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Moulded Fibre Products Limited

Registered number: 07990183
Annual report and
 financial statements
For the year ended 31 December 2023

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
COMPANY INFORMATION


Directors
A Cercle 
J Gallacher 
R P Lynch 
P Libreros (appointed 15 February 2023)




Registered number
07990183



Registered office
Mfp Ltd Second Avenue
Flixborough

Scunthorpe

Lincolnshire

DN15 8SD




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Senior Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP




Bankers
HSBC
Town Centre

Danestrete

Stevenage

United Kingdom

SG1 1BY





 
MOULDED FIBRE PRODUCTS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditor's Report
 
5 - 8
Statement of Comprehensive Income
 
9
Statement of Financial Position
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 29


 
MOULDED FIBRE PRODUCTS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors are pleased to present their Strategic Report for the Company for the year ended 31 December 2023.

Principal activity and business review
 
The principal activity of the Company during the year continued to be the manufacture and distribution of pulp paper products.
The directors aim to present a balanced and comprehensive review of the development and performance of the business during the year and its position at the year end. Their review is consistent with the size and nature of the business and is written in the context of the risks and uncertainties they face.
There were no significant changes in the activities of the Company during the year.
They consider that our key performance indicators are turnover, gross margin and EBITDA.
The performance of the Company was as follows:

2023
2022
        £
£
Turnover

18,674,368

14,480,763
 
Gross margin %

34

34
 
EBITDA

3,600,733

2,350,453
 

The directors are satisfied with the results for the year. They will continue to identify and develop new business opportunities within the industry sector with the view to continued growth.

Principal risks and uncertainties
 
The directors consider that the principal risks and uncertainties faced by the Company are in the following categories:
Competition risk
The directors of the Company manage competition risk through close attention to customer service levels.
Financial risk
All key financial figures are monitored on an ongoing basis.
People in our business
The continued success of the Group and Company has been achieved by the people working in it. There are many long serving members of staff and the relatively low turnover of personnel reflects the general policy of providing good terms and conditions of employment while dealing with staff as well as other stakeholders in the business, in a fair and consistent manner. Their continued loyalty and hard work is much appreciated.

Future developments
 
The Company plans to continue and grow its present activities.

Page 1

 
MOULDED FIBRE PRODUCTS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 19 July 2024 and signed on its behalf.



P Libreros
Directors

Page 2

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

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; and

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 continued to be the manufacture and distribution of pulp paper products.

Results and dividends

The profit for the year, after taxation, amounted to £2,466,881 (2022 - £1,863,392).

Dividends declared during the year totalled £Nil (2022: £Nil).

Directors

The directors who served during the year were:

A Cercle 
J Gallacher 
R P Lynch 
P Libreros (appointed 15 February 2023)
C Russel (resigned 15 February 2023)
J Thibierge (resigned 15 February 2023)
D Morin (resigned 15 February 2023)
R Malarre (resigned 15 February 2023)

Page 3

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic Report

As permitted by Section 414 (c) (11) of the Companies Act 2006, the directors have elected to disclose information required to be in the directors' report by Schedule 7 of the "Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008", 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 directors are aware, there is no relevant audit information of which the Company's auditor is unaware, and

the directors have taken all the steps that ought to have been taken as directors 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

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 July 2024 and signed on its behalf.
 





P Libreros
Directors

Page 4

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOULDED FIBRE PRODUCTS LIMITED
 

Opinion

We have audited the financial statements of Moulded Fibre Products Limited (the ‘Company’) for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the 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 FRS 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 "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 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 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.
Page 5

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOULDED FIBRE PRODUCTS LIMITED
 

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 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 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.

Page 6

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOULDED FIBRE PRODUCTS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 intend either to liquidate the 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 the financial statements. 
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  
Page 7

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOULDED FIBRE PRODUCTS LIMITED
 

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation, the Companies Act 2006. 

In addition, we evaluated the directors’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition (which we pinpointed to the cut off assertion) and significant one-off or unusual transactions. 

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations 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 auditor’s report.

Use of the audit 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.




Ashley Barraclough (Senior Statutory Auditor)

  
for and on behalf of Forvis Mazars LLP

Chartered Accountants and Senior Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

21 July 2024
Page 8

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
18,674,368
14,480,763

Cost of sales
  
(12,245,318)
(9,622,496)

Gross profit
  
6,429,050
4,858,267

Distribution costs
  
(1,284,419)
(945,598)

Administrative expenses
  
(2,161,552)
(1,629,261)

Exceptional administrative expenses
 5 
36,827
(425,133)

Operating profit
 6 
3,019,906
1,858,275

Interest receivable and similar income
 10 
37,548
-

Interest payable and similar expenses
 11 
(9,817)
(6,708)

Profit before tax
  
3,047,637
1,851,567

Tax on profit
 12 
(580,756)
11,825

Profit for the financial year
  
2,466,881
1,863,392

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022: £NIL).

The notes on pages 12 to 29 form part of these financial statements.

Page 9

 
MOULDED FIBRE PRODUCTS LIMITED
REGISTERED NUMBER: 07990183

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
-

Tangible assets
 14 
9,477,885
8,403,413

  
9,477,885
8,403,413

Current assets
  

Stocks
 15 
980,501
583,512

Debtors: amounts falling due within one year
 16 
3,561,756
2,709,649

Cash at bank and in hand
 17 
3,839,086
2,978,685

  
8,381,343
6,271,846

Creditors: amounts falling due within one year
 18 
(5,145,598)
(4,749,705)

Net current assets
  
 
 
3,235,745
 
 
1,522,141

Total assets less current liabilities
  
12,713,630
9,925,554

Creditors: amounts falling due after more than one year
 19 
(14,300)
(14,300)

  
12,699,330
9,911,254

Provisions for liabilities
  

Deferred tax
 20 
(1,921,534)
(1,600,339)

Net assets
  
10,777,796
8,310,915


Capital and reserves
  

Called up share capital 
 21 
100
100

Share premium account
 22 
999,900
999,900

Revaluation reserve
 22 
38,512
38,512

Other reserves
 22 
66,755
66,755

Profit and loss account
 22 
9,672,529
7,205,648

  
10,777,796
8,310,915


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 July 2024.

P Libreros
Directors

The notes on pages 12 to 29 form part of these financial statements.

Page 10

 
MOULDED FIBRE PRODUCTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Revaluation reserve
Other reserves
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 January 2022
100
999,900
38,512
66,755
5,342,256
6,447,523


Comprehensive income for the year

Profit for the year
-
-
-
-
1,863,392
1,863,392
Total comprehensive income for the year
-
-
-
-
1,863,392
1,863,392



At 1 January 2023
100
999,900
38,512
66,755
7,205,648
8,310,915


Comprehensive income for the year

Profit for the year
-
-
-
-
2,466,881
2,466,881
Total comprehensive income for the year
-
-
-
-
2,466,881
2,466,881


At 31 December 2023
100
999,900
38,512
66,755
9,672,529
10,777,796


The notes on pages 12 to 29 form part of these financial statements.

Page 11

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Moulded Fibre Products Limited (the 'Company') is a private company, limited by shares and registered in England and Wales, registered number 07990183. The registered address is Mfp Ltd Second Avenue, Flixborough, Scunthorpe, Lincolnshire, England, DN15 8SD.
The principal activity is the production and distribution of pulp products.
The financial statements have been prepared in Pound Sterling as this is the currency of the primary economic environment in which the Company operates.

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;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Green Co-invest as at 31 December 2023 and these financial statements may be obtained from 104 avenue des Champs-Elysees 75008, Paris.

 
2.3

Going concern

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the annual financial statements. The directors have considered a period in excess of twelve months from the date of the approval of these financing statements in making their assessment.

Page 12

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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 'other operating income'.

Page 13

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

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.

Page 14

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Interest income

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

 
2.9

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.

 
2.10

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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.11

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 reporting 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 reporting 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 reporting date.

Page 15

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

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.

 Amortisation is provided on the following bases:

Website development
-
10%
Straight line

 
2.13

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 the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2% Straight line
Plant & machinery
-
5% Straight line
Motor vehicles
-
25% Straight line
Fixtures & fittings
-
20% Straight line
Tooling
-
10-20% Straight line

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.

 
2.14

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 reporting 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.

Page 16

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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.

 
2.17

Creditors

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

 
2.18

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 17

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.19

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 Statement of Financial Position 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 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.
 
Page 18

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.19
Financial instruments (continued)


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 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.

Page 19

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The critical judgments that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the statutory financial statements are discussed below.
Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience of recoverability. There have been no indicators of impairments identified during the current financial year.
Key sources of estimation uncertainty
The directors have considered and concluded there were no key sources of estimation uncertainty in applying the accounting policies.


4.


Turnover

Analysis of turnover by country:

2023
2022
£
£

United Kingdom
16,574,723
12,572,450

Rest of Europe
2,048,892
1,847,280

Rest of the world
50,753
61,033

18,674,368
14,480,763



5.


Exceptional items

2023
2022
£
£


One-off legal and professional fees
(36,827)
425,133


6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
580,827
492,178

Exchange differences
(12,522)
4,365

Defined contribution pension cost
108,653
90,774

Operating lease rentals
313,080
63,642

Page 20

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Auditor's remuneration

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


2023
2022
£
£

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

44,995
44,250


8.


Employees

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


2023
2022
£
£

Wages and salaries
4,954,403
3,779,869

Social security costs
441,421
368,270

Cost of defined contribution scheme
108,653
90,774

5,504,477
4,238,913


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


        2023
        2022
            No.
            No.







Other production
170
121



Administration
9
8



Management
16
13

195
142

Page 21

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
193,440
206,703

Company contributions to defined contribution pension schemes
5,623
4,796

199,063
211,499


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £105,885 (2022 - £121,156).

The value of the Company's contributions paid to a defined benefit pension scheme in respect of the highest paid director amounted to £3,177 (2022 - £2,647).


10.


Interest receivable

2023
2022
£
£


Bank interest receivable
37,548
-


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
9,817
6,708

Page 22

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
277,465
21,234

Adjustments in respect of previous periods
(17,904)
(355,737)


Total current tax
259,561
(334,503)

Deferred tax


Origination and reversal of timing differences
321,195
160,965

Adjustment in respect of prior periods
-
110,882

Effect of changes in tax rates
-
50,831

Total deferred tax
321,195
322,678


Tax on profit
580,756
(11,825)

Factors affecting tax charge for the year

The tax assessed for the year is lower than the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
3,047,637
1,851,567


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
716,804
351,798

Effects of:


Expenses not deductible for tax purposes
1,185
561

Fixed asset differences
8,983
(42,303)

Adjustments to tax charge in respect of prior periods
(17,904)
(355,737)

Adjustments to tax charge in respect of prior periods - deferred tax
-
110,882

Remeasurement of deferred tax for changes in tax rates
17,754
50,831

Group relief claimed
(167,270)
(127,857)

Movement in deferred tax not recognised
21,204
-

Total tax charge for the year
580,756
(11,825)

Page 23

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors that may affect future tax charges

The rate of corporation tax in the United Kingdom has increased from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, which is a new small profits rate. Where taxable profits are between £50,000 and £250,000, the higher 25% rate will apply but with a marginal relief applying as profits increase.


13.


Intangible assets




Trademarks

£



Cost


At 1 January 2023
1,880



At 31 December 2023

1,880



Amortisation


At 1 January 2023
1,880



At 31 December 2023

1,880



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 24

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Freehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Tooling
Total

£
£
£
£
£
£



Cost


At 1 January 2023
1,147,555
8,790,087
71,902
161,717
652,416
10,823,677


Additions
9,650
1,404,293
250
16,631
224,474
1,655,298



At 31 December 2023

1,157,205
10,194,380
72,152
178,348
876,890
12,478,975



Depreciation


At 1 January 2023
164,369
1,652,928
8,266
137,032
457,668
2,420,263


Charge for the year
30,899
458,253
16,790
13,355
61,530
580,827



At 31 December 2023

195,268
2,111,181
25,056
150,387
519,198
3,001,090



Net book value



At 31 December 2023
961,937
8,083,199
47,096
27,961
357,692
9,477,885



At 31 December 2022
983,186
7,137,158
63,636
24,685
194,748
8,403,413


15.


Stocks

2023
2022
£
£

Raw materials, consumables and spares
295,932
343,435

Finished goods and goods for resale
684,569
240,077

980,501
583,512


Page 25

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors

2023
2022
£
£


Trade debtors
3,267,490
2,509,302

Other debtors
5,517
4,600

Prepayments and accrued income
288,749
195,747

3,561,756
2,709,649



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,839,086
2,978,685



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,042,375
1,161,617

Amounts owed to group undertakings
2,396,101
2,223,492

Corporation tax
269,441
9,617

Other taxation and social security
463,499
282,887

Other creditors
41,038
60,727

Accruals and deferred income
933,144
1,011,365

5,145,598
4,749,705


Amounts owed to group undertakings are interest free and repayable on demand.


19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Deferred income
14,300
14,300


Page 26

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation




2023
2022


£

£






At beginning of year
(1,600,339)
(1,277,661)


Charged to profit or loss
(321,195)
(322,678)



At end of year
(1,921,534)
(1,600,339)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(1,927,116)
(1,605,877)

Short term timing differences
5,582
5,538

(1,921,534)
(1,600,339)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



7,500 (2022 - 7,500) Ordinary A shares of £0.01 each
75
75
2,500 (2022 - 2,500) Ordinary B shares of £0.01 each
25
25

100

100

Each ordinary share carries one vote and ranks equally with the other ordinary shares in all respects including as to dividends and other distributions (including on a winding up) and is not redeemable.


Page 27

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Reserves

Share premium account

The share premium account includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Revaluation reserve

Revaluation reserve represents an unrealised increase in respect of a class of asset upon revaluation in the prior periods.

Other reserves

Other reserves represents share based payments made to employees.

Profit & loss account

The profit and loss account comprises of all current and prior period retained profits and losses.


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 £108,653 (2022 - £90,774). Contributions totalling £22,329 (2022 - £39,862) were payable to the fund at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
266,352
21,500

Later than 1 year and not later than 5 years
988,004
49,177

Later than 5 years
232,500
-

1,486,856
70,677


25.


Related party transactions

The Company has taken advantage of the exemption conferred by Financial Reporting Standard 102 Section 33 ("Related party disclosures") not to disclose transactions with wholly owned members of the Group.

Page 28

 
MOULDED FIBRE PRODUCTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Post balance sheet events

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


27.


Controlling party

The immediate parent company is RGHVMFP Limited, a company incorporated in the United Kingdom. The ultimate parent company is Green Co-invest, a company incorporated in France.
The smallest and largest consolidated financial statements presented are that of Green Co-invest and are available at 104 avenue des Champs-Elysees 75008, Paris.

Page 29