Company registration number NI041288 (Northern Ireland)
CCL LABEL IRELAND LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CCL LABEL IRELAND LIMITED
COMPANY INFORMATION
Director
Mr V Craig
Secretary
Mr V Craig
Company number
NI041288
Registered office
3 Advantage Way
Ballygomartin Industial Estate
Belfast
BT13 3LZ
Auditor
Miscampbell & Co
6 Annadale Avenue
Belfast
BT7 3JH
CCL LABEL IRELAND LIMITED
CONTENTS
Page
Strategic report
1 - 2
Director's report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Balance sheet
9 - 10
Statement of cash flows
12
Notes to the financial statements
13 - 25
CCL LABEL IRELAND LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The director presents the strategic report for the year ended 31 December 2024.

The Company’s principal activity continues to be the print, design and manufacture of Labels and Expanded Content Booklet Labels.

We have expert manufacturing, in house product development and globally supported engineering teams to spearhead the advancement of processes and materials.

Review of the business

The results for the year are shown on the Statement of Income and Retained Earnings on page 8.
The Company had a promising year, sales was up by 2.8% and operating profit up by 3.5%.

Principal risks and uncertainties

The principal risks and uncertainties affecting the business continue to include the following:

- Raw material availability and price: the Company monitors raw material sources on a global basis and negotiates fixed price contracts where appropriate with suppliers

- Environmental risks: the Company places considerable emphasis upon environmental compliance and not only seeks to ensure ongoing compliance with relevant legislation but also strives to ensure that environmental best practice is incorporated into its key processes

- Debtors: the Company maintains strong relationships with each of its key customers and has established credit control parameters. Appropriate credit terms are agreed with customers, and these are closely managed

- The effect of legislation or other regulatory activities: the Company monitors forthcoming and current legislation regularly

- Global economy: the Company is well positioned in terms of its customers, products, and financing to weather any economic downturn

- The Company monitors regularly foreign exchange fluctuations with the Euro in order to minimize its impact on the business

- Financial risk management: although the current risk is considered low, considerable effort is placed on managing cash and working capital to provide continued investment in capital

Development and performance

Key areas of strategic development and performance of the business include:

- Sales and marketing: new and replacement business is being won continually; new markets are being developed in line with Company strategy; key customer relationships are monitored on a regular basis

- Manufacturing: investment in state of the ar t technology to facilitate development of new products for both existing and development markets, and to further production efficiencies

- Health and Safety: the Company continues to seek ways of ensuring that a safe and healthy working environment is progressively improved

Key performance indicators

| 2024 | 2023
Operating Profit % | 28.1% | 27.9%
Stock Days | 14 | 21
Debtor Days | 30 | 54
Creditor Days | 157 | 171

The above KPIs are used by the Directors to evaluate the profitability and liquidity of the Company.

Other performance indicators

There were no other key performance indicators.

CCL LABEL IRELAND LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

On behalf of the board

Mr V Craig
Director
11 June 2025
CCL LABEL IRELAND LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The director presents his annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company continued to be that of the print, design and manufacture of Labels and Expanded Content Booklet Labels.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The director does not recommend payment of a final dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr M McGarry
(Resigned 31 March 2024)
Mr V Craig
Post reporting date events

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

Future developments

The Company will continue to focus on the print, design and manufacture of Labels and Expanded Content Booklet Labels for our markets. Supply-chain issues have had an impact on the global economy but as the Company’s markets are primarily defensive, we have in fact seen an increase in demand.

Statement of director's responsibilities

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

- select suitable accounting policies and then apply them consistently;

- make judgements 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 director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

CCL LABEL IRELAND LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr V Craig
Director
11 June 2025
CCL LABEL IRELAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CCL LABEL IRELAND LIMITED
- 5 -
Opinion

We have audited the financial statements of CCL Label Ireland Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 director's 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 director 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 auditor's report thereon. The director is responsible for the other information contained within the annual report. Our 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the director's r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

CCL LABEL IRELAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CCL LABEL IRELAND LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the director's r eport.

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 director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

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. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulation in the United Kingdom;

- understood how the Company is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures in these areas;

- assessed the vulnerability of the Company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override and by assuming revenue recognition to be a fraud risk; and

- based on this understanding our audit procedures were designed to identify non-compliance with such laws and regulations.

CCL LABEL IRELAND LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CCL LABEL IRELAND LIMITED (CONTINUED)
- 7 -

Based on our understanding of the company and industry, we apply professional scepticism throughout the audit and have considered the extent to which non-compliance of relevant legislation and the susceptibility to misstatement might have a material effect on the financial statements. We have evaluated management's opportunities for fraudulent manipulation of the financial statements and have determined that the principal risks were related to the posting of inappropriate journal entries in order to modify performance and management bias and assumptions in significant accounting estimates. Audit procedures performed by the engagement team included;

- Identification of related parties;

- Making enquiries of management regarding where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

- Considering the internal controls in place within the company to mitigate the risk of fraud and non-compliance with laws and regulations;

- Review of applicable minutes;

- Identifying and testing journal entries and any other unusual postings.

To address the risk of fraud, override of controls and non-compliance with laws and regulations, we performed analytical procedures to identify any unusual or unexpected related party relationships, tested journal entries to identity unusual transactions, investigated any significant or unusual transactions and assessed whether judgements and assumptions made in determining the accounting estimates were suggestive of potential bias.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

The purpose of our audit work and to whom we owe our responsibilities

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 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan R Bethel
Senior Statutory Auditor
For and on behalf of Miscampbell & Co
11 June 2025
Chartered Accountants
Statutory Auditor
6 Annadale Avenue
Belfast
BT7 3JH
CCL LABEL IRELAND LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
10,952,169
10,658,946
Cost of sales
(5,770,404)
(5,402,621)
Gross profit
5,181,765
5,256,325
Distribution costs
(273,438)
(270,219)
Administrative expenses
(1,834,918)
(2,030,865)
Other operating income
1,957
14,923
Operating profit
4
3,075,366
2,970,164
Interest receivable and similar income
8
-
0
1,264
Profit before taxation
3,075,366
2,971,428
Tax on profit
9
(772,091)
(686,790)
Profit for the financial year
2,303,275
2,284,638
Retained earnings brought forward
3,333,325
3,048,687
Dividends
10
-
0
(2,000,000)
Retained earnings carried forward
5,636,600
3,333,325

The profit and loss account has been prepared on the basis that all operations are continuing operations.

CCL LABEL IRELAND LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
5,322,146
2,945,253
Current assets
Stocks
14
223,574
314,133
Debtors
15
4,898,689
4,214,197
Cash at bank and in hand
1,559
4,300
5,123,822
4,532,630
Creditors: amounts falling due within one year
16
(3,745,837)
(3,714,070)
Net current assets
1,377,985
818,560
Total assets less current liabilities
6,700,131
3,763,813
Creditors: amounts falling due after more than one year
17
-
0
(1,957)
Provisions for liabilities
Deferred tax liability
18
863,509
228,509
(863,509)
(228,509)
Net assets
5,836,622
3,533,347
Capital and reserves
Called up share capital
20
100,022
100,022
Share premium account
100,000
100,000
Profit and loss reserves
5,636,600
3,333,325
Total equity
5,836,622
3,533,347

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

CCL LABEL IRELAND LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
The financial statements were approved by the board of directors and authorised for issue on 11 June 2025 and are signed on its behalf by:
Mr V Craig
Director
Company registration number NI041288 (Northern Ireland)
CCL LABEL IRELAND LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
100,022
100,000
3,048,687
3,248,709
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,284,638
2,284,638
Dividends
10
-
-
(2,000,000)
(2,000,000)
Balance at 31 December 2023
100,022
100,000
3,333,325
3,533,347
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
2,303,275
2,303,275
Balance at 31 December 2024
100,022
100,000
5,636,600
5,836,622
CCL LABEL IRELAND LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
3,099,769
4,002,807
Income taxes paid
(461,031)
(260,354)
Net cash inflow from operating activities
2,638,738
3,742,453
Investing activities
Purchase of tangible fixed assets
(2,715,951)
(1,756,741)
Proceeds from disposal of tangible fixed assets
74,472
-
0
Interest received
-
0
1,264
Net cash used in investing activities
(2,641,479)
(1,755,477)
Financing activities
Dividends paid
-
0
(2,000,000)
Net cash used in financing activities
-
(2,000,000)
Net decrease in cash and cash equivalents
(2,741)
(13,024)
Cash and cash equivalents at beginning of year
4,300
17,324
Cash and cash equivalents at end of year
1,559
4,300
CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
1
Accounting policies
Company information

CCL Label Ireland Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 3 Advantage Way, Ballygomartin Industial Estate, Belfast, BT13 3LZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10% straight line.

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

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
20% straight line
Plant and equipment
10% - 33% straight line
Fixtures and fittings
20% - 33% straight line
Motor vehicles
20% straight line
Office equipment
20% - 33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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 end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

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

Classification of financial liabilities

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

CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
2
Judgements and key sources of estimation uncertainty

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Determine whether there are indicators of impairment of the company’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Tangible fixed assets are depreciated over their useful lives taking into account res idual values, where appropriate. The actual lives of the assets and residual values are assessed a nnually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
6,674,875
6,199,778
Europe
3,974,629
4,213,961
Rest of the world
302,665
245,207
10,952,169
10,658,946
2024
2023
£
£
Other revenue
Interest income
-
1,264
Grants received
1,957
14,923
CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
2,863
(6,748)
Government grants
(1,957)
(14,923)
Depreciation of owned tangible fixed assets
326,172
260,944
Profit on disposal of tangible fixed assets
(61,586)
-
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,932
5,995
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
52
53

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,177,814
2,115,617
Social security costs
237,603
231,318
Pension costs
183,341
194,835
2,598,758
2,541,770
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
173,354
524,632
Company pension contributions to defined contribution schemes
45,467
78,348
218,821
602,980
CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
7
Director's remuneration
(Continued)
- 20 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
n/a
394,765
Company pension contributions to defined contribution schemes
n/a
18,433
Accrued pension at the end of the year
n/a
1,550
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
-
0
1,264
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
-
0
1,264
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
168,000
491,940
Adjustments in respect of prior periods
(30,909)
90,850
Total current tax
137,091
582,790
Deferred tax
Origination and reversal of timing differences
635,000
104,000
Total tax charge
772,091
686,790
CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
9
Taxation
(Continued)
- 21 -

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
3,075,366
2,971,428
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.50%)
768,842
698,286
Tax effect of expenses that are not deductible in determining taxable profit
6,158
6,094
Adjustments in respect of prior years
(30,909)
90,850
Deferred tax adjustments in respect of prior years
28,000
(122,000)
Adjustment for deferred tax and current tax rate
-
0
13,560
Taxation charge for the year
772,091
686,790
10
Dividends
2024
2023
£
£
Final paid
-
0
2,000,000
11
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024 and 31 December 2024
500,000
Amortisation and impairment
At 1 January 2024 and 31 December 2024
500,000
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
12
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2024
1,909,662
6,056,972
159,205
-
0
58,061
8,183,900
Additions
-
0
2,664,285
16,484
25,900
9,282
2,715,951
Disposals
-
0
(772,298)
-
0
(10,750)
-
0
(783,048)
Transfers
(11,490)
(11,510)
-
0
23,000
-
0
-
0
At 31 December 2024
1,898,172
7,937,449
175,689
38,150
67,343
10,116,803
Depreciation and impairment
At 1 January 2024
472,897
4,558,809
159,205
-
0
47,736
5,238,647
Depreciation charged in the year
32,534
281,390
825
5,180
6,243
326,172
Eliminated in respect of disposals
-
0
(759,412)
-
0
(10,750)
-
0
(770,162)
Transfers
-
0
(23,000)
-
0
23,000
-
0
-
0
At 31 December 2024
505,431
4,057,787
160,030
17,430
53,979
4,794,657
Carrying amount
At 31 December 2024
1,392,741
3,879,662
15,659
20,720
13,364
5,322,146
At 31 December 2023
1,436,765
1,498,163
-
0
-
0
10,325
2,945,253
13
Financial instruments
2024
2023
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
1,559
4,300

Financial assets measured at fair value through profit or loss comprise cash held in hand and at bank.

14
Stocks
2024
2023
£
£
Raw materials and consumables
223,574
314,133
CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 23 -
15
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
893,402
1,569,203
Amounts owed by group undertakings
3,839,835
2,477,793
Other debtors
1,500
101,224
Prepayments and accrued income
163,952
65,977
4,898,689
4,214,197
16
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,476,698
2,529,331
Corporation tax
168,000
491,940
Other taxation and social security
340,970
187,558
Other creditors
8,037
16,960
Accruals and deferred income
752,132
488,281
3,745,837
3,714,070
17
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
1,957
18
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
863,509
228,509
2024
Movements in the year:
£
Liability at 1 January 2024
228,509
Charge to profit or loss
635,000
Liability at 31 December 2024
863,509
CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Deferred taxation
(Continued)
- 24 -

The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
183,341
194,835

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,002
100,002
100,002
100,002
Ordinary class A shares of £1 each
20
20
20
20
100,022
100,022
100,022
100,022
21
Ultimate controlling party

The company is a subsidiary undertaking of CCL Industr ies (UK) Limited. The ultimate controlling party is CCL Industries Inc.

The largest group in which the results of the Company are consolidated is that headed by CCL Industries Inc, incorporated in Canada. The consolidated financial statements of the group are available to the public at the company's registered address.

22
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
2,303,275
2,284,638
Adjustments for:
Taxation charged
772,091
686,790
Investment income
-
0
(1,264)
Gain on disposal of tangible fixed assets
(61,586)
-
Depreciation and impairment of tangible fixed assets
326,172
260,944
Movements in working capital:
Decrease in stocks
90,559
18,729
(Increase)/decrease in debtors
(684,492)
478,954
Increase in creditors
353,750
274,016
Cash generated from operations
3,099,769
4,002,807
CCL LABEL IRELAND LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
23
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
£
£
£
Cash at bank and in hand
4,300
(2,741)
1,559
2024-12-31 2024-01-01 false false false CCH Software CCH Accounts Production 2025.100 Mr M McGarry Mr V Craig Mr V Craig NI041288 2024-01-01 2024-12-31 NI041288 bus:CompanySecretaryDirector1 2024-01-01 2024-12-31 NI041288 bus:CompanySecretary1 2024-01-01 2024-12-31 NI041288 bus:Director1 2024-01-01 2024-12-31 NI041288 bus:Director2 2024-01-01 2024-12-31 NI041288 bus:RegisteredOffice 2024-01-01 2024-12-31 NI041288 2024-12-31 NI041288 2023-01-01 2023-12-31 NI041288 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 NI041288 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 NI041288 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI041288 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI041288 core:ShareCapital 2024-12-31 NI041288 core:ShareCapital 2023-12-31 NI041288 core:SharePremium 2024-12-31 NI041288 core:SharePremium 2023-12-31 NI041288 core:RetainedEarningsAccumulatedLosses 2024-12-31 NI041288 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI041288 2023-12-31 NI041288 core:ShareCapital 2022-12-31 NI041288 core:SharePremium 2022-12-31 NI041288 core:ShareCapitalOrdinaryShareClass1 2024-12-31 NI041288 core:ShareCapitalOrdinaryShareClass1 2023-12-31 NI041288 core:ShareCapitalOrdinaryShareClass2 2024-12-31 NI041288 core:ShareCapitalOrdinaryShareClass2 2023-12-31 NI041288 core:ShareCapitalOrdinaryShares 2024-12-31 NI041288 core:ShareCapitalOrdinaryShares 2023-12-31 NI041288 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-12-31 NI041288 core:PlantMachinery 2024-12-31 NI041288 core:FurnitureFittings 2024-12-31 NI041288 core:MotorVehicles 2024-12-31 NI041288 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-12-31 NI041288 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 NI041288 core:PlantMachinery 2023-12-31 NI041288 core:FurnitureFittings 2023-12-31 NI041288 core:MotorVehicles 2023-12-31 NI041288 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-12-31 NI041288 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 NI041288 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 NI041288 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 NI041288 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 NI041288 core:CurrentFinancialInstruments 2024-12-31 NI041288 core:CurrentFinancialInstruments 2023-12-31 NI041288 2023-12-31 NI041288 2022-12-31 NI041288 core:Goodwill 2024-01-01 2024-12-31 NI041288 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-31 NI041288 core:PlantMachinery 2024-01-01 2024-12-31 NI041288 core:FurnitureFittings 2024-01-01 2024-12-31 NI041288 core:MotorVehicles 2024-01-01 2024-12-31 NI041288 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-01-01 2024-12-31 NI041288 core:UKTax 2024-01-01 2024-12-31 NI041288 core:UKTax 2023-01-01 2023-12-31 NI041288 1 2024-01-01 2024-12-31 NI041288 1 2023-01-01 2023-12-31 NI041288 core:Goodwill 2023-12-31 NI041288 core:Goodwill 2024-12-31 NI041288 core:Goodwill 2023-12-31 NI041288 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 NI041288 core:PlantMachinery 2023-12-31 NI041288 core:FurnitureFittings 2023-12-31 NI041288 core:MotorVehicles 2023-12-31 NI041288 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-12-31 NI041288 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-01-01 2024-12-31 NI041288 core:Non-currentFinancialInstruments 1 2024-12-31 NI041288 core:Non-currentFinancialInstruments 1 2023-12-31 NI041288 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 NI041288 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 NI041288 bus:OrdinaryShareClass1 2024-12-31 NI041288 bus:OrdinaryShareClass1 2023-12-31 NI041288 bus:OrdinaryShareClass2 2024-12-31 NI041288 bus:OrdinaryShareClass2 2023-12-31 NI041288 bus:AllOrdinaryShares 2024-12-31 NI041288 bus:AllOrdinaryShares 2023-12-31 NI041288 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 NI041288 bus:FRS102 2024-01-01 2024-12-31 NI041288 bus:Audited 2024-01-01 2024-12-31 NI041288 bus:FullAccounts 2024-01-01 2024-12-31 xbrli:pure xbrli:shares iso4217:GBP