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REGISTERED NUMBER: SC146277 (Scotland)















Moulded Foams Limited

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2021






Moulded Foams Limited (Registered number: SC146277)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


Moulded Foams Limited

Company Information
for the Year Ended 31 December 2021







Directors: Mr J R Thornberry
Mrs T Balandis
Mr G Bevan
Mr C Gillespie



Registered office: 1 Wardpark Road
Wardpark South
Cumbernauld
Glasgow
G67 3EX



Registered number: SC146277 (Scotland)



Auditors: Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ



Bankers: National Westminister
Ely Valley Road
Talbot Green
Pontyclun
CF72 8GL



Solicitors: ISW Legal
26 Netherpark Avenue
Glasgow
G44 3XW

Moulded Foams Limited (Registered number: SC146277)

Strategic Report
for the Year Ended 31 December 2021

The directors present their strategic report for the year ended 31 December 2021.

Review of business
The company has continued its commitment to machinery replacing and research and development projects in 2021. Both projects will continue into 2022.

Profitability has remained consistent year on year with margins being maintained from new product ranges and savings made from efficiencies achieved across the sites.

The profit for the year, after taxation, amounted to £3,797,209 (2020: £3,571,912).

The company's key financial and other performance indicators during the year were as follow:

2021 2020 2019
Turnover £ 26,621,142 18,605,812 20,412,824
Gross Profit £ 8,965,979 7,760,560 8,422,976
EBITDA £ 5,251,658 5,054,440 5,438,727
Profit/(Loss) before Taxation £ 4,109,369 4,042,817 4,471,649

Principal risks and uncertainties
The company carries out a regular review of the risks to which it is exposed through a process of internal control as well as evaluation of external factors. In particular, the provision of a safe working environment for all employees and the control of manufacture of any food related products is of paramount importance.

Future developments
The company continues to be outward looking for further opportunities. The company continues to invest in fixed
assets to grow capacity and the existing business, with further research and development activities maturing in 2022.

Impact of covid-19
Covid-19 pandemic, Brexit and the current economic upturn have presented many challenges to the business in the past 12 months. All employees have made substantial efforts to maintain supplies through these difficulties whilst observing social restrictions. Business levels now exceed 2021 levels and management see the business well positioned to gain from market expansion.

On behalf of the board:





Mr J R Thornberry - Director


4 July 2022

Moulded Foams Limited (Registered number: SC146277)

Report of the Directors
for the Year Ended 31 December 2021

The directors present their report with the financial statements of the company for the year ended 31 December 2021.

Principal activity
The principal activity of the company in the year under review was that of manufacture of engineered foam products for the food, pharmaceutical, construction and leisure sectors.

Dividends
Dividends totalling £289,040 (2020: £1,660,611) were voted by the company to be paid.

Directors
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

Mr J R Thornberry
Mrs T Balandis
Mr G Bevan
Mr C Gillespie

Other changes in directors holding office are as follows:

Mr D Davies - resigned 30 September 2021

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements 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.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the board:





Mr J R Thornberry - Director


4 July 2022

Report of the Independent Auditors to the Members of
Moulded Foams Limited

Opinion
We have audited the financial statements of Moulded Foams Limited (the 'company') for the year ended 31 December 2021 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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.

Report of the Independent Auditors to the Members of
Moulded Foams Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our planning procedures identify the legal and regulatory frameworks applicable to the operations and financial statements of the company. These are reviewed internally with the audit team including relevant industry experience and expectations as well as externally with the client management. The key laws and regulations we considered in this context were the UK Companies Act 2006, UK GAAP (FRS 102) and relevant tax legislation.

Once identified, we assess the risks of material misstatements in relation to the laws and regulations, irregularities, including fraud and adjust our testing accordingly. Our audit procedures include:



o Discussing with those charged with governance and management which areas of the business they
believe to be more susceptible to fraud, and whether they have any knowledge or suspicion of fraudulent
activities

o Obtaining an understanding of the key controls put in place by the partnership to address risks identified,
assessing the effectiveness of those and discussing how these are maintained and monitored internally

o Assessing the risk of management override and review and testing of journal entries made into the
accounting system
o Challenging assumptions and judgements made by the company in relation to the significant accounting
estimates employed in the preparation of the financial statements

o Discussing with Directors and Management the legal and regulatory obligations of the charity and whether
they have any knowledge or suspicion of non compliance.
Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularities likely involve collusion, forgery, intentional misrepresentation, or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Stephen Lucey (Senior Statutory Auditor)
for and on behalf of Haines Watts Wales LLP, Statutory Auditors
7 Neptune Court
Vanguard Way
Cardiff
CF24 5PJ

11 July 2022

Moulded Foams Limited (Registered number: SC146277)

Statement of Comprehensive
Income
for the Year Ended 31 December 2021

2021 2020
Notes £    £   

Turnover 26,621,142 18,605,812

Cost of sales (17,655,163 ) (10,845,252 )
Gross profit 8,965,979 7,760,560

Distribution costs (3,531,181 ) (2,884,523 )
Administrative expenses (1,331,392 ) (878,483 )
4,103,406 3,997,554

Other operating income - 17,063
Operating profit 4,103,406 4,014,617

Interest receivable and similar income 5,963 28,200
Profit before taxation 5 4,109,369 4,042,817

Tax on profit 6 (312,160 ) (470,905 )
Profit for the financial year 3,797,209 3,571,912

Other comprehensive income - -
Total comprehensive income for the year 3,797,209 3,571,912

Moulded Foams Limited (Registered number: SC146277)

Balance Sheet
31 December 2021

2021 2020
Notes £    £   
Fixed assets
Intangible assets 8 - -
Tangible assets 9 8,182,634 7,675,568
Investments 10 532,864 532,864
8,715,498 8,208,432

Current assets
Stocks 11 2,519,983 1,993,720
Debtors: amounts falling due within one year 12 6,252,189 3,578,321
Debtors: amounts falling due after more than
one year

12

932,933

942,128
Cash at bank 9,724,140 7,917,344
19,429,245 14,431,513
Creditors
Amounts falling due within one year 13 (3,932,287 ) (1,971,878 )
Net current assets 15,496,958 12,459,635
Total assets less current liabilities 24,212,456 20,668,067

Provisions for liabilities 15 (537,636 ) (492,222 )
Net assets 23,674,820 20,175,845

Capital and reserves
Called up share capital 16 800,000 800,000
Revaluation reserve 17 697,633 697,633
Retained earnings 17 22,177,187 18,678,212
Shareholders' funds 23,674,820 20,175,845

The financial statements were approved by the Board of Directors and authorised for issue on 4 July 2022 and were signed on its behalf by:





Mr J R Thornberry - Director


Moulded Foams Limited (Registered number: SC146277)

Statement of Changes in Equity
for the Year Ended 31 December 2021

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   

Balance at 1 January 2020 800,000 16,766,911 697,633 18,264,544

Changes in equity
Dividends - (1,660,611 ) - (1,660,611 )
Total comprehensive income - 3,571,912 - 3,571,912
Balance at 31 December 2020 800,000 18,678,212 697,633 20,175,845

Changes in equity
Dividends - (298,234 ) - (298,234 )
Total comprehensive income - 3,797,209 - 3,797,209
Balance at 31 December 2021 800,000 22,177,187 697,633 23,674,820

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. Statutory information

Moulded Foams Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Directors have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Moulded Foams Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Moulded Foams (Scotland) Ltd, 1 Wardpark Road, Wardpark South, Cumbernauld, North Lanarkshire, G67 3EX.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents amounts chargeable, net of value added tax, in respect of the sale of foam products to customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 2 to 10 years straight line
Fixtures and fittings - 1 to 3 years straight line
Motor vehicles - Straight line over 3 years

Depreciation is not applied to Freehold Land and Buildings as all assets within the class are carried at valuation in line with the requirements of Financial Reporting Standards.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. Accounting policies - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Research and development
Development expenditure incurred on an individual project is expensed when it occurs.

Foreign currency
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

3. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

4. Employees and directors
2021 2020
£    £   
Wages and salaries 4,514,187 4,003,477
Social security costs 301,271 257,459
Other pension costs 149,152 144,942
4,964,610 4,405,878

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. Employees and directors - continued

The average number of employees during the year was as follows:
2021 2020

Operational 121 115
Administration 33 33
154 148

2021 2020
£    £   
Directors' remuneration 455,877 379,924

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2021 2020
£    £   
Emoluments etc 108,589 89,862

5. Profit before taxation

The profit is stated after charging/(crediting):

2021 2020
£    £   
Hire of plant and machinery 62,260 48,464
Depreciation - owned assets 1,148,253 1,039,823
(Profit)/loss on disposal of fixed assets (1,062 ) 3,502
Auditors' remuneration 9,735 9,735
Foreign exchange differences 22,660 28,117

6. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2021 2020
£    £   
Current tax:
UK corporation tax 266,746 392,641

Deferred tax 45,414 78,264
Tax on profit 312,160 470,905

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

6. Taxation - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2021 2020
£    £   
Profit before tax 4,109,369 4,042,817
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2020 - 19%)

780,780

768,135

Effects of:
Expenses not deductible for tax purposes 757 5,956
Capital allowances in excess of depreciation (133,807 ) (78,929 )
Group relief (23,093 ) -
Enhanced R&D relief (339,057 ) (267,986 )
Patent box deduction (17,279 ) (22,458 )
Grants released to P & L - (3,242 )
Deferred tax movement 45,414 78,264
Balancing allowance (1,353 ) -
CT interest - (9,500 )
Profit/(Loss) on disposal of assets (202 ) 665
Total tax charge 312,160 470,905

7. Dividends
2021 2020
£    £   
Ordinary B Shares shares of £1 each
Interim 298,234 1,660,611

8. Intangible fixed assets
Development
costs
£   
Cost
At 1 January 2021
and 31 December 2021 97,990
Amortisation
At 1 January 2021
and 31 December 2021 97,990
Net book value
At 31 December 2021 -
At 31 December 2020 -

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

9. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 January 2021 3,008,597 12,461,823 81,587 73,268 15,625,275
Additions - 1,259,411 23,055 37,478 1,319,944
Disposals - (4,500 ) - (38,978 ) (43,478 )
Reclassification/transfer 275,000 163,173 6,623 8,713 453,509
At 31 December 2021 3,283,597 13,879,907 111,265 80,481 17,355,250
Depreciation
At 1 January 2021 - 7,862,303 60,752 26,652 7,949,707
Charge for year - 1,103,137 18,274 26,842 1,148,253
Eliminated on disposal - (4,500 ) - (7,740 ) (12,240 )
Reclassification/transfer - 72,965 5,218 8,713 86,896
At 31 December 2021 - 9,033,905 84,244 54,467 9,172,616
Net book value
At 31 December 2021 3,283,597 4,846,002 27,021 26,014 8,182,634
At 31 December 2020 3,008,597 4,599,520 20,835 46,616 7,675,568

Reclassification/transfer

The stock and fixed assets of Polybox Limited were integrated into the balance sheet of Moulded Foams Limited from the 1 January 2021. The fixed asset element is shown above as assets transferred. Included within this transfer is freehold property of £275,000, the valuation attributed to the Stornoway site at 31 December 2020.

Revaluations

The Freehold Land and Buildings (Cumbernauld) was revalued on 3 April 2013 by Graham & Sibbald who are external to the company. The basis of this valuation was open market value. This class of asset has a current value of £760,000 (2020 - £760,000) and a carrying amount at historical cost of £371,424 (2020- £371,424). The cumulative depreciation that would be charged on this historical cost is £89,142 (2020 - £81,716).

The Freehold Land and Buildings (Blackwood) was revalued on 29 April 2013 by Alder King LLP who are external to the company. The basis of this valuation was open market value. This class of asset has a current value of £1,300,000 (2020 - £1,300,000) and a carrying amount at historical cost of £981,950 (2020- £981,950). The cumulative depreciation that would be charged on this historical cost is £196,390 (2020 - £176,751).

The Freehold Land and Buildings (Scunthorpe) was valued on 1 March 2015 by Howells who are external to the company. The basis of this valuation was open market value. This class of asset has a current value of £894,520 (2020 - £894,520). The cumulative depreciation that would be charged on this historical cost is £107,342 (2020 - £89,452).

10. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 January 2021
and 31 December 2021 532,864
Net book value
At 31 December 2021 532,864
At 31 December 2020 532,864

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

10. Fixed asset investments - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Polybox Limited
Registered office: Unit 4, Marbank Industrial Estate, Stornoway, Isle of Lewis, HS2 ODB.
Nature of business:
%
Class of shares: holding
Ordinary 100.00
2021 2020
£    £   
Aggregate capital and reserves 665,409 667,663
(Loss)/profit for the year (2,254 ) 104,326

11. Stocks
2021 2020
£    £   
Stocks 2,519,983 1,993,720

12. Debtors
2021 2020
£    £   
Amounts falling due within one year:
Trade debtors 6,100,653 3,377,742
Amounts owed by group undertakings - 1,505
Other debtors 151,536 184,574
Directors' current accounts - 14,500
6,252,189 3,578,321

Amounts falling due after more than one year:
Amounts owed by group undertakings 932,933 942,128

Aggregate amounts 7,185,122 4,520,449

13. Creditors: amounts falling due within one year
2021 2020
£    £   
Trade creditors 2,554,834 1,477,359
Amounts owed to group undertakings 641,726 23,453
Tax 120,285 197,095
VAT 229,395 17,283
Other creditors - 62,864
Accrued expenses 386,047 193,824
3,932,287 1,971,878

14. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 43,970 55,722
Between one and five years 36,100 78,067
80,070 133,789

Lease payments recognised as an expense in the year total £55,722.

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

15. Provisions for liabilities
2021 2020
£    £   
Deferred tax 537,636 492,222

Deferred
tax
£   
Balance at 1 January 2021 492,222
Provided during year 45,414
Balance at 31 December 2021 537,636

16. Called up share capital



Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
600,000 Ordinary B Shares £1 600,000 600,000
200,000 Ordinary A Shares £1 200,000 200,000
800,000 800,000

Ordinary A and B shares have equal voting rights and equal rights to dividends.

17. Reserves
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2021 18,678,212 697,633 19,375,845
Profit for the year 3,797,209 3,797,209
Dividends (298,234 ) (298,234 )
At 31 December 2021 22,177,187 697,633 22,874,820

18. Directors' advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
Mrs T Balandis
Balance outstanding at start of year 14,500 -
Amounts advanced - 20,000
Amounts repaid (14,500 ) (5,500 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 14,500

19. Ultimate controlling party

The controlling party is Moulded Foams (Scotland) Ltd.

The ultimate controlling party is Mr J R Thornberry.