Pro Print Group Cartons Limited - Period Ending 2021-09-30
Pro Print Group Cartons Limited - Period Ending 2021-09-30
Registration number:
Pro Print Group Cartons Limited
for the Year Ended 30 September 2021
Pro Print Group Cartons Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Accountants' Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
|
Notes to the Unaudited Financial Statements |
Pro Print Group Cartons Limited
Company Information
Director |
NJ Tollman |
Registered office |
|
Accountants |
|
Pro Print Group Cartons Limited
Strategic Report for the Year Ended 30 September 2021
The director presents his strategic report for the year ended 30 September 2021.
Principal activity
The principal activity of the company is printing & packaging.
Fair review of the business
The director is pleased to report that the company has performed well during the year under review and depsite the impact globally of Covid.
In addition we have invested in further plant, machinery and equipment to help underpin the development and growth of the business moving forward and to ensure a high quality of service is maintained.
We work collaboratively with our key strategic suppliers to ensure we operate clean and safe warehouse and offices. We use national contractors for many services e.g. clinical waste, cleaning etc that operate to high professional standards.
Turnover for the year ended 30 September 2021 amounted to £8,146m compared to £7,082m for the year ended 30 September 2020.
Operating proft for the year ended 30 September 2021 amounted to £848k compared to £625k for the year ended 30 September 2020.
The company's key financial and other performance indicators during the year were as follows:
i) Turnover;
ii) Cash flow and financing;
iii) Operating profit;
iv) EBITDA; and
v) Staff & personnel retention
Due to the commercially sensitive nature of the information the directors do not consider it appropriate to disclose the actual ratios concerned in this report.
Pro Print Group Cartons Limited
Strategic Report for the Year Ended 30 September 2021
Principal risks and uncertainties
The director has carried out an assessment of the principal risks facing the company, including emerging risks, that would threaten its business model, future performance, solvency or liquidity.
Outlined below are the Group’s principal risks and uncertainties. These are the principal risks of the company as a whole and are not in any order of priority.
The Group is exposed to a variety of other risks related to a range of issues such as human resources and talent, community relations, the regulatory environment and competition. These are all managed as part of the risk process at board level.
Workplace health and safety;
Product safety and quality;
Breaches of IT and information security;
Use of natural resources and managing our environmental impact; and
Supply chain and ethical business practices.
Approved and authorised by the
......................................... |
Pro Print Group Cartons Limited
Director's Report for the Year Ended 30 September 2021
The director presents his report and the financial statements for the year ended 30 September 2021.
Director of the company
The director who held office during the year was as follows:
Going concern
In preparing these financial statement the director has assessed the ability of the company to continue to operate for the period of at least twelve months from the date of signing the financial statements. The impact of Covid-19 on the company has been limited and based on current position the director has a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from that date of signing these financial statements and accordingly they adopt the going concern basis in preparing these financial statements.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Approved and authorised by the
......................................... |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pro Print Group Cartons Limited
for the Year Ended 30 September 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pro Print Group Cartons Limited for the year ended 30 September 2021 as set out on pages 6 to 24 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Pro Print Group Cartons Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pro Print Group Cartons Limited and state those matters that we have agreed to state to the Board of Directors of Pro Print Group Cartons Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pro Print Group Cartons Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pro Print Group Cartons Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pro Print Group Cartons Limited. You consider that Pro Print Group Cartons Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Pro Print Group Cartons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Northampton
Northamptonshire
NN1 5PT
Pro Print Group Cartons Limited
Profit and Loss Account for the Year Ended 30 September 2021
Note |
2021 |
2020 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
848,029 |
624,462 |
|
Interest payable and similar expenses |
( |
( |
|
Profit before tax |
|
|
|
Tax on profit |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Pro Print Group Cartons Limited
Statement of Comprehensive Income for the Year Ended 30 September 2021
2021 |
2020 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Pro Print Group Cartons Limited
(Registration number: 03435133)
Balance Sheet as at 30 September 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investments |
|
- |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Pro Print Group Cartons Limited
(Registration number: 03435133)
Balance Sheet as at 30 September 2021
For the financial year ending 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Pro Print Group Cartons Limited
Statement of Changes in Equity for the Year Ended 30 September 2021
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 October 2020 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
At 30 September 2021 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 October 2019 |
|
- |
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Dividends |
- |
- |
( |
( |
Purchase of own share capital |
(303) |
- |
(334,000) |
(334,303) |
Other capital redemption reserve movements |
- |
303 |
- |
303 |
At 30 September 2020 |
|
|
|
|
Pro Print Group Cartons Limited
Statement of Cash Flows for the Year Ended 30 September 2021
Note |
2021 |
2020 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance costs |
|
|
|
Income tax expense |
|
|
|
|
|
||
Working capital adjustments |
|||
(Increase)/decrease in stocks |
( |
|
|
Increase in trade debtors |
( |
( |
|
Increase in trade creditors |
|
|
|
Cash generated from operations |
|
|
|
Income taxes received/(paid) |
|
( |
|
Net cash flow from operating activities |
|
|
|
Cash flows from investing activities |
|||
Acquisition of subsidiaries |
( |
- |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Payments for purchase of own shares |
- |
( |
|
Proceeds from bank borrowing draw downs |
|
- |
|
Payments to finance lease creditors |
( |
( |
|
Dividends paid |
( |
( |
|
Net cash flows from financing activities |
|
( |
|
Net increase in cash and cash equivalents |
|
|
|
Cash and cash equivalents at 1 October |
|
|
|
Cash and cash equivalents at 30 September |
988,228 |
978,129 |
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% on cost and 15% on cost |
Land and buildings |
Written off over the life of the lease |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Financial instruments
Classification
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2021 |
2020 |
|
Sale of goods |
|
|
Interest received |
|
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2021 |
2020 |
|
Gain on disposal of property, plant and equipment |
|
|
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Operating profit |
Arrived at after charging/(crediting)
2021 |
2020 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Profit on disposal of property, plant and equipment |
( |
( |
Interest payable and similar expenses |
2021 |
2020 |
|
Foreign exchange gains |
|
|
Other finance costs |
|
|
|
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2021 |
2020 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Other employee expense |
( |
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2021 |
2020 |
|
Production |
|
|
Administration and support |
|
|
Sales, marketing and distribution |
|
|
|
|
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Director's remuneration |
The director's remuneration for the year was as follows:
2021 |
2020 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
325,400 |
340,674 |
Taxation |
Tax charged/(credited) in the income statement
2021 |
2020 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
- |
(4,461) |
99,092 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Tax expense in the income statement |
|
|
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Tangible assets |
Land and buildings |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
||||
At 1 October 2020 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
- |
- |
( |
( |
At 30 September 2021 |
|
|
|
|
Depreciation |
||||
At 1 October 2020 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 September 2021 |
|
|
|
|
Carrying amount |
||||
At 30 September 2021 |
|
|
|
|
At 30 September 2020 |
|
|
|
|
Included within the net book value of land and buildings above is £195,610 (2020 - £115,451) in respect of long leasehold land and buildings.
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Investments |
2021 |
2020 |
|
Investments in subsidiaries |
|
- |
Subsidiaries |
£ |
Cost or valuation |
|
Additions |
|
Provision |
|
Carrying amount |
|
At 30 September 2021 |
|
During the year the company acquired 100% of the shares in Propertex Limited to become its ultimate parent company.
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2021 |
2020 |
|||
Subsidiary undertakings |
||||
|
10 Cheyne Walk, Northampton, NN1 5PT |
Ordinary |
|
|
Subsidiary undertakings |
Propertex Limited The principal activity of Propertex Limited is |
Stocks |
2021 |
2020 |
|
Other inventories |
|
|
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Debtors |
Note |
2021 |
2020 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
- |
|
Prepayments |
|
|
|
|
|
Cash and cash equivalents |
2021 |
2020 |
|
Cash at bank |
|
|
Creditors |
Note |
2021 |
2020 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Income tax liability |
101,621 |
99,092 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 October 2020 |
|
|
Additional provisions |
|
|
At 30 September 2021 |
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
700 |
|
700 |
|
|
7 |
|
7 |
|
|
|
|
Pro Print Group Cartons Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2021
Loans and borrowings |
2021 |
2020 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
- |
Hire purchase contracts |
|
|
|
|
2021 |
2020 |
|
Current loans and borrowings |
||
Hire purchase contracts |
|
|
Dividends |
2021 |
2020 |
|||
£ |
£ |
|||
Interim dividend of £ |
120,000 |
141,429 |
||