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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET RETAIL PACKAGING LTD.
COMPANY INFORMATION
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FLEET RETAIL PACKAGING LTD.
CONTENTS
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FLEET RETAIL PACKAGING LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements of the company for the year ended 31 December 2024.
The results for the company for the year ended 31 December 2024 are set out in the financial statements on pages 10 to 27. The directors consider that the pre-tax profit for the year of £446,122 was a positive result. Turnover has grown significantly and this has had a positive impact on profitability. The company continues to operate as a leading supplier of luxury packaging and trading has remained strong into 2025. The tight control of overhead costs and the levels of working capital employed have been important factors in the achievement of the results.
The key business risks and uncertainties affecting the company relate to the stability of the UK economy and competition from similar operators in the industry. The directors monitor and review the key risks of the business.
The exposure to bad debts and credit risk is proactively managed, including monitoring of debts on a daily basis. Credit decisions are taken by the directors who oversee the grant of all credit terms.
The company makes some sales and purchases in currencies other than sterling. To manage the risk associated with the fluctuation of foreign currency exchange rates, the company enters into forward foreign exchange contracts.
The business is financed through the confidential discounting of its trade debts. The maximum facility available to the company is £3.5 million. The amount available at any time is determined by the value of trade debts discounted up to this limit. The directors actively manage the cash flow on a daily basis, including projections of future cash requirements. These forecasts and projections, taking into account likely changes in trading performance show that the company is able to continue to operate within the level of the facility and in compliance with the covenants to which the facility is subject.
The company accepts a certain degree of interest rate risk and other market price risks and continues to monitor these on an ongoing basis.
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FLEET RETAIL PACKAGING LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The company's key performance indicators remain turnover, gross margin and retained profits which best communicate the financial performance of the group.
Environmental Social Governance The company has made remarkable progress in its Environmental, Social, and Governance (ESG) strategy. What began as a leadership-led initiative has evolved into a company-wide transformation, one that influences every part of the business, from internal operations to global supply chain partnerships. Key actions include: • Joined Planet Mark, a respected sustainability certification, to measure and reduce carbon emissions. • Aligned company strategy with Planet Mark’s Net Zero framework, helping Fleet develop practical, long- term carbon reduction goals. • Introduced cleaner, greener energy use and lower-emission machinery in manufacturing processes. • FSC® Certified Paper is used in production. • Transition from fossil fuel vehicles to electric vehicles (EVs) for staff and business operations. Ethical Supply Chain Collaboration Fleet believes that sustainability cannot be achieved in isolation. That’s why a major part of its ESG mission involves working closely with supply chain partners to raise standards and build ethical, responsible sourcing frameworks. Key supply chain initiatives: • Direct engagement with suppliers to ensure shared sustainability and ethical standards. • Full transparency in sourcing processes, especially around materials, dyes, and manufacturing. • Encouragement of sustainability improvements throughout the supplier network. • Long-term relationships built on mutual accountability and values alignment. Fleet’s approach avoids greenwashing by focusing on honest conversations, measurable action, and partnerships rooted in trust and responsibility. Building a Culture of Sustainability Fleet’s transformation isn’t limited to external practices. Internally, the company has worked hard to build a culture where ESG values are lived out daily by every colleague. Internal efforts include: • Leadership-led strategy and training to embed ESG in every department. • Company-wide sustainability workshops and open forums to drive engagement. • Reduction of office-based waste including paper, plastic, and single-use items. • Reusable items and recycling stations rolled out across offices and facilities. • Encouragement to join our EV scheme enabling colleagues to switch to EVs for staff commuting • Staff encouraged to innovate and contribute ideas for further sustainability gains.
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FLEET RETAIL PACKAGING LTD.
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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FLEET RETAIL PACKAGING LTD.
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 profit for the year, after taxation, amounted to £323,703 (2023 - £255,372).
Dividends voted during the year amounted to £200,000 (2023 - £200,000).
The directors who served during the year were:
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FLEET RETAIL PACKAGING LTD.
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There have been no significant events affecting the company since the year end.
After the year end Barnes Roffe LLP resigned as auditors due to the transfer of its audit business and its successor Barnes Roffe Audit Limited was appointed by the directors under s485 Companies Act 2006.
This report was approved by the board on
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FLEET RETAIL PACKAGING LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD.
We have audited the financial statements of Fleet Retail Packaging Ltd. (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).
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.
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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FLEET RETAIL PACKAGING LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD. (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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FLEET RETAIL PACKAGING LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD. (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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: • The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • We identified the laws and regulations applicable to the company through discussion with directors and other management, and from our commercial knowledge and experience of the relevant sector; • The specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, are as follows; o Companies Act 2006. o FRS102. o Health and Safety legislation. o Employment legislation o Tax legislation o Forest Stewardship Council (FSC) o ISO 9001 and ISO 14001 • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes and inspecting legal correspondence; • Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non-compliance throughout the audit; and
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FLEET RETAIL PACKAGING LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD. (CONTINUED)
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: • Making enquires of management as to where they consider there was susceptibility to fraud and their knowledge of actual suspected and alleged fraud; • Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; • Reviewing the financial statements and testing the disclosures against supporting documentation; • Performing analytical procedures to identify any unusual or unexpected trends or anomalies; • Inspecting and testing journal entries to identify unusual or unexpected transactions; • Assessing whether judgement and assumptions made in determining significant accounting estimates, were indicative of management bias; and • Investigating the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business. The areas that we identified as being susceptible to misstatement through fraud were: • Management bias in the estimates and judgements made; • Management override of controls; and • Posting of unusual journals or transactions. 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. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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FLEET RETAIL PACKAGING LTD.
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLEET RETAIL PACKAGING LTD. (CONTINUED)
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
Charles Lake House
Claire Causeway
Crossways Business Park
Kent
DA2 6QA
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FLEET RETAIL PACKAGING LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET RETAIL PACKAGING LTD.
REGISTERED NUMBER: 05232673
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 by
The notes on pages 14 to 31 form part of these financial statements.
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FLEET RETAIL PACKAGING LTD.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company, incorporated in England and Wales, has its registered office at Fleet House, Sunderland Quay, Culpeper Close, Medway City Estate, Rochester, England, ME2 4HN.
The company's principal activity is that of the purchase and sale of luxury paper and polythene carrier bags, rigid boxes, tissue paper, ribbon, stickers, gift wraps and garment hangers.
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 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 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Lowry Holdco Ltd as at 31 December 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period
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FLEET RETAIL PACKAGING LTD.
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.
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:
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.
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 either on the cost of purchase on the weighted average basis, or is based on the actual purchase price of each individual stock item. 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.
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
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.
Basic 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 where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
The company discounts its trade debts. The accounting policy is to include trade debtors discounted with recourse within bank overdraft and the returnable element of proceeds is recorded within creditors due within one year. Discount fees and interest are charged to the profit and loss account when paid. Bad debts are borne by the company and are charged to the profit and loss account when incurred.
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no significant judgments exercised by management in the preparation of the financial statements. b) Key accounting estimates and assumptions: The company made key assumptions regarding: 1. The useful economic life of tangible fixed assets. This is further described in note 2.13 of accounting policies. 2. Stock uplift for import costs. This is a provision made by management for the import costs incurred on the current stock held as at 31 December 2024 and amounted to £70,080 (2023: £113,814). 3. Goods in transit. This is a provision made by management for stock that is in transit, where a purchase order has been raised and the goods have been dispatched but have not arrived as at 31 Decemeber 2024 and this amounted to £273,939 (2023: £339,851).
Analysis of turnover by country of destination:
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
There were no factors that may affect future tax charges.
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
20.Deferred taxation (continued)
The company contributes to a defined contribution pension scheme for a number of employees. 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 £46,490 (2023 - £62,306).
As at the balance sheet date, the company had unpaid pension liabilities of £nil (2023 - £22,567).
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FLEET RETAIL PACKAGING LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent company as at 31 December 2024 was Fleet Retail Group Limited, a company incorporated in England and Wales. From 30 January 2024, Lowry Holdco Ltd, also incorporated in England and Wales, became the ultimate parent company.
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