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Registered Number:01025838













BROADWATER MOULDINGS LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024











 
BROADWATER MOULDINGS LIMITED
 

 
COMPANY INFORMATION


Directors
P H Betts 
J I G Betts 
M J Herbert 
M N Humphrey 
V R Mortlock (resigned 30 June 2024)
C A Reddington (appointed 1 July 2024)




Company secretary
J I G Betts



Registered number
01025838



Registered office
Broadwater Road

Framlingham

Suffolk

IP13 9LL




Independent auditor
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG




Bankers
Barclays Bank Plc
PO Box 216

Brightwell Court

Martlesham Heath

Ipswich

Suffolk

IP5 3PW






 
BROADWATER MOULDINGS LIMITED
 


CONTENTS



Pages
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 10
Statement of Comprehensive Income
11
Balance Sheet
12
Statement of Changes in Equity
13
Notes to the Financial Statements
14 - 32



 
BROADWATER MOULDINGS LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The Directors present their Strategic Report and the financial statements for the year ended 31 January 2024.

Business review
 
During the year, turnover increased by £2,136,118 or 12.7% to £18,974,954. The increase was due to increased demand for products in the medical and automotive/industrial vehicle sectors, which was again tempered by a decrease in demand for chute products.
The Company continued to navigate rising costs of raw materials: resin, glass and gelcoats. The cost of carriage and importing remained high as a result of increased post-Brexit administration and the cost of timber and packaging materials also remained high. The Company was obliged to put through a generous pay increase to its employees to try to assist those struggling with the cost of living crisis. The Company continues to monitor wage rates and employment perks so that it attracts and retains the best possible workforce. 
Despite the increases in costs, the Company has generated a profit for the financial year amounting to £1,080,058 (2023 - £671,419) and increased its net assets by £880,059 to £8,540,342 (2023 - £7,660,283).
Quality
The Company works hard to reinforce its high quality standards. The entire team is united in being proud of the products and services the Company offers. The Company remains committed to Quality Assurance and are continues to be fully compliant with ISO 9001. Furthermore, the Company holds its own UL (Underwriters Laboratories) Certification for the manufacture of fire-resistant polyester-based mouldings. The Company is also fully AEO (Authorised Economic Operator) authorised.
Environmental
The Company continues to be ISO 14001 accredited and recognises that its operations have an effect on the local, regional and global environment. The Company regards the proper management of the environmental aspects of its activities as mutually beneficial to all interested parties and it is committed to continuously improve its environmental performance and prevent pollution.
The Company remains accredited to the Suffolk Carbon Charter, at the Bronze Level and the Company defines its environmental objectives and targets annually, monitoring progress regularly.
Health & Safety
The Company’s number one focus is conducting its operations in a safe environment, where the risk of incidents and accidents occurring is minimised.  It is proud to have been awarded the ISO 45001 Safety Management System Standard accreditation which is an accreditation developed by leading trade and international standard bodies. ISO 45001 provides a framework for organisations to instigate efficient and effective management of health and safety.
The Occupational Health and Safety Assessment Specification (OHSAS), sets out the requirements for occupational Health and Safety management for best practise in the workplace. It is internationally accepted as a recognised standard of assessing and auditing occupational Health and Safety management systems.
The Company’s incident and accident levels remain low and at levels lower than industry norms. No RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) reportable incidents occurred during the current or preceding years.


- 1 -



 
BROADWATER MOULDINGS LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Business review (continued)
 
Research and Development
A substantial part of the Company’s activities remains devoted to advancing moulding techniques and components and investigating ways of working with new materials. The Company constantly strives for innovation and creativity in order to meet its customers’ demands for new and improved products and processes. It undertakes a continuous program of Research and Development to ensure the Company remains a market-leading manufacturer. Despite the challenges presented, this year being no exception: the Company has continued its development work, selecting particular projects for focus as it explores and challenges different elements of the manufacturing process.
This year the Company has continued to experiment with new materials and new processing methods. It also continues to research and trial suitable replacements for products and chemicals that are no longer available. With ever-tightening legislation, products that the Company has used successfully for many years are becoming less available. When this happens, the Company undertakes to investigate, source and trial alternatives, or manufacture suitable compounds with available materials.
During the year the Company has added a vacuum forming plant to its already wide range of moulding options and has been working on new ways to integrate composite moulding and vacuum forming. Following feedback, the Company has further improved the production process on its range of Safeglide chutes.


- 2 -



 
BROADWATER MOULDINGS LIMITED
 


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Principal risks and uncertainties
 
The Company’s principal financial instruments are its bank balances, trade debtors and trade creditors. The purpose of these instruments is to fund the Company’s ongoing operations. Due to the nature of the financial instruments used by the Company and the way they are managed, the Directors consider the liquidity risk to be low.
The credit risk associated with the cash and bank balances is limited as the counterparties have high credit ratings assigned by international credit agencies. The principal credit risk arises from the Company’s trade debtors. In order to manage the credit risk the Directors set limits for new and existing customers based on a combination of payment history and third party credit references, along with maintaining good relationships with contacts at the highest level of those organisations. The Company has not experienced payment issues for many years, and expects that to continue in the foreseeable future. 
Trade creditors are managed by ensuring that there are sufficient funds available to meet amounts due. The Company’s bank facilities and the overall debt management of customers ensures that funds are always available to enable the Company to meet its liabilities as they fall due. Furthermore, the Company produces monthly management accounts which are reviewed by management against budget and used to monitor cash flow.
The Company is exposed to price risk from its suppliers. Whilst the Company has absorbed some of these increases, at the risk of our its profitability, the Company has had no choice but to renegotiate with customers to ensure rising costs are covered, particularly where it must use directed suppliers as required by its customers. The Company follows a continuous improvement program to ensure that the latest developments are employed, including recommendations for cost savings as appropriate.
The Company recognises its competitors both in the UK market and the wider global market. The Directors have considered the market risks associated with higher material prices combined with the Company’s ability to remain competitive in a global market place. 
The Directors continually monitor fluctuating economic trends, including exchange rate, inflation and interest rate predictions, and consider the interest rate risk to the Company to be minimal. As we navigate the extended period of global economic uncertainty, the Directors remain confident that the monitoring processes that the Company has in place will allow it to successfully navigate the next 12 months and beyond.


This report was approved by the Board on 12 July 2024 and signed on its behalf.



P H Betts
Director


- 3 -



 
BROADWATER MOULDINGS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2024

The Directors present their report and the financial statements for the year ended 31 January 2024.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the Company during the year was the manufacture and marketing of G.R.P mouldings and fabrications.

Results and dividends

The profit for the year, after taxation, amounted to £1,080,058 (2023 - £671,419).

The particulars of dividends can be found in note 12. 

Directors

The Directors who served during the year and to the date of this report, were:

P H Betts 
J I G Betts 
M J Herbert 
M N Humphrey 
V R Mortlock (resigned 30 June 2024)


- 4 -



 
BROADWATER MOULDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of the Directors, which were in place during the year and remain in force at the date of this report.

Matters covered in the Strategic Report

Details of the Company's risk management objective and policies, including its use of financial instruments and key risks to which it is exposed, are included in the Strategic Report.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 - so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
 - the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the Board on 12 July 2024 and signed on its behalf.
 





J I G Betts
Director


- 5 -



 
BROADWATER MOULDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED

Opinion


We have audited the financial statements of Broadwater Mouldings Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 January 2024 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.



- 6 -



 
BROADWATER MOULDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED (CONTINUED)

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 ReportOur 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report 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 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:


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.



- 7 -



 
BROADWATER MOULDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED (CONTINUED)

Responsibilities of the Directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, 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 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.



- 8 -



 
BROADWATER MOULDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED (CONTINUED)

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.


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

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of the Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company.
The following laws and regulations were identified as being of significance to the Company:
• Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, UK Company Law and taxation legislation; and
• Those laws and regulations considered to have an indirect effect on the financial statements including The Health & Safety Act 1974, COSHH regulations, GDPR, anti-bribery and corruption, human rights and Employment law.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


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 Auditor's Report.



- 9 -



 
BROADWATER MOULDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED (CONTINUED)

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 2006Our 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.





Luke Morris (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

26 July 2024

- 10 -



 
BROADWATER MOULDINGS LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2024

2024
2023
Notes
£
£

  

Turnover
 4 
18,974,954
16,838,836

Cost of sales
  
(15,545,317)
(14,594,665)

Gross profit
  
3,429,637
2,244,171

Distribution costs
  
(25,819)
(30,652)

Administrative expenses
  
(2,208,803)
(1,580,046)

Operating profit
 5 
1,195,015
633,473

Interest receivable and similar income
 9 
10,813
1,721

Interest payable and similar expenses
 10 
(822)
(1,446)

Profit before tax
  
1,205,006
633,748

Tax on profit
 11 
(124,948)
37,671

Profit for the financial year
  
1,080,058
671,419

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 14 to 32 form part of these financial statements.


- 11 -



 
BROADWATER MOULDINGS LIMITED
REGISTERED NUMBER:01025838


BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Notes
£
£

Fixed assets
  

Intangible assets
 13 
1,513
36,826

Tangible assets
 14 
2,546,799
2,529,379

  
2,548,312
2,566,205

Current assets
  

Stocks
 15 
2,113,443
1,783,416

Debtors: amounts falling due within one year
 16 
4,347,225
3,626,730

Cash at bank and in hand
 17 
2,440,833
1,472,299

  
8,901,501
6,882,445

Creditors: amounts falling due within one year
 18 
(2,646,547)
(1,650,391)

Net current assets
  
 
 
6,254,954
 
 
5,232,054

Total assets less current liabilities
  
8,803,266
7,798,259

Provisions for liabilities
  

Deferred tax
 19 
(262,924)
(137,976)

Net assets
  
8,540,342
7,660,283


Capital and reserves
  

Called up share capital 
 20 
206
206

Capital redemption reserve
 21 
6
6

Profit and loss account
 21 
8,540,130
7,660,071

  
8,540,342
7,660,283


The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 12 July 2024.




P H Betts
J I G Betts
Director
Director

The notes on pages 14 to 32 form part of these financial statements.


- 12 -



 
BROADWATER MOULDINGS LIMITED
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
206
6
6,988,652
6,988,864


Comprehensive income for the year

Profit for the year
-
-
671,419
671,419



At 1 February 2023
206
6
7,660,071
7,660,283


Comprehensive income for the year

Profit for the year
-
-
1,080,058
1,080,058


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(199,999)
(199,999)


At 31 January 2024
206
6
8,540,130
8,540,342


The notes on pages 14 to 32 form part of these financial statements.


- 13 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Broadwater Mouldings Limited (the "Company") is a private company limited by shares, domiciled and incorporated in  England and Wales. The address of the registered office is Broadwater Road, Framlingham, Suffolk  IP13 9LL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of P. H. Betts (Holdings) Limited as at 31 January 2024 and these financial statements may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.

 
2.3

Going concern

The Company's business activities together with the factors likely to affect its future development, its financial position and principal risks and uncertainties are set out in the Strategic Report. The Directors and management have prepared detailed forecasts that indicate that the Company will be able continue to meet its liabilities as they fall due and will continue to trade for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.


- 14 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in Other Comprehensive Income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'Finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'Administrative expenses'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer. This is usually at the point the goods are dispatched.
Turnover from amounts recoverable on long term contracts is recognised on completion of the Company's contracted obligations. 

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.


- 15 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.10

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.


- 16 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

  
2.13

Defined contribution pension scheme

The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension scheme under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as Other Comprehensive Income or to an item recognised directly in equity is also recognised in Other Comprehensive Income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


- 17 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.15

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Computer software
-
3
years straight line

 
2.16

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Freehold property
-
over 10 years
Plant and machinery
-
over 10 years
Motor vehicles
-
30% reducing balance
Fixtures and fittings
-
over 3 and 5 years
Toolings and patterns
-
over 4 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


- 18 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.18

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.19

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.20

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.21

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the

- 19 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement

- 20 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


- 21 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are mentioned below:
Useful economic life of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
Useful economic lives of intangible fixed assets
The annual amortisation charge for intangible fixed assets is sensitive to changes in the useful economic life of the asset. The computer software costs is currently being amortised on a straight-line basis of 3 years from the date of acquisition, being the Directors' estimate of the useful economic life of the software acquired. This economic life is re-assessed annually and revised when necessary to reflect current estimates, based on recoverability, technological changes and expected future economic inflows to the Company.
Recoverability of trade debtors
A provision for bad and doubtful debts is made where it is identified that a trade debtor may potentially not be recoverable in full by the Company. The bad and doubtful debt provision is made on a specific basis against customer balances where they are not considered recoverable based upon payment history and aging profile.
Valuation of stock
Stock is held at the lower of cost and net realisable value. Management reviews the stock holdings and make a provision for slow moving and obsolete stock where the recoverable amount on a stock item has fallen below its cost. Certain elements of work in progress are valued at 85% of selling price, this is based on the average stage of completion. In addition the value of some finished goods held at an overseas customer site are included in Amounts Recoverable on Contracts and valued at 100% of cost due to the product being complete and the goods delivered.
Recoverability of amounts due from fellow group undertakings
At 31 January 2024 the Company was owed £638,745 by fellow group undertakings. The Directors have assessed the recoverability of the balances compared to the net asset positions of the other parties and their profit forecasts.


- 22 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
4,608,467
5,699,381

Rest of Europe
12,198,891
10,839,950

Rest of the World
2,167,596
299,505

18,974,954
16,838,836



5.


Operating profit

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

2024
2023
£
£

Depreciation of tangible fixed assets
213,927
205,777

Amortisation of intangible fixed assets
35,313
35,316

Net foreign exchange (gains)/losses
(28,982)
10,240

Defined contribution pension cost
168,178
107,608


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
9,820
9,820

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated financial statements of the ultimate parent undertaking, P.H. Betts (Holdings) Limited.


- 23 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Employees

Staff costs, including Directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
5,251,884
4,730,427

Social security costs
509,926
449,833

Cost of defined contribution pension scheme
168,178
107,608

5,929,988
5,287,868


The average monthly number of employees, including the Directors, during the year was as follows:


        2024
        2023
            No.
            No.







Office and management
27
27



Manufacturing, production, transport
144
141

171
168


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
527,311
356,675

Company contributions to the defined contribution pension scheme
64,706
16,210

592,017
372,885


During the year retirement benefits were accruing to 3 Directors (2023 - 3) in respect of the defined contribution pension scheme.

The highest paid Director received remuneration amounting to £289,628 (2023 - £173,314).

The value of the Company's contributions paid to the defined contribution pension scheme in respect of the highest paid Director amounted to £26,187 (2023 - £5,989).


- 24 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Interest receivable and similar income

2024
2023
£
£


Bank interest receivable
10,813
1,721


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
822
1,446


11.


Taxation


2024
2023
£
£



UK Corporation tax on profit for the year
-
-


Deferred tax


Origination and reversal of timing differences
124,948
(37,671)

Total deferred tax
124,948
(37,671)


Taxation on profit/(loss) on ordinary activities
124,948
(37,671)

- 25 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors affecting tax credit for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 24% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,205,006
633,748


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 24% (2023 - 19%)
228,951
120,412

Effects of:


Expenses not deductible for tax purposes
122
193

Other assets not qualifying for capital allowance purposes
5,112
5,132

Group relief received
(60,110)
-

R&D enhanced relief claim
(78,954)
(141,567)

Effect of change in tax rates
29,827
(21,841)

Total tax charge for the year
124,948
(37,671)


- 26 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

On 3 March 2021, the Chancellor of the Exchequer announced that the main rate of UK Corporation tax in the United Kingdom will rise to 25% with effect from 1 April 2023. This change was substantively enacted in June 2021. Accordingly, all deferred tax assets and liabilities are stated at 25%.


12.


Dividends

2024
2023
£
£


Dividends paid on equity shares
199,999
-


13.


Intangible assets




Computer software

£



Cost


At 1 February 2023
106,114



At 31 January 2024

106,114



Amortisation


At 1 February 2023
69,288


Charge for the year
35,313



At 31 January 2024

104,601



Net book value



At 31 January 2024
1,513



At 31 January 2023
36,826


The computer software is being amortised on a straight line basis of 3 years from the date the asset is available for use by the Company. The amortisation charge is recognised within Administrative expenses.



- 27 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 February 2023
2,189,532
1,737,472
41,662
39,217
4,007,883


Additions
99,384
126,980
-
4,983
231,347



At 31 January 2024

2,288,916
1,864,452
41,662
44,200
4,239,230



Depreciation


At 1 February 2023
267,213
1,148,461
26,870
35,960
1,478,504


Charge for the year
52,538
154,929
4,440
2,020
213,927



At 31 January 2024

319,751
1,303,390
31,310
37,980
1,692,431



Net book value



At 31 January 2024
1,969,165
561,062
10,352
6,220
2,546,799



At 31 January 2023
1,922,319
589,011
14,792
3,257
2,529,379




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
1,969,165
1,922,319



15.


Stocks

2024
2023
£
£

Raw materials and consumables
1,485,620
1,391,157

Work in progress (goods to be sold)
627,823
392,259

2,113,443
1,783,416



- 28 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

16.


Debtors

2024
2023
£
£


Trade debtors
3,200,262
2,560,495

Amounts owed by group undertakings
638,745
485,739

Other debtors
138,997
28,434

Prepayments and accrued income
67,472
72,163

Amounts recoverable on long-term contracts
301,749
479,899

4,347,225
3,626,730



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,440,833
1,472,299



18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
2,201,624
1,424,733

Other taxation and social security
121,668
-

Other creditors
39,764
51,529

Accruals and deferred income
283,491
174,129

2,646,547
1,650,391



- 29 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

19.


Deferred taxation




2024
2023


£

£






At beginning of year
(137,976)
(175,647)


Credit to profit or loss
(124,948)
37,671



At end of year
(262,924)
(137,976)

The deferred tax liability is made up as follows:

2024
2023
£
£


Accelerated capital allowances
262,924
269,591

Tax losses carried forward
-
(130,076)

Other short term timing differences
-
(1,539)

262,924
137,976


20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



206 Ordinary shares of £1 each
206
206



21.


Reserves

Capital Redemption Reserve

The Capital Redemption Reserve is a non-distributable reserve following a purchase of the Company's own shares in prior years.

Profit and Loss Account

The Profit and Loss Account reserve represents the Company's accumulated profits and losses, less dividends paid. The reserve is available for distribution to the Shareholders


- 30 -



 
BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

22.


Capital commitments


At 31 January 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
43,799
6,815


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £168,178 (2023 - £107,608). Contributions amounting to £Nil (2023 - £14,551) were payable to the fund at the balance sheet date and included within other creditors.


24.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
17,940
4,160

Later than 1 year and not later than 5 years
43,555
16,640

After 5 years
-
693

61,495
21,493


25.


Related party transactions

During the year, the Company paid management charges to its ultimate parent undertaking, P H Betts (Holdings) Limited, amounting to £1,148,000 (2023 - £740,000). At the year end, the Company was owed a balance of  £47,630 (2023 - £134,046) by its ultimate parent undertaking. This balance is unsecured, interest-free and repayable on demand.
During the year, the Company made sales to a fellow subsidiary undertaking, Hatcher Components Limited, amounting to £170,404 (2023 - £258,537). The Company also made purchases from the same subsidiary undertaking in the year amounting to  £389 (2023 - £Nil). At the year end, the Company was owed a balance of  £591,155 (2023 - £351,693) by its fellow subsidiary undertaking. This balance is unsecured, interest-free and repayable on demand.


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BROADWATER MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

26.


Controlling party

The immediate and ultimate parent undertaking and ultimate controlling party is P.H. Betts (Holdings) Limited. 
The smallest and largest group for which the Company's results are included is headed by P.H. Betts (Holdings) Limited. Copies of the consolidated financial statements of P.H. Betts (Holdings) Limited are publicly available from Companies House, Crown Way, Cardiff CF14 3UZ.

 

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