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Registered number: 01411301
Aptar UK Limited
Annual report and financial statements
For the year ended 31 December 2024
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Aptar UK Limited
Company Information
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S Requena (appointed 29 January 2025)
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Leeds 27 Industrial Estate
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Chartered Accountants & Statutory Auditor
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Aptar UK Limited
Contents
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Independent auditors' report
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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Aptar UK Limited
Strategic report
For the year ended 31 December 2024
In accordance with Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, the directors' present their Strategic Report for the year ended 31 December 2024.
Sales were down 3.4% versus prior year at £17.7m. The improvement in the mix of product sold (more locally produced sales) resulted in a reduction in cost of sales versus prior year. In addition, continuous improvement initiatives contributed to a positive Gross Profit of £1.4m. An increase in the cost of borrowing resulted in an additional £0.6m interest costs. Profits were £0.1m being a increase of £1.3m versus prior year. The outlook for 2025 will again be very challenging but continued improvements in operational efficiency and the prospect of further business coming to Aptar Leeds makes Aptar UK Limited still a competitive proposition for new and existing customers.
Principal risks and uncertainties
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The Company holds or issues financial instruments in order to achieve three main objectives, being:
a) to finance its operations
b) to manage its exposure to interest and currency risks arising from its operations and from its sources of
finance; and
c) for trading purposes
The principal risks and uncertainties in managements view are outlined below:
Credit risk
The Company monitors credit risk closely and considers that its current policies of credit checks meets its objectives of managing exposure to credit risk.
The Company has no significant concentrations of credit risk. Amounts shown in the balance sheet best represent the maximum credit risk exposure in the event other parties fail to perform their obligations under financial instruments.
Liquidity risk
The Company's policy throughout the year has been to ensure continuity of funding. In order that this is achieved, the Company maintains close control over future cash flows and regularly review medium and longterm finance against those future cash flows.
Currency risk
The Company's principal foreign currency exposures arise from trading with overseas companies. The Company does have a policy to participate in the hedging of such transactions in order to fix the cost in sterling.
Fair values of financial assets and liabilities
The fair values of the Company's financial instruments are not materially different from their carrying values.
Financial key performance indicators
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The Company believes its key performance indicators are its turnover and profits. It monitors these in line with the market and other external factors. The business review above details the factors which have affected this year.
Page 1
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Aptar UK Limited
Strategic report (continued)
For the year ended 31 December 2024
This report was approved by the board and signed on its behalf.
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M Newell
Secretary
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Page 2
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Aptar UK 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.
Directors' responsibilities statement
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The Directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Directors must not approve the financial statements unless they are 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 Directors are required to:
∙select suitable accounting policies for the Company's financial statements 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 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 principal activity of the Company during the year was the manufacture, importation and sale of injection moulded dispensing closures.
The loss for the year, after taxation, amounted to £484,418 (2023 - loss £1,725,055).
The directors do not propose to pay a dividend for the year.
The Directors who served during the year were:
Research and development activities
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As in previous years, in 2024 the Company continued to spend resources on research and development targeted
at improving and optimising the processes of several key lines and will continue to do so where appropriate.
Page 3
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Aptar UK Limited
Directors' report (continued)
For the year ended 31 December 2024
Disclosure of information to auditors
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Each of the persons who are Directors at the time when this Directors' report is approved has confirmed that:
∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The auditors, Kreston Reeves LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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M Newell
Secretary
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Page 4
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Aptar UK Limited
Independent auditors' report to the members of Aptar UK Limited
We have audited the financial statements of Aptar UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, 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 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 loss 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.
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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
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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.
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.
Page 5
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Aptar UK Limited
Independent auditors' report to the members of Aptar UK Limited (continued)
Opinion on other matters prescribed by the Companies Act 2006
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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.
Matters on which we are required to report by exception
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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.
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 Directors' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit.
Responsibilities of directors
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As explained more fully in the Directors' responsibilities statement set out on page 3, the Directors are 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 Directors determine 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 Directors are 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 Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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Aptar UK Limited
Independent auditors' report to the members of Aptar UK Limited (continued)
Auditors' responsibilities for the audit of the financial statements
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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:
Based on our understanding of the company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, taxation and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the valuation of stock. Audit procedures performed by the engagement team included:
∙Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud, and review of the reports made by management;
∙Assessment of identified fraud risk factors;
∙Performing substantive procedures on material income streams, vouching to supporting documentation, to ensure correct recognition in line with FRS 102;
∙Challenging assumptions and judgements made by management in its significant accounting estimates;
∙Checking and reperforming the reconciliation of key control accounts;
∙Performing a debtors circularisation and agreeing year-end trade debtors to cash received;
∙Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business;
∙Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud;
∙Reading minutes of meetings of those charged with governance and reviewing correspondence with relevant tax and regulatory authorities;
∙Physical inspection of tangible assets susceptible to fraud or irregularity;
∙Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and
∙Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
Page 7
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Aptar UK Limited
Independent auditors' report to the members of Aptar UK Limited (continued)
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
∙Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
∙Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
∙Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Directors.
∙Conclude on the appropriateness of the Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.
∙Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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.
James Peach FCA (Senior statutory auditor)
for and on behalf of
Kreston Reeves LLP
Chartered Accountants
Statutory Auditor
Horsham
23 September 2025
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Aptar UK Limited
Statement of comprehensive income
For the year ended 31 December 2024
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Interest receivable and similar income
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Interest payable and similar expenses
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Loss for the financial year
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 12 to 25 form part of these financial statements.
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Page 9
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Aptar UK Limited
Registered number: 01411301
Balance sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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D Haig
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The notes on pages 12 to 25 form part of these financial statements.
Page 10
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Aptar UK Limited
Statement of changes in equity
For the year ended 31 December 2024
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The notes on pages 12 to 25 form part of these financial statements.
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Page 11
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
Aptar UK Limited is a private company limited by shares and is incorporated in England and Wales with the registration number 01411301. Its registered office and principal place of business is 5 Bruntcliffe Avenue, Leeds 27 Industrial Estate, Leeds, Yorkshire, LS27 0LL.
The principal activity of the Company during the year was the manufacture, importation and sale of injection moulded dispensing closures.
The financial statements are rounded to the nearest £1.
2.Accounting policies
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Basis of preparation of financial statements
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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 judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of AptarGroup, Inc. as at 31 December 2023 and these financial statements may be obtained from 265 Exchange Drive, Suite 301, Crystal Lake, Illinois 60014, USA.
The Company keeps its trading performance and funding requirements under constant review and these are incorporated into its liquidity forecasting.
Having performed such a review for a period of twelve months from the approval date of the financial statements, the directors have concluded that, based on the financial forecast for the period and the financial support provided by the Company's parent entity, the Company will have sufficient funding available to continue to finance its operations and, therefore, consider it appropriate to prepare the financial statements on a going concern basis.
Page 12
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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.
Turnover from the sale of goods is recognised when the company has transferred the risks and rewards of ownership to the buyer, which is normally within a day of dispatch.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
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:
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5 - 7 years straight line
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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, using the straight-line method.
Depreciation is provided on the following basis:
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Short-term leasehold property
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Straight line over life of lease
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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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Stocks and work in progress
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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 weighted average 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.
Page 13
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument.
Cash and cash equivalents
These comprise cash at bank and other short-term highly liquid bank deposits with an original maturity of three months or less.
Debtors
Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Statement of comprehensive income when there is objective evidence that the asset is impaired.
Creditors
Short term creditors are not interest-bearing and are measured at their transaction price.
Derivatives
Forward foreign exchange contracts are initially recognised at fair value on the date a contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value are recognised in cost of sales. The Company does not currently apply hedge accounting for foreign exchange derivatives.
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Foreign currency translation
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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 'cost of sales' or 'administration expenses'. All other foreign exchange gains and losses are presented in profit or loss within 'cost of sales' or 'administration expenses'.
Page 14
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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.
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.
Page 15
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
2.Accounting policies (continued)
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.
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Impairment of fixed assets and goodwill
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Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Page 16
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year. The nature of estimation is such though that actual outcomes could differ significantly from those estimates.
The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements:
Stock cost
At the balance sheet date, the Company had recognised £2,106,522 (2023 - £1,323,560) in relation to semi-finished and finished goods. The cost of these goods are measured at an estimate of the costs of production, which includes labour and other attributable overheads.
The production and labour rates used when allocating direct costs and attributable overheads are based on estimates of both planned costs and planned activity (i.e. machine hours), which are subject to uncertainty.
Although the planned costs and planned activity are based on actual data for the year, judgement is applied by management in determining and removing non-recurrent costs and activity overruns to arrive at the deemed normal capacity of the production facilities.
Tangible fixed assets
Aptar UK Limited holds items of plant and machinery within tangible fixed assets for use in the business. Within plant and machinery totalling £1,460,449 (net book value after impairment charge), the entity has lines of assets designated for specific contracts with customers. When these contracts come to an end the entity actively pursues opportunities, through new contracts with existing customers or new customers entirely, to re-introduce the respective machinery lines to business operations, either in their current state or after undertaking alterations where required.
As at the reporting date, management maintain that it is reasonable not to impair these tangible fixed assets, on the basis that the machinery lines are either currently in use or remain of value to the company through the prospect of generating revenue in the near future, or via an outright sale.
Analysis of turnover by country of destination:
Page 17
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Commissions receivable - intercompany
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The operating profit/(loss) is stated after charging:
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Other operating lease rentals
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the Company's auditors for the audit of the Company's financial statements
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Fees payable to the Company's auditor in respect of all other services
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Page 18
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Staff costs, including Directors' remuneration, were as follows:
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Cost of defined contribution scheme
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Staff wages and salaries include amounts in relation to share options in the parent company, Aptargroup, Inc., for which Aptar UK Limited are invoiced by Aptargroup, Inc.
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The average monthly number of employees, including the Directors, during the year was as follows:
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Company contributions to defined contribution pension schemes
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During the year retirement benefits were accruing to 1 Director (2023 - 1) in respect of defined contribution pension schemes.
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Page 19
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Factors affecting tax charge for the year
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The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.5%). The differences are explained below:
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Profit/(Loss) on ordinary activities before tax
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Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
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Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
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(Profit)/loss on disposal of fixed assets
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Unrelieved tax losses carried forward
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Total tax charge for the year
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Factors that may affect future tax charges
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There are tax losses available to carry forward against future taxable profits of the company of circa £16.7m (2023 - £16.1m). A deferred tax asset has not been recognised in respect of these losses due to uncertainty over future recoverability.
Page 20
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Charge for the year on owned assets
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Page 21
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Short-term leasehold property
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Transfers between classes
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Charge for the year on owned assets
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Page 22
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Raw materials and consumables
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Work in progress (goods to be sold)
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Finished goods and goods for resale
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Page 23
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Hire purchase and finance leases
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Minimum lease payments under hire purchase fall due as follows:
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Allotted, called up and fully paid
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2,000,000 (2023 - 2,000,000) Ordinary shares of £1 each
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Profit and loss account
The profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the Company's shareholders. The profit and loss account is all distributable at each year end.
The Company operates a defined contribution 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 £365,559 (2023 £533,719). No contributions were payable to the fund at the balance sheet date.
Page 24
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Aptar UK Limited
Notes to the financial statements
For the year ended 31 December 2024
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Later than 1 year and not later than 5 years
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22.Other financial commitments
As at 31 December 2024 the Company had commitment amounts of £775,694 (2023: £547,407), €770,000 (2023: €636,000) and $148,000 (2023: $Nil) to hedge currency transactions against Euros. Transactions are made through a related party (Aptargroup UK Holdings Limited) to an independent third party at arms length. All risk and rewards are borne by Aptar UK Limited.
These instruments are used to hedge future exposure to foreign exchange transactions. At 31 December 2024, there was a market debtor of £3,130 (2023: £Nil) and a market to market creditor of £736 (2023: £3,823) relating to hedges for future exposures. In the year ended 31 December 2024, there were recognised gains of £2,892 (2023: £11,294) relating to these hedges.
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Ultimate parent undertaking and controlling party
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The Company's immediate parent undertaking is Aptar Europe Holding SAS, a company incorporated in France (merged with AptarGroup Holding SAS on 1 April 2022). The ultimate parent undertaking, and controlling party, is AptarGroup, Inc., a company incorporated in the United States of America. It has included the Company in its group accounts, copies of which are publicly available from its registered office: 265 Exchange Drive, Suite 301, Crystal Lake, Illinois 60014, USA.
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