Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-31 2024-12-31 VG Cartoncare Ltd 27 2024-01-01 false The manufacture of other articles of paper and paperboard.34 false true false 02814560 2024-01-01 2024-12-31 02814560 2023-01-01 2023-12-31 02814560 2024-12-31 02814560 2023-12-31 02814560 c:Director1 2024-01-01 2024-12-31 02814560 c:Director3 2024-01-01 2024-12-31 02814560 c:Director5 2024-01-01 2024-12-31 02814560 d:Buildings d:ShortLeaseholdAssets 2024-01-01 2024-12-31 02814560 d:Buildings d:ShortLeaseholdAssets 2024-12-31 02814560 d:Buildings d:ShortLeaseholdAssets 2023-12-31 02814560 d:PlantMachinery 2024-01-01 2024-12-31 02814560 d:PlantMachinery 2024-12-31 02814560 d:PlantMachinery 2023-12-31 02814560 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02814560 d:FurnitureFittings 2024-01-01 2024-12-31 02814560 d:FurnitureFittings 2024-12-31 02814560 d:FurnitureFittings 2023-12-31 02814560 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02814560 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02814560 d:CurrentFinancialInstruments 2024-12-31 02814560 d:CurrentFinancialInstruments 2023-12-31 02814560 d:Non-currentFinancialInstruments 2024-12-31 02814560 d:Non-currentFinancialInstruments 2023-12-31 02814560 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 02814560 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 02814560 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 02814560 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 02814560 d:ShareCapital 2024-12-31 02814560 d:ShareCapital 2023-12-31 02814560 d:SharePremium 2024-12-31 02814560 d:SharePremium 2023-12-31 02814560 d:OtherMiscellaneousReserve 2024-12-31 02814560 d:OtherMiscellaneousReserve 2023-12-31 02814560 d:RetainedEarningsAccumulatedLosses 2024-12-31 02814560 d:RetainedEarningsAccumulatedLosses 2023-12-31 02814560 c:FRS102 2024-01-01 2024-12-31 02814560 c:Audited 2024-01-01 2024-12-31 02814560 c:FullAccounts 2024-01-01 2024-12-31 02814560 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02814560 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02814560 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 02814560 VG PENDRAGON LTD (FORMERLY PENDRAGON PRESENTATION PACKAGING LIMITED) FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
VG PENDRAGON LTD (FORMERLY PENDRAGON PRESENTATION PACKAGING LIMITED) REGISTERED NUMBER: 02814560 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 62,307 |  | 74,941
|  |  | 62,307 |  | 74,941
Current assets |  |  |  |  |
Stocks |  | 106,218 |  | 185,869 |
Debtors: amounts falling due within one year | 5 | 350,184 |  | 379,962 |
Cash at bank and in hand | 6 | 488,586 |  | 646,288 |
|  | 944,988 |  | 1,212,119 |
Creditors: amounts falling due within one year | 7 | (204,809) |  | (309,423) |
Net current assets |  |  | 740,179 |  | 902,696
Total assets less current liabilities |  |  | 802,486 |  | 977,637
Creditors: amounts falling due after more than one year | 8 |  | (9,368) |  | (21,144)
Net assets |  |  | 793,118 |  | 956,493
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 427,039 |  | 427,039
Share premium account |  |  | 93,313 |  | 93,313
Other reserves |  |  | 25,393 |  | 25,393
Profit and loss account |  |  | 247,373 |  | 410,748
|  |  | 793,118 |  | 956,493
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mrs Joanna Calixto | Mr Danny Goris
Director | Director
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VG PENDRAGON LTD (FORMERLY PENDRAGON PRESENTATION PACKAGING LIMITED) REGISTERED NUMBER: 02814560 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024
Prof. Frank Ohle Director |
Date: 30 April 2025 |
The notes on pages 3 to 8 form part of these financial statements. Page 2
VG PENDRAGON LTD (FORMERLY PENDRAGON PRESENTATION PACKAGING LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
VG Pendragon Ltd is a private Company limited by shares incorporated in England and Wales. The registered office is The Haysfield, Malvern, Worcestershire, England, WR14 1GF. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The Company generated a loss before tax of £163,374 (2023: £172,811) and has net assets of £793,118 (2023: £956,493). The Company expect to return to profitability in 2025; and given the level of net assets as well as group support, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
VG PENDRAGON LTD (FORMERLY PENDRAGON PRESENTATION PACKAGING LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.7 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | Taxation
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 operates and generates income. Page 4
VG PENDRAGON LTD (FORMERLY PENDRAGON PRESENTATION PACKAGING LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis:
|  |  |  | Short-term leasehold property | - | 25% Reducing Balance
|  |  |  | Plant and machinery | - | 15% Reducing Balance
|  |  |  | Fixtures and fittings | - | 15% Reducing Balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each 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.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
3. | Employees
| The average monthly number of employees, including directors, during the year was 34 (2023 - 27).
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VG PENDRAGON LTD (FORMERLY PENDRAGON PRESENTATION PACKAGING LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Tangible fixed assets
|  | Short-term leasehold property | Plant and machinery | Fixtures and fittings | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 35,503 | 146,678 | 70,876 | 253,057
| Additions | - | 1,075 | - | 1,075
| Disposals | - | (7,900) | (2,763) | (10,663)
| At 31 December 2024 | 35,503 | 139,853 | 68,113 | 243,469
| Depreciation |  |  |  |
| At 1 January 2024 | 35,155 | 85,559 | 57,402 | 178,116
| Charge for the year on owned assets | 87 | 9,484 | 2,014 | 11,585
| Disposals | - | (6,293) | (2,246) | (8,539)
| At 31 December 2024 | 35,242 | 88,750 | 57,170 | 181,162
| Net book value |  |  |  |
| At 31 December 2024 | 261 | 51,103 | 10,943 | 62,307
| At 31 December 2023 | 348 | 61,119 | 13,474 | 74,941
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VG PENDRAGON LTD (FORMERLY PENDRAGON PRESENTATION PACKAGING LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 166,189 | 189,527
| Amounts owed by group undertakings | 168,735 | 169,963
| Other debtors | - | 150
| Prepayments and accrued income | 15,260 | 20,322
|  | 350,184 | 379,962
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand. Trade debtors are subject to invoice discounting where appropriate. Trade debtors are stated net of bad debt provision of £21,445 (2023: £14,032).
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 488,586 | 646,288
| Less: bank overdrafts | - | (108,801)
|  | 488,586 | 537,487
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank overdrafts | - | 108,801
| Trade creditors | 53,971 | 107,639
| Other taxation and social security | 85,136 | 45,990
| Obligations under finance lease and hire purchase contracts | 11,776 | 10,959
| Other creditors | 70 | 130
| Accruals and deferred income | 53,856 | 35,904
|  | 204,809 | 309,423
| The commercial finance facility included in other loans is secured by a fixed and floating charge over the assets of the Company. Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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VG PENDRAGON LTD (FORMERLY PENDRAGON PRESENTATION PACKAGING LIMITED) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 9,368 | 21,144
|  | 9,368 | 21,144
9. | Controlling party
The immediate parent undertaking is VG Cartoncare Ltd a Company incorporated in Northern Ireland. The ultimate parent undertaking is Van Genechten NV, a company incorporated in Belgium. The smallest group which the results of VG Pendragon Ltd are consolidated is that headed by VG Cartoncare Ltd. The consolidated financial statements are available to the public from Companies House. The largest group of undertakings for which group financial statements are drawn up and of which the company is a member is Van Genechten NV. The ultimate controlling party is Philippe De Somer by virtue of his shareholding in the ultimate parent undertaking.
10. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 30 April 2025 by Deborah Mullen (Senior statutory auditor) on behalf of AAB Group Accountants Limited.
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