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Registered number: 03104788










STRAPACK UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
STRAPACK UK LIMITED
 
 
COMPANY INFORMATION


Directors
K Nishimura 
T Shimojima 
A Nitta 




Company secretary
A W Lea



Registered number
03104788



Registered office
Gordian House
Brunel Road

Basingstoke

Hampshire

RG21 6XX




Independent auditors
Shaw Gibbs (Audit) Limited
Statutory Auditor

Wey Court West

Union Road

Farnham

Surrey

GU9 7PT





 
STRAPACK UK LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1
Directors' Report
 
2 - 3
Independent Auditors' Report
 
4 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10 - 11
Company Balance Sheet
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15
Consolidated Analysis of Net Debt
 
16
Notes to the Financial Statements
 
17 - 34


 
STRAPACK UK LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

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

Business review
 
The group aims to present a balanced and comprehensive review of its business during the year and its position at the year end. This review is consistent with the nature and size of the business and is written in the context of normal business risks and uncertainties. 
The group considers its key performance indicators to be turnover and profitability. These accounts show the results of the company's and groups performance for the year ended 31 December 2024, with the comparatives covering the year ended 31 December 2023. The directors can report that sales have decreased by 17.7% when compared to revenue of £16,258,605 for continued operation in the prior year. The profit before tax has decreased by 43% to £626,904 (2023: £1,102,569 for continued operation). The directors feel that these results are satisfactory given the challenges encountered in trading.
The gross profit margin has remained consistent for continuing operation with the previous year. The company continues to control overheads and operating costs at a competitive level to ensure it remains competitive in the marketplace. 

Principal risks and uncertainties
 
The UK market remains a difficult trading environment, with many market sectors continuing to find the impact of high interest rates a significant factor, which is inhibiting growth in their end markets, this is particularly true of the building products sector, a major market sector for main trading subsidiary Gordian Strapping Ltd (GSL).  Inflation has however reduced significantly, and whilst UK GDP remains weak, it is expected the UK economy will grow in 2025, and this trend will hopefully encourage more investment in capital equipment as companies see an improving trading environment.
It is particularly important that the company continues to follow a strategy of trying to develop sales across a wide spread of markets to increase opportunities for growth in 2025. The company has also increased its number of external salespeople in a bold effort to capitalise on new opportunities in the UK market.


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



T Shimojima
Director

Date: 23 July 2025

Page 1

 
STRAPACK UK LIMITED
 
 
 
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 Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make 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 Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The company is a holding company and did not trade during the financial year. Strapack UK Limited has an investment in Gordian Strapping Limited. 
The principal activity of the group continued to be the sale and hire of strapping and packaging equipment throughout Europe, and in addition in the UK, the provision of after-sales machine maintenance and servicing and the supply of consumable strapping materials. 

Results and dividends

The profit for the year, after taxation, amounted to £482,210 (2023 - £823,960).

Ordinary dividends were paid during the year amounting to £470,000. Since the year end no dividend was declared or paid out of reserves.

Directors

The directors who served during the year were:

K Nishimura 
T Shimojima 
A Nitta 

Page 2

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

Future developments

The business continues to offer a wide range of equipment and services that enhance the offering the group provides as a leading UK specialist end of production line packaging equipment supplier. 
Opportunities for growth will be explored across a wide spread of market sectors during 2025, which is expected to be a challenging trading environment with low overall GDP growth expectation. The company expects profit margin retention to be a consistent focus throughout the 2025 trading year.  The directors will continue to monitor overall business performance for sales revenue and profitability and take any necessary steps to ensure the company achieves budgeted annual targets.

Disclosure of information to auditors

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

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

Post balance sheet events

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

Auditors

The auditorsShaw Gibbs (Audit) Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





T Shimojima
Director

Date: 23 July 2025

Page 3

 
STRAPACK UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STRAPACK UK LIMITED
 

Opinion


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


In our opinion the financial statements:


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


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
STRAPACK UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STRAPACK UK 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

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


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


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


Page 5

 
STRAPACK UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STRAPACK UK LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
STRAPACK UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STRAPACK UK 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We discussed with the directors the policies and procedures in place regarding compliance with laws and regulations. We discussed amongst the audit team the identified laws and regulations, and remained alert to any indications of non-compliance. 
During the audit we focussed on laws and regulations which could reasonably be expected to give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management.
Our procedures in relation to fraud, included but were not limited to: inquires of management whether they have any knowledge of any actual, suspected or alleged fraud, and discussions amongst the audit team regarding risk of fraud such as opportunities for fraudulent manipulation of financial statements. We determined that the principal risks related to posting manual journal entries to manipulate financial performance and management bias through judgements in accounting estimates and challenged the assumptions and judgements made by management in its significant accounting estitnates. We also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. Our tests included agreeing the financial statement disclosures to underlying supporting documentation.  


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.


Page 7

 
STRAPACK UK LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF STRAPACK UK LIMITED (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.





Stephen Morgan FCA (Senior Statutory Auditor)
for and on behalf of
Shaw Gibbs (Audit) Limited
Statutory Auditor
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT

29 July 2025
Page 8

 
STRAPACK UK LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,382,884
16,258,605

Cost of sales
  
(8,398,953)
(10,681,985)

Gross profit
  
4,983,931
5,576,620

Administrative expenses
  
(4,364,500)
(4,498,140)

Operating profit
 5 
619,431
1,078,480

Interest receivable and similar income
 9 
35,876
55,451

Interest payable and similar expenses
 10 
(28,403)
(31,362)

Profit before taxation
  
626,904
1,102,569

Tax on profit
 11 
(144,694)
(278,609)

Profit for the financial year
  
482,210
823,960

  

Total comprehensive income for the year
  
482,210
823,960

Profit for the year attributable to:
  

Owners of the parent Company
  
482,210
823,960

  
482,210
823,960

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
482,210
823,960

  
482,210
823,960

The notes on pages 17 to 34 form part of these financial statements.

Page 9

 
STRAPACK UK LIMITED
REGISTERED NUMBER: 03104788

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,501,834
2,400,886

  
2,501,834
2,400,886

Current assets
  

Stocks
 15 
2,811,570
2,880,305

Debtors: amounts falling due within one year
 16 
1,908,406
2,045,142

Cash at bank and in hand
 17 
1,623,857
1,466,092

  
6,343,833
6,391,539

Creditors: amounts falling due within one year
 18 
(2,396,639)
(2,285,441)

Net current assets
  
 
 
3,947,194
 
 
4,106,098

Total assets less current liabilities
  
6,449,028
6,506,984

Creditors: amounts falling due after more than one year
 19 
(498,825)
(568,991)

Provisions for liabilities
  

Deferred taxation
 21 
(135,285)
(135,285)

  
 
 
(135,285)
 
 
(135,285)

Net assets excluding pension asset
  
5,814,918
5,802,708

Net assets
  
5,814,918
5,802,708

Page 10

 
STRAPACK UK LIMITED
REGISTERED NUMBER: 03104788
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 22 
1,100,000
1,100,000

Revaluation reserve
  
304,385
304,385

Profit and loss account
  
4,410,533
4,398,323

Equity attributable to owners of the parent Company
  
5,814,918
5,802,708

  
5,814,918
5,802,708


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2025.




T Shimojima
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 11

 
STRAPACK UK LIMITED
REGISTERED NUMBER: 03104788

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 14 
857,000
857,000

  
857,000
857,000

Current assets
  

Debtors: amounts falling due after more than one year
 16 
1,153,899
1,266,086

Debtors: amounts falling due within one year
 16 
114,969
115,002

Cash at bank and in hand
 17 
585,688
414,053

  
1,854,556
1,795,141

Creditors: amounts falling due within one year
 18 
(1,000)
(1,000)

Net current assets
  
 
 
1,853,556
 
 
1,794,141

Total assets less current liabilities
  
2,710,556
2,651,141

  

  

Net assets excluding pension asset
  
2,710,556
2,651,141

Net assets
  
2,710,556
2,651,141


Capital and reserves
  

Called up share capital 
 22 
1,100,000
1,100,000

Profit and loss account brought forward
  
1,551,141
1,484,812

Profit for the year
  
529,415
446,329

Other changes in the profit and loss account

  

(470,000)
(380,000)

Profit and loss account carried forward
  
1,610,556
1,551,141

  
2,710,556
2,651,141


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2025.


T Shimojima
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 12

 
STRAPACK UK LIMITED
 

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


Called up share capital
Revaluation reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£


At 1 January 2023
1,100,000
304,385
3,954,363
5,358,748
5,358,748


Comprehensive income for the year

Profit for the year

-
-
823,960
823,960
823,960


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
823,960
823,960
823,960


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(380,000)
(380,000)
(380,000)


Total transactions with owners
-
-
(380,000)
(380,000)
(380,000)



At 1 January 2024
1,100,000
304,385
4,398,323
5,802,708
5,802,708


Comprehensive income for the year

Profit for the year

-
-
482,210
482,210
482,210


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
482,210
482,210
482,210


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(470,000)
(470,000)
(470,000)


Total transactions with owners
-
-
(470,000)
(470,000)
(470,000)


At 31 December 2024
1,100,000
304,385
4,410,533
5,814,918
5,814,918


The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
STRAPACK UK LIMITED
 

COMPANY 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
1,100,000
1,484,812
2,584,812


Comprehensive income for the year

Profit for the year

-
446,329
446,329


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
446,329
446,329


Contributions by and distributions to owners

Dividends: Equity capital
-
(380,000)
(380,000)


Total transactions with owners
-
(380,000)
(380,000)



At 1 January 2024
1,100,000
1,551,141
2,651,141


Comprehensive income for the year

Profit for the year

-
529,415
529,415


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
529,415
529,415


Contributions by and distributions to owners

Dividends: Equity capital
-
(470,000)
(470,000)


Total transactions with owners
-
(470,000)
(470,000)


At 31 December 2024
1,100,000
1,610,556
2,710,556


The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
STRAPACK UK LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
482,210
823,960

Adjustments for:

Depreciation of tangible assets
358,983
294,941

Loss on disposal of tangible assets
2,279
-

Interest paid
28,404
31,362

Interest received
(35,876)
(55,451)

Taxation charge
144,694
278,609

Decrease in stocks
68,736
72,192

Decrease in debtors
138,501
446,113

Increase/(decrease) in creditors
162,915
(1,371,603)

Increase in amounts owed to groups
11,784
-

Corporation tax (paid)
(218,308)
(321,869)

Net cash generated from operating activities

1,144,322
198,254


Cash flows from investing activities

Purchase of tangible fixed assets
(506,552)
(420,526)

Sale of tangible fixed assets
44,342
-

Interest received
35,876
55,451

Net cash from investing activities

(426,334)
(365,075)

Cash flows from financing activities

Repayment of loans
(61,819)
(59,079)

Dividends paid
(470,000)
(380,000)

Interest paid
(28,404)
(31,362)

Net cash used in financing activities
(560,223)
(470,441)

Net increase/(decrease) in cash and cash equivalents
157,765
(637,262)

Cash and cash equivalents at beginning of year
1,466,092
2,103,354

Cash and cash equivalents at the end of year
1,623,857
1,466,092


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,623,857
1,466,092


The notes on pages 17 to 34 form part of these financial statements.

Page 15

 
STRAPACK UK LIMITED
 

CONSOLIDATED 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

1,466,092

157,765

1,623,857

Debt due after 1 year

(568,991)

70,166

(498,825)

Debt due within 1 year

(61,819)

(8,347)

(70,166)


835,282
219,584
1,054,866

The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Strapack UK Limited (03104788) is a private company, limited by shares, registered in England and Wales. The company's registered office is Gordian House, Brunel Road, Basingstoke, Hampshire, RG21 6XX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

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

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Revenue

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

Income from the manufacture and sale of the tensional strapping and packaging equipment is recognised at the date of invoice (which usually coincides with date of dispatch of goods) net of VAT and trade discounts. 
Income from the hired plant and equipment is accounted for over the rental period on a straight line basis. 
Income from the maintenance contracts on the hired plant and machinery is accounted for over the contract period on a straight line basis. Income from service call outs not covered by the contract is recognised when the service performance has been approved by the customer. 

Page 17

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the Group as lessee

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

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

 
2.5

Interest income

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

 
2.6

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.

 
2.7

Borrowing costs

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

 
2.8

Pensions

Defined contribution pension plan

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

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

Page 18

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

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

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


 
2.10

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 19

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.10
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 land and buildings
-
39 years straight line
Leasehold improvements
-
5 years straight line
Plant and machinery
-
 Between 10% and 20% straight line
Motor vehicles
-
 20% straight line
Fixtures and fittings
-
 20% straight line
Computer equipment
-
 20% straight line
Machines on hire
-
Over the term of lease

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.

 
2.11

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

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

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

Page 20

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

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.

 
2.15

Cash and cash equivalents

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

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

 
2.16

Creditors

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

 
2.17

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.

 
2.18

Financial instruments

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

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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the
Page 21

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.18
Financial instruments (continued)

contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

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

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

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

 
2.19

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that arc 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 arc 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. 
Critical judgements 
The following judgements (apart from those involving estimates) have had the most significant effect on 
amounts recognised in the financial statements. 
Stock provision 
The directors have reviewed the year end stock value and based on their knowledge of the business and experience of the industry, consider that the provision that has been made, for all stock items not sold within the last four years, is accurate and that no further adjustment is deemed necessary. This provision is reviewed annually to ensure that the estimate remains reasonable. 

Page 22

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

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


2024
2023
£
£

Sales of goods and equipment
10,748,037
13,591,880

Maintenance revenue
2,311,017
2,366,478

Machines on hire revenue
323,830
300,247

13,382,884
16,258,605


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,776,379
15,648,521

Rest of Europe
606,505
610,084

13,382,884
16,258,605



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
(74,695)
32,822

Other operating lease rentals
-
4,540


6.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
22,500
22,500

Page 23

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
2,385,662
2,262,967

Social security costs
283,911
279,958

Cost of defined contribution scheme
156,522
143,991

2,826,095
2,686,916


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


        2024
        2023
            No.
            No.







Engineering
20
20



Distribution
19
19



Administration
12
12

51
51

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

8.


Directors' remuneration




During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


9.


Interest receivable

2024
2023
£
£


Other interest receivable
35,876
55,451

35,876
55,451

Page 24

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
28,389
31,129

Other loan interest payable
14
233

28,403
31,362


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
144,694
278,609


144,694
278,609


Total current tax
144,694
278,609

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
144,694
278,609
Page 25

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

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

2024
2023
£
£


Profit on ordinary activities before tax
626,903
1,102,569


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
156,726
275,642

Effects of:


Non-tax deductible amortisation of goodwill and impairment
2,690
4,266

Capital allowances for year in excess of depreciation
7,757
18,865

Other differences leading to an increase (decrease) in the tax charge
(22,479)
(20,164)

Total tax charge for the year
144,694
278,609


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




12.


Dividends

2024
2023
£
£


Dividends
470,000
380,000

470,000
380,000

Page 26

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Tangible fixed assets

Group






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

£
£
£
£
£



Cost or valuation


At 1 January 2024
164,791
1,495,208
82,538
415,230
69,581


Additions
11,618
-
-
340,012
-


Disposals
-
-
-
(65,617)
-



At 31 December 2024

176,409
1,495,208
82,538
689,625
69,581



Depreciation


At 1 January 2024
69,836
63,762
73,698
69,677
66,180


Charge for the year on owned assets
24,012
38,257
3,850
126,996
2,136


Disposals
-
-
-
(18,996)
-



At 31 December 2024

93,848
102,019
77,548
177,677
68,316



Net book value



At 31 December 2024
82,561
1,393,189
4,990
511,948
1,265



At 31 December 2023
94,955
1,431,446
8,840
345,553
3,401
Page 27

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           13.Tangible fixed assets (continued)


Computer equipment
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2024
78,020
987,192
3,292,560


Additions
30,806
124,116
506,552


Disposals
-
(131,553)
(197,170)



At 31 December 2024

108,826
979,755
3,601,942



Depreciation


At 1 January 2024
46,544
501,977
891,674


Charge for the year on owned assets
14,087
149,645
358,983


Disposals
-
(131,553)
(150,549)



At 31 December 2024

60,631
520,069
1,100,108



Net book value



At 31 December 2024
48,195
459,686
2,501,834



At 31 December 2023
31,476
485,215
2,400,886




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


2024
2023
£
£

Freehold
82,560
94,955

Long leasehold
1,393,188
1,431,445

1,475,748
1,526,400


Page 28

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
857,000



At 31 December 2024
857,000





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Gordian Strapping Limited
Gordian House, Brunel Road, Basingstoke, Hampshire, RG21 6XX
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

Gordian Strapping Limited
3,961,361
428,150


15.


Stocks

Group
Group
2024
2023
£
£

Finished goods and goods for resale
2,811,570
2,880,305

2,811,570
2,880,305


Page 29

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Debtors

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

Amounts falling after one year

Amounts owed by group undertakings
-
-
1,153,899
1,266,086

-
-
1,153,899
1,266,086


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

Amounts falling due within one year

Trade debtors
1,870,740
2,008,073
-
-

Amounts owed by group undertakings
-
-
114,969
115,002

Other debtors
6,414
4,679
-
-

Prepayments and accrued income
31,252
32,390
-
-

1,908,406
2,045,142
114,969
115,002



17.


Cash and cash equivalents

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

Cash at bank and in hand
1,623,857
1,466,092
585,688
414,053

1,623,857
1,466,092
585,688
414,053


Page 30

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

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

Bank loans
70,166
61,819
-
-

Trade creditors
1,136,701
921,280
1,000
1,000

Amounts owed to group undertakings
11,784
-
-
-

Corporation tax
-
71,848
-
-

Other taxation and social security
275,102
309,891
-
-

Other creditors
57,708
17,453
-
-

Accruals and deferred income
845,178
903,150
-
-

2,396,639
2,285,441
1,000
1,000



19.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
498,825
568,991

498,825
568,991



The following liabilities were secured:
Group
Group
2024
2023
£
£


Bank loans
568,991
630,810

568,991
630,810

Details of security provided:

Bank loans are secured by a legal charge over the properly known as Gordian House, Brunel road, Basingstoke, Hampshire, RG22 6XX

The original bank loan was for £1,007,500, with a repayment period of 15 years and an annual interest rate of 2.4%. 

Page 31

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
70,166
61,819


70,166
61,819


Amounts falling due 2-5 years

Bank loans
498,825
568,991


498,825
568,991


568,991
630,810



21.


Deferred taxation


Group



2024


£






At beginning of year
(135,285)



At end of year
(135,285)

Page 32

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
21.Deferred taxation (continued)

Company


2024






At end of year
-
Group
Group
2024
2023
£
£

Accelerated capital allowances
(135,285)
(135,285)

(135,285)
(135,285)


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,100,000 (2023 - 1,100,000) Ordinary shares of £1.00 each
1,100,000
1,100,000



23.


Pension commitments

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. 


24.


Commitments under operating leases

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


Group
Group
2024
2023
£
£

Not later than 1 year
36,142
63,740

Later than 1 year and not later than 5 years
16,931
53,073

53,073
116,813
Page 33

 
STRAPACK UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.Other financial commitments

The company has a HM Revenue & Customs Duty Determent Guarantee.
There is a cross guarantee and debenture in place dated 5 June 2017 in favour of Barclays Bank Plc between Strapack UK Limited and Gordian Strapping Limited. 


26.


Controlling party

The company's ultimate parent company and controlling party is Strapack Corporation. a company incorporated in Japan. The consolidated financial statements of Strapack Corporation are not available to the general public. 

 
Page 34