REGISTERED NUMBER: 02012280 (England and Wales)

Audited Financial Statements

for the Year Ended 31 December 2024

for

Davenport Paper Co Limited

Page

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4

DIRECTORS:

B Byfield

C J Reilly

S Sharp

REGISTERED OFFICE:

47a Queen Street

Derby

DE1 3DE

REGISTERED NUMBER:

02012280 (England and Wales)

AUDITORS:

Bourne & Co.

Statutory Auditors

47a Queen Street

Derby

Derbyshire

DE1 3DE

FIXED ASSETS

Intangible assets

5

10,734

15,334

Tangible assets

6

269,697

281,945

280,431

297,279

CURRENT ASSETS

Stocks

600,903

682,318

Debtors

7

272,854

265,715

Cash at bank

36,851

23,455

910,608

971,488

CREDITORS

Amounts falling due within one year

8

1,199,390

1,199,479

NET CURRENT LIABILITIES

(288,782

)

(227,991

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(8,351

)

69,288

PROVISIONS FOR LIABILITIES

25,163

30,505

NET (LIABILITIES)/ASSETS

(33,514

)

38,783

CAPITAL AND RESERVES

Called up share capital

10

10,000

10,000

Retained earnings

(43,514

)

28,783

SHAREHOLDERS' FUNDS

(33,514

)

38,783

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2025 and were signed on its behalf by:

C J Reilly - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

10,000

1,317,561

1,327,561

Changes in equity

Dividends

-

(1,300,000

)

(1,300,000

)

Total comprehensive income

-

11,222

11,222

Balance at 31 December 2023

10,000

28,783

38,783

Changes in equity

Total comprehensive income

-

(72,297

)

(72,297

)

Balance at 31 December 2024

10,000

(43,514

)

(33,514

)

1.	STATUTORY INFORMATION

Davenport Paper Co Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section

1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the

historical cost convention and on a going concern basis.

The company is expected to return to profitability and a net asset position within the next year and the directors are satisfied that the going concern basis is appropriate.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced sales of goods and services excluding value added tax and is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary course of business. Turnover is recognised at the date of despatch where the company is contracted to undertake the transportation of goods to the customer's place of business. The fair value of consideration takes into account returns, discounts and rebates.

Intangible assets

Intangible assets are initially measures at cost. After initial recognition, intangible assets are measures at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software & websites are being amortised evenly over their estimated useful life of four and three years respectively.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

Straight line over 8 years

Plant and machinery

-

20% on reducing balance and 10% on cost

Fixtures and fittings

-

15% on reducing balance and 10% on cost

Motor vehicles

-

25% on reducing balance

Office equipment

-

25% on cost, 25% on reducing balance and 10% on cost

Stocks

Stocks are stated at their lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average principle or conversion costs and other costs in bringing them to their existing location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial assets

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

Impairment of financial assets

Financial assets.other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial liabilities

Basic financial liabilities, including trade, other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 20 ).

4.	AUDITORS' REMUNERATION

During the year ended 31 December 2024 auditors remuneration for other services totalled £866 (2023 £1,067).

5.	INTANGIBLE FIXED ASSETS

Computer

software

& websites

£

COST

At 1 January 2024

and 31 December 2024

228,801

AMORTISATION

At 1 January 2024

213,467

Amortisation for year

4,600

At 31 December 2024

218,067

NET BOOK VALUE

At 31 December 2024

10,734

At 31 December 2023

15,334

6.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 January 2024

11,359

640,114

224,357

Additions

-

87,000

-

Disposals

-

-

-

At 31 December 2024

11,359

727,114

224,357

DEPRECIATION

At 1 January 2024

11,359

462,282

176,489

Charge for year

-

52,928

15,263

Eliminated on disposal

-

-

-

At 31 December 2024

11,359

515,210

191,752

NET BOOK VALUE

At 31 December 2024

-

211,904

32,605

At 31 December 2023

-

177,832

47,868

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

166,613

69,717

1,112,160

Additions

-

-

87,000

Disposals

(58,401

)

-

(58,401

)

At 31 December 2024

108,212

69,717

1,140,759

DEPRECIATION

At 1 January 2024

114,978

65,107

830,215

Charge for year

8,845

1,890

78,926

Eliminated on disposal

(38,079

)

-

(38,079

)

At 31 December 2024

85,744

66,997

871,062

NET BOOK VALUE

At 31 December 2024

22,468

2,720

269,697

At 31 December 2023

51,635

4,610

281,945

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

189,680

215,601

Amounts owed by group undertakings

12,645

-

Other debtors

22,931

-

Prepayments

47,598

50,114

272,854

265,715

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

581,656

596,512

Amounts owed to group undertakings

558,516

515,039

Value added tax

38,370

59,145

Accrued expenses

39,097

47,032

Corporation tax

(18,249

)

(18,249

)

1,199,390

1,199,479

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

329,000

329,000

Between one and five years

-

329,000

329,000

658,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

10,000

Ordinary

£1

10,000

10,000

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Meadows BA BFP FCA (Senior Statutory Auditor)

for and on behalf of Bourne & Co.

12.	CONTROLLING PARTY

During the year ended 31 December 2024 the immediate controlling party was Takkt Industrial & Packaging GMBH, a company incorporated in Germany.

In the year ended 31 December 2024 the ultimate parent company was Franz Haniel & Cie GmbH, a company incorporated in Germany, Franz Haniel & Cie GmbH is controlled by members of the Haniel family.

The smallest group in which results of the company are consolidated is that headed by TAKKT AG. The largest group in which the results of the company are consolidated is that of the group accounts for Franz Haniel & Cie GmbH. The consolidated financial statements are available to the public may be obtained from Franz Haniel Platz, D-47119 Duisburg, Germany.