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COMPANY REGISTRATION NUMBER: 07719737
Sharpak Group Holding Ltd
Financial Statements
31 December 2024
Sharpak Group Holding Ltd
Financial Statements
Year ended 31 December 2024
Contents
Page
Strategic report
1
Directors' report
2
Independent auditor's report to the members
4
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Notes to the financial statements
14
The following pages do not form part of the financial statements
Company detailed income statement
29
Notes to the company detailed income statement
30
Sharpak Group Holding Ltd
Strategic Report
Year ended 31 December 2024
The directors present the strategic report for the year ending 31st December 2024. The company is the 100% shareholder of Inpress Precision Ltd. Its main activities other than looking after its shareholders interests in the subsidiary are the provision of suitable facilities for Inpress Precision's medical product range Sharpak. The company has carried out significant upgrades to facilities over the year to include new roofs, cladding, energy efficient lighting and improvements to yard space. The company has also had a focus on helping the subsidiary implement its strategic investment in modern energy efficient machinery.
This report was approved by the board of directors on 7 November 2025 and signed on behalf of the board by:
Mr W Powell
Mr H Powell
Director
Director
Registered office:
1 Harwood Industrial Estate
Harwood Road
Littlehampton
West Sussex
BN17 7AU
Sharpak Group Holding Ltd
Directors' Report
Year ended 31 December 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:
Mr W Powell
Mr H Powell
Dividends
Particulars of recommended dividends are detailed in note 13 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, 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 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 group and the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies 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 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 7 November 2025 and signed on behalf of the board by:
Mr W Powell
Mr H Powell
Director
Director
Registered office:
1 Harwood Industrial Estate
Harwood Road
Littlehampton
West Sussex
BN17 7AU
Sharpak Group Holding Ltd
Independent Auditor's Report to the Members of Sharpak Group Holding Ltd
Year ended 31 December 2024
Opinion
We have audited the financial statements of Sharpak Group Holding Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows 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 FRS 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's or the parent 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 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 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
In the light of the knowledge and understanding of the group and the parent 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 directors' responsibilities statement, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 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. 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: We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general auditing and accounting experience and through discussion with the directors and other management (as required by auditing standards), the polices and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably. Firstly the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statement, for instance through the imposition of fines or litigation. We indemnified areas as those most likely to have such an effect such as anti bribery and certain aspects of company legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. As part of an audit in accordance with ISAs (UK), we exercise professional judgment 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 on the effectiveness of the group'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 group's or the parent 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 auditor’s 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 auditor’s report. However, future events or conditions may cause the group or the parent 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. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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.
The financial statements of the company for the year ended 31 December 2021 were unaudited. We have followed auditing standards in accordance with ISA (UK) 705 in obtaining sufficient appropriated audit evidence regarding the opening balances.
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 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.
Thomas William Mc Manners BSC ACA ACMI
(Senior Statutory Auditor)
For and on behalf of
TTCA Ltd
Chartered accountants & statutory auditor
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
7 November 2025
Sharpak Group Holding Ltd
Consolidated Statement of Comprehensive Income
Year ended 31 December 2024
2024
2023
Note
£
£
Turnover
4
6,471,023
6,098,141
Cost of sales
3,680,494
3,132,132
------------
------------
Gross profit
2,790,529
2,966,009
Distribution costs
161,222
251,103
Administrative expenses
2,413,123
2,067,300
Other operating income
5
172,217
16,560
------------
------------
Operating profit
6
388,401
664,166
Other interest receivable and similar income
10
17,358
3,625
Interest payable and similar expenses
11
211,877
137,058
------------
------------
Profit before taxation
193,882
530,733
Tax on profit
12
( 257,941)
88,625
---------
---------
Profit for the financial year
451,823
442,108
---------
---------
Revaluation of tangible assets
–
603,271
---------
------------
Total comprehensive income for the year
451,823
1,045,379
---------
------------
All the activities of the group are from continuing operations.
Sharpak Group Holding Ltd
Consolidated Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
14
213,835
149,830
Tangible assets
15
6,242,766
6,400,610
------------
------------
6,456,601
6,550,440
Current assets
Stocks
17
397,230
510,175
Debtors
18
1,606,075
1,068,800
Cash at bank and in hand
163,161
475,843
------------
------------
2,166,466
2,054,818
Creditors: amounts falling due within one year
20
2,566,940
2,013,256
------------
------------
Net current (liabilities)/assets
( 400,474)
41,562
------------
------------
Total assets less current liabilities
6,056,127
6,592,002
Creditors: amounts falling due after more than one year
21
1,369,599
1,803,540
Provisions
23
1,140,987
1,219,274
------------
------------
Net assets
3,545,541
3,569,188
------------
------------
Capital and reserves
Called up share capital
27
100
100
Fair value reserve
28
3,045,480
3,085,773
Profit and loss account
28
499,961
483,315
------------
------------
Shareholders funds
3,545,541
3,569,188
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 7 November 2025 , and are signed on behalf of the board by:
Mr W Powell
Mr H Powell
Director
Director
Company registration number: 07719737
Sharpak Group Holding Ltd
Company Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
15
2,392,000
2,392,000
Investments
16
102
2
------------
------------
2,392,102
2,392,002
Current assets
Debtors
18
441,763
222,932
Cash at bank and in hand
167,425
338,572
---------
---------
609,188
561,504
Creditors: amounts falling due within one year
20
162,165
308,789
---------
---------
Net current assets
447,023
252,715
------------
------------
Total assets less current liabilities
2,839,125
2,644,717
Creditors: amounts falling due after more than one year
21
562,832
585,057
Provisions
23
454,480
454,480
------------
------------
Net assets
1,821,813
1,605,180
------------
------------
Capital and reserves
Called up share capital
27
100
100
Fair value reserve
28
1,604,566
1,604,566
Profit and loss account
28
217,147
514
------------
------------
Shareholders funds
1,821,813
1,605,180
------------
------------
The profit for the financial year of the parent company was £ 692,103 (2023: £ 1,056,055 ).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 7 November 2025 , and are signed on behalf of the board by:
Mr W Powell
Mr H Powell
Director
Director
Company registration number: 07719737
Sharpak Group Holding Ltd
Consolidated Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Fair value reserve
Profit and loss account
Total
Note
£
£
£
£
At 1 January 2023
100
2,522,795
413,712
2,936,607
Profit for the year
442,108
442,108
Other comprehensive income for the year:
Revaluation of tangible assets
15
–
603,271
–
603,271
Reclassification from revaluation reserve to profit and loss account
–
( 40,293)
40,293
–
----
------------
---------
------------
Total comprehensive income for the year
–
562,978
482,401
1,045,379
Dividends paid and payable
13
–
–
( 412,798)
( 412,798)
----
------------
---------
------------
Total investments by and distributions to owners
–
–
( 412,798)
( 412,798)
At 31 December 2023
100
3,085,773
483,315
3,569,188
Profit for the year
451,823
451,823
Other comprehensive income for the year:
Reclassification from revaluation reserve to profit and loss account
–
( 40,293)
40,293
–
----
------------
---------
------------
Total comprehensive income for the year
–
( 40,293)
492,116
451,823
Dividends paid and payable
13
–
–
( 475,470)
( 475,470)
----
----
---------
---------
Total investments by and distributions to owners
–
–
( 475,470)
( 475,470)
----
------------
---------
------------
At 31 December 2024
100
3,045,480
499,961
3,545,541
----
------------
---------
------------
Sharpak Group Holding Ltd
Company Statement of Changes in Equity
Year ended 31 December 2024
Called up share capital
Fair value reserve
Profit and loss account
Total
Note
£
£
£
£
At 1 January 2023
100
1,058,594
4,844
1,063,538
Profit for the year
1,056,055
1,056,055
Other comprehensive income for the year:
Revaluation of tangible assets
15
–
545,972
–
545,972
Reclassification from revaluation reserve to profit and loss account
–
–
( 647,587)
( 647,587)
----
------------
------------
------------
Total comprehensive income for the year
–
545,972
408,468
954,440
Dividends paid and payable
13
–
–
( 412,798)
( 412,798)
----
------------
------------
------------
Total investments by and distributions to owners
–
–
( 412,798)
( 412,798)
At 31 December 2023
100
1,604,566
514
1,605,180
Profit for the year
692,103
692,103
----
------------
------------
------------
Total comprehensive income for the year
–
–
692,103
692,103
Dividends paid and payable
13
–
–
( 475,470)
( 475,470)
----
----
---------
---------
Total investments by and distributions to owners
–
–
( 475,470)
( 475,470)
----
------------
---------
------------
At 31 December 2024
100
1,604,566
217,147
1,821,813
----
------------
---------
------------
Sharpak Group Holding Ltd
Consolidated Statement of Cash Flows
Year ended 31 December 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
451,823
442,108
Adjustments for:
Depreciation of tangible assets
285,357
300,292
Amortisation of intangible assets
67,165
30,642
Government grant income
172,217
–
Other interest receivable and similar income
( 17,358)
( 3,625)
Interest payable and similar expenses
211,877
137,058
Loss on disposal of tangible assets
15,683
14,737
Tax on profit
( 257,941)
88,625
Accrued expenses
65,883
47,921
Capitalised developement costs
(122,791)
–
Changes in:
Stocks
112,945
88,657
Trade and other debtors
( 261,193)
( 53,977)
Trade and other creditors
195,004
584,700
Provisions and employee benefits
197,404
–
------------
------------
Cash generated from operations
1,116,075
1,677,138
Interest paid
( 211,877)
( 137,058)
Interest received
17,358
3,625
Tax paid
( 149,297)
( 1,064)
------------
------------
Net cash from operating activities
772,259
1,542,641
------------
------------
Cash flows from investing activities
Purchase of tangible assets
( 142,974)
( 493,367)
Proceeds from sale of tangible assets
( 222)
122
Purchase of intangible assets
( 8,379)
( 81,586)
------------
------------
Net cash used in investing activities
( 151,575)
( 574,831)
------------
------------
Cash flows from financing activities
Proceeds from borrowings
( 348,597)
( 533,929)
Government grant income
( 172,217)
–
Payments of finance lease liabilities
38,788
( 55,812)
Dividends paid
( 475,470)
( 412,798)
------------
------------
Net cash used in financing activities
( 957,496)
( 1,002,539)
------------
------------
Net decrease in cash and cash equivalents
( 336,812)
( 34,729)
Cash and cash equivalents at beginning of year
475,843
510,572
---------
---------
Cash and cash equivalents at end of year
19
139,031
475,843
---------
---------
Sharpak Group Holding Ltd
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Harwood Industrial Estate, Harwood Road, Littlehampton, West Sussex, BN17 7AU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The company changed its name from Inpress Holding Ltd to Sharpak Group Holding Ltd on 20 December 2024 The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Sharpak Group Holding Ltd and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
Development costs
-
20% straight line
Patents, trademarks and licences
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% Straight line on Buildings. Land is revalued to fair value
Plant and machinery
-
14 years straight line. Plant is revalued to fair value
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
6,471,023
6,098,141
------------
------------
The whole of the turnover is attributable to the principal activity of the group wholly undertaken in the United Kingdom.
5. Other operating income
2024
2023
£
£
Government grant income
–
4,477
Other operating income
172,217
12,083
---------
--------
172,217
16,560
---------
--------
6. Operating profit
Operating profit or loss is stated after charging:
2024
2023
£
£
Amortisation of intangible assets
67,165
30,642
Depreciation of tangible assets
285,357
300,292
Loss on disposal of tangible assets
15,683
14,737
Foreign exchange differences
2,311
3,644
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
31,000
18,100
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:
2024
2023
No.
No.
Production staff
72
66
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
1,759,592
1,530,191
Social security costs
146,702
122,051
Other pension costs
66,416
43,968
------------
------------
1,972,710
1,696,210
------------
------------
9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
26,399
24,114
--------
--------
10. Other interest receivable and similar income
2024
2023
£
£
Interest on cash and cash equivalents
14,580
3,625
Other interest receivable and similar income
2,778
–
--------
-------
17,358
3,625
--------
-------
11. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
211,877
137,058
---------
---------
12. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
17,750
33,592
Deferred tax:
Origination and reversal of timing differences
( 275,691)
55,033
---------
--------
Tax on profit
( 257,941)
88,625
---------
--------
Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).
2024
2023
£
£
Profit on ordinary activities before taxation
193,882
530,733
---------
---------
Profit on ordinary activities by rate of tax
48,471
103,136
Effect of expenses not deductible for tax purposes
4,404
3,316
Effect of capital allowances and depreciation
( 260,238)
27,088
Utilisation of tax losses
6,520
( 5,566)
Unused tax losses
–
( 37,703)
Research and Development credit
( 57,098)
( 145,750)
Effect of revaluation of assets
–
144,104
---------
---------
Tax on profit
( 257,941)
88,625
---------
---------
13. Dividends
2024
2023
£
£
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year )
475,470
412,798
---------
---------
14. Intangible assets
Group
Goodwill
Development costs
Patents, trademarks and licences
Total
£
£
£
£
Cost
At 1 January 2024
251,165
597,681
–
848,846
Additions
–
–
8,379
8,379
Additions from internal developments
–
122,791
–
122,791
---------
---------
-------
---------
At 31 December 2024
251,165
720,472
8,379
980,016
---------
---------
-------
---------
Amortisation
At 1 January 2024
251,165
447,851
–
699,016
Charge for the year
–
65,489
1,676
67,165
---------
---------
-------
---------
At 31 December 2024
251,165
513,340
1,676
766,181
---------
---------
-------
---------
Carrying amount
At 31 December 2024
–
207,132
6,703
213,835
---------
---------
-------
---------
At 31 December 2023
–
149,830
–
149,830
---------
---------
-------
---------
The company has no intangible assets.
15. Tangible assets
Group
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2024
4,870,728
2,488,173
153,613
7,512,514
Additions
11,859
131,115
–
142,974
Disposals
–
( 49,829)
–
( 49,829)
------------
------------
---------
------------
At 31 December 2024
4,882,587
2,569,459
153,613
7,605,659
------------
------------
---------
------------
Depreciation
At 1 January 2024
200,210
826,096
85,598
1,111,904
Charge for the year
52,986
215,367
17,004
285,357
Disposals
–
( 34,368)
–
( 34,368)
------------
------------
---------
------------
At 31 December 2024
253,196
1,007,095
102,602
1,362,893
------------
------------
---------
------------
Carrying amount
At 31 December 2024
4,629,391
1,562,364
51,011
6,242,766
------------
------------
---------
------------
At 31 December 2023
4,670,518
1,662,077
68,015
6,400,610
------------
------------
---------
------------
Company
Freehold property
£
Cost
At 1 January 2024 and 31 December 2024
2,392,000
------------
Depreciation
At 1 January 2024 and 31 December 2024
–
------------
Carrying amount
At 31 December 2024
2,392,000
------------
At 31 December 2023
2,392,000
------------
Tangible assets held at valuation
Fixed assets are shown on a revalued basis. Land and Buildings are shown at a valuation valued by the directors. They were independently valued in 2020 by Stiles Harold Williams Partnership LLP. Plant and Machinery are valued by the directors.
16. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 January 2024
2
Additions
100
----
At 31 December 2024
102
----
Impairment
At 1 January 2024 and 31 December 2024
–
----
Carrying amount
At 31 December 2024
102
----
At 31 December 2023
2
----
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Inpress Precision Ltd
1 Harwood Industrial Estate
Ordinary
100
Harwood Road
Littlehampton
West Sussex
BN17 7AU
Sharpak Healthcare Limited
1 Harwood Industrial Estate
Ordinary
100
Harwood Road
Littlehampton
West Sussex
BN17 7AU
17. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
397,230
510,175
–
–
---------
---------
----
----
18. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
980,877
660,033
–
–
Prepayments and accrued income
489,434
225,978
309,592
222,932
Directors loan account
2,171
–
132,171
–
Other debtors
133,593
182,789
–
–
------------
------------
---------
---------
1,606,075
1,068,800
441,763
222,932
------------
------------
---------
---------
19. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
163,161
475,843
Bank overdrafts
( 24,130)
–
---------
---------
139,031
475,843
---------
---------
20. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
122,242
149,492
20,551
18,878
Trade creditors
805,592
659,137
–
–
Amounts owed to group undertakings
–
–
141,614
151,549
Accruals and deferred income
529,147
117,725
–
–
Corporation tax
19,950
151,497
–
117,905
Social security and other taxes
127,315
81,456
–
–
Obligations under finance leases and hire purchase contracts
34,609
16,861
–
–
Director loan accounts
–
170,457
–
20,457
Other creditors
928,085
666,631
–
–
------------
------------
---------
---------
2,566,940
2,013,256
162,165
308,789
------------
------------
---------
---------
Included within Other Creditors there is £823,648 (2023: £574,215) of Factoring liabilities, secured against the companies sales ledger. Included within Other Creditors is £90,782 (2023: £61,161) of a sale and leaseback arrangement, secured against the assets of the company.
21. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
1,284,956
1,411,716
562,832
585,057
Obligations under finance leases and hire purchase contracts
53,198
32,158
–
–
Other creditors
31,445
359,666
–
–
------------
------------
---------
---------
1,369,599
1,803,540
562,832
585,057
------------
------------
---------
---------
Included within Other Creditors is £31,445 (2024: £117,295) of a sale and leaseback arrangement, secured against the assets of the company.
22. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
34,609
16,861
–
–
Later than 1 year and not later than 5 years
53,198
32,158
–
–
--------
--------
----
----
87,807
49,019
–
–
--------
--------
----
----
23. Provisions
Group
Deferred tax (note 24)
Provisions for contracted work
Total
£
£
£
At 1 January 2024
1,219,274
–
1,219,274
Additions
–
197,404
197,404
Charge against provision
( 275,691)
–
( 275,691)
------------
---------
------------
At 31 December 2024
943,583
197,404
1,140,987
------------
---------
------------
Company
Deferred tax (note 24)
£
At 1 January 2024
454,480
---------
At 31 December 2024
454,480
---------
24. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 23)
943,583
1,219,274
454,480
454,480
---------
------------
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
108,368
384,059
–
–
Revaluation of tangible assets
835,215
835,215
454,480
454,480
---------
------------
---------
---------
943,583
1,219,274
454,480
454,480
---------
------------
---------
---------
25. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 66,416 (2023: £ 43,968 ).
26. Government grants
The amounts recognised in the financial statements for government grants are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Recognised in other operating income:
Government grants recognised directly in income
–
4,477
–
–
----
-------
----
----
27. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
28. Reserves
Revaluation reserve - This reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Profit and loss account - This reserve records retained earnings and accumulated losses.
29. Analysis of changes in net debt
At 1 Jan 2024
Cash flows
At 31 Dec 2024
£
£
£
Cash at bank and in hand
475,843
(312,682)
163,161
Bank overdrafts
–
(24,130)
(24,130)
Debt due within one year
(336,810)
204,089
(132,721)
Debt due after one year
(1,443,874)
105,720
(1,338,154)
------------
---------
------------
( 1,304,841)
( 27,003)
( 1,331,844)
------------
---------
------------
30. Directors' advances, credits and guarantees
At the balance sheet date, a director owed the company £99,820 (2023: £9,622 creditor). The loan is unsecured, bears interest at 2.25% per annum, and is repayable on demand. At the balance sheet date, a director owed the company £32,349 (2023: £10,835 creditor). The loan is unsecured, bears interest at 2.25% per annum, and is repayable on demand.
31. Related party transactions
Group
During the year, goods and services amounting to £108,226 (exc VAT) were supplied to directors. Of this, £108,226 remained uninvoiced at the year end.
Sharpak Group Holding Ltd
Notes to the Financial Statements (continued)
Year ended 31 December 2024
31. Related party transactions (continued)
Company
Sharpak Group Holding Ltd
Management Information
Year ended 31 December 2024
The following pages do not form part of the financial statements.
Sharpak Group Holding Ltd
Company Detailed Income Statement
Year ended 31 December 2024
2024
2023
£
£
Turnover
Sales
86,660
47,771
--------
--------
Gross profit
86,660
47,771
Overheads
Administrative expenses
36,322
(619,929)
--------
---------
Operating profit
50,338
667,700
Income from shares in group undertakings
695,567
431,046
Other interest receivable and similar income
6,359
3,150
Interest payable and similar expenses
(62,361)
(45,841)
---------
------------
Profit before taxation
689,903
1,056,055
---------
------------
Sharpak Group Holding Ltd
Notes to the Company Detailed Income Statement
Year ended 31 December 2024
2024
2023
£
£
Administrative expenses
Rent rates and water
36,238
27,798
Accountancy fees
–
(224)
Fair value adjustment of fixed assets
–
(647,587)
Bank charges
84
84
--------
---------
36,322
(619,929)
--------
---------
Income from shares in group undertakings
Dividends from group undertakings
695,567
431,046
---------
---------
Other interest receivable and similar income
Interest on cash and cash equivalents
3,581
3,150
Other interest receivable and similar income
2,778
–
-------
-------
6,359
3,150
-------
-------
Interest payable and similar expenses
Interest on bank loans and overdrafts
62,361
45,841
--------
--------