FOR THE YEAR ENDED 31 DECEMBER 2024
GEORGE UTZ LIMITED
COMPANY INFORMATION
GEORGE UTZ LIMITED
CONTENTS
GEORGE UTZ LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
The objectives of the company are the production and sale of standard and bespoke plastic storage solutions. These products are known as returnable transport packaging materials which are produced from injection moulding and vacuum forming technologies.
Against the backdrop of global geopolitical uncertainty and supply chain challenges, the company has continued operations uninterrupted to build and maintain strong relationships with customers across a broad range of operating markets including, but not limited to, storage automation, grocery, food processing, logistics and distribution sectors.
PRINCIPAL RISKS AND UNCERTAINTIES
A continuous review of business risks and uncertainties is carried out by management throughout the year. The main risks to the business today are related to the impact of the macroeconomic environment and interruptions to the supply chain from international conflicts which could create limitations around the supply of raw materials and cost of raw materials resulting from inflation and exchange rate fluctuations.
The company trades directly with customers and suppliers primarily in the UK, Ireland and Europe. Typically, the vast majority of customers are directly or indirectly involved in consumer facing business supply. As such, these markets are affected by both interest rates and inflation which can and has, during the last year, significantly altered the business landscape. This has resulted in risks and uncertainties around the delivery and execution of project sales at an unprecedented level, greater than that seen during the COVID pandemic, as all primary markets served have been impacted by the macroeconomic environment.
Appropriate steps have been taken by George Utz Limited to mitigate and minimise the impact in order to support trading relationships.
PRINCIPAL RISKS AND UNCERTAINTIES
A continuous review of business risks and uncertainties is carried out by management throughout the year. The main risks to the business today are related to the impact of the macroeconomic environment and interruptions to the supply chain from international conflicts which could create limitations around the supply of raw materials and cost of raw materials resulting from inflation and exchange rate fluctuations.
The company trades directly with customers and suppliers primarily in the UK, Ireland and Europe. Typically, the vast majority of customers are directly or indirectly involved in consumer facing business supply. As such, these markets are affected by both interest rates and inflation which can and has, during the last year, significantly altered the business landscape. This has resulted in risks and uncertainties around the delivery and execution of project sales at an unprecedented level, greater than that seen during the COVID pandemic, as all primary markets served have been impacted by the macroeconomic environment.
Appropriate steps have been taken by George Utz Limited to mitigate and minimise the impact in order to support trading relationships.
The performance of the company is summarised below:
This report was approved by the board on 26 February 2025 and signed on its behalf.
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GEORGE UTZ 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.
The directors are responsible for preparing the strategic report, the directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to £3,112,000 (2023 - loss £1,439,000).
The directors do not recommend the payment of a dividend.
The directors who served during the year were:
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GEORGE UTZ LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
To maintain future growth capability, the company is continuing to invest in the UK manufacturing business by enhanced automation, updated site IT infrastructure, and continued reorganisation of manufacturing layout, to enhance production efficiency, enable additional automated procedures to be employed and to enable maximum output from the existing site. The company is well prepared for the future, with a robust orderbook for 2025. Further production upgrades are planned and budgeted for installation in 2025.
The business will continue to offer a wider range of UK-produced products from small plastic containers and totes up to larger plastic parts for the modern supply chain. Additionally, the company will continue to offer larger returnable transport packaging items from other group companies, such as plastic pallets, unit load covers and trays. These are predominantly medium sized systems integration projects which can be realised in a shorter timescale.
The company continues its ongoing commitment to have over 10% of the workforce as apprentices or in training to support the future growth strategy and development.
The business will continue to offer a wider range of UK-produced products from small plastic containers and totes up to larger plastic parts for the modern supply chain. Additionally, the company will continue to offer larger returnable transport packaging items from other group companies, such as plastic pallets, unit load covers and trays. These are predominantly medium sized systems integration projects which can be realised in a shorter timescale.
The company continues its ongoing commitment to have over 10% of the workforce as apprentices or in training to support the future growth strategy and development.
There have been no significant events affecting the company since the year end.
The auditors, Barnett & Turner Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 26 February 2025 and signed on its behalf.
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GEORGE UTZ LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEORGE UTZ LIMITED
We have audited the financial statements of George Utz Limited (the 'company') for the year ended 31 December 2024, which comprise the statement of comprehensive income, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of 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 auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GEORGE UTZ LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEORGE UTZ LIMITED (CONTINUED)
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 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
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GEORGE UTZ LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEORGE UTZ LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
As part of our planning process:
∙We enquired of management regarding the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The company did not inform us of any known, suspected or alleged fraud.
∙We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006 and current tax legislation.
∙We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
∙Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.
The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
∙Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
∙Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
∙Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the valuation of stock.
∙Testing key revenue lines, in particular cut-off, for evidence of management bias.
∙Performing a physical verification of key assets and stock items (including testing of the stock system).
∙Obtaining third-party confirmation of material bank and loan balances.
∙Documenting and verifying all significant related party balances and transactions.
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GEORGE UTZ LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GEORGE UTZ LIMITED (CONTINUED)
∙Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.
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.
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Cromwell House
68 West Gate
Nottinghamshire
NG18 1RR
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GEORGE UTZ LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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GEORGE UTZ LIMITED
REGISTERED NUMBER: 02352523
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2025 .
The notes on pages 12 to 25 form part of these financial statements.
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GEORGE UTZ LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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GEORGE UTZ LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
George Utz Limited is a private limited company incorporated and domiciled in England. Its registered office and princpal place of business is situated at Grange Close, Clover Nook Industrial Estate, Alfreton, Derbyshire DE55 4QT.
The principal activity of the company is the provision of plastic storage solutions.
The principal activity of the company is the provision of plastic storage solutions.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The directors are aware that the company continues to be affected by cost of living issues, the ongoing impact of Brexit and the wider geopolitical environment, both in the UK and overseas markets.
Budgets and forecasts suggest positive results and cash flows are achievable in the coming year. On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of preparation of the financial statements.
Budgets and forecasts suggest positive results and cash flows are achievable in the coming year. On the basis of their assessment of the company's financial position, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of preparation of the financial statements.
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Land is not depreciated. Depreciation on other assets 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:
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.
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset's original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans 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
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
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.
Functional and presentation currency
Transactions and balances
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation of tangible fixed assets
Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value. The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.
Stock valuation
Stock is valued at the lower of cost and net realisable value. The nature and pattern of usage of raw materials stock is such that the most appropriate valuation method is average cost. The average cost has been calculated over the period of use of each particular raw material.
Provision is made to reduce the value of stock for slow moving and obsolete stock. Stock is deemed to be slow moving after a period of 180 days. The rate of provision increases with time, with full provision being made after a period of two years.
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no factors that may affect future tax charges.
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Profit and loss account
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GEORGE UTZ LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £253,000 (2023 - £268,000). £31,000 (2023 - £29,000) was outstanding at the balance sheet date.
The company is a wholly owned subsidiary of Georg Utz Holding AG, a company incorporated in Switzerland.
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