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REGISTERED NUMBER: 07231238 (England and Wales)














NORTHERN BUILDING PLASTICS LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023






NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 16


NORTHERN BUILDING PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2023







DIRECTORS: J R Wilson
R Lindop





REGISTERED OFFICE: 2A - 2B Elland Road Industrial Estate
Elland Way
Leeds
West Yorkshire
LS11 0EY





REGISTERED NUMBER: 07231238 (England and Wales)





AUDITORS: BPR Audit Limited
Statutory Auditors
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their strategic report for the year ended 30 April 2023.

REVIEW OF BUSINESS
The business showed great resilience in the face of an increasingly challenging economic climate, producing another strong year of growth against an exceptionally strong 2022 performance. This was supported by the continued deployment of our business plan.

The turnover in the year increased by 11.5% to £25,187,978 (2022: £22,581,567). Gross profit of £9,102,571 (2022: £8,406,602) represents a gross margin of 36.1% (2022: 37.2%), and costs at £7,456,931 (2022: £5,912,942) are at 29.6% as a % of sales (2022: 26.2%). Profit before tax finished at £1,645,640 (2022: £2,493,660), resulting in a return of 6.5% (2022: 11.0%) and EBITDA was £2,203,482 (2022: £2,833,869).

Cost inflation was rife in the year with increases in labour, product, fuel, and energy prices, being the main contributors. These coupled with the investment in a new super depot impacted margin, profit before tax and EBITDA. The business has continued to make strong progress in all key areas and remains well positioned for further growth.

The business continued its focus on investment for future growth with £1,217,796 capital investment in the year (2022: £1,657,028). This investment has enabled the business to remain ahead of its revenue and profit targets as outlined in its business plan. The investment included the opening of a new super depot, the implementation of a new IT platform, an increase in the number of tailored delivery vehicles and a further increase in the level of stock.

The business offers a wide range of leading brand products for roofline, drainage, insulation, cladding, timber, composite decking, sealants, ancillary products, tools, and fixings. It prides itself on delivering complete customer satisfaction by developing and maintaining close relationships with its customers, providing a 'one stop' shop for high performance building products across many market sectors. Providing customers across the UK with a free next day delivery service for all orders placed by 10 pm on the previous day.

The company's commitment to investing time and training for its staff is the cornerstone to developing a successful customer experience. Its highly professional team's technical knowledge means it always offers valued advice and provides the most suitable and cost-effective solution.

The business remains committed to providing an exceptional service, where the customer always comes first, and the directors remain very confident of continued growth despite the current challenging economic conditions.


NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy are subject to several key risks. These are:

Credit facilities for customers
Recruitment and retention of staff
Cost of living inflationary pressures
Ukraine war and its impact on costs


Financial Risks
The company's objectives when managing capital are to safeguard the company's ability to continue as a going concern to provide returns for shareholders and benefits for other stakeholders.

The company has no material exposure to currency risk.

The company continues to monitor credit risk closely and has taken out credit insurance cover which together with credit checks and subscription to a reputable credit agency providing live updates which meets its objectives of managing such exposure.

Strict debtor procedures are in place for current and potential customers to keep the potential risk of bad debts to a minimum. The directors set limits for customers based on a combination of payment history and third-party credit references. Credit limits are reviewed by the credit manager on a regular basis in conjunction with debt ageing and collection history.

Employee Motivation
The company's employees continue to be central to its operations. The company actively encourages employee involvement throughout all areas of the business to ensure that the workforce remain informed, motivated, and committed.

War in the Ukraine/Inflationary Cost pressures
Though all sales are made within the UK, and most products are manufactured within and supplied from the UK, some of the key raw materials in the supply chain are imported from Europe and beyond.

The impact of the Ukraine war, in particular cost increases in fuel and energy prices meant that we were once again being hit by product price rises. These have been more difficult to pass on and we are seeing some push back from the market. Suppliers have indicated that prices have stabilised, although continued rises in energy prices and broader inflationary pressures across the economy may result in further price increases.

Staff recruitment and retention has been relatively stable, and we pulled forward our annual salary review to support our employees and remain competitive in the marketplace, against the backdrop of increasing costs and rising inflation.

The outlook for the next few months remains very challenging, with the talk of recession very much at the forefront and economic outlook a bit gloomy. Having said this, our near-term demand forecasts remain stable and while inflationary pressures threaten business and consumer confidence, our expanded customer base and the current level of activity in key construction sectors provide many opportunities for our continued growth including the expansion of our depot network across the UK.

General
Apart from other factors outside the company's control, the directors are not aware of any significant risk which may adversely impact on the company during the forthcoming financial year. In the view of the directors, the performance of the company's business is primarily dependent upon maintaining customer relations and retaining our highly motivated and well-rewarded workforce.


NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2023

KEY PERFORMANCE INDICATORS
In order to achieve growth in profitability and to control cash flow, strong financial management is maintained by the company. A number of key financial performance indicators are used as measures to ensure the company grows and remains financially strong to enable it to invest in the future. The indicators are drawn from the accounts and are shown below.
2023 2022
£ £
Turnover 25,187,978 22,581,567
Gross profit 9,102,571 8,406,602
Shareholders' funds 4,127,840 3,588,332

ON BEHALF OF THE BOARD:





J R Wilson - Director


6 October 2023

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

The directors present their report with the financial statements of the company for the year ended 30 April 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of independent stockist of maintenance free building materials including PVC fascias, soffits and windowboard systems.

DIVIDENDS
An interim dividend of £433.67346 per share was paid on the Ordinary £1 shares on 30 April 2023.

FUTURE DEVELOPMENTS
In March 2021 the company successfully secured investment from Business Growth Fund (BGF). This investment has accelerated the growth strategy of the business through expansion of our service and delivery capability, allowing the business to increase its geographical coverage through new depots, extension of the product range and increase in stock holding volumes.

The business remains committed to providing an exceptional service, where the customer always comes first. A new depot was opened in July 2022 and we will continually review our options on the availability of new locations and invest when the opportunity arises in line with business performance and economic outlook.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2022 to the date of this report.

J R Wilson
R Lindop

FINANCIAL INSTRUMENTS
The company uses various financial instruments which include cash, trade debtors and trade creditors which arise directly from its operations and sources of funding including hire purchase contracts. The main risks arising from the company's financial instruments are cash flow, interest rate risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below:

Credit risk
Strict debtor procedures are in place for current and potential customers to keep the potential risk of bad debts to a minimum. The directors set limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history.

Liquidity risk
The company seeks to manage financial risk by ensuring that sufficient liquidity is available to meet foreseeable needs.

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). 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.


NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, BPR Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J R Wilson - Director


6 October 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTHERN BUILDING PLASTICS LIMITED

Opinion
We have audited the financial statements of Northern Building Plastics Limited (the 'company') for the year ended 30 April 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 30 April 2023 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTHERN BUILDING PLASTICS LIMITED


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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages five and six, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTHERN BUILDING PLASTICS LIMITED


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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We designed procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures were capable of detecting irregularities, including fraud is detailed below:

To identify risks of material misstatement due to irregularities, including fraud (fraud risks) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures involved enquiring of the directors as to the company's policies and procedures to prevent and detect fraud, as well as whether they had knowledge of any actual, suspected, or alleged fraud. We communicated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.

As required by auditing standards and considering our overall knowledge of the control environment, we performed procedures to address the risk of management override of controls, in particular the risk that management may be able to make inappropriate accounting entries. We concluded that there was limited opportunity for manipulation or management override of controls. We performed procedures including a review of accounting entries to supporting documentation. We did not identify any additional fraud risks.

We identified Health and Safety, and Employment Law as areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements.

We communicated the identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The company is subject to laws and regulations that directly affect the financial statements, including financial reporting 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.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and key management and inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

It is considered that our procedures can detect irregularities, including fraud. However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
NORTHERN BUILDING PLASTICS LIMITED


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 Hinchcliffe ACA FCCA (Senior Statutory Auditor)
for and on behalf of BPR Audit Limited
Statutory Auditors
Glenewes House
Gate Way Drive
Leeds
West Yorkshire
LS19 7XY

6 October 2023

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   

TURNOVER 25,187,978 22,581,567

Cost of sales 16,085,407 14,174,965
GROSS PROFIT 9,102,571 8,406,602

Administrative expenses 7,465,627 5,916,834
1,636,944 2,489,768

Other operating income 9 82
OPERATING PROFIT 4 1,636,953 2,489,850

Interest receivable and similar income 8,687 3,810
PROFIT BEFORE TAXATION 1,645,640 2,493,660

Tax on profit 5 256,132 329,359
PROFIT FOR THE FINANCIAL YEAR 1,389,508 2,164,301

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,389,508

2,164,301

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

BALANCE SHEET
30 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 315,463 -
Tangible assets 8 2,265,089 1,932,347
2,580,552 1,932,347

CURRENT ASSETS
Stocks 9 2,411,802 2,627,342
Debtors 10 3,967,472 3,450,264
Cash at bank and in hand 4,328,872 3,575,025
10,708,146 9,652,631
CREDITORS
Amounts falling due within one year 11 8,188,027 7,150,958
NET CURRENT ASSETS 2,520,119 2,501,673
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,100,671

4,434,020

CREDITORS
Amounts falling due after more than one
year

12

(350,574

)

(392,830

)

PROVISIONS FOR LIABILITIES 15 (622,257 ) (452,858 )
NET ASSETS 4,127,840 3,588,332

CAPITAL AND RESERVES
Called up share capital 16 1,960 1,960
Share premium 17 1,080 1,080
Capital redemption reserve 17 500 500
Retained earnings 17 4,124,300 3,584,792
SHAREHOLDERS' FUNDS 4,127,840 3,588,332

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2023 and were signed on its behalf by:





J R Wilson - Director


NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 May 2021 1,960 1,420,491 1,080 500 1,424,031

Changes in equity
Total comprehensive income - 2,164,301 - - 2,164,301
Balance at 30 April 2022 1,960 3,584,792 1,080 500 3,588,332

Changes in equity
Dividends - (850,000 ) - - (850,000 )
Total comprehensive income - 1,389,508 - - 1,389,508
Balance at 30 April 2023 1,960 4,124,300 1,080 500 4,127,840

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,786,105 1,918,857
Tax paid - (460,369 )
Net cash from operating activities 2,786,105 1,458,488

Cash flows from investing activities
Purchase of intangible fixed assets (317,749 ) -
Purchase of tangible fixed assets (900,047 ) (1,657,028 )
Sale of tangible fixed assets 32,814 22,050
Interest received 7,599 3,810
Net cash from investing activities (1,177,383 ) (1,631,168 )

Cash flows from financing activities
Capital repayments in year (4,875 ) (8,357 )
Equity dividends paid (850,000 ) -
Net cash from financing activities (854,875 ) (8,357 )

Increase/(decrease) in cash and cash equivalents 753,847 (181,037 )
Cash and cash equivalents at
beginning of year

2

3,575,025

3,756,062

Cash and cash equivalents at end of
year

2

4,328,872

3,575,025

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 1,645,640 2,493,660
Depreciation charges 557,842 340,208
Profit on disposal of fixed assets (21,065 ) (5,603 )
Finance income (8,687 ) (3,810 )
2,173,730 2,824,455
Decrease/(increase) in stocks 215,540 (1,555,422 )
Increase in trade and other debtors (592,208 ) (634,286 )
Increase in trade and other creditors 989,043 1,284,110
Cash generated from operations 2,786,105 1,918,857

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2023
30/4/23 1/5/22
£    £   
Cash and cash equivalents 4,328,872 3,575,025
Year ended 30 April 2022
30/4/22 1/5/21
£    £   
Cash and cash equivalents 3,575,025 3,756,062


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/5/22 Cash flow At 30/4/23
£    £    £   
Net cash
Cash at bank and in hand 3,575,025 753,847 4,328,872
3,575,025 753,847 4,328,872
Debt
Finance leases (4,875 ) 4,875 -
(4,875 ) 4,875 -
Total 3,570,150 758,722 4,328,872

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1. STATUTORY INFORMATION

Northern Building Plastics Limited is a private company, limited by shares , registered in England and Wales. 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 are presented in sterling which is the functional currency of the company rounded to the nearest pound.

The financial statements have been prepared using the going concern basis.

The current economic conditions present risks for all businesses. In response to such conditions, the directors have carefully considered these risks, including an assessment of uncertainty on future trading projections for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.

Based on this assessment, the directors consider that the company maintains an appropriate level of liquidity sufficient to meet the demands of the business including any capital and servicing obligations of external debt liabilities.

In addition, the company's assets are assessed for recoverability on a regular basis, and the directors consider that the company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis.

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubt upon the company's ability to continue as a going concern. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events.

In preparing these financial statements, the directors have made the following judgements:

Intangible fixed assets
Intangible fixed assets are depreciated over their useful lives which are assessed annually by the directors. In assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Determining appropriate rates of amortisation requires an estimation of the useful lives and expected residual values of fixed assets. The net carrying amount of intangible assets is £315,463 (2022: £nil). During the year amotisation of £27,849 (2022: £nil) has been provided.

Tangible fixed assets
Tangible fixed assets are depreciated over their useful lives which are assessed annually by the directors. In assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account.

Determining appropriate rates of depreciation requires an estimation of the useful lives and expected residual values of fixed assets. The net carrying amount of tangible assets is £2,265,089 (2022: £1,932,347). During the year depreciation of £529,993 (2022: £340,209) has been provided.

Bad debt provision
Where the company believes that unpaid debtors may result in a bad debt, a provision is calculated, which considers the payment history of the relevant customers, and the ageing of the debt.

Leases
In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to the company as lessee.

Stock Provision
Stock is carried at the lower of cost and net realisable value which requires the estimation of eventual sales price of goods to customers. Management base these on historical data. Stock is periodically reviewed, and allowances are made for obsolete and slow-moving items.

Revenue recognition
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts and rebates, and is stated net of Value Added Tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over remaining life of lease
Plant and machinery - 12.5% on cost, 10% on cost and over term of lease
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% and 33.3% on cost

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

The cost formula used is weighted average.

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial assets and liabilities are initially measured at transaction price, except for those financial assets classified as at fair value through profit or loss.

Basic financial instruments
Basic financial instruments are those with relatively straight forward terms and would normally include cash, bank balances, trade debtors and trade creditors.

Where the arrangement does not constitute financial transaction, e.g. trade debtors on normal commercial terms, the debtor will be valued initially at transaction price (i.e. cost) and subsequently at transaction price less impairment (if any) due to concerns over recoverability.

Impairment
At the end of each reporting period where there is objective evidence of impairment of any financial asset held at cost or amortised cost then this impairment is recognised immediately in profit or loss.

Other financial instruments
The company does not have any financial instruments that would not be classed as 'basic'.

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.

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,852,456 3,234,510
Social security costs 389,154 324,607
Other pension costs 76,311 57,862
4,317,921 3,616,979

The average number of employees during the year was as follows:
2023 2022

Directors 2 2
Finance and administration 18 20
Sales, warehouse and distribution 105 77
125 99

2023 2022
£    £   
Directors' remuneration 227,644 224,500
Directors' pension contributions to money purchase schemes 2,643 2,643

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

Money purchase schemes 2 2

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 115,644 114,500
Pension contributions to money purchase schemes 1,322 1,322

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 647,941 452,054
Depreciation - owned assets 529,993 335,354
Depreciation - assets on hire purchase contracts - 4,855
Profit on disposal of fixed assets (21,065 ) (5,603 )
Computer software amortisation 27,849 -
Auditors' remuneration 27,750 25,113

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 24,963 -
Prior year tax charge 61,770 -
Total current tax 86,733 -

Deferred tax 169,399 329,359
Tax on profit 256,132 329,359

UK corporation tax has been charged at 19.38% .

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

5. 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:

2023 2022
£    £   
Profit before tax 1,645,640 2,493,660
Profit multiplied by the standard rate of corporation tax in the UK of
19.378% (2022 - 19%)

318,892

473,795

Effects of:
Expenses not deductible for tax purposes 935 794
Adjustments to tax charge in respect of previous periods 61,770 -
Super deductions (64,025 ) (91,757 )
Change in the rate of tax applied to deferred tax 38,094 79,047
Group relief (99,534 ) (132,520 )
Total tax charge 256,132 329,359

The UK government announced in the 2021 Budget that from 1 April 2023 the main rate of corporation tax in the UK will increase from 19% to 25%. This has been recognised in the deferred tax provision.

6. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 850,000 -

7. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 317,749
Reclassification/transfer 25,563
At 30 April 2023 343,312
AMORTISATION
Amortisation for year 27,849
At 30 April 2023 27,849
NET BOOK VALUE
At 30 April 2023 315,463

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

8. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 May 2022 36,266 1,249,264 320,291
Additions 13,076 298,415 50,583
Disposals - - -
Reclassification/transfer - - -
At 30 April 2023 49,342 1,547,679 370,874
DEPRECIATION
At 1 May 2022 12,693 362,284 260,902
Charge for year 4,825 145,038 38,856
Eliminated on disposal - - -
At 30 April 2023 17,518 507,322 299,758
NET BOOK VALUE
At 30 April 2023 31,824 1,040,357 71,116
At 30 April 2022 23,573 886,980 59,389

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 May 2022 1,419,189 423,419 3,448,429
Additions 525,563 12,410 900,047
Disposals (104,144 ) (1,523 ) (105,667 )
Reclassification/transfer - (25,563 ) (25,563 )
At 30 April 2023 1,840,608 408,743 4,217,246
DEPRECIATION
At 1 May 2022 552,609 327,594 1,516,082
Charge for year 314,682 26,592 529,993
Eliminated on disposal (93,154 ) (764 ) (93,918 )
At 30 April 2023 774,137 353,422 1,952,157
NET BOOK VALUE
At 30 April 2023 1,066,471 55,321 2,265,089
At 30 April 2022 866,580 95,825 1,932,347

The net book value of assets held under finance leases or hire purchase contracts amounted to:

2023 2022
£   £   
Motor Vehicles-14,566

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

9. STOCKS
2023 2022
£    £   
Stocks 2,411,802 2,627,342

The above is all in respect of finished goods.

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,967,314 2,742,940
Other Debtors 38,439 -
Tax - 75,000
Prepayments 961,719 632,324
3,967,472 3,450,264

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) - 4,875
Trade creditors 4,094,774 3,560,019
Amounts owed to group undertakings 2,917,649 2,458,669
Taxation 10,645 -
Social security and other taxes 428,088 411,046
Other creditors 24,200 45,774
Accrued costs 712,671 670,575
8,188,027 7,150,958

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Accrued costs due after more than five
years

148,996

-
Accrued costs 201,578 392,830
350,574 392,830

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 4,875

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

13. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 672,014 465,280
Between one and five years 2,165,710 2,146,620
In more than five years 1,232,971 1,687,865
4,070,695 4,299,765

14. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 4,875

The hire purchase contracts are secured over the assets to which they relate.

BGF Nominees as security trustee and Judah Wilson as security trustee hold fixed and floating charges over all of the property or undertaking of the company.

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 622,257 452,858

Deferred
tax
£   
Balance at 1 May 2022 452,858
Provided during year 169,399
Balance at 30 April 2023 622,257

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,960 Ordinary £1 1,960 1,960

Ordinary shares have the right to (i) attend and vote at general meetings; (ii) right to dividend payments and any other distribution; (iii) entitled to participate in a preferential distribution of share sale or winding up of the company; and (iv) are not redeemable.

NORTHERN BUILDING PLASTICS LIMITED (REGISTERED NUMBER: 07231238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2023

17. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 May 2022 3,584,792 1,080 500 3,586,372
Profit for the year 1,389,508 1,389,508
Dividends (850,000 ) (850,000 )
At 30 April 2023 4,124,300 1,080 500 4,125,880

18. ULTIMATE PARENT COMPANY

NBP Group Limited (incorporated in England ) is regarded by the directors as being the company's ultimate parent company.

19. RELATED PARTY DISCLOSURES

Management charges were levied by an entity that provides key management personnel services to the entity during the year of £61,909 (2022: £60,500).