Company registration number 11913686 (England and Wales)
Styrene Packaging & Insulation (Holdings) Limited
Annual Report and Financial Statements
for the period ended 31 March 2024
Styrene Packaging & Insulation (Holdings) Limited
Company Information
Directors
J Edge
M Edge
P Edge
Company number
11913686
Registered office
Morley Carr Road
Low Moor
Bradford
West Yorkshire
BD12 0RA
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Styrene Packaging & Insulation (Holdings) Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of income and retained earnings
8
Group statement of financial position
9
Company statement of financial position
10
Group statement of cash flows
11
Notes to the financial statements
12 - 21
Styrene Packaging & Insulation (Holdings) Limited
Strategic Report
for the period ended 31 March 2024
- 1 -

The directors present the strategic report for the period ended 31 March 2024.

Review of the business

The directors aim to present a balanced and comprehensive review of the development and performance of our business during the year and the position at the period end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

 

The directors are pleased with the performance of the company throughout the period and consider it to be well placed to take advantage of opportunities and potential new markets going forward.

 

The effects of global conflict, high energy prices and minimum wage rises were all felt during the financial period, pushing our raw material and running costs ever higher with unexpected spikes in costs causing instability in cost and for pricing. Compared to previous years though we have seen more stability meaning we could be more structured with our sales and material planning.

 

The company has been successful in continuing to develop new products into its range whilst continuing to refine its manufacturing processes and expand its service offering; as a result both sales and margin are improving as a result. The labour market has been challenging with wages rising and quality staff have been a challenge to find and retain in certain skilled areas. This is not something that is just experienced in the manufacturing sector but across most sectors. The company has continued to invest in new plant and machinery during the period.

 

The company's financial assets and liabilities consist of trade debtors and creditors, cash balances, bank loans and finance leases.

 

The directors manage the company's exposure to financial risk by researching the credit worthiness of customers and insuring debts as well as by seeking advice from the company's providers of finance and it's other external financial advisers.

Principal risks and uncertainties

The directors are confident that they have put sufficient measures in place to address the risk associated with supply chain demands as materials are constantly being sourced from new avenues and new technology constantly being reviewed to drive further efficiency savings.

 

However, as we move into 2024/25 many of the economic and socio-political issues that affected the past year are still of concern along with the upcoming general election which could again change the economic landscape. The effects of numerous unsettling economic events and high interest rates continues to affect the whole economy; but so far activity levels remain high.

Key performance indicators

The directors consider the main financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, operating profit margin and return of capital employed.

 

Turnover achieved in the period was £20,859,793 (2023: £24,790,663) and overall operating profit was £1,303,666 (6.2%) (2023: £1,833,486 (7.4%)). Profit before tax was £877,478 (2023: £1,483,005).

 

Return on capital employed has decreased to 17.1% from 23.3%, calculated as operating profit divided by capital employed.

 

The directors are satisfied with these ratios and the company's performance during the period on ordinary activities.

Styrene Packaging & Insulation (Holdings) Limited
Strategic Report (continued)
for the period ended 31 March 2024
- 2 -

On behalf of the board

J Edge
Director
29 July 2024
Styrene Packaging & Insulation (Holdings) Limited
Directors' Report
for the period ended 31 March 2024
- 3 -

The directors present their annual report and financial statements for the period ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of the manufacture of polystyrene packaging and insulation products.

Results and dividends

The results for the period are set out on page 8.

Ordinary dividends were paid amounting to £795,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

J Edge
M Edge
P Edge
Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Styrene Packaging & Insulation (Holdings) Limited
Directors' Report (continued)
for the period ended 31 March 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
J Edge
Director
29 July 2024
Styrene Packaging & Insulation (Holdings) Limited
Independent Auditor's Report
to the members of Styrene Packaging & Insulation (Holdings) Limited
- 5 -
Opinion

We have audited the financial statements of Styrene Packaging & Insulation (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2024 which comprise the group statement of income and retained earnings, the group statement of financial position, the company statement of financial position, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

Styrene Packaging & Insulation (Holdings) Limited
Independent Auditor's Report (continued)
to the members of Styrene Packaging & Insulation (Holdings) Limited
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to management bias in accounting estimates and understatement or overstatement of revenue. Our audit procedures included, but were not limited to:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Styrene Packaging & Insulation (Holdings) Limited
Independent Auditor's Report (continued)
to the members of Styrene Packaging & Insulation (Holdings) Limited
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

James Bell (Senior Statutory Auditor)
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
29 July 2024
Styrene Packaging & Insulation (Holdings) Limited
Group Statement of Income and Retained Earnings
for the period ended 31 March 2024
- 8 -
Period
Year
ended
ended
31 March
30 May
2024
2023
Notes
£
£
Turnover
20,859,793
24,790,663
Cost of sales
(16,552,581)
(20,244,899)
Gross profit
4,307,212
4,545,764
Administrative expenses
(3,020,949)
(2,714,828)
Other operating income
17,403
2,550
Operating profit
3
1,303,666
1,833,486
Interest receivable
6
8,197
-
0
Interest payable
7
(434,385)
(350,481)
Profit before taxation
877,478
1,483,005
Tax on profit
8
(4,121)
(158,629)
Profit for the financial period
873,357
1,324,376
Retained earnings brought forward
(1,568,102)
(1,631,478)
Dividends
(795,000)
(1,261,000)
Retained earnings carried forward
(1,489,745)
(1,568,102)
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
Styrene Packaging & Insulation (Holdings) Limited
Group Statement Of Financial Position
as at 31 March 2024
- 9 -
31 March 2024
30 May 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
8,629,834
8,948,577
Current assets
Stocks
13
922,348
930,101
Debtors
14
7,155,629
6,578,391
Cash at bank and in hand
299,720
103,601
8,377,697
7,612,093
Creditors: amounts falling due within one year
15
(9,416,547)
(8,701,020)
Net current liabilities
(1,038,850)
(1,088,927)
Total assets less current liabilities
7,590,984
7,859,650
Creditors: amounts falling due after more than one year
16
(2,130,887)
(2,341,111)
Provisions for liabilities
Deferred tax liability
17
1,030,807
1,167,606
(1,030,807)
(1,167,606)
Net assets
4,429,290
4,350,933
Capital and reserves
Called up share capital
19
29,402
29,402
Other reserves
5,889,633
5,889,633
Profit and loss reserves
(1,489,745)
(1,568,102)
Total equity
4,429,290
4,350,933

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
29 July 2024
J Edge
Director
Company registration number 11913686 (England and Wales)
Styrene Packaging & Insulation (Holdings) Limited
Company Statement Of Financial Position
as at 31 March 2024
31 March 2024
- 10 -
31 March 2024
30 May 2023
Notes
£
£
£
£
Fixed assets
Investments
11
29,402
29,402
Capital and reserves
Called up share capital
19
29,402
29,402

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £795,000 (2023 - £1,261,000 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
29 July 2024
J Edge
Director
Company registration number 11913686 (England and Wales)
Styrene Packaging & Insulation (Holdings) Limited
Group Statement of Cash Flows
for the period ended 31 March 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
22
2,013,236
2,176,072
Interest paid
(434,385)
(350,481)
Income taxes paid
(153,535)
(170,698)
Net cash inflow from operating activities
1,425,316
1,654,893
Investing activities
Purchase of tangible fixed assets
(324,724)
(304,786)
Proceeds from disposal of tangible fixed assets
181,845
12,000
Repayment/increase of loans
(18,147)
152,521
Interest received
8,197
-
0
Net cash used in investing activities
(152,829)
(140,265)
Financing activities
Repayment/increase of borrowings
(41,733)
96,373
Repayment of bank loans
(344,279)
(422,219)
Increase/payment of hire purchase contracts
95,370
(95,805)
Dividends paid to equity shareholders
(795,000)
(1,261,000)
Net cash used in financing activities
(1,085,642)
(1,682,651)
Net increase/(decrease) in cash and cash equivalents
186,845
(168,023)
Cash and cash equivalents at beginning of period
103,601
271,624
Cash and cash equivalents at end of period
290,446
103,601
Relating to:
Cash at bank and in hand
299,720
103,601
Bank overdrafts included in creditors payable within one year
(9,274)
-
Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements
for the period ended 31 March 2024
- 12 -
1
Accounting policies
Reporting period

These financial statements represent the shortened period from 30 May 2023 to 31 March 2024.

Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Styrene Packaging & Insulation (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised upon the provision of goods.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
Straight line over 100 years
Plant and equipment
10% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
10% - 25% reducing balance
Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements (continued)
for the period ended 31 March 2024
1
Accounting policies
(continued)
- 13 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

Fixed asset investments

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements (continued)
for the period ended 31 March 2024
1
Accounting policies
(continued)
- 14 -
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Government grants
(4,800)
(2,550)
Fees payable to the group's auditor for the audit of the group's financial statements
2,000
2,000
Depreciation of owned tangible fixed assets
515,684
648,641
(Profit)/loss on disposal of tangible fixed assets
(54,062)
16,865
4
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
146
116
3
3
Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements (continued)
for the period ended 31 March 2024
4
Employees
(continued)
- 15 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,864,698
3,308,890
-
0
-
0
Social security costs
374,642
310,010
-
-
Pension costs
119,084
85,050
-
0
-
0
4,358,424
3,703,950
-
0
-
0
5
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
593,029
144,646
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
360,000
78,429
6
Interest receivable
2024
2023
£
£
Interest income
Other interest income
8,197
-
7
Interest payable
2024
2023
£
£
Interest on bank overdrafts and loans
160,248
123,962
Interest on invoice finance arrangements
252,098
207,916
Interest on finance leases and hire purchase contracts
14,388
14,447
Other interest
7,651
4,156
Total finance costs
434,385
350,481
Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements (continued)
for the period ended 31 March 2024
- 16 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
140,920
192,398
Adjustments in respect of prior periods
-
0
154
Benefit arising from a previously unrecognised tax loss or credit
-
0
(111)
Total current tax
140,920
192,441
Deferred tax
Origination and reversal of timing differences
(136,799)
(33,812)
Total tax charge
4,121
158,629

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
877,478
1,483,005
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
219,370
281,771
Tax effect of expenses that are not deductible in determining taxable profit
13,872
7,966
Adjustments in respect of prior years
-
0
154
Effect of change in corporation tax rate
-
9,495
Permanent capital allowances in excess of depreciation
-
(96,409)
Depreciation on assets not qualifying for tax allowances
8,483
126,446
Research and development tax credit
(110,650)
(136,982)
Deferred tax movement
-
0
(33,812)
Timing difference on freehold revaluation
(126,954)
-
0
Taxation charge
4,121
158,629
9
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
795,000
1,261,000
Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements (continued)
for the period ended 31 March 2024
- 17 -
10
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 31 May 2023
4,395,000
10,013,370
409,075
2,366,448
17,183,893
Additions
-
0
61,071
20,653
243,000
324,724
Disposals
-
0
(223,816)
(197,478)
(371,442)
(792,736)
At 31 March 2024
4,395,000
9,850,625
232,250
2,238,006
16,715,881
Depreciation and impairment
At 31 May 2023
43,950
6,574,870
337,996
1,278,500
8,235,316
Depreciation charged in the period
36,625
309,384
21,604
148,071
515,684
Eliminated in respect of disposals
-
0
(210,423)
(197,478)
(257,052)
(664,953)
At 31 March 2024
80,575
6,673,831
162,122
1,169,519
8,086,047
Carrying amount
At 31 March 2024
4,314,425
3,176,794
70,128
1,068,487
8,629,834
At 30 May 2023
4,351,050
3,438,500
71,079
1,087,948
8,948,577
The company had no tangible fixed assets at 31 March 2024 or 30 May 2023.

Land and buildings with a carrying amount of £4.4m were revalued on 4 October 2022 by Knight Frank LLP, independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2024
2023
£
£
Group
Cost
3,838,304
3,838,304
Accumulated depreciation
(257,027)
(218,644)
Carrying value
3,581,277
3,619,660
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
29,402
29,402
Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements (continued)
for the period ended 31 March 2024
11
Fixed asset investments
(continued)
- 18 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 31 May 2023 and 31 March 2024
29,402
Carrying amount
At 31 March 2024
29,402
At 30 May 2023
29,402
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Class of
% Held
shares held
Direct
Styrene Packaging & Insulation Ltd
Ordinary
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Morley Carr Road, Low Moor, Bradford, BD12 0RA
13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
490,836
427,995
-
-
Work in progress
144,476
145,182
-
-
Finished goods and goods for resale
287,036
356,924
-
0
-
0
922,348
930,101
-
-
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
5,375,866
5,226,911
-
0
-
0
Corporation tax recoverable
292,806
292,806
-
0
-
0
Other debtors
877,808
873,766
-
0
-
0
Prepayments and accrued income
609,149
184,908
-
0
-
0
7,155,629
6,578,391
-
-
Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements (continued)
for the period ended 31 March 2024
- 19 -
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
422,410
454,586
-
0
-
0
Obligations under hire purchase
72,503
69,738
-
0
-
0
Other borrowings
3,902,130
3,943,863
-
0
-
0
Trade creditors
3,575,157
3,238,258
-
0
-
0
Corporation tax payable
409,522
422,137
-
0
-
0
Other taxation and social security
362,922
231,797
-
-
Other creditors
288,753
46,003
-
0
-
0
Accruals and deferred income
383,150
294,638
-
0
-
0
9,416,547
8,701,020
-
0
-
0

The bank loans and the bank overdraft are secured by a debenture creating a fixed and floating charge over the assets of the company. The invoice finance creditor is secured on the book debts of the company. Obligations under hire purchase contracts are secured on the assets to which they relate.

16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
1,943,166
2,245,995
-
0
-
0
Obligations under hire purchase
187,721
95,116
-
0
-
0
2,130,887
2,341,111
-
-

The bank loans are secured by a debenture creating a fixed and floating charge over the assets of the company. Obligations under hire purchase contracts are secured on the assets to which they relate.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,030,807
1,167,606
The company has no deferred tax assets or liabilities.
Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements (continued)
for the period ended 31 March 2024
17
Deferred taxation
(continued)
- 20 -
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 31 May 2023
1,167,606
-
Credit to profit or loss
(136,799)
-
Liability at 31 March 2024
1,030,807
-
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
119,084
85,050

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 50p each
55,104
55,104
27,552
27,552
A Ordinary shares of 50p each
200
200
100
100
B Ordinary shares of 50p each
160
160
80
80
C Ordinary shares of 50p each
200
200
100
100
D Ordinary shares of 50p each
200
200
100
100
E Ordinary shares of 50p each
2,940
2,940
1,470
1,470
58,804
58,804
29,402
29,402
20
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
78,112
77,219
-
-
Between two and five years
295,331
70,497
-
-
373,443
147,716
-
-
Styrene Packaging & Insulation (Holdings) Limited
Notes to the Group Financial Statements (continued)
for the period ended 31 March 2024
- 21 -
21
Directors' transactions

Dividends totalling £795,000 (2023 - £1,261,000) were paid in the period in respect of shares held by the company's directors.

22
Cash generated from group operations
2024
2023
£
£
Profit for the period after tax
873,357
1,324,376
Adjustments for:
Taxation charged
4,121
158,629
Finance costs
434,385
350,481
Investment income
(8,197)
-
0
(Gain)/loss on disposal of tangible fixed assets
(54,062)
16,865
Depreciation and impairment of tangible fixed assets
515,684
648,641
Movements in working capital:
Decrease in stocks
7,753
515,292
Increase in debtors
(559,091)
(802,229)
Increase/(decrease) in creditors
799,286
(35,983)
Cash generated from operations
2,013,236
2,176,072
23
Analysis of changes in net debt - group
31 May 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
103,601
196,119
299,720
Bank overdrafts
-
0
(9,274)
(9,274)
103,601
186,845
290,446
Borrowings excluding overdrafts
(6,644,444)
386,012
(6,258,432)
Obligations under hire purchase
(164,854)
(95,370)
(260,224)
(6,705,697)
477,487
(6,228,210)
24
Company information

Styrene Packaging & Insulation (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Morley Carr Road, Low Moor, Bradford, West Yorkshire, BD12 0RA.

 

The group consists of Styrene Packaging & Insulation (Holdings) Limited and all of its subsidiaries.

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