Net book value



At 27 September 2024
1,968
14,233
42
20
371
16,634



At 29 September 2023
2,061
19,870
-
34
37
22,002

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


27 September
29 September
2024
2023
£000
£000



Plant and machinery
2,860
4,780

Page 29

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

14.


Fixed asset investments








Investments in subsidiary companies

£000



Cost or valuation


At 30 September 2023
842


Additions
3,469



At 27 September 2024
4,311




On 16 August 2024, the company acquired 100% of the issued share capital of PrimePac Limited for £3,469k from a related party that has common shareholders and directors. The consideration was paid by full and final settlement of an amount owing to the company from the related party at the date of the transaction.


Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Pet Plas Packaging Limited
1
Dormant
Ordinary
100%
PrimePac Limited
2
Manufacturer of plastic packing goods
Ordinary
100%
Esterform Polska Sp.z.o.o
3
Manufacturer of plastic packaging
Ordinary
90%

1 - Boraston Lane, Tenbury Wells, Worcestershire, WR15 8LE, United Kingdom. 
2 - 2 Caulside Drive, Newpark Industrial Estate, Antrim, BT41 2DU.

3 - Abpa Antoniego Barakaniaka 88E 61-131 Poznan, Poland

Page 30

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

15.


Stocks

27 September
29 September
2024
2023
£000
£000

Raw materials and consumables
2,223
2,007

Finished goods and goods for resale
6,377
6,360

8,600
8,367


During the period an impairment loss of £273k (2023: £267k) was recognised within cost of sales.

Page 31

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

16.


Debtors

27 September
29 September
2024
2023
£000
£000

Due after more than one year

Other debtors
-
3,248


27 September
29 September
2024
2023
£000
£000

Due within one year

Trade debtors
18,760
17,197

Amounts owed by group undertakings
12,597
11,601

Other debtors
510
678

Prepayments and accrued income
1,437
223

33,304
29,699


An impairment charge of £929k (2023 - £539k) was recognised against trade debtors..


17.


Cash and cash equivalents

27 September
29 September
2024
2023
£000
£000

Cash at bank and in hand
1,514
580


Page 32

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

18.


Creditors: Amounts falling due within one year

27 September
29 September
2024
2023
£000
£000

Bank loans
934
3,853

Invoice discounting facility
14,208
14,517

Trade creditors
16,154
14,489

Amounts owed to group undertakings
7,015
7,015

Other taxation and social security
1,394
1,955

Obligations under finance lease and hire purchase contracts
1,452
1,338

Other creditors
7,826
6,306

Accruals and deferred income
2,926
3,744

51,909
53,217


The invoice discounting facility is secured over the related trade debtors (note 16).


19.


Creditors: Amounts falling due after more than one year

27 September
29 September
2024
2023
£000
£000

Bank loans
5,063
2,780

Other loans
2,875
2,875

Net obligations under finance leases and hire purchase contracts
1,749
3,355

Accruals and deferred income
143
43

9,830
9,053


Page 33

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


27 September
29 September
2024
2023
£000
£000

Amounts falling due within one year

Bank loans
934
3,853

Invoice discounting facility
14,208
14,517


15,142
18,370


Amounts falling due 2-5 years

Bank loans
5,063
1,911

Loans from related parties
2,875
2,875


7,938
4,786

Amounts falling due after more than 5 years

Bank loans
-
869

-
869

23,080
24,025


In June 2024, two loans from Shawbrook relating to plant and machinery and property were settled and replaced with 2 new loans from Santander. The balance on the Plant and Machinery loan on settlement was £1,083k (2023: £2,058k) and the balance on the Property Loan on settlement was £1,194k (2023: £1,244k).
The new loan relating to Plant and Machinery amounted to £3,888k and is repayable on a monthly basis attracts interest at a margin of 3.5% with final repayment due in June 2029. The balance on 27 September 2024 was £3,694k (2023: £nil). 

The new loan relating to Property amounted to £2,349k and is repayable on a quarterly basis attracts interest at a margin of 2.95% with final repayment due in June 2027 however there is an option to refinance at this date. The balance on 27 September 2024 was £2,309k (2023: £nil).
These bank loans were part of a credit backed offer with Santander secured by the Directors in 2024 with an overall facility limit of £28,888k and are secured by a fixed and floating charge over all property of the company.
The above loans are net of debt issue costs of £5k (2023: £14k).
On 25 April 2023, the company converted a trading balance with Biffa Waste Services Limited into a loan arrangement. The loan value was for £2.0m which accrues interest at 5% per annum, the loan and interest are repayable in full on 31 December 2025. There is an option to extend this repayment date.
 
Page 34

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024
20.Loans (continued)

On 25 April 2023, the company entered into a further loan arrangement with Biffa Waste Services Limited with an advance of £875k received. Interest accrues on this loan at 5% per annum commencing on 30 April 2026. The loan and interest are repayable in full at the later of the date of completion of any exit or 30 April 2027. This repayment date can be extended.
The loans from Biffa Waste Services Limited are secured by fixed and floating charges over the company's assets.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

27 September
29 September
2024
2023
£000
£000


Within one year
1,452
1,338

Between 1-5 years
1,749
3,355

3,201
4,693

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Obligations under finance leases and hire purchase contracts are secured on the assets concerned. The average lease term is 5 years (2023: 2 years). All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

Page 35

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

22.


Deferred taxation






2024


£000






At beginning of year
(1,100)


Credited to statement of comprehensive income
495



At end of year
(605)

The provision for deferred taxation is made up as follows:

27 September
29 September
2024
2023
£000
£000


Accelerated capital allowances
(1,136)
(719)

Tax losses carried forward
2,282
1,351

On rolled over gain
(1,754)
(1,754)

Short term timing differences
3
22

(605)
(1,100)

The deferred tax asset totalling £2,282k (2023: £1,351k) set out above relates to the expected utilisation of tax losses against future expected profits of the same period.
The deferred tax liability totalling £1,136k (2023: £719k) set out above relates to accelerated capital allowances that are expected to mature within the same period.
The deferred tax liability totalling £1,754k (2023: £1,754k) relates to rolled over capital gains reliefs.


23.


Share capital

27 September
29 September
2024
2023
£000
£000
Allotted, called up and fully paid



680,000 (2023 - 680,000) Ordinary shares shares of £1.00 each
680
680


Page 36

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

24.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

This reserve records unrealised surplus on investment properties after deduction of estimated tax liabilities.

Profit and loss account

The profit and loss account includes all current and prior year retained profits and losses.


25.


Capital commitments


At 27 September 2024 the Company had capital commitments as follows:

27 September
29 September
2024
2023
£000
£000


Acquisition of tangible fixed assets
371
251


26.


Pension commitments

The contributions payable by the Company charged to the Statement of Comprehensive Income amounted to £199k (2023: £172k). Contributions totalling £44k (2023: £37k) were payable to the fund at year end.


27.


Commitments under operating leases

At 27 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

27 September
29 September
2024
2023
£000
£000


Not later than 1 year
2,257
2,360

Later than 1 year and not later than 5 years
8,078
8,019

Later than 5 years
2,389
4,120

12,724
14,499

Page 37

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

28.


Related party transactions

The following amounts were outstanding at the reporting end date:


27 September
29 September
2024
2023
£000
£000

Amounts due (to)/from related parties
Group undertakings - not wholly owned
5,546
4,586


During the period the company entered into transactions with Esterpet Limited, a company with common shareholders at 27 September 2024.The value of materials purchased from Esterpet during the year amounted to £17,519k (2023: £15,302k), and services provided £1,132k (2023: £3,211k).  

At 27 September 2024, the company owed Esterpet Limited £4,628k (2023: £3,049k).

Esterform Plastics Limited is a fellow subsidiary of the Esterform Holdings Limited group by virtue of a 95% shareholding in the entity. The company is dormant as such there were no related party transactions.

Esterform Polska Sp. z.o.o. is a fellow subsidiary of the Esterform Holdings Limited group by virtue of a 90% shareholding in the entity.

At 27 September 2024, the company was owed £2,612k (2023: £1,653k) by Esterform Polska Sp. z.o.o.

During 2023 the company was party to a loan arrangement with HIM and ME Limited that has common shareholders and directors with Esterform Packaging Limited. At 27 September 2024 the balance due to the company amounted to £nil (2023: £3,195,000), See note 14 for further information. The amount due from HIM and ME Limited as at 2023 year end.was recognised within other debtors due after more than one year.

During the period, the company entered into transactions with PrimePac Limited, a company that had common shareholders. Prior to the acquisition of PrimePac Limited in August 2024, the company invoiced sales totalling £176k (2023: £267k). Loans were also made to and from both companies, and these loans were interest free and unsecured. At September 2023, the company was owed £51k in relation to the sales and £284k in relation to the loans.

At the 27 September 2024 an amount of £409k was due from a director of the company (2023: £324k). No interest accrued on the balance, and it was unsecured.

During the period the company entered into transactions with Biffa Waste Services Limited, a company which acquired a 49.93% shareholding in Esterform Packaging on 25 April 2023.

During the period, Biffa Waste Services Limited have issued invoices to the company of £777k (2023: £651k), of which £977k (2023: £451k) have been paid. At 27 September 2024, the company owed Biffa Waste Services Limited £nil (2023: £200k).

On 25 April 2023, the company converted a trading balance with Biffa Waste Services Limited into a loan arrangement. The loan value was for £2.0m which accrues interest at 5% per annum, the loan and interest are repayable in full on 31 December 2025. There is £143k (2023: £43k) in accrued interest in respect of this loan arrangement at the period ended 27 September 2024.

Page 38

 
ESTERFORM PACKAGING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 27 SEPTEMBER 2024

28.Related party transactions (continued)

On 25 April 2023, the company entered into a further loan arrangement with Biffa Waste Services Limited with an advance of £875k received. Interest accrues on this loan at 5% per annum commencing on 30 April 2026. The loan and interest are repayable in full at the later of the date of completion of any exit or 30 April 2027.

The company has taken advantage of the exemption in paragraph 33.1A of Financial Reporting Standard 102, from the requirement to disclose transactions with wholly owned members of the group.

29.


Forward contracts

At the balance sheet date, the company has entered into agreements to purchase US dollars and euros at the higher of the spot exchange rates and the forward contract exchange rates at set expiration dates. The maximum amount of US dollars and euros to be purchased under these agreements is $1,350k and 8.8m euros respectively. 


30.


Controlling party

Esterform Holdings Limited is regarded as being the company's ultimate parent company.
The immediate parent company is Esterform Group Limited who owns the majority of the issued ordinary share capital.
The principal place of business of Esterform Holdings Limited is Boraston Lane, Tenbury Wells, Worcestershire, WR15 8LE. The consolidated financial statements for Esterform Holdings Limited are available at the above address.
The ultimate controlling parties are Mr and Mrs M J Tyne, by virtue of their majority shareholding in the ultimate parent company, Esterform Holdings Limited.

 
Page 39