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REGISTERED NUMBER: 00246071 (England and Wales)










Strategic Report, Report of the Directors and

Financial Statements

For The Year Ended 31 December 2023

for

Poeton Industries Limited

Poeton Industries Limited (Registered number: 00246071)






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

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


Poeton Industries Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: A D McLeish
D J Burge
J A Poeton



REGISTERED OFFICE: Eastern Avenue
Gloucester
Gloucestershire
GL4 3DN



REGISTERED NUMBER: 00246071 (England and Wales)



AUDITORS: Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN



BANKERS: Barclays Bank Plc
Britannia Warehouse
The Docks
Gloucester
GL1 2YJ

Poeton Industries Limited (Registered number: 00246071)

Strategic Report
For The Year Ended 31 December 2023

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

In the opinion of the Directors, the general performance, development and financial position of the company during the year ending December 2023 are satisfactory.

GENERAL TRADING
We have maintained our skilled staffing levels necessary to continue serving both aerospace and non aerospace customers with our metal finishing services. The customer portfolio has shown a healthy balance across the sectors as we continue on our diversification strategy.

Our customer satisfaction levels of performance have been maintained with regards to on time delivery, flexibility and quality that differentiates us from our competitors. 2023 has seen an exceptional level of new and existing customer trading that reflects the market recovery in aerospace and also new market penetration (eg) in the automotive sector.

Our Polish plant has realised strong sales growth and we continue to introduce new product platforms to the facility with contracted customers that will provide a solid foundation for further growth opportunity. We now have the full compliment of skilled and trained employees to enable of world class quality and delivery performance within the EU.

We retain good cash reserves, with an improved gearing ratio and we continue to invest in improvements at each of our facilities.

REVIEW OF BUSINESS
The key financial highlights were as follows:-

2023 2022 2021 2020
Turnover movement +47% +19% -13% -33%
Gross profit movement +66% +45% -2% -44%
Profit before tax (excluding exceptional items) £1,878k £461k £65k £176k

PRINCIPAL RISKS AND UNCERTAINTIES
The company provides services to a wide range of manufacturers, across a number of industries mainly in the UK and Continental Europe. We have a flexible culture that allows us to react to changing market requirements as well as product improvements and to maintain our competitive advantage, the company continues with its research and development programme.

We differentiate from our competitors by applying resources to design product solutions to customer's engineering or regulatory problems (eg) REACH - the prohibition of Chrome and CAD products, continually improve our product portfolio for sale and / or in-house application.

We are committed to ensuring stability for our employees and suppliers, subject to applicable market conditions and to maintain our responsibilities towards Health & Safety, working conditions, and the environment as well as the training of our employees.

Health and safety risk
The health and safety of all our employees, contractors and the public is a key risk given the nature of the Company's business.To mitigate the inherent risk, we are committed to creating a culture that views safe working as the only way of working and to reviewing all our processes and procedures to ensure they deliver this. Training is provided to managers to ensure they understand their responsibility for the safety of the employees that they set to work.

Poeton Industries Limited (Registered number: 00246071)

Strategic Report
For The Year Ended 31 December 2023


The company continues to actively support the closed defined benefit pension scheme. The directors have confidence that with such ongoing support and consistent approach of the scheme trustees, the timeframe to which the scheme is managed has a stable outlook despite the fluctuations experienced in recent years.

ON BEHALF OF THE BOARD:





D J Burge - Director


5 August 2024

Poeton Industries Limited (Registered number: 00246071)

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 surface engineering.

DIVIDENDS
Dividends totalling £1,460,000 were paid during the year on the B shares (2022: £435,000).

RESEARCH AND DEVELOPMENT
The company continually seeks to develop improved processes for sale and production. The company's accounting policy in respect of research and development expenditure is set out in note 2 to the financial statements.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

A D McLeish
D J Burge
J A Poeton

Other changes in directors holding office are as follows:

D G Bignell - resigned 31 May 2023

A R Poeton ceased to be a director after 31 December 2023 but prior to the date of this report.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, bank loans, trade creditors, trade debtors and inter group loans. The main purpose of these instruments collectively is to raise funds for the company's operations.

Due to the nature of the financial instruments used by the company there is no significant exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of loans, these comprise loans from financial institutions. The interest rate on the loan is variable with regular capital repayments. The company manages its liquidity risk by ensuring that expenditure such as that for fixed assets are within the funds generated from operations.

Inter group loans are interest free with no fixed terms of repayment.

Trade debtors are managed in respect of credit and cash-flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits.

Trade creditor's liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

OVERSEAS SUBSIDIARY
Poeton Industries Limited's Polish subsidiary Poeton Polska Sp.z.o.o. has continuted to trade and increase its turnover during the year.

DISCLOSURE IN THE STRATEGIC REPORT
Information regarding the review of the business and principal risks and uncertainties is shown within the strategic report on page two of the accounts.


Poeton Industries Limited (Registered number: 00246071)

Report of the Directors
For The Year Ended 31 December 2023

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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

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

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

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

AUDITORS
The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D J Burge - Director


5 August 2024

Report of the Independent Auditors to the Members of
Poeton Industries Limited

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

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

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

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

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

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

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

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

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

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

Report of the Independent Auditors to the Members of
Poeton Industries 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 page 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
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

Report of the Independent Auditors to the Members of
Poeton Industries Limited


The company is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Aerospace management standards AS9100, National Aerospace and Defense Contractors Accreditation Program (NADCAP), environmental management standards ISO14001, Occupation health and safety ISO45001, employment laws, GDPR and any other regulations recognising the nature of the company's activities. Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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




Stephen Baily (Senior Statutory Auditor)
for and on behalf of Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

6 August 2024

Poeton Industries Limited (Registered number: 00246071)

Income Statement
For The Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   

TURNOVER 15,327,923 10,429,466

Cost of sales 9,373,203 6,834,139
GROSS PROFIT 5,954,720 3,595,327

Distribution costs 492,604 575,989
Administrative expenses 3,598,261 2,548,234
4,090,865 3,124,223
1,863,855 471,104

Other operating income 3 22,494 24,153
OPERATING PROFIT 5 1,886,349 495,257

Profit/loss on sale of invest 6 2 2,275
1,886,347 492,982

Interest receivable and similar income 80,551 61,152
1,966,898 554,134

Interest payable and similar expenses 7 81,625 82,696
Other finance costs 22 7,000 10,000
88,625 92,696
PROFIT BEFORE TAXATION 1,878,273 461,438

Tax on profit 8 271,691 (15,873 )
PROFIT FOR THE FINANCIAL YEAR 1,606,582 477,311

Poeton Industries Limited (Registered number: 00246071)

Other Comprehensive Income
For The Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

PROFIT FOR THE YEAR 1,606,582 477,311


OTHER COMPREHENSIVE INCOME
Actuarial (losses) / gains (101,000 ) 718,000
Return on plan assets (excluding 111,000 (486,000 )
interest income)
Exchange gains and losses
Income tax relating to components of other
comprehensive income

(2,500

)

(44,080

)
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

7,500

187,920
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

1,614,082

665,231

Poeton Industries Limited (Registered number: 00246071)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 2 2
Tangible assets 11 1,523,142 1,800,598
Investments 12 84,955 84,957
1,608,099 1,885,557

CURRENT ASSETS
Stocks 13 440,016 450,295
Debtors 14 3,851,447 2,849,030
Cash at bank 1,254,824 1,224,802
5,546,287 4,524,127
CREDITORS
Amounts falling due within one year 15 3,718,471 2,148,080
NET CURRENT ASSETS 1,827,816 2,376,047
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,435,915

4,261,604

CREDITORS
Amounts falling due after more than one
year

16

(152,090

)

(1,321,896

)

PROVISIONS FOR LIABILITIES 20 (580,878 ) (254,663 )

PENSION LIABILITY 22 (43,671 ) (179,851 )
NET ASSETS 2,659,276 2,505,194

CAPITAL AND RESERVES
Called up share capital 21 26,000 26,000
Retained earnings 2,633,276 2,479,194
SHAREHOLDERS' FUNDS 2,659,276 2,505,194

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2024 and were signed on its behalf by:





D J Burge - Director


Poeton Industries Limited (Registered number: 00246071)

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 26,000 2,248,963 2,274,963

Changes in equity
Total comprehensive income - 665,231 665,231
Dividends - (435,000 ) (435,000 )
Balance at 31 December 2022 26,000 2,479,194 2,505,194

Changes in equity
Total comprehensive income - 1,614,082 1,614,082
Dividends - (1,460,000 ) (1,460,000 )
Balance at 31 December 2023 26,000 2,633,276 2,659,276

Poeton Industries Limited (Registered number: 00246071)

Notes to the Financial Statements
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Poeton Industries 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.

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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Poeton Industries Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Poeton Holdings Limited, .

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) and the amount of revenue can be measured reliably.

Rental Income
Rental income from the Company's sublet of storage facilities.The Company recognises such revenue on a straight line accruals basis.

Intangible fixed assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible fixed assets comprise licences which are amortised over their estimated useful life.

Poeton Industries Limited (Registered number: 00246071)

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

2. ACCOUNTING POLICIES - continued

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

Depreciation is calculated to write off the cost or valuation of assets less their residual values over their estimated useful lives at the following rates per annum:

Short leasehold improvementsOver the period of the lease
Motor vehicles 25% - 35% of written down value
Other plant and equipment 10% - 25% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

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 and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Poeton Industries Limited (Registered number: 00246071)

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

2. ACCOUNTING POLICIES - continued

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on .the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless they are included in a hedging arrangement.

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

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.


Poeton Industries Limited (Registered number: 00246071)

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

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and operating leases
Assets that are held by Company under leases which transfer to the Company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised. Contingent rentals are recognised as expenses in the period in which they are incurred.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are
recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental
expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Pension costs and other post-retirement benefits
The cost of providing retirement pensions and related benefits is charged to the profit and loss account over the periods benefiting from the employee's services. Any differences between the charge to the profit and loss account and the contributions paid to the schemes is shown as an asset or liability in the balance sheet.

Warranty provision
The company provides for the anticipated costs of rectification work on services provided, based upon experience.

Poeton Industries Limited (Registered number: 00246071)

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

2. ACCOUNTING POLICIES - continued

Agent companies
Poeton (Cardiff) Limited, Poeton (Gloucester) Limited and Poeton Aptec Limited act as agents for Poeton Industries Limited and do not trade on their own account. The accounts of Poeton Industries Limited include the trade of these agent companies.

Government grants and private sector grants
Government grants and private sector grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

3. OTHER OPERATING INCOME
31.12.23 31.12.22
£    £   
Rents received 5,850 -
Other grants receivable 16,644 24,153
22,494 24,153

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£    £   
Wages and salaries 5,947,200 4,649,916
Social security costs 490,204 430,294
Other pension costs 168,977 159,908
6,606,381 5,240,118

The average number of employees during the year was as follows:
31.12.23 31.12.22

Production 129 99
Selling and distribution 16 17
Administration and management 49 39
194 155

31.12.23 31.12.22
£    £   
Directors' remuneration 324,842 217,205
Directors' pension contributions to money purchase schemes 17,300 20,375

Information regarding the highest paid director is as follows:
31.12.23 31.12.22
£    £   
Emoluments etc 211,708 130,010
Pension contributions to money purchase schemes 12,500 12,375

Poeton Industries Limited (Registered number: 00246071)

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

4. EMPLOYEES AND DIRECTORS - continued

The total directors remuneration, including pension costs, paid by both the company and the parent company in the year was £526,681 (2022: £380,332).

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 345,168 407,634
Loss on disposal of fixed assets 238,842 10,744
Auditors' remuneration 30,700 17,934
Auditors' remuneration for non audit work 5,325 7,406
Vehicle leasing costs 48,797 46,687
Rent paid on leased property 299,300 280,400
Research and development costs 582,000 745,010

6. EXCEPTIONAL ITEMS
31.12.23 31.12.22
£    £   
Redundancy and settlement costs - (67,570 )
Profit/loss on sale of invest (2 ) (2,275 )
(2 ) (69,845 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank loan interest 79,101 82,696
Hire purchase 2,524 -
81,625 82,696

Poeton Industries Limited (Registered number: 00246071)

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

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.12.23 31.12.22
£    £   
Current tax:
UK corporation tax 216,577 -
Prior year overprovision - (10,039 )
Total current tax 216,577 (10,039 )

Deferred tax:
Origination and reversal of
timing differences 29,994 (34,334 )
On pension scheme adjustment 25,120 28,500
Total deferred tax 55,114 (5,834 )

Tax on profit 271,691 (15,873 )

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:

31.12.23 31.12.22
£    £   
Profit before tax 1,878,273 461,438
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

469,568

87,673

Effects of:
Expenses not deductible for tax purposes 2,611 2,233
Utilisation of tax losses - (89,109 )
Adjustments to tax charge in respect of previous periods - (10,039 )
Group relief - (44,547 )
Loss on disposal of fixed asset investment - 432
Superdeduction uplift (542 ) (8,849 )
Prior year deferred tax overprovision (1,644 ) 48,234
Deferred tax on defined benefit scheme 25,120 28,500
Defined benefit pension contributions (40,200 ) (30,401 )
Change in tax rate 66,278 -
Research and development enhanced deduction (145,500 ) -
Prior year R&D adj (104,000 ) -
Total tax charge/(credit) 271,691 (15,873 )

Poeton Industries Limited (Registered number: 00246071)

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

8. TAXATION - continued

Tax effects relating to effects of other comprehensive income

31.12.23
Gross Tax Net
£    £    £   
Actuarial (losses) / gains (101,000 ) 25,250 (75,750 )
Return on plan assets (excluding 111,000 (27,750 ) 83,250
interest income)
Exchange gains and losses
10,000 (2,500 ) 7,500

31.12.22
Gross Tax Net
£    £    £   
Actuarial (losses) / gains 718,000 (136,420 ) 581,580
Return on plan assets (excluding (486,000 ) 92,340 (393,660 )
interest income)
Exchange gains and losses
232,000 (44,080 ) 187,920

9. DIVIDENDS
31.12.23 31.12.22
£    £   
B shares of £1 each
Interim 1,460,000 435,000

10. INTANGIBLE FIXED ASSETS
Licences
£   
COST
At 1 January 2023
and 31 December 2023 61,876
AMORTISATION
At 1 January 2023
and 31 December 2023 61,874
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

Poeton Industries Limited (Registered number: 00246071)

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

11. TANGIBLE FIXED ASSETS
Assets
under Plant & Motor
construction equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 - 6,499,531 26,991 6,526,522
Additions 153,280 153,274 - 306,554
Disposals - (345,729 ) - (345,729 )
At 31 December 2023 153,280 6,307,076 26,991 6,487,347
DEPRECIATION
At 1 January 2023 - 4,714,990 10,934 4,725,924
Charge for year - 334,872 10,296 345,168
Eliminated on disposal - (106,887 ) - (106,887 )
At 31 December 2023 - 4,942,975 21,230 4,964,205
NET BOOK VALUE
At 31 December 2023 153,280 1,364,101 5,761 1,523,142
At 31 December 2022 - 1,784,541 16,057 1,800,598


12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 84,957
Disposals (2 )
At 31 December 2023 84,955
NET BOOK VALUE
At 31 December 2023 84,955
At 31 December 2022 84,957

Poeton Industries Limited (Registered number: 00246071)

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

12. FIXED ASSET INVESTMENTS - continued

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Poeton (Cardiff) Limited
Registered office: Eastern Avenue, Gloucester. GL4 3DN. United Kingdom.
Nature of business: Dormant
%
Class of shares: holding
£1 ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 28,610 28,610

The cost of this investment was £28,610.

Poeton (Gloucester) Limited
Registered office: Eastern Avenue, Gloucester. GL4 3DN. United Kingdom.
Nature of business: Dormant
%
Class of shares: holding
£1 ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 5,000 5,000

The cost of this investment was £5,000.

Poeton Aptec Limited
Registered office: Eastern Avenue, Gloucester. GL4 3DN. United Kingdom.
Nature of business: Dormant
%
Class of shares: holding
£1 ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 100 100

The cost of this investment was £100.

Poeton Polska Sp.z.o.o.
Registered office: Jasionka 954, Poland
Nature of business: Surface engineering
%
Class of shares: holding
50 pln ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves (2,224,111 ) (1,785,032 )
Loss for the year (439,079 ) (185,121 )

The cost of this investment was £51,245.

Poeton Industries Limited (Registered number: 00246071)

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

13. STOCKS
31.12.23 31.12.22
£    £   
Raw materials and consumables 440,016 450,295

14. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 2,183,408 2,012,967
Other debtors 47,469 16,081
Prepayments and accrued income 182,891 92,998
2,413,768 2,122,046

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,437,679 726,984

Aggregate amounts 3,851,447 2,849,030

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 17) - 438,720
Other loans (see note 17) 70,735 -
Hire purchase contracts (see note 18) 9,519 15,377
Trade creditors 757,568 537,290
Amounts owed to group undertakings 1,255,231 234,433
Corporation tax 216,577 -
Social security and other taxes 554,597 452,200
Accruals and deferred income 854,244 470,060
3,718,471 2,148,080

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 17) - 1,302,675
Other loans (see note 17) 141,470 -
Hire purchase contracts (see note 18) 10,620 19,221
152,090 1,321,896

Poeton Industries Limited (Registered number: 00246071)

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

17. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans - 438,720
Other loans 70,735 -
70,735 438,720

Amounts falling due between one and two years:
Bank loans - 440,029
Other loans 141,470 -
141,470 440,029

Amounts falling due between two and five years:
Bank loans - 862,646

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year 9,519 15,377
Between one and five years 10,620 19,221
20,139 34,598

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 244,543 306,768
Between one and five years 463,671 657,836
In more than five years 14,000 14,000
722,214 978,604

Poeton Industries Limited (Registered number: 00246071)

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

18. LEASING AGREEMENTS - continued

Of the total minimum lease payments shown above only the following are the commitments arising outside of the group.

31.12.23 31.12.22
£    £   
Within one year 44,475 25,740
Between one and five years 64,095 58,472
In more than five years 14,000 16,000
122,570 98,212

19. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans - 1,741,395
Hire purchase contracts 20,139 34,598
20,139 1,775,993

The bank loan is secured by a fixed and floating charge over the assets of the Company. CBIL loans are secured by the UK Government. All loans were repaid in full during the year.

Hire purchase liabilities are secured over the asset to which they relate.

20. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 284,658 254,663
Other provisions 296,220 -
580,878 254,663

Deferred
tax
£   
Balance at 1 January 2023 254,663
Provided during year 29,995
Accelerated capital allowances
Balance at 31 December 2023 284,658

Poeton Industries Limited (Registered number: 00246071)

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

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
3,900 A £1 3,900 3,900
22,100 B £1 22,100 22,100
26,000 26,000

22. EMPLOYEE BENEFIT OBLIGATIONS

The company operates the following pension schemes:-

Poeton Pension Scheme Defined benefit scheme
Poeton Group Flexible Retirement Plan Defined contribution scheme

The defined benefit scheme is self administered and funded to cover future pension liabilities in respect of service up to the balance sheet date. The scheme is subject to an independent valuation at least every three years by a qualified actuary. The employer's contributions paid into the pension schemes during the year were as follows:

Poeton Pension Scheme £160,800 (2022: £160,003)
Poeton Group Flexible Retirement Plan £168,978 (2022: £159,908)


The last actuarial valuation for the defined benefit scheme was assessed in accordance with the advice of a professionally qualified actuary and was finalised in March 2023 in respect of the year ended 31 December 2021.

The defined benefit scheme was closed to new members in April 2001. On 30 September 2002, the scheme closed and its members ceased to accrue benefit in respect of service from this date. Employed members were transferred to the Poeton Occupational Pension Scheme, with effect from 1 September 2006 this occupational scheme was transferred to a Group Flexible Retirement Plan (Group Personal Pension Plan), both of these schemes are defined contribution.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Current service cost - -
Interest cost on net defined liability 129,000 67,000
Past service cost - -
129,000 67,000

Actual return on plan assets 233,000 (429,000 )

Poeton Industries Limited (Registered number: 00246071)

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

22. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Opening defined benefit obligation 2,786,397 3,649,400
Interest cost 129,000 67,000
Actuarial losses/(gains) 101,000 (718,000 )
Benefits paid (including
expenses) (192,000 ) (212,000 )
2,824,397 2,786,400

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Opening fair value of scheme assets 2,564,176 3,045,176
Contributions by employer 160,800 160,003
Interest income on plan assets 122,000 57,000
Benefits paid (192,000 ) (212,000 )
Return on plan assets (excluding interest
income)

111,000

(486,000

)
2,765,976 2,564,179

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
£    £   
Return on plan assets (excluding interest
income)

111,000

(486,000

)
Total actuarial gains / (losses) (101,000 ) 718,000
Deferred tax on actuarial gains / (losses) (2,500 ) (44,080 )
7,500 187,920

Poeton Industries Limited (Registered number: 00246071)

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

22. EMPLOYEE BENEFIT OBLIGATIONS - continued

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
31.12.23 31.12.22
Equities 44% 59%
Bonds 35% 20%
Other 21% 21%
100% 100%

PENSION LIABILITY

31.12.23 31.12.22
£ £

Closing present value of obligation 2,824,397 2,786,400
Closing fair value of plan assets 2,765,976 2,564,179
58,421 222,221
Deferred tax thereon 14,750 42,370
Pension liability 43,671 179,851

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

31.12.23 31.12.22
Discount rate 4.40% 4.80%
Price inflation (CPI) 2.40% 2.20%
Pension increases 3.50% 3.00%

23. CONTINGENT LIABILITIES

The company is party to a cross guarantee to support group borrowing. At 31 December 2023 the contingent liability amounted to £nil (2022 : £184,874).

24. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements 94,546 -

25. POST BALANCE SHEET EVENTS

On 8 April 2024, 100% of the share capital of the immediate parent company AT Poeton Limited was acquired by Poeton Holdings Limited, a company incorporated in England and Wales in November 2023.

From this date, Mr A R Poeton ceased to be a director and ultimate controlling party of the Company.

The ultimate controlling party of Poeton Industries Limited, by reason of his majority shareholding of the ultimate parent company Poeton Holdings Limited, is Mr J A Poeton.

Poeton Industries Limited (Registered number: 00246071)

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

26. CONSOLIDATED GROUP ACCOUNTS

Information regarding the consolidated accounts of AT Poeton Limited can be obtained from its registered office.