REGISTERED NUMBER: 01964182 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2024

for

Cumberland Packaging Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DIRECTORS:

Mr C Monaghan

Mr J H Watson

Mr M L Field

REGISTERED OFFICE:

Central Chambers

227 London Road

Hadleigh

Benfleet

Essex

SS7 2RF

REGISTERED NUMBER:

01964182 (England and Wales)

AUDITORS:

Paul Winston Ltd

Silver Rose

Unit 21, East Lodge Village

Enfield

England

EN2 8AS

The directors present their strategic report for the year ended 31st December 2024.

ON BEHALF OF THE BOARD:

Mr J H Watson - Director

30th July 2025

The directors present their report with the financial statements of the Company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the Company in the year under review was that of the manufacture and distribution of cardboard boxes and associated packaging materials

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £1.36665 per share.

The total distribution of dividends for the year ended 31st December 2024 will be £ 700,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

Mr C Monaghan

Mr J H Watson

Mr M L Field

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

AUDITORS

The auditors, Paul Winston Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J H Watson - Director

30th July 2025

Opinion

We have audited the financial statements of Cumberland Packaging Limited (the 'Company') for the year ended 31st December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 31st December 2024 and of its profit 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.

Basis for opinion

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 UK, including the FRC'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

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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Report of the Directors.

We have nothing to report in respect of the following matters where 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

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' responsibilities for the audit of the financial statements

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 designing our audit, we determined materiality and assessed the risks of material misstatement in the financial statements, including how fraud may occur by enquiring of management of its own consideration of fraud. In particular, we looked at where management made subjective judgements, for example in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. We also considered potential financial or other pressures, opportunity and motivations for fraud. As part of this discussion, we identified the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations and how management monitor these processes. Appropriate procedures included the review and testing of manual journals and key estimates and judgements made by management.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that could be contrary to these laws and regulations, including fraud.

We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, UK tax legislation and equivalent local laws and regulations.

We made enquiries of management with regards to compliance with the above laws and regulations and corroborated any necessary evidence to relevant information, for example, minutes of the directors' meetings.

Our tests included agreeing the financial statements disclosures to underlying supporting documentation and enquiries with management. We also completed the following procedures:

o Performed analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

o In addressing the risk of fraud through management override of controls, we tested journal entries and other adjustments for inappropriate or unusual journals outside of our expectations, as well as for any significant transactions outside the normal course of business, taking into consideration the scope for management to manipulate financial results;

o Assessed the appropriateness of key estimates and judgements made by management and challenged the assumptions used in accounting estimates.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

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 Report of the Auditors.

Use of our 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 a Report of the Auditors 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.

Paul Winston (Senior Statutory Auditor)

for and on behalf of Paul Winston Ltd

Silver Rose

Unit 21, East Lodge Village

Enfield

England

EN2 8AS

30th July 2025

TURNOVER

22,663,980

21,512,351

Cost of sales

15,618,114

14,378,409

GROSS PROFIT

7,045,866

7,133,942

Distribution costs

993,516

916,472

Administrative expenses

4,131,558

3,820,008

5,125,074

4,736,480

OPERATING PROFIT

4

1,920,792

2,397,462

Income from shares in group undertakings

861,271

-

Interest receivable and similar income

40,064

55,593

901,335

55,593

2,822,127

2,453,055

Interest payable and similar expenses

5

238,929

259,016

Other finance costs

-

791

238,929

259,807

PROFIT BEFORE TAXATION

2,583,198

2,193,248

Tax on profit

6

465,506

650,169

PROFIT FOR THE FINANCIAL YEAR

2,117,692

1,543,079

Retained earnings at beginning of year

7,962,733

7,134,654

Dividends

7

(700,000

)

(715,000

)

RETAINED EARNINGS AT END OF YEAR

9,380,425

7,962,733

FIXED ASSETS

Tangible assets

8

4,227,872

4,977,188

CURRENT ASSETS

Stocks

9

1,474,460

1,299,275

Debtors

10

12,765,755

11,102,767

Cash at bank and in hand

434,227

340,672

14,674,442

12,742,714

CREDITORS

Amounts falling due within one year

11

6,004,464

5,489,320

NET CURRENT ASSETS

8,669,978

7,253,394

TOTAL ASSETS LESS CURRENT LIABILITIES

12,897,850

12,230,582

CREDITORS

Amounts falling due after more than one year

12

(1,590,774

)

(2,243,412

)

PROVISIONS FOR LIABILITIES

15

(969,998

)

(1,067,784

)

NET ASSETS

10,337,078

8,919,386

CAPITAL AND RESERVES

Called up share capital

16

956,653

956,653

Retained earnings

17

9,380,425

7,962,733

SHAREHOLDERS' FUNDS

10,337,078

8,919,386

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

Mr J H Watson - Director

Cash flows from operating activities

Cash generated from operations

1

1,506,245

1,735,011

Interest paid

(109,175

)

(85,957

)

Interest element of hire purchase payments paid

(129,754

)

(173,850

)

Tax paid

(324,039

)

(287,623

)

Net cash from operating activities

943,277

1,187,581

Cash flows from investing activities

Purchase of tangible fixed assets

(18,836

)

(676,700

)

Sale of tangible fixed assets

13,047

52,619

Interest received

40,064

55,593

Dividends received

861,271

-

Net cash from investing activities

895,546

(568,488

)

Cash flows from financing activities

Loan repayments in year

-

(271,979

)

Capital repayments in year

(761,977

)

(753,036

)

Equity dividends paid

(700,000

)

(715,000

)

Net cash from financing activities

(1,461,977

)

(1,740,015

)

Increase/(decrease) in cash and cash equivalents

376,846

(1,120,922

)

Cash and cash equivalents at beginning of year

2

(752,600

)

368,322

Cash and cash equivalents at end of year

2

(375,754

)

(752,600

)

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/12/24

31/12/23

£

£

Profit before taxation

2,583,198

2,193,248

Depreciation charges

764,486

888,739

Profit on disposal of fixed assets

(9,381

)

(26,651

)

Finance costs

238,929

259,807

Finance income

(901,335

)

(55,593

)

2,675,897

3,259,550

Increase in stocks

(175,185

)

(265,819

)

Decrease in trade and other debtors

10,823,104

1,272,097

Decrease in trade and other creditors

(11,817,571

)

(2,530,817

)

Cash generated from operations

1,506,245

1,735,011

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

434,227

340,672

Bank overdrafts

(809,981

)

(1,093,272

)

(375,754

)

(752,600

)

Year ended 31st December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

340,672

434,117

Bank overdrafts

(1,093,272

)

(65,795

)

(752,600

)

368,322

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

340,672

93,555

434,227

Bank overdrafts

(1,093,272

)

283,291

(809,981

)

(752,600

)

376,846

(375,754

)

Debt

Finance leases

(2,938,715

)

761,977

(2,176,738

)

Debts falling due within 1 year

(14,290

)

-

(14,290

)

(2,953,005

)

761,977

(2,191,028

)

Total

(3,705,605

)

1,138,823

(2,566,782

)

1.	STATUTORY INFORMATION

Cumberland Packaging 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.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Plant and machinery

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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

31/12/24

31/12/23

£

£

Wages and salaries

4,289,784

3,447,739

Other pension costs

64,490

52,220

4,354,274

3,499,959

The average number of employees during the year was as follows:

31/12/24

31/12/23

Production

101

99

31/12/24

31/12/23

£

£

Directors' remuneration

-

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/24

31/12/23

£

£

Other operating leases

952,504

724,332

Depreciation - owned assets

298,683

247,301

Depreciation - assets on hire purchase contracts

465,803

641,439

Profit on disposal of fixed assets

(9,381

)

(26,651

)

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31/12/24

31/12/23

£

£

Bank interest

109,175

82,800

Bank loan interest

-

2,366

Hire purchase

129,754

173,850

238,929

259,016

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31/12/24

31/12/23

£

£

Current tax:

UK corporation tax

563,292

462,882

Deferred tax

(97,786

)

187,287

Tax on profit

465,506

650,169

7.

DIVIDENDS

31/12/24

31/12/23

£

£

Ordinary Shares shares of £1 each

Final

700,000

715,000

8.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1st January 2024

9,863,099

Additions

18,836

Disposals

(241,634

)

At 31st December 2024

9,640,301

DEPRECIATION

At 1st January 2024

4,885,911

Charge for year

764,486

Eliminated on disposal

(237,968

)

At 31st December 2024

5,412,429

NET BOOK VALUE

At 31st December 2024

4,227,872

At 31st December 2023

4,977,188

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

Plant and

machinery

£

COST

At 1st January 2024

5,344,629

Transfer to ownership

(1,159,710

)

At 31st December 2024

4,184,919

DEPRECIATION

At 1st January 2024

1,572,114

Charge for year

465,803

Transfer to ownership

(642,540

)

At 31st December 2024

1,395,377

NET BOOK VALUE

At 31st December 2024

2,789,542

At 31st December 2023

3,772,515

9.

STOCKS

31/12/24

31/12/23

£

£

Stocks

1,474,460

1,299,275

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

4,866,269

4,512,918

Amounts owed by group undertakings

7,095,593

5,930,570

Other debtors

524,562

492,462

Prepayments

279,331

166,817

12,765,755

11,102,767

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans and overdrafts (see note 13)

809,981

1,093,272

Other loans (see note 13)

14,290

14,290

Hire purchase contracts (see note 14)

585,964

695,303

Trade creditors

3,514,134

2,872,610

Tax

531,487

292,234

Social security and other taxes

65,306

58,545

VAT

441,752

395,516

Other creditors

550

550

Accrued expenses

41,000

67,000

6,004,464

5,489,320

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Hire purchase contracts (see note 14)

1,590,774

2,243,412

13.

LOANS

An analysis of the maturity of loans is given below:

31/12/24

31/12/23

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

809,981

1,093,272

Other loans

14,290

14,290

824,271

1,107,562

14.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31/12/24

31/12/23

£

£

Net obligations repayable:

Within one year

585,964

695,303

Between one and five years

1,590,774

2,243,412

2,176,738

2,938,715

15.	PROVISIONS FOR LIABILITIES

31/12/24

31/12/23

£

£

Deferred tax

969,998

1,067,784

Deferred

tax

£

Balance at 1st January 2024

1,067,784

Provided during year

(97,786

)

Balance at 31st December 2024

969,998

16.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/12/24

31/12/23

value:

£

£

956,653

Ordinary Shares

£1

956,653

956,653