Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-3172false77false2024-01-01falsepackaging servicesfalse 03947267 2024-01-01 2024-12-31 03947267 2023-01-01 2023-12-31 03947267 2024-12-31 03947267 2023-12-31 03947267 2023-01-01 03947267 1 2024-01-01 2024-12-31 03947267 1 2023-01-01 2023-12-31 03947267 5 2024-01-01 2024-12-31 03947267 5 2023-01-01 2023-12-31 03947267 d:Director1 2024-01-01 2024-12-31 03947267 d:Director2 2024-01-01 2024-12-31 03947267 d:Director3 2024-01-01 2024-12-31 03947267 d:Director3 2024-12-31 03947267 d:Director4 2024-01-01 2024-12-31 03947267 d:Director4 2024-12-31 03947267 d:Director5 2024-01-01 2024-12-31 03947267 d:Director6 2024-01-01 2024-12-31 03947267 d:Director6 2024-12-31 03947267 d:Director7 2024-01-01 2024-12-31 03947267 d:Director7 2024-12-31 03947267 d:RegisteredOffice 2024-01-01 2024-12-31 03947267 e:Buildings e:LongLeaseholdAssets 2024-01-01 2024-12-31 03947267 e:Buildings e:LongLeaseholdAssets 2024-12-31 03947267 e:Buildings e:LongLeaseholdAssets 2023-12-31 03947267 e:LandBuildings 2024-12-31 03947267 e:LandBuildings 2023-12-31 03947267 e:PlantMachinery 2024-01-01 2024-12-31 03947267 e:PlantMachinery 2024-12-31 03947267 e:PlantMachinery 2023-12-31 03947267 e:PlantMachinery e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03947267 e:MotorVehicles 2024-01-01 2024-12-31 03947267 e:MotorVehicles 2024-12-31 03947267 e:MotorVehicles 2023-12-31 03947267 e:MotorVehicles e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03947267 e:FurnitureFittings 2024-01-01 2024-12-31 03947267 e:OfficeEquipment 2024-01-01 2024-12-31 03947267 e:OfficeEquipment 2024-12-31 03947267 e:OfficeEquipment 2023-12-31 03947267 e:OfficeEquipment e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03947267 e:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03947267 e:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-12-31 03947267 e:PatentsTrademarksLicencesConcessionsSimilar 2024-12-31 03947267 e:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 03947267 e:CurrentFinancialInstruments 2024-12-31 03947267 e:CurrentFinancialInstruments 2023-12-31 03947267 e:CurrentFinancialInstruments e:WithinOneYear 2024-12-31 03947267 e:CurrentFinancialInstruments e:WithinOneYear 2023-12-31 03947267 e:ReportableOperatingSegment1 2024-01-01 2024-12-31 03947267 e:ReportableOperatingSegment1 2023-01-01 2023-12-31 03947267 f:UnitedKingdom 2024-01-01 2024-12-31 03947267 f:UnitedKingdom 2023-01-01 2023-12-31 03947267 f:RestEuropeOutsideUK 2024-01-01 2024-12-31 03947267 f:RestEuropeOutsideUK 2023-01-01 2023-12-31 03947267 f:RestWorldOutsideUK 2024-01-01 2024-12-31 03947267 f:RestWorldOutsideUK 2023-01-01 2023-12-31 03947267 e:UKTax 2024-01-01 2024-12-31 03947267 e:UKTax 2023-01-01 2023-12-31 03947267 e:ShareCapital 2024-01-01 2024-12-31 03947267 e:ShareCapital 2024-12-31 03947267 e:ShareCapital 2023-01-01 2023-12-31 03947267 e:ShareCapital 2023-12-31 03947267 e:ShareCapital 2023-01-01 03947267 e:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 03947267 e:RetainedEarningsAccumulatedLosses 2024-12-31 03947267 e:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03947267 e:RetainedEarningsAccumulatedLosses 2023-12-31 03947267 e:RetainedEarningsAccumulatedLosses 2023-01-01 03947267 e:AcceleratedTaxDepreciationDeferredTax 2024-12-31 03947267 e:AcceleratedTaxDepreciationDeferredTax 2023-12-31 03947267 d:OrdinaryShareClass1 2024-01-01 2024-12-31 03947267 d:OrdinaryShareClass1 2024-12-31 03947267 d:OrdinaryShareClass1 2023-12-31 03947267 d:FRS102 2024-01-01 2024-12-31 03947267 d:Audited 2024-01-01 2024-12-31 03947267 d:FullAccounts 2024-01-01 2024-12-31 03947267 d:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03947267 e:WithinOneYear 2024-12-31 03947267 e:WithinOneYear 2023-12-31 03947267 e:BetweenOneFiveYears 2024-12-31 03947267 e:BetweenOneFiveYears 2023-12-31 03947267 e:MoreThanFiveYears 2024-12-31 03947267 e:MoreThanFiveYears 2023-12-31 03947267 2 2024-01-01 2024-12-31 03947267 g:PoundSterling 2024-01-01 2024-12-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 03947267







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


QUANTRELLE PACKAGING SOLUTIONS LTD

































img51b1.png                        

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
COMPANY INFORMATION


Directors
Anthony James Clifton 
Andrew Jonathan Dear 
Jeffrie Allan Green (appointed 30 October 2024)
Marie Green (appointed 30 October 2024)
Keith Lawrence Sabini 
Anthony Leslie Dear (resigned 30 October 2024)
June Elizabeth Dear (resigned 30 October 2024)




Registered number
03947267



Registered office
Quantrelle House
21 Lockfield Avenue

Enfield

EN3 7PG




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Richmond House

Walkern Road

Stevenage

Herts

SG1 3QP





 


QUANTRELLE PACKAGING SOLUTIONS LTD
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Statement of cash flows
12
Analysis of net debt
13
Notes to the financial statements
14 - 25


 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Review of the business
 
Principle Activity
The business is a leading provider of bespoke contract packing services to the wholesale and retail sector, often working to short lead times supplying product to market. Principle activities include changing the appearance and format of how products are displayed in store to improve and maximise sales volumes enhancing customer experience and value for money. Packaging technics include shrink wrapping, sleeve wrapping, clam packing and pallet displays. 
Performance Review
The company delivered a strong financial performance in 2024 resulting in a pre-tax net profit of £1,990,427 (2023: £1,208,901). Turnover increased by £2.0m to £12.8m and the company after-tax profit increased by £461,551 to £1,451,379.
To manage and facilitate this growth the company changed strategy on the use of its labour pool and reorganised warehouse space to accommodate demand. The senior management team continued the strategy of continuous improvement with stringent commercial control, realising improvements across the business and a significant improved performance on historical pre-tax profits.
Key Performance indicators include:
• Shrink Wrapping volumes increased 30% Y-O-Y.
• Clam Packing volumes increased by 18% Y-O-Y.
• Average despatched pallet values increased during 2024 when compared to 2023.
                 2024             2023   2022   2021
Turnover               £12,761,668 £10,399,650  £10,016,891  £8,769,328 
Gross profit margin               35.80% 33.40% 32.60% 30.34%
Overheads               £2,709,701 £2,402,701  £2,226,916  £2,030,068
Operating profit   £1,905,427 £1,143,525  £1,118,823  £701,593
Net profit after taxation  £1,451,379 £989,828 £958,543 £554,117
Staffing costs               £3,427.270 £2,666,479  £2,437,400  £2,313,691
Cash at bank                £1,791,826 £4.080,216  £2,909,494  £3,103,687
Net current assets         £2,737,412 £7,001,385 £6,199,760 £6,017,377
Net assets               £2,928,078 £7,196,828  £6,373,500  £6,234,957

Principle risks and uncertanties
 
Albeit general inflation eased during 2024, many operational costs continued to rise, challenging the business to control costs. Transport and employment costs increased significantly. Staff recruitment and retention continues to be a prime focus for the business to aid continuous productivity improvements and maintain a reputation for reliability. 
With consumer demand and trends rapidly changing, customers insistence on shorter lead-times remain a healthy challenge for the business. The established reliable supply chain and workforce are imperative for the business to cater such demands across the year.

Page 1

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 



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


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



................................................
Anthony James Clifton
Director

Date: 2 July 2025

Page 2

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

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;

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.

Results and dividends

The profit for the year, after taxation, amounted to £1,451,379 (2023 -£989,829).

Directors

The directors who served during the year were:

Anthony James Clifton 
Andrew Jonathan Dear 
Jeffrie Allan Green (appointed 30 October 2024)
Marie Green (appointed 30 October 2024)
Keith Lawrence Sabini 
Anthony Leslie Dear (resigned 30 October 2024)
June Elizabeth Dear (resigned 30 October 2024)

Future developments

The company is continuing it’s plan for future growth during 2025 and beyond. The Directors have recognised the need for significant improvement in its management information systems. This upgrade will aid expansion and enhance reporting methods across all departments within the business.
The company continued its carbon neutral status. Managing the carbon footprint and the environmental impact from business activities throughout the year. The company will continue its strategy to provide sustainable and responsible product solutions for its customers, upholding high compliance standards. The Directors recognise this as an imperative requirement from its supply chain to support customer standards and required certifications. 
Continuous improvement remains embedded across the business, the Directors remain focused on providing good working conditions and upholding company values whilst providing an unrivalled service in the contract packing industry.

Page 3

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMenzies LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 2 July 2025 and signed on its behalf.
 





................................................
Anthony James Clifton
Director

Page 4

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUANTRELLE PACKAGING SOLUTIONS LTD

Opinion


We have audited the financial statements of Quantrelle Packaging Solutions Ltd (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, 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 December 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 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.


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.


Page 5

 


QUANTRELLE PACKAGING SOLUTIONS LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUANTRELLE PACKAGING SOLUTIONS LTD (CONTINUED)

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 6

 


QUANTRELLE PACKAGING SOLUTIONS LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUANTRELLE PACKAGING SOLUTIONS LTD (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:

•The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, employment law, health and safety, pensions legislation and tax legislation.
 
•We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We assessed the extent of compliance with these legal and compliance procedures as part of our procedures on the related financial statement items.
 
•The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
•We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur. We identified the risk of override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed by the engagement team included:
 
•Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
•Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
•Challenging assumptions and judgments made by management in its significant accounting estimates; and
•Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
The assessment did not identify any issues in these areas.
 
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-complance. 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.


Page 7

 


QUANTRELLE PACKAGING SOLUTIONS LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUANTRELLE PACKAGING SOLUTIONS LTD (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





James Fox ACA FCCA (Senior statutory auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Richmond House
Walkern Road
Stevenage
Herts
SG1 3QP

11 August 2025
Page 8

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
12,761,668
10,399,650

Cost of sales
  
(8,213,553)
(6,926,107)

Gross profit
  
4,548,115
3,473,543

Administrative expenses
  
(2,709,701)
(2,402,702)

Other operating income
  
67,013
72,683

Operating profit
 5 
1,905,427
1,143,524

Interest receivable and similar income
 9 
87,373
65,377

Interest payable and similar expenses
 10 
(1,863)
-

Profit before tax
  
1,990,937
1,208,901

Tax on profit
 11 
(539,558)
(219,072)

Profit for the financial year
  
1,451,379
989,829

Other comprehensive income for the year
  

Total comprehensive income for the year
  
1,451,379
989,829

The notes on pages 14 to 25 form part of these financial statements.

Page 9

 


QUANTRELLE PACKAGING SOLUTIONS LTD
REGISTERED NUMBER:03947267



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
220,919
211,953

  
220,919
211,953

Current assets
  

Stocks
 15 
261,908
228,059

Debtors: amounts falling due within one year
 16 
2,090,472
3,889,295

Bank and cash balances
  
1,791,826
4,080,215

  
4,144,206
8,197,569

Creditors: amounts falling due within one year
 17 
(1,406,794)
(1,196,184)

Net current assets
  
 
 
2,737,412
 
 
7,001,385

Total assets less current liabilities
  
2,958,331
7,213,338

Provisions for liabilities
  

Deferred tax
 18 
(30,255)
(16,510)

  
 
 
(30,255)
 
 
(16,510)

Net assets
  
2,928,076
7,196,828


Capital and reserves
  

Called up share capital 
 19 
1,000
1,000

Profit and loss account
  
2,927,076
7,195,828

  
2,928,076
7,196,828


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 July 2025.




................................................
Anthony James Clifton
Director

The notes on pages 14 to 25 form part of these financial statements.

Page 10

 
QUANTRELLE PACKAGING SOLUTIONS LTD

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



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 January 2023
1,000
6,372,499
6,373,499



Comprehensive income for the year


Profit for the year
-
989,829
989,829

Total comprehensive income for the year
-
989,829
989,829



Contributions by and distributions to owners


Dividends: Equity capital
-
(166,500)
(166,500)



Total transactions with owners
-
(166,500)
(166,500)





At 1 January 2024
1,000
7,195,828
7,196,828



Comprehensive income for the year


Profit for the year
-
1,451,379
1,451,379

Total comprehensive income for the year
-
1,451,379
1,451,379



Contributions by and distributions to owners


Dividends: Equity capital
-
(5,720,131)
(5,720,131)



Total transactions with owners
-
(5,720,131)
(5,720,131)



At 31 December 2024
1,000
2,927,076
2,928,076



The notes on pages 14 to 25 form part of these financial statements.

Page 11
 


QUANTRELLE PACKAGING SOLUTIONS LTD
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,451,379
989,829

Adjustments for:

Depreciation of tangible assets
78,013
82,609

Loss on disposal of tangible assets
-
628

Taxation charge
(497,179)
(219,071)

(Increase)/decrease in stocks
(33,849)
237,504

Decrease/(increase) in debtors
282,212
(271,622)

Decrease in amounts owed by groups
1,516,611
-

Increase in creditors
183,629
255,598

(Decrease) in provisions
(5,854)
(8,219)

Corporation tax received
543,759
366,686

Net cash generated from operating activities

3,518,721
1,433,942


Cash flows from investing activities

Purchase of tangible fixed assets
(88,141)
(97,021)

Sale of tangible fixed assets
1,162
300

Dividends paid
(5,720,131)
(166,500)

Net cash from investing activities

(5,807,110)
(263,221)


Net (decrease)/increase in cash and cash equivalents
(2,288,389)
1,170,721

Cash and cash equivalents at beginning of year
4,080,215
2,909,494

Cash and cash equivalents at the end of year
1,791,826
4,080,215


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,791,826
4,080,215

1,791,826
4,080,215


The notes on pages 14 to 25 form part of these financial statements.

Page 12

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

4,080,215

(2,288,389)

1,791,826


4,080,215
(2,288,389)
1,791,826

The notes on pages 14 to 25 form part of these financial statements.

Page 13

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Quantrelle Packaging Soluations Limited is a private company, limited by shares, incorporated in Englandand Wales, United Kingdom. The comapny's registered number and registered office address can be found on the company information page.
The principal activity of the company continued to be that of packaging services.

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 judgment in applying the Company's accounting policies (see note 3).

 
2.2

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:

Rendering of services

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

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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 14

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.6

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 reporting 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 reporting 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 reporting date.


 
2.8

Intangible assets

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

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

 
2.9

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.

Page 15

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Tangible fixed assets (continued)

Depreciation 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:

Leasehold improvements
-
10 years straight line / 7 years staright line
Plant and machinery
-
7 years straight line
Motor vehicles
-
4 years straight line
Fixtures and fittings
-
4 years straight line

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.

 
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 reporting 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.

 
2.11

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.

 
2.12

Cash and cash equivalents

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

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

 
2.13

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.

Page 16

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

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.

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

Financial instruments are recognised in the Company's Statement of financial position 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.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 17

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates andassumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. Theestimates and underlying assumptions are based on historical experience and other factors that are considered tobe relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates arerecognised in theperiod in which the estimate is revised if the revision affects only that period, or in the period of therevision and future periods if therevision affects both current and future periods.
The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financialstatements aredescribed below.
Useful economic life of tangible assets:
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful lives andresidual values of the assets. The useful economic lives and residual values are reassessed annually. They areamended when necessary to reflect current estimates, future investments, economic utilisation and physicalcondition of the assets.. 


4.


Turnover

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


2024
2023
£
£

Sales
12,761,668
10,399,650

12,761,668
10,399,650


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,126,172
10,000,028

Europe
533,416
399,622

Rest of the world
102,080
-

12,761,668
10,399,650


Page 18

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation of owned tangible fixed assets
78,003
82,609

Exchange differences
717
628

Other operating lease rentals
470,420
387,499


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
16,500
13,400


7.


Employees

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


2024
2023
£
£

Wages and salaries
2,973,998
2,338,450

Social security costs
313,114
249,350

Cost of defined contribution scheme
95,015
78,679

3,382,127
2,666,479


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


        2024
        2023
            No.
            No.







Employees
77
72

Page 19

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
309,862
260,836

Company contributions to defined contribution pension schemes
24,000
24,090

333,862
284,926


The highest paid director received remuneration of £145,677 (2023 -£126,261).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £12,000 (2023 -£12,000).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
87,373
65,377

87,373
65,377


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,863
-

1,863
-

Page 20

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
525,814
227,290


525,814
227,290


Total current tax
525,814
227,290

Deferred tax


Origination and reversal of timing differences
13,744
(8,218)

Total deferred tax
13,744
(8,218)


539,558
219,072

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 -higher than) the standard rate of corporation tax in the UK of 25% (2023 -23.50%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,990,937
1,208,899


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -23.50%)
497,735
284,091

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
22,012
(1,458)

Capital allowances for year in excess of depreciation
6,067
(6,539)

Adjustments to tax charge in respect of prior periods
14,462
(31,107)

Short-term timing difference leading to an increase (decrease) in taxation
(718)
-

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(25,915)

Total tax charge for the year
539,558
219,072

Page 21

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

12.


Dividends

2024
2023
£
£


Final
5,720,131
166,500

5,720,131
166,500


13.


Intangible assets




Patents

£





At 1 January 2024
45,784


Disposals
(45,784)



At 31 December 2024

-





At 1 January 2024
45,784


On disposals
(45,784)



At 31 December 2024

-



Net book value



At 31 December 2024
-



At 31 December 2023
-



Page 22

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
314,347
1,094,278
-
366,387
1,775,012


Additions
42,345
25,901
14,428
5,467
88,141


Disposals
-
-
-
(3,163)
(3,163)



At 31 December 2024

356,692
1,120,179
14,428
368,691
1,859,990



Depreciation


At 1 January 2024
216,074
1,035,016
-
311,969
1,563,059


Charge for the year on owned assets
27,741
17,191
2,414
30,657
78,003


Disposals
-
-
-
(1,991)
(1,991)



At 31 December 2024

243,815
1,052,207
2,414
340,635
1,639,071



Net book value



At 31 December 2024
112,877
67,972
12,014
28,056
220,919



At 31 December 2023
98,273
59,262
-
54,418
211,953




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
112,877
98,273

112,877
98,273



15.


Stocks

2024
2023
£
£

Finished goods and goods for resale
261,908
228,059

261,908
228,059


Page 23

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Debtors

2024
2023
£
£


Trade debtors
1,738,206
1,691,397

Amounts owed by group undertakings
35,813
1,552,424

Other debtors
86,022
388,413

Prepayments and accrued income
230,431
257,061

2,090,472
3,889,295



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
656,869
574,326

Corporation tax
201,867
174,886

Other taxation and social security
393,432
389,374

Other creditors
-
456

Accruals and deferred income
154,626
57,142

1,406,794
1,196,184



18.


Deferred taxation




2024


£






At beginning of year
(16,510)


Charged to profit or loss
(13,745)



At end of year
(30,255)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(30,255)
(16,510)

(30,255)
(16,510)

Page 24

 


QUANTRELLE PACKAGING SOLUTIONS LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 -1,000) Ordinary shares shares of £1.00 each
1,000
1,000



20.


Commitments under operating leases

At 31 December 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
1,004,127
167,028

Later than 1 year and not later than 5 years
3,780,715
515,091

Later than 5 years
657,745
-

5,442,587
682,119


21.


Controlling party

The ultimate parent company is USM British Holdings, LLC a company incorporated in the United States, Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware, United States, 19808.

 
Page 25