Registration number:
Bemis Associates UK Limited
for the Year Ended 28 March 2023
Bemis Associates UK Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Bemis Associates UK Limited
Company Information
Directors |
MS Johansen P Le Blanc |
Company secretary |
Mr P Breen |
Registered office |
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Bankers |
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Auditors |
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Bemis Associates UK Limited
(Registration number: 03278424)
Balance Sheet as at 28 March 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital contribution reserve |
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Other reserves |
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Retained earnings |
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Shareholders' funds |
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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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Bemis Associates UK Limited
Statement of Changes in Equity for the Year Ended 28 March 2023
Share capital |
Capital contribution reserve |
Other reserves |
Retained earnings |
Total |
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At 29 March 2022 |
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( |
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Profit and total comprehensive income for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
Transfers |
- |
- |
29,485,001 |
(29,485,001) |
- |
At 28 March 2023 |
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( |
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Share capital |
Capital contribution reserve |
Other reserves |
Retained earnings |
Total |
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At 29 March 2021 |
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Profit and total comprehensive income for the year |
- |
- |
- |
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Dividends |
- |
- |
- |
( |
( |
Transfers |
- |
- |
2,371,883 |
(2,371,883) |
- |
At 28 March 2022 |
1,000,000 |
4,093,180 |
15,266,971 |
(190,050) |
20,170,101 |
Capital contribution reserve
The parent company's contribution to acquire the fixed asset investment.
Other reserves
The cumulative fair value gains and losses recognised in the profit or loss in respect of fixed asset investments.
Bemis Associates UK Limited
Notes to the Financial Statements for the Year Ended 28 March 2023
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
England
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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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. The directors have a reasonable expectation that the compny will continue in operational existence for the forseeable future.
Audit report
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Prior period restatement
The comparative values in the profit or loss account have been restated to gross up expenses, and the corresponding income, for expenses incurred which were subsequently recharged at cost to group companies. The restated values are Administrative expenses of £1,260,149 (originally stated - £503,285) and Other operating income of £756,864 (originally stated - Nil). There is no impact on any other balance within these financial statements.
Bemis Associates UK Limited
Notes to the Financial Statements for the Year Ended 28 March 2023
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 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.
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 |
Leasehold improvements |
over the term of the lease |
Plant and machinery |
10-33% straight line |
Fixtures and fittings |
20-33% straight line |
Bemis Associates UK Limited
Notes to the Financial Statements for the Year Ended 28 March 2023
Investments
Investments other than those in group undertakings and participating interests are classified as financial instruments and accounted for in accordance with the accounting policy at fair value through profit or loss.
Investments are initially measured at transaction price, excluding transaction costs, and are subsequently measured at fair value at each reporting date, which is determined by the quoted market price in an active market. Changes in fair value are recognised in profit or loss. Transaction costs are expensed to profit or loss as incurred.
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.
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.
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.
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.
Bemis Associates UK Limited
Notes to the Financial Statements for the Year Ended 28 March 2023
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 29 March 2022 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 28 March 2023 |
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Depreciation |
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At 29 March 2022 |
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Charge for the year |
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At 28 March 2023 |
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Carrying amount |
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At 28 March 2023 |
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At 28 March 2022 |
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Included within the net book value of land and buildings above is £4,539 (2022 - £7,083) in respect of long leasehold land and buildings.
Bemis Associates UK Limited
Notes to the Financial Statements for the Year Ended 28 March 2023
Fixed asset investments |
Investments |
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Cost or valuation |
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At 29 March 2022 |
19,360,151 |
Fair value adjustments |
29,485,001 |
At 28 March 2023 |
48,845,152 |
Carrying amount |
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At 28 March 2023 |
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At 28 March 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Corporation tax recoverable |
9,016 |
9,016 |
Amounts owed by related parties |
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Other debtors |
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Prepayments |
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Creditors |
2023 |
2022 |
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Due within one year |
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Trade creditors |
- |
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Corporation tax |
21,312 |
21,312 |
Other taxation and social security |
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Other creditors |
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Bemis Associates UK Limited
Notes to the Financial Statements for the Year Ended 28 March 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting applicable in the UK and Republic of Ireland', not to disclose related party transactions with group companies.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The largest and smallest group in which the company is consolidated is that of Bemis Associates Inc. who have a registered office of One Bemis Way, Shirley, MA 01464