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Registered Number:00949310













SKAR PRECISION MOULDINGS LIMITED






ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023











 
SKAR PRECISION MOULDINGS LIMITED
 

 
COMPANY INFORMATION


Directors
K D Gant 
P Denny 
B G McLellan 




Company secretary
K D Gant



Registered number
00949310



Registered office
Lady Lane Industrial Estate
Hadleigh

Ipswich

Suffolk

IP7 6AZ




Independent auditor
Sumer Auditco Limited

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG






 
SKAR PRECISION MOULDINGS LIMITED
 


CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditor's Report
5 - 9
Statement of Comprehensive Income
10
Balance Sheet
11
Statement of Changes in Equity
12
Notes to the Financial Statements
13 - 31



 
SKAR PRECISION MOULDINGS LIMITED
 

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Business review
 
The directors present the Strategic Report for the year ended 31 December 2023. The Company continued to provide plastic injection moulding services during the year.
During the year a dividend has been paid to the immediate parent of £641,145.
The directors are pleased with the performance during the year and believe that the Company is in a strong position for the future.
The Company has a strong balance sheet position at the year-end. Net current assets and shareholders' funds were £2,758,496 (2022: £2,659,587) and £3,576,497 (2022: £3,471,232) respectively.

Principal risks and uncertainties
 
The Company's principal financial instruments comprise bank loans. In addition, the Company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.
The Company's approach to managing the principal risks and uncertainties is shown below.
Interest rate risk:
The Company's bank loans are at a variable interest rate. The directors consider interest payments as part of their cash flow forecasts.
Liquidity and cash flow risk:
In order to maintain liquidity and ensure that sufficient funds are available to meet its financial commitments, the directors prepare detailed cash flow forecasts.
Credit risk:
The Company's credit risk is primarily attributable to recoverability of its debtors, including trade debtors. The directors keep the level of credit provided to customers under review.
Price risk:
The Company's main expense is the purchase of raw materials, the price of which is linked to the price of oil. The directors keep price movements under review including entering into fixed price contracts to mitigate price risks such as the cost of energy increase.

Financial key performance indicators
 
The Company considers its financial key performance indicators to be growth in turnover, gross profit margin and profit before tax margin.
Turnover has decreased by 5.30% during the year. Cost of sales reduced at a higher rate during the year, leading to an increase in the gross profit margin to 23.5% (2022 21.3%). The profit before tax margin excluding the exceptional income of £NIL (2022: £140,242) saw a decrease to 11.8% (2022: 12.4%) primarily as a result of increased administration and interest costs.


- 1 -



 
SKAR PRECISION MOULDINGS LIMITED
 


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


This report was approved by the board on 5 September 2024 and signed on its behalf.



K D Gant
Director


- 2 -



 
SKAR PRECISION MOULDINGS 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;

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 Company's principal activity is plastic injection moulding.

Results and dividends

The profit for the year, after taxation, amounted to £746,410 (2022 - £1,015,228).

Particulars of dividends can be found in note 13.

Directors

The directors who served during the year were:

K D Gant 
P Denny 
B G McLellan 

Future developments

Organic growth remains a core target for the Company. The Company continues to acquire new customers whilst minimising the risks and costs associated with the growth.


- 3 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Matters covered in the Strategic Report

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

Disclosure of information to auditor

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

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

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

Post balance sheet events

There have been no significant events affecting the Company since the year end.
Auditor
On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. 

This report was approved by the board on 5 September 2024 and signed on its behalf.
 





K D Gant
Director


- 4 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKAR PRECISION MOULDINGS LIMITED

Opinion


We have audited the financial statements of Skar Precision Mouldings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


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


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


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



- 5 -



 
SKAR PRECISION MOULDINGS LIMITED
 

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

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.



- 6 -



 
SKAR PRECISION MOULDINGS LIMITED
 

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

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 either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.



- 7 -



 
SKAR PRECISION MOULDINGS LIMITED
 

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

Auditor's responsibilities for the audit of the financial statements
 

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


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

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


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



- 8 -



 
SKAR PRECISION MOULDINGS LIMITED
 

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

Use of our report
 

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





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

10 September 2024

- 9 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Notes
£
£

  

Turnover
 4 
8,161,562
8,621,241

Cost of sales
  
(6,241,137)
(6,788,552)

Gross profit
  
1,920,425
1,832,689

Distribution costs
  
(54,117)
(46,403)

Administrative expenses
  
(679,923)
(586,141)

Exceptional income
 14 
-
140,242

Other operating income
 5 
4,435
4,690

Operating profit
 6 
1,190,820
1,345,077

Interest receivable and similar income
 10 
13,791
1,444

Interest payable and similar expenses
 11 
(239,677)
(132,956)

Profit before tax
  
964,934
1,213,565

Tax on profit
 12 
(218,524)
(198,337)

Profit for the year
  
746,410
1,015,228

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

The notes on pages 13 to 31 form part of these financial statements.


- 10 -



 
SKAR PRECISION MOULDINGS LIMITED
REGISTERED NUMBER:00949310


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 15 
75,000
105,000

Tangible assets
 16 
4,346,158
4,423,259

  
4,421,158
4,528,259

Current assets
  

Stocks
 17 
839,451
872,993

Debtors: amounts falling due within one year
 18 
2,167,789
2,671,543

Cash at bank and in hand
 19 
1,229,696
779,011

  
4,236,936
4,323,547

Creditors: amounts falling due within one year
 20 
(1,478,440)
(1,663,960)

Net current assets
  
 
 
2,758,496
 
 
2,659,587

Total assets less current liabilities
  
7,179,654
7,187,846

Creditors: amounts falling due after more than one year
 21 
(3,364,503)
(3,445,211)

Provisions for liabilities
  

Deferred tax
  
(238,654)
(271,403)

Net assets
  
3,576,497
3,471,232


Capital and reserves
  

Called up share capital 
 25 
1,000
1,000

Profit and loss account
 26 
3,575,497
3,470,232

  
3,576,497
3,471,232


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.




K D Gant
Director

The notes on pages 13 to 31 form part of these financial statements.


- 11 -



 
SKAR PRECISION MOULDINGS LIMITED
 


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


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
1,000
2,955,704
2,956,704


Comprehensive income for the year

Profit for the year
-
1,015,228
1,015,228


Contributions by and distributions to owners

Dividends
-
(500,700)
(500,700)



At 1 January 2023
1,000
3,470,232
3,471,232


Comprehensive income for the year

Profit for the year
-
746,410
746,410


Contributions by and distributions to owners

Dividends
-
(641,145)
(641,145)


At 31 December 2021
1,000
3,575,497
3,576,497


The notes on pages 13 to 31 form part of these financial statements.


- 12 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Skar Precision Mouldings Limited (the “Company”) is a private company limited by shares and incorporated and domiciled in England and Wales. 
The address of the registered office is Lady Lane Industrial Estate, Hadleigh, Ipswich, Suffolk IP7 6AZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

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

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions


The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); 
• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Aspire Plastics Limited as at 31 December 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

 
2.3

Going concern

The financial statements have been drawn up on a going concern basis.
The directors have considered a period of at least one year from the date these financial statements were approved and authorised in assessing the going concern status of the Company. They believe that the Company will have sufficient cash available to settle its liabilities and other obligations as they fall due for at least one year.


- 13 -



 
SKAR PRECISION MOULDINGS 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'.

 
2.5

Turnover

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.


- 14 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Leased assets: the Company as lessee

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

 
2.7

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.

 
2.8

Pensions

Defined contribution pension plan

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

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


- 15 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

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

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

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

 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

  
2.11

Intangible fixed assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its useful economic life.
Goodwill is amortised over a 5 year straight line period.

 
2.12

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.


- 16 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, SELECT OR ENTER METHOD.

Depreciation is provided on the following basis:

Buildings
-
2% straight line
Plant and machinery
-
20 to 25% reducing balance
Fixtures, fittings, and equipment
-
25% reducing balance
Tooling
-
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.

 
2.13

Stocks

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

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

 
2.14

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.

 
2.15

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.

 
2.16

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.


- 17 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

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

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

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

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

Basic financial assets

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

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

Other financial assets

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


- 18 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

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

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

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 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

- 19 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.18
Financial instruments (continued)

risks and rewards retained.

Derecognition of financial liabilities

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

 
2.19

Dividends

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


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year.  However, the nature of estimation means that actual outcomes could differ from those estimates.  No significant judgments (apart from those involving estimates) have been made when preparing the financial statements.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Stock
Raw materials are written down by the appropriate percentages to account for wastage as part of the manufacturing process and rejects. Finished goods are valued at the appropriate percentages of selling prices to reflect the average gross margin made on the sales of such items. Work in progress is valued based on the stage of completion.
Loan Receivables 
The loan receivable from Aspire Plastics Limited included within amounts owed by group undertakings is recognised as being wholly due within one year on the basis the company has sufficient distributable reserves to pay the dividends to Aspire Plastics Limited that would enable the debt to be settled.


- 20 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales of goods
8,161,562
8,621,241


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
7,544,367
7,790,134

Rest of Europe
495,087
712,988

Rest of the world
122,108
118,119

8,161,562
8,621,241



5.


Other operating income

2023
2022
£
£

Sundry income
4,435
4,690



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
1,963
(17,874)

Depreciation
272,730
289,688

Amortisation
30,000
30,000


- 21 -



 
SKAR PRECISION MOULDINGS 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
6,125
5,890


8.


Employees

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


2023
2022
£
£



Wages and salaries
1,650,821
1,594,456

Social security costs
139,134
133,749

Cost of defined contribution scheme
132,817
134,860

1,922,772
1,863,065




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


        2023
        2022
            No.
            No.







Management and administration
22
22



Direct
50
53

72
75


- 22 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
58,270
40,217

Company contributions to defined contribution pension schemes
99,000
102,000

157,270
142,217


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
13,791
1,444


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
230,163
122,366

Finance leases and hire purchase contracts
9,514
10,590

239,677
132,956


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
251,273
221,284


Deferred tax


Origination and reversal of timing differences
(32,749)
(22,947)


Taxation on profit on ordinary activities
218,524
198,337

- 23 -



 
SKAR PRECISION MOULDINGS LIMITED
 

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


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - 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
964,934
1,213,565


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
226,958
230,577

Effects of:


Non-tax deductible amortisation of goodwill and impairment
7,056
5,700

Expenses not deductible for tax purposes
822
638

Other assets not qualifying for capital allowance purposes
14,207
11,477

Non-taxable income
(1,043)
(891)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(26,901)
(36,062)

Change in rate of tax
(2,575)
(13,102)

Total tax charge for the year
218,524
198,337


Factors that may affect future tax charges

The Finance Act 2021 announced an increase of the main rate of UK corporation tax rate from 19% to 25% from 1 April 2023. This was enacted in June 2021. Accordingly, deferred tax assets and liabilities are stated at 25%.


13.


Dividends

2023
2022
£
£


Dividends paid
641,145
500,700


- 24 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Exceptional income

2023
2022
£
£


Insurance claim receivable
-
140,242

The exceptional income represents insurance proceeds which are receivable in respect of a key management insurance claim.


15.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
150,000



At 31 December 2023

150,000



Amortisation


At 1 January 2023
45,000


Charge for the year on owned assets
30,000



At 31 December 2023

75,000



Net book value



At 31 December 2023
75,000



At 31 December 2022
105,000

Amortisation is shown within administrative expenses in the Statement of Comprehensive Income.




- 25 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Tangible fixed assets





Freehold land and buildings
Plant and machinery
Fixtures, fittings and equip
Tooling
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
3,751,936
2,618,523
427,263
26,200
6,823,922


Additions
124,707
37,651
33,271
-
195,629



At 31 December 2023

3,876,643
2,656,174
460,534
26,200
7,019,551



Depreciation


At 1 January 2023
312,233
1,752,115
328,455
7,860
2,400,663


Charge for the year
60,227
178,811
28,452
5,240
272,730



At 31 December 2023

372,460
1,930,926
356,907
13,100
2,673,393



Net book value



At 31 December 2023
3,504,183
725,248
103,627
13,100
4,346,158



At 31 December 2022
3,439,703
866,408
98,808
18,340
4,423,259




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


2023
2022
£
£

Freehold
3,504,183
3,439,703


The net book value of assets held under finance leases or hire purchase contracts, included above, are
as follows:




2023
2022
£
£



Plant and machinery
395,428
450,123


- 26 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Stocks

2023
2022
£
£

Raw materials and consumables
419,627
447,985

Work in progress
15,686
17,617

Finished goods and goods for resale
404,138
407,391

839,451
872,993


The carrying value of stocks are stated net of provisions totalling £154,598 (2021 - £171,325). Cost of sales includes a credit of £16,727 (2022: debit of £50,961) being the movement in the closing stock provisions. 


18.


Debtors

2023
2022
£
£


Trade debtors
1,016,136
1,407,260

Amounts owed by group undertakings
1,041,768
1,041,768

Prepayments and accrued income
109,885
222,515

2,167,789
2,671,543



19.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,229,696
779,011



- 27 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
126,057
134,399

Trade creditors
670,198
869,299

Amounts owed to group undertakings
54,246
54,246

Corporation tax
251,450
221,284

Other taxation and social security
148,482
152,125

Obligations under finance lease and hire purchase contracts
73,666
90,936

Other creditors
73,921
68,632

Accruals and deferred income
80,420
73,039

1,478,440
1,663,960



21.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
3,060,913
3,061,774

Net obligations under finance leases and hire purchase contracts
96,790
172,237

Accruals and deferred income
206,800
211,200

3,364,503
3,445,211


The bank loans are secured by fixed charges over the Company's freehold property, a debenture over all of the Company's assets and a specific chattels mortgage over four items of plant and machinery.
The net obligations under hire purchase contracts are secured against the assets to which they relate.


- 28 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
126,057
134,399

Amounts falling due 1-2 years

Bank loans
97,664
138,149

Amounts falling due 2-5 years

Bank loans
342,405
357,931

Amounts falling due after more than 5 years

Bank loans
2,620,844
2,565,694

3,186,970
3,196,173



23.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
79,650
100,656

Between 1-5 years
121,977
189,166

201,627
289,822


24.


Deferred taxation




2023
2022


£

£






At beginning of year
(271,403)
(294,350)


Charged to profit or loss
32,749
22,947



At end of year
(238,654)
(271,403)


- 29 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
24.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(238,654)
(271,403)


25.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 Ordinary shares of £1.00 each
1,000
1,000



26.


Reserves

Profit and loss account

The profit and loss account represents the Company's accumulated profits which are available for distribution to shareholders.


27.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£
£


Contracted for but not provided in these financial statements
-
100,707


28.


Pension commitments

The Company contributes to a defined contribution 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 £132,817 (2022 - £134,860). Contributions totalling £4,116 (2022 - £3,760) were payable to the fund at the balance sheet date.


- 30 -



 
SKAR PRECISION MOULDINGS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

29.


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
27,030
17,995

Later than 1 year and not later than 5 years
45,687
28,859

72,717
46,854


30.


Related party transactions

The Company has taken advantage of the exemptions provided in FRS 102 from disclosing transactions with members of the same group that are wholly owned.


31.


Controlling party

The ultimate parent company is Aspire Plastics Limited. The immediate controlling party is Ettle Limited. The ultimate parent company is under ultimate control of its Directors, by virtue of their 100% combined shareholding.

 

- 31 -