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REGISTERED NUMBER: 02737780 (England and Wales)
























STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

INTERFOAM LIMITED

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


INTERFOAM LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: C Fregapane
D Fay
M P Fregapane
R P Fregapane
P D Cheney
R Bangerh



SECRETARY: L Fregapane



REGISTERED OFFICE: Unit D
Ronald Close
Woburn Road Industrial Estate
Kempston
Bedfordshire
MK42 7SH



REGISTERED NUMBER: 02737780 (England and Wales)



SENIOR STATUTORY AUDITOR: Benjamin Young FCA



AUDITORS: TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

STRATEGIC REPORT
For The Year Ended 31 December 2023


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

REVIEW OF BUSINESS
Principal activity
The principal activity of the company in the year under review was that of manufacturer and distribution of
foam inserts for the furniture, aerospace, medical, automotive and construction sectors.

Result and performance
The directors are satisfied with the progress of the business during year; and are pleased to have maintained and enhanced the customer and supplier base during this period. The growth in revenue and the position that the company has been able to increase profitability in this year is acknowledged as being due to the strong relationships built with both customers and suppliers, and with the valuable assistance and support of the company's workforce. The company remains committed to working actively and closely with all such stakeholders. The company has continued to invest in both its people and equipment such that the directors consider that they are well placed to sustain, and build, on the developments evidenced during this last financial year.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board considers that any business risk is largely attached to the economic position of its customer base and the economic and technological environment in which customers exist. The Board considers that the company's customer base is as diversified as at any stage in its history such that it has sought to
mitigate a measure of this risk.

Price risk
The company is exposed to price risk due to normal inflationary increases in the purchase price of goods
and services. The company has no exposure to equity securities price risk as it holds no listed or other equity instruments.

Liquidity risk
The company makes efforts to manage financial risk by the monitoring of cash-flow to meet operational
and investment requirements.

Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited and therefore the principal credit risk arises from its trade debtors. In order to manage credit risk, the directors set limits for customers based on a combination of payment history and credit references. These credit limits are regularly reviewed by the directors and trading positions relative to these are acted upon.

Interest rate risk
The company does hold substantial cash balances at the present time and assets which only earn a
low rate of interest due to the present economic situation.

Economic risk
The directors have considered the ongoing economic challenges in relation to their risk assessment and impact on the business. In their opinion they continue to take all reasonable steps to mitigate factors arising, including the consideration of employment sustainability, sourcing of supplies and customer base retention. Such factors are considered by the directors to represent ongoing inherent risk to the business that they will continue to seek to manage including any risks to cashflow, revenue sustainability and continued access to supply.

RESEARCH & DEVELOPMENT
The directors are optimistic that the investment in development of new products will create greater
marketing opportunities and deliver increased sales.

KEY PERFORMANCE INDICATORS
The directors monitor the business on the basis of revenue and gross margin targets. The directors actively monitor trade receivables recovery metrics.


INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

STRATEGIC REPORT
For The Year Ended 31 December 2023

SUBSEQUENT EVENTS
There are no significant post balance sheet events.

FUTURE DEVELOPMENTS
The company intends to continue its present management policies for the foreseeable future and will
continue to seek to grow the business through organic growth.

ON BEHALF OF THE BOARD:





C Fregapane - Director


7 June 2024

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023


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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacturer and distribution of foam inserts for the furniture, aerospace, automotive and construction sectors.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 was £511,765 (year ended 31 December 2022 - £300,000).

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

C Fregapane
D Fay
M P Fregapane
R P Fregapane
P D Cheney
R Bangerh

Other changes in directors holding office are as follows:

N M Read - resigned 28 April 2023
N M Read - resigned 28 April 2023

FINANCIAL INSTRUMENTS
The company has not entered into a commitment on any financial instruments during the year.

POLITICAL DONATIONS AND EXPENDITURE
No political donations made during the year.

DISCLOSURE IN THE STRATEGIC REPORT
As permitted by Paragraph 1A of schedule 7 to the Large and Medium-sized Companies and Groups (Accounts and reports) Regulations 2008 certain matters which are required to be disclosed in the directors' report have been omitted as they are included in the strategic report instead. These matters relate to Business review, Principal risks and uncertainties and Key performance indicators.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Fregapane - Director


7 June 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTERFOAM LIMITED


Opinion
We have audited the financial statements of Interfoam Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTERFOAM LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
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 obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

- We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

- We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

- Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

- We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
INTERFOAM LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Benjamin Young FCA (Senior Statutory Auditor)
for and on behalf of TC Group
1 Rushmills
Bedford Road
Northampton
Northamptonshire
NN4 7YB

7 June 2024

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

STATEMENT OF COMPREHENSIVE
INCOME
For The Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 11,836,872 11,044,872

Cost of sales 7,720,791 7,646,642
GROSS PROFIT 4,116,081 3,398,230

Administrative expenses 3,362,232 3,153,820
753,849 244,410

Other operating income 57,661 78,874
OPERATING PROFIT 6 811,510 323,284

Interest receivable and similar income 68,438 8,296
PROFIT BEFORE TAXATION 879,948 331,580

Tax on profit 7 127,521 (51,224 )
PROFIT FOR THE FINANCIAL YEAR 752,427 382,804

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

752,427

382,804

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 670,019 596,188

CURRENT ASSETS
Stocks 10 699,449 720,996
Debtors 11 2,664,828 3,440,990
Cash at bank and in hand 2,777,931 2,377,603
6,142,208 6,539,589
CREDITORS
Amounts falling due within one year 12 1,366,327 1,970,010
NET CURRENT ASSETS 4,775,881 4,569,579
TOTAL ASSETS LESS CURRENT LIABILITIES 5,445,900 5,165,767

PROVISIONS FOR LIABILITIES 13 98,821 59,350
NET ASSETS 5,347,079 5,106,417

CAPITAL AND RESERVES
Called up share capital 14 1,000 1,000
Retained earnings 15 5,346,079 5,105,417
SHAREHOLDERS' FUNDS 5,347,079 5,106,417

The financial statements were approved by the Board of Directors and authorised for issue on 7 June 2024 and were signed on its behalf by:





C Fregapane - Director


INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1,000 5,022,613 5,023,613

Changes in equity
Dividends - (300,000 ) (300,000 )
Total comprehensive income - 382,804 382,804
Balance at 31 December 2022 1,000 5,105,417 5,106,417

Changes in equity
Dividends - (511,765 ) (511,765 )
Total comprehensive income - 752,427 752,427
Balance at 31 December 2023 1,000 5,346,079 5,347,079

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

CASH FLOW STATEMENT
For The Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,019,698 645,014
Tax paid 42,465 100,005
Net cash from operating activities 1,062,163 745,019

Cash flows from investing activities
Purchase of tangible fixed assets (259,526 ) (164,148 )
Sale of tangible fixed assets 36,885 22,499
Interest received 68,438 8,296
Net cash from investing activities (154,203 ) (133,353 )

Cash flows from financing activities
Amount introduced by directors 4,133 -
Equity dividends paid (511,765 ) (300,000 )
Net cash from financing activities (507,632 ) (300,000 )

Increase in cash and cash equivalents 400,328 311,666
Cash and cash equivalents at beginning
of year

2

2,377,603

2,065,937

Cash and cash equivalents at end of
year

2

2,777,931

2,377,603

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 31 December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 879,948 331,580
Depreciation charges 152,468 182,223
(Profit)/loss on disposal of fixed assets (3,658 ) 14,043
Finance income (68,438 ) (8,296 )
960,320 519,550
Decrease/(increase) in stocks 21,547 (9,498 )
Decrease/(increase) in trade and other debtors 733,697 (724,978 )
(Decrease)/increase in trade and other creditors (695,866 ) 859,940
Cash generated from operations 1,019,698 645,014

2. CASH AND CASH EQUIVALENTS

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

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 2,777,931 2,377,603
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 2,377,603 2,065,937


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 2,377,603 400,328 2,777,931
2,377,603 400,328 2,777,931
Total 2,377,603 400,328 2,777,931

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Interfoam Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from the standard.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. We have considered the estimates and assumptions made by the company and have not identified any which are deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Turnover is recognised when the goods are delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 30% on reducing balance

Tangible fixed assets are initially recorded at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments, are initially recognised at transaction price, 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. Basic financial assets, including trade and other receivables, cash and bank balances and investments, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate.The impairment loss is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other payables, and bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Research and development
Expenditure on research and development is written off in the year in which it is incurred, except that development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
As at the point of authorising the accounts, and for the foreseeable future, the directors consider the
going concern assumption to still be appropriate. The directors acknowledge that given the rapidly
changing business and social environment, there are likely to be significant unknown factors which
may present themselves. Such factors are considered by the directors to represent a general
inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 11,406,466 10,483,930
Europe 53,935 153,408
Rest of the world 376,471 407,534
11,836,872 11,044,872

Turnover represents the total invoice value, excluding value added tax, of sales made during the year.

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 3,924,361 3,604,893
Social security costs 351,003 311,807
Other pension costs 92,220 63,494
4,367,584 3,980,194

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

Admin 6 6
Production 120 106
Management 12 12
138 124

5. DIRECTORS' EMOLUMENTS
2023 2022
£    £   
Directors' remuneration 461,405 463,430
Directors' pension contributions to money purchase schemes 14,912 6,353

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

Money purchase schemes 6 5

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 96,956 97,107

6. OPERATING PROFIT

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

2023 2022
£    £   
Hire of plant and machinery 271 2,287
Other operating leases 668,375 684,896
Depreciation - owned assets 152,468 182,224
(Profit)/loss on disposal of fixed assets (3,658 ) 14,043
Auditors' remuneration 14,000 12,500
Auditors' remuneration for non audit work 38,205 26,720
Foreign exchange differences 176 (10,333 )
Government grants - 17,279

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 88,050 (42,465 )
Tax adjustment on previous
period - 199
Total current tax 88,050 (42,266 )

Deferred tax 39,471 (8,958 )
Tax on profit 127,521 (51,224 )

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 879,948 331,580
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

206,788

63,000

Effects of:
Expenses not deductible for tax purposes 11,220 11,392
Income not taxable for tax purposes (860 ) -
Capital allowances in excess of depreciation (11,781 ) (5,647 )
Adjustments to tax charge in respect of previous periods - 199
Deferred tax 39,471 (8,958 )
Utilisation of tax losses (117,317 ) (111,210 )
Total tax charge/(credit) 127,521 (51,224 )

At Spring Budget 2021, the government announced an increase in the Corporation Tax main rate from 19% to 25% for companies with profits over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023. Deferred tax has therefore been calculated at the future rate of 25%.

The reconciliation of total tax charge has been calculated on an average basis of the two aforementioned rates applicable in the year, resulting in average rate of 23.5%.

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 511,765 300,000

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 340,637 1,778,659 100,715 375,008 2,595,019
Additions - 68,575 28,582 162,369 259,526
Disposals - - - (95,995 ) (95,995 )
At 31 December 2023 340,637 1,847,234 129,297 441,382 2,758,550
DEPRECIATION
At 1 January 2023 340,637 1,347,139 64,326 246,729 1,998,831
Charge for year - 90,271 5,973 56,224 152,468
Eliminated on disposal - - - (62,768 ) (62,768 )
At 31 December 2023 340,637 1,437,410 70,299 240,185 2,088,531
NET BOOK VALUE
At 31 December 2023 - 409,824 58,998 201,197 670,019
At 31 December 2022 - 431,520 36,389 128,279 596,188

10. STOCKS
2023 2022
£    £   
Raw materials 440,275 565,442
Finished goods 259,174 155,554
699,449 720,996

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,074,349 2,133,796
Other debtors 464,675 1,151,289
Tax - 42,465
Prepayments and accrued income 125,804 113,440
2,664,828 3,440,990

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 923,094 1,623,529
Corporation tax 88,050 -
Social security and other taxes 86,463 80,351
VAT 204,527 201,297
Other creditors 3,373 3,373
Directors' current accounts 17,865 13,732
Accruals and deferred income 42,955 47,728
1,366,327 1,970,010

INTERFOAM LIMITED (REGISTERED NUMBER: 02737780)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023


13. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 98,821 59,350

Deferred
tax
£   
Balance at 1 January 2023 59,350
Charge to Statement of Comprehensive Income during year 39,471
Balance at 31 December 2023 98,821

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary £1 1,000 1,000

15. RESERVES
Retained
earnings
£   

At 1 January 2023 5,105,417
Profit for the year 752,427
Dividends (511,765 )
At 31 December 2023 5,346,079

16. RELATED PARTY DISCLOSURES

IL Retirement Benefit Scheme
Pension scheme operated for the benefit of Mr C and Mrs L Fregapane, which was dissolved during the year.
Amount due from related party at the balance sheet date £Nil (2022: £135,514).

Carles Properties Limited
Company under the control of the directors Mr C and Mrs L Fregapane
Rent was paid to the above in the normal course of business amounting to £654,000 (2022 - £654,000). Amount due from related party at the balance sheet date £456,175 (2022 - £1,015,775).

Amounts owed to shareholders and directors
Amounts due to shareholders and directors at the balance sheet date £17,866 (2022 - £13,732).

During the year, a total of key management personnel compensation of £ 476,236 (2022 - £ 460,285 ) was paid.

17. ULTIMATE CONTROLLING PARTY

Throughout the year, the company was under the control of Mr C Fregapane, the majority shareholder.