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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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KNPAK ACQUISITION LIMITED
COMPANY INFORMATION
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KNPAK ACQUISITION LIMITED
CONTENTS
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KNPAK ACQUISITION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their Strategic Report for the year ended 31 December 2024.
The company continues to act as an intermediate holding company of a group of companies. These accounts present the results of this holding company only and show a profit of $54.0m (2023 - loss of $7.5m), before tax arising from interest on intercompany loans, dividend income and unrealized FX gain.
Our subsidiaries produce a range of packaging products that it sells globally. Our products are mainly for the medical and pharmaceutical device sector and for food and fast-moving consumer goods industries. The results of our subsidiaries are disclosed in their own accounts.
The Directors consider that there is limited exposure to financial risk as the majority of the Company's financial exposure is to other companies in the group. The Company's financial risk management objectives and policies are aligned to those of the KNPAK Holdings, L.P. group of companies which are disclosed in the consolidated financial statements of the company's ultimate holding Company, KPNAK Holdings, L.P.
Other major business risks, together with systems and initiatives in place to address them, are discussed in the relevant financial reports of our subsidiaries.
The Company and its subsidiaries recognize its corporate responsibility to carry out its operations whilst minimizing environmental impacts. The Directors’ continued aim is to comply with all the applicable environmental legislation, prevent pollution and reduce waste whenever possible.
The Company and its subsidiaries are committed to delivering the highest standards of health and safety in line with corporate expectation and legislative requirements. The organization is also committed to achieving a holistic approach to individual health, safety and wellbeing.
Human Resources / Employees
The Company and its subsidiaries’ most important resource is its people: their knowledge and experience is crucial to meeting customer requirements. Retention of key staff is critical and the company has invested increasingly in employment training and development, and has introduced appropriate incentive and career progression arrangements. Shareholders The Company is a wholly owned subsidiary of KNPAK Intermediate III, Limited and the ultimate parent company is KNPAK Holdings, L.P.. The Company's Directors have regular interaction with the senior executive management. Given this direct dialogue, the Directors have a comprehensive understanding of the needs and targets of its immediate shareholders.
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KNPAK ACQUISITION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The board of directors consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its stakeholders.
The Company is a holding company for the principal subsidiaries as set out in note 9 of these financial statements for the year ended 31 December 2024 and has no employees, customers or suppliers. The Company's only stakeholders are, therefore, the Group and its subsidiaries. The Company engages with its stakeholders on a regular basis which supports the board in performing its duties in compliance with the matters set out in paragraphs a-f of section 172 of the Companies Act 2006 and to have regard for the interests of all key stakeholders, including on the principal decisions taken such as, for instance, transactional agreements, board appointments and approval of accounts.
This report was approved by the board and signed on its behalf.
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KNPAK ACQUISITION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to $53,976 thousand (2023 - loss $10,691 thousand).
No dividends are recommended to be paid.
The directors who served during the year were:
There have been no significant events affecting the Company since the year end.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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KNPAK ACQUISITION LIMITED
DIRECTORS' REPORT (CONTINUED)
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 judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙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.
This report was approved by the board and signed on its behalf.
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KNPAK ACQUISITION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNPAK ACQUISITION LIMITED
We have audited the financial statements of KNPAK Acquisition 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).
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 Auditor's 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's 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.
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KNPAK ACQUISITION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNPAK ACQUISITION LIMITED (CONTINUED)
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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KNPAK ACQUISITION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNPAK ACQUISITION LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's 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.
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.
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:
-Enquiry of management and those charged with governance around actual and potential litigation and claims; -Enquiry of management and those charged with governance to identify any material instances of non- compliance with laws and regulations; -Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; -Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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 Auditor's report.
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KNPAK ACQUISITION LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KNPAK ACQUISITION LIMITED (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 Auditor's 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 and Statutory Auditor
201 Cumnor Hill
Cumnor
Oxfordshire
OX2 9PJ
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KNPAK ACQUISITION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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KNPAK ACQUISITION LIMITED
REGISTERED NUMBER: 12062228
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 20 form part of these financial statements.
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KNPAK ACQUISITION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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KNPAK ACQUISITION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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KNPAK ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
KNPAK Acquisition Limited is a limited liability company incorporated in the United Kingdom and registered in England and Wales. The address of its registered office and principal place of business is disclosed on the Company Information page.
The principal activity of the Company is that of a holding company.
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 judgement 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 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of KNPAK Holdings, L.P, as at 31 December 2024 and these financial statements may be obtained from KNPAK Holdings, L.P, 21 Amflex Drive Crantston, Rhode Island, 02921, U.S.A. .
The Directors consider that the entity is a going concern. The Company does not trade and its parent company have confirmed that it will provide financial support as required for a period of at least 12 months from the date of signing of the financial statement. These financial statements have, therefore, been prepared on a going concern basis.
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KNPAK ACQUISITION LIMITED
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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KNPAK ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
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.
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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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KNPAK ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Functional currency Management have assessed the functional currency to be USD in that the majority of the loans provided to the Company for the purpose of the investment are denominated in USD. Valuation of investments In assessing impairment, management estimates the recoverable amount based on future cashflows. Estimation uncertainty relates to assumptions about future cashflows and the determination of suitable discount rates.
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KNPAK ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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KNPAK ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
9.Taxation (continued)
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KNPAK ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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KNPAK ACQUISITION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The immediate parent entity is KNPAK Intermediate III Limited , incorporated in the United Kingdom, whose registered address is 1 Bartholomew Lane, London, United Kingdom, EC2N 2AX .
The smallest and largest group of undertakings for which group financial statements are drawn up and of which the group is a member is KNPAK Holdings, L.P a group incorporated in the United States of America. The financial statements of KNPAK Holdings, L.P are publicly available from KNPAK Holdings, L.P, 21 Amflex Drive Crantston, Rhode Island, 02921, U.S.A .
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