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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 2023






Moulded Foams Limited (Registered number: SC146277)






Contents of the Financial Statements
for the Year Ended 31 December 2023




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 2023







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 2023

The directors present their strategic report for the year ended 31 December 2023.

Review of business
The 2023 budget was achieved and the company benefited from previous years successful product development and the renewal of factory equipment.

2023 saw the successful installation of solar arrays in our key plants locations, with the objective of halving our power consumption. The customer base remains diverse, and we remain positive about the outlook for 2024.

The profit for the year, after taxation, amounted to £5,230,085 (2022: £3,355,205).

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

2023 2022 2021
Turnover £ 26,366,308 29,636,523 26,621,142
Gross Profit £ 11,545,375 9,706,994 8,965,979
EBITDAE £ 7,055,069 5,731,874 5,251,658
Profit/(Loss) before Taxation £ 6,202,467 4,164,175 4,109,369

EBITDAE relates to expenditure before; interest, tax, depreciation, amortisation and exceptional items. The exceptional items are applicable to the year end 31 December 2023 only.

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 2024.

On behalf of the board:





Mr J R Thornberry - Director


19 June 2024

Moulded Foams Limited (Registered number: SC146277)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

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 £9,115,170 (2022:£555,535) were voted by the company and paid.

Directors
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

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

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


19 June 2024

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 2023 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 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.

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:

- Discussing with Directors 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.
- Discussing with Directors and management the legal and regulatory obligations of the business and whether they
have any knowledge or suspicion of non-compliance.
- Obtaining an understanding of the key controls put in place by the company to address risks identified,
assessing the effectiveness of those and discussing how these are maintained and monitored internally.
- Assessing the risk of management override and review and testing of journal entries made into the accounting
system.
- Challenging assumptions and judgements made by the company in relation to the significant accounting
estimates employed in the preparation of the financial statements.

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.




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

5 July 2024

Moulded Foams Limited (Registered number: SC146277)

Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

Turnover 26,366,308 29,636,523

Cost of sales (14,820,933 ) (19,929,527 )
Gross profit 11,545,375 9,706,996

Distribution costs (4,013,388 ) (3,532,115 )
Administrative expenses (1,986,254 ) (2,048,478 )
Operating profit 5,545,733 4,126,403

Impairment of shares in group
undertakings 4 (532,864 ) -
Intercompany write off 4 863,603 -
5,876,472 4,126,403

Interest receivable and similar income 325,996 40,297
6,202,468 4,166,700

Interest payable and similar expenses 5 - (2,525 )
Profit before taxation 6 6,202,468 4,164,175

Tax on profit 7 (972,383 ) (808,970 )
Profit for the financial year 5,230,085 3,355,205

Other comprehensive income - -
Total comprehensive income for the year 5,230,085 3,355,205

Moulded Foams Limited (Registered number: SC146277)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
Fixed assets
Intangible assets 9 - -
Tangible assets 10 9,398,289 8,059,168
Investments 11 - 532,864
9,398,289 8,592,032

Current assets
Stocks 12 2,879,400 2,607,270
Debtors: amounts falling due within one year 13 4,707,798 5,126,981
Debtors: amounts falling due after more than
one year

13

974,883

838,059
Cash at bank 8,050,778 13,964,750
16,612,859 22,537,060
Creditors
Amounts falling due within one year 14 (2,202,003 ) (3,699,687 )
Net current assets 14,410,856 18,837,373
Total assets less current liabilities 23,809,145 27,429,405

Provisions for liabilities 16 (1,219,740 ) (954,915 )
Net assets 22,589,405 26,474,490

Capital and reserves
Called up share capital 17 800,000 800,000
Revaluation reserve 18 697,633 697,633
Retained earnings 18 21,091,772 24,976,857
Shareholders' funds 22,589,405 26,474,490

The financial statements were approved by the Board of Directors and authorised for issue on 19 June 2024 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 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 800,000 22,177,187 697,633 23,674,820

Changes in equity
Dividends - (555,535 ) - (555,535 )
Total comprehensive income - 3,355,205 - 3,355,205
Balance at 31 December 2022 800,000 24,976,857 697,633 26,474,490

Changes in equity
Dividends - (9,115,170 ) - (9,115,170 )
Total comprehensive income - 5,230,085 - 5,230,085
Balance at 31 December 2023 800,000 21,091,772 697,633 22,589,405

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements
for the Year Ended 31 December 2023

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.

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.

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.


Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. Accounting policies - continued
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. Employees and directors
2023 2022
£    £   
Wages and salaries 4,643,151 4,585,317
Social security costs 374,990 438,132
Other pension costs 205,028 151,594
5,223,169 5,175,043

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

Operational 140 113
Administration 12 39
Directors 5 5
157 157

The key management for the company is considered to be the directors.

2023 2022
£    £   
Directors' remuneration 486,899 547,661

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

Money purchase schemes 3 3

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. Employees and directors - continued

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 141,771 123,584

4. Exceptional items
2023 2022
£    £   
Impairment of shares in group
undertakings (532,864 ) -
Intercompany write off 863,603 -
330,739 -

During the year, the company recognised an impairment of its subsidiary of £532,864. The company also reviewed the intercompany balances, writing down balances to subsidiaries which are impaired.

5. Interest payable and similar expenses
2023 2022
£    £   
Interest payable - 2,525

6. Profit before taxation

The profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 55,187 53,725
Depreciation - owned assets 1,132,483 1,192,132
Loss/(profit) on disposal of fixed assets 5,460 (250 )
Auditors' remuneration 11,683 9,735
Foreign exchange differences (10,409 ) 51,455

7. 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 707,558 391,691

Deferred tax 264,825 417,279
Tax on profit 972,383 808,970

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. 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 6,202,468 4,164,175
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

1,550,617

791,193

Effects of:
Expenses not deductible for tax purposes 9,159 3,291
Income not taxable for tax purposes (215,902 ) 7,177
Capital allowances in excess of depreciation (428,405 ) (82,436 )
Group relief (14,196 ) (5,661 )
Enhanced R&D relief (259,613 ) (301,152 )
Patent box deduction (24,178 ) (11,576 )
Deposit Account interest - (7,656 )
Deferred tax movement 264,825 417,279
Change in tax rate (44,505 ) -
Charges paid - (1,440 )
Profit/(Loss) on disposal of assets 134,581 (49 )
Total tax charge 972,383 808,970

8. Dividends
2023 2022
£    £   
Ordinary B Shares shares of £1 each
Interim 9,115,170 555,535

9. Intangible fixed assets
Development
costs
£   
Cost
At 1 January 2023
and 31 December 2023 97,990
Amortisation
At 1 January 2023
and 31 December 2023 97,990
Net book value
At 31 December 2023 -
At 31 December 2022 -

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 January 2023 3,283,597 12,857,960 140,021 75,401 16,356,979
Additions - 2,340,718 106,626 32,221 2,479,565
Disposals - (291,060 ) (15,330 ) (23,398 ) (329,788 )
At 31 December 2023 3,283,597 14,907,618 231,317 84,224 18,506,756
Depreciation
At 1 January 2023 - 8,189,852 43,405 64,554 8,297,811
Charge for year - 1,055,240 58,341 18,902 1,132,483
Eliminated on disposal - (283,099 ) (15,330 ) (23,398 ) (321,827 )
At 31 December 2023 - 8,961,993 86,416 60,058 9,108,467
Net book value
At 31 December 2023 3,283,597 5,945,625 144,901 24,166 9,398,289
At 31 December 2022 3,283,597 4,668,108 96,616 10,847 8,059,168

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 (2022 - £760,000) and a carrying amount at historical cost of £371,424 (2022- £371,424). The cumulative depreciation that would be charged on this historical cost is £95,570 (2022 - £89,142).

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 (2022 - £1,300,000) and a carrying amount at historical cost of £981,950 (2022- £981,950). The cumulative depreciation that would be charged on this historical cost is £216,029 (2022 - £196,930)..

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 (2022 - £894,520). The cumulative depreciation that would be charged on this historical cost is £125,233 (2022 - £107,342).

The Freehold Land and Buildings (Stornoway) was valued on 30 Septmber 2020, the basis of this valuation was open market value. This class of asset has a current value of £275,000.

11. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 January 2023 532,864
Impairments (532,864 )
At 31 December 2023 -
Net book value
At 31 December 2023 -
At 31 December 2022 532,864

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. 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
2023 2022
£    £   
Aggregate capital and reserves (12,435 ) 672,842
Loss for the year - (1,873 )

12. Stocks
2023 2022
£    £   
Stocks 2,879,400 2,607,270

13. Debtors
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 4,635,753 4,940,180
Other debtors 17,999 186,801
VAT 54,046 -
4,707,798 5,126,981

Amounts falling due after more than one year:
Amounts owed by group undertakings 974,883 838,059

Aggregate amounts 5,682,681 5,965,040

14. Creditors: amounts falling due within one year
2023 2022
£    £   
Trade creditors 1,590,115 2,338,065
Amounts owed to group undertakings - 708,730
Tax 507,558 191,691
Other taxes 27,946 91,513
VAT - 57,778
Accrued expenses 76,384 311,910
2,202,003 3,699,687

15. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 63,003 23,418
Between one and five years 62,711 16,535
125,714 39,953

Lease payments recognised as an expense in the year total £49,040

Moulded Foams Limited (Registered number: SC146277)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

16. Provisions for liabilities
2023 2022
£    £   
Deferred tax 1,219,740 954,915

Deferred
tax
£   
Balance at 1 January 2023 954,915
Charge to Statement of Comprehensive Income during year 264,825
Balance at 31 December 2023 1,219,740

17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
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.

18. Reserves
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 24,976,857 697,633 25,674,490
Profit for the year 5,230,085 5,230,085
Dividends (9,115,170 ) (9,115,170 )
At 31 December 2023 21,091,772 697,633 21,789,405

19. Ultimate controlling party

The controlling party is Moulded Foams (Scotland) Ltd.

The ultimate controlling party is Mr J R Thornberry.