Tri-Pack Packaging Systems Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01146130 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Tri-Pack Packaging Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

H W Clarke

J Clarke

S Clarke

REGISTERED OFFICE:

Estate Road No.1

South Humberside Industrial Estate

Grimsby

DN31 2TB

REGISTERED NUMBER:

01146130 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Tangible assets

4

2,550,387

2,659,622

Investments

5

2

7,860

2,550,389

2,667,482

CURRENT ASSETS

Stocks

668,720

569,526

Debtors

6

1,138,924

1,080,032

Cash at bank and in hand

1,473,716

1,051,986

3,281,360

2,701,544

CREDITORS

Amounts falling due within one year

7

2,170,254

1,687,574

NET CURRENT ASSETS

1,111,106

1,013,970

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,661,495

3,681,452

CREDITORS

Amounts falling due after more than one
year

8

(1,750,463

)

(673,973

)

PROVISIONS FOR LIABILITIES

(156,050

)

(166,657

)

NET ASSETS

1,754,982

2,840,822

CAPITAL AND RESERVES

Called up share capital

4,240

7,847

Share premium

11

327,156

Revaluation reserve

11

992,237

Other reserves

11

1,000

Retained earnings

11

430,349

1,512,582

1,754,982

2,840,822

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2025 and were signed on its behalf by:

H W Clarke - Director

1.	STATUTORY INFORMATION

Tri-Pack Packaging Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

25% on cost and at varying rates on cost

Deferred government grants

Deferred government grants in respect of capital expenditure are treated as deferred income and are credited to the profit and loss account over the estimated useful life of the asset to which they relate to.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Stocks are valued on a first in first out basis.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its assets.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

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

Hire purchase and leasing commitments

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

Assets acquired or held under hire purchase agreement which confer rights and obligations similiar to those of owned assets are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Where the company enters into a lease which entails taking substantially all the risks ad rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is not depreciated in accordance with the above deprecation policies. Future instalments under such element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments.

Rentals applicable to operating leases where substantially all of the benefits and risk of ownership remain with the lessor are charged profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 39 (2023 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST OR VALUATION

At 1 January 2024

2,434,642

3,092,226

5,526,868

Additions

-

148,305

Disposals

-

(101,840

)

(101,840

)

At 31 December 2024

2,434,642

3,138,691

5,573,333

DEPRECIATION

At 1 January 2024

531,231

2,336,015

2,867,246

Charge for year

52,249

205,291

257,540

Eliminated on disposal

-

(101,840

)

(101,840

)

At 31 December 2024

583,480

2,439,466

3,022,946

NET BOOK VALUE

At 31 December 2024

1,851,162

699,225

2,550,387

At 31 December 2023

1,903,411

756,211

2,659,622

The net book value of assets held under hire purchase agreements at 31st December 2024 was £223,517 (2023 - £289,920). Depreciation charged on those assets during the year amounted to £26,464 (2023 - £49,145).

Cost or valuation at 31 December 2024 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

Valuation in 2004

91,157

-

91,157

Valuation in 2015

132,934

-

132,934

Valuation in 2021

723,025

-

723,025

Cost

1,487,526

3,138,691

4,626,217

2,434,642

3,138,691

5,573,333

If freehold property had not been revalued it would have been included at the following historic cost.

31.12.23

£

Cost

1,487,526

Aggregate depreciation

531,231

448,254

Net book value of land and buildings

956,295

1,039,272

Freehold land and buildings were valued on an open market basis on 30 November 2021 by Clarke Weightman.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 January 2024

and 31 December 2024

302,392

DEPRECIATION

At 1 January 2024

29,422

Charge for year

49,453

At 31 December 2024

78,875

NET BOOK VALUE

At 31 December 2024

223,517

At 31 December 2023

272,970

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

COST

At 1 January 2024

1

7,859

7,860

Impairments

-

(7,858

)

(7,858

)

At 31 December 2024

1

2

NET BOOK VALUE

At 31 December 2024

1

2

At 31 December 2023

1

7,859

7,860

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

941,260

1,011,739

Other debtors

197,664

68,293

1,138,924

1,080,032

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

134,935

78,000

Hire purchase contracts (see note 9)

38,355

52,877

Trade creditors

798,534

534,314

Amounts owed to group undertakings

-

250,000

Amounts owed to associates

1

107,501

Taxation and social security

640,362

283,003

Other creditors

558,067

381,879

2,170,254

1,687,574

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.12.24

31.12.23

£

Bank loans

1,642,445

498,080

Hire purchase contracts (see note 9)

102,899

168,814

Other creditors

5,119

7,079

1,750,463

673,973

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

1,185,445

320,595

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

Net obligations repayable:

Within one year

38,355

52,877

Between one and five years

102,899

168,814

141,254

221,691

Non-cancellable

operating leases

31.12.24

31.12.23

£

Within one year

4,722

3,520

Between one and five years

7,776

9,041

In more than five years

714

2,143

13,212

14,704

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Bank loans

1,777,380

576,080

Hire purchase contracts

141,254

221,691

1,918,634

797,771

The bank loan and overdraft are secured by means of a 1st legal charge over the freehold property, and a debenture from the company.

Hire purchase creditors are secured against the assets to which they relate.

11.

RESERVES

Retained

Share

Revaluation

Other

earnings

premium

reserve

reserves

Totals

£

At 1 January 2024

1,512,582

327,156

992,237

1,000

2,832,975

Profit for the year

1,159,532

Dividends

(100,000

)

(100,000

)

Purchase of own shares

(2,141,765

)

-

(2,141,765

)

At 31 December 2024

430,349

327,156

992,237

1,000

1,750,742

During the year the company completed a share buyback, which reduced the share capital to 4,240 £1 shares. The total consideration paid for the buyback was £2,141,765 in accordance with the agreement.

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

The Report of the Auditors was unqualified.

Jennifer Toulson FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

13.	PENSION COMMITMENTS

The company operates two defined contribution pension schemes. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £87,318 (2023 - £24,914). Contributions amounting to £12,052 (2023 - £11,633) were outstanding at the end of the period.

14.	RELATED PARTY DISCLOSURES

31.12.24

31.12.23

£

Sales to related parties

298,346

371,652

Amounts owing to related parties

70,865

21,416

Amounts owing from related parties

250,000

357,500

Related parties are companies that have a controlling interest and/or one of the directors is also a director or has a controlling interest.