DS SMITH UKRAINE LIMITEDActive

The principal activity of the Company is to act as a holding company for the DS Smith Group’s ('the Group's') Ukrainian investment in Rubezhnoye Cardboard & Package Mill (RKTK), which was fully impaired during the year ended 30 April 2009 and to provide finance to group companies. Following the Russian invasion of Ukraine, in March 2022 a provision was made against the total debtor amount due from RKTK to the Company of $1,511,000 as there is significant uncertainty regarding its recoverability. The third party creditor, where payment is dependent upon the aforementioned debtor being settled, was also provided against. The remaining debtors due from the parent company as shown in note 10 are unaffected. The investment in RKTK has been written off in its entirety. Whilst there is continued uncertainty as a result of the Russian invasion of Ukraine, the Directors are not aware, at the date of this report, of any likely significant changes in the Company’s activities in the forthcoming financial year. The results for the financial year show a profit before taxation of £142,000 (2022: £542,000), with net current liabilities of £361,000 (2022: £361,000) and net assets of £2,984,000 (2022: £2,842,000). Dividends were paid during the year of £nil (2022: £nil). The carrying value of investments at 30 April 2023 was £nil (2022: £nil).

As described in the company's latest filed accounts.