Company registration number 02283308 (England and Wales)
Rosehill Polymers Limited
Annual Report and Financial Statements
for the year ended 31 March 2024
Rosehill Polymers Limited
Company information
Directors
J M Hopkinson
A H Celik
W J Stevens
C Z Pinder
N Hope
N Riyazuddin
Company number
02283308
Registered office
Rosehill Mills
Beech Road
Sowerby Bridge
Halifax
West Yorkshire
HX6 2JT
Auditor
B M Howarth Ltd
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
Bankers
Virgin Money
94-96 Briggate
Leeds
West Yorkshire
LS1 6NP
National Westminster Bank
1 Waterhouse Street
Halifax
West Yorkshire
HX1 1JA
Rosehill Polymers Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of income and retained earnings
8
Statement of financial position
9
Notes to the financial statements
10 - 20
Rosehill Polymers Limited
Strategic Report
for the year ended 31 March 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Principal activities

The principal activities of the company continues to be that of the manufacture and supply of polyurethanes, their derivatives and other polymeric products for a wide range of industries including sports and safety surfacing, manufacturing, infrastructure, oil and gas, counter-terrorism, security and heavy industrial applications.

Business review

The company is committed to expanding its market presence and diversifying its product portfolio. This strategic growth is driven by the company's renowned global expertise in material science innovation. By developing and manufacturing cutting edge products with a low carbon footprint for international markets. The company addresses environmental challenges and fosters sustainability. Through the reduction of carbon emissions and the minimization of resource consumption throughout its processes, the company makes a substantial positive impact on the environment.

 

The main headline numbers in respect of the year ended 31 March 2024 are shown below. The directors are satisfied with the results for the year.

 

 

 


31 March

 

 

31 March

 

 

 

2024

 

2023

 

 

 

£

 

£

Turnover

 

 

34,677,203

 

42,840,332

Gross profit

 

 

12,395,674

 

14,101,636

Gross profit %

 

 

35.74%

 

32.92%

EBITDA

 

 

3,145,241

 

4,649,777

EBITDA %

 

 

8.53%

 

10.33%

 

Financial risks and uncertainties

Competition and threat to market share is a key risk to the company. The risk is alleviated by continuing to develop quality products at competitive prices and reacting efficiently to customers' requirements.

The company is partly financed by bank loans, overdraft and invoice discounting facilities, so is exposed to interest rate fluctuations. Cash flow is carefully managed to minimise the risk and the level of the facilities used.

Research and development

Using both internal expertise and external consultants the company continually invests in research and development into new products and processes. The company will continue to invest in research and development that has a suitable return.

Environmental policy

The company recognises the importance of its environmental responsibilities and attempts to minimise its impact on the environment, including safe disposal of waste, recycling and reducing energy consumption.

Payments to creditors

It is the company's policy to ensure that suppliers are aware of the company's terms of payment, and that these terms are agreed at the commencement of business with each supplier. Payments are made in accordance with the payment terms and conditions agreed.

Rosehill Polymers Limited
Strategic Report (continued)
for the year ended 31 March 2024
- 2 -
Future developments

The company strives to lead the market through innovation, quality and by building strong relationships with customers. Through its continued investment in innovation and the development of new low carbon products it aims to drive sustainable growth and enhance its competitive edge in the industry. The company is committed to improving efficiency and reducing carbon emissions across all its operations, ensuring the achievement of its sustainability goals and strengthening its reputation as a market leader.

 

The company operates in challenging and competitive global markets, however the prospects for the year to 31 March 2025 are encouraging.

 

There have been no events since the balance sheet date that materially affect the company.

On behalf of the board

A H Celik
Director
4 September 2024
Rosehill Polymers Limited
Directors' report
for the year ended 31 March 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

J M Hopkinson
A H Celik
W J Stevens
C Z Pinder
N Hope
N Riyazuddin
(Appointed 3 April 2023)
Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Auditor

B M Howarth Ltd were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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 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:

 

 

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.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report.

Rosehill Polymers Limited
Directors' report (continued)
for the year ended 31 March 2024
- 4 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
A H Celik
C Z Pinder
Director
Director
4 September 2024
Rosehill Polymers Limited
Independent Auditor's Report
to the members of Rosehill Polymers Limited
- 5 -
Opinion

We have audited the financial statements of Rosehill Polymers Limited (the 'company') for the year ended 31 March 2024 which comprise the statement of income and retained earnings, the statement of financial position and notes to the financial statements, including 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Rosehill Polymers Limited
Independent Auditor's Report
to the members of Rosehill Polymers Limited (continued)
- 6 -
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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

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.

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

Based on our understanding of the company and the sector in which it operates, our audit work considers the risk of material misstatement on the financial statements as a result of non-compliance with laws and regulations, this includes fraud. These laws and regulations include, but are not limited to, those that relate to the form and content of the financial statements, such as the Company accounting policies, the financial reporting framework and the UK Companies Act 2006.

 

We evaluated management incentives and opportunities for fraudulent manipulation of the financial statements and determined that the principal risks related to potential posting of inappropriate journal entries and management bias in accounting estimates, as well as inappropriate revenue cut-off. Our audit procedures included, but were not limited to:

 

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion.

 

There are inherent limitations in audit procedures, the further removed non compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

Rosehill Polymers Limited
Independent Auditor's Report
to the members of Rosehill Polymers Limited (continued)
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 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.

Charles R Moorby
Senior Statutory Auditor
For and on behalf of B M Howarth Ltd
Chartered Accountants
Statutory Auditor
West House
King Cross Road
Halifax
West Yorkshire
HX1 1EB
4 September 2024
Rosehill Polymers Limited
Statement of income and retained earnings
for the year ended 31 March 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
2
34,677,203
42,840,332
Cost of sales
(22,281,530)
(28,738,696)
Gross profit
12,395,673
14,101,636
Distribution costs
(761,933)
(937,621)
Administrative expenses
(9,853,061)
(10,028,321)
Other operating income
-
0
157,123
Operating profit
3
1,780,679
3,292,817
Interest payable
8
(1,249,190)
(742,948)
Other gains/(losses)
9
-
1,096,243
Profit before taxation
531,489
3,646,112
Tax on profit
11
237,235
(354,386)
Profit for the financial year
768,724
3,291,726
Retained earnings brought forward
16,451,099
13,492,264
Dividends
10
-
0
(332,891)
Retained earnings carried forward
17,219,823
16,451,099

The statement of income and retained earnings has been prepared on the basis that all operations are continuing operations.

Rosehill Polymers Limited
Statement of financial position
as at 31 March 2024
31 March 2024
- 9 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
13
44,256
55,888
Tangible assets
12
17,715,100
17,250,767
Investments
14
76
76
17,759,432
17,306,731
Current assets
Stocks
15
7,073,466
7,552,856
Debtors
16
12,458,639
9,818,383
Cash at bank and in hand
1,779,013
3,264,235
21,311,118
20,635,474
Creditors: amounts falling due within one year
17
(13,151,149)
(14,226,162)
Net current assets
8,159,969
6,409,312
Total assets less current liabilities
25,919,401
23,716,043
Creditors: amounts falling due after more than one year
18
(7,090,575)
(5,418,706)
Provisions for liabilities
19
(1,228,963)
(1,466,198)
Net assets
17,599,863
16,831,139
Capital and reserves
Called up share capital
20
27,004
27,004
Share premium account
144,036
144,036
Capital redemption reserve
209,000
209,000
Profit and loss reserves
17,219,823
16,451,099
Total equity
17,599,863
16,831,139
The financial statements were approved by the board of directors and authorised for issue on 4 September 2024 and are signed on its behalf by:
A H Celik
C Z Pinder
Director
Director
Company Registration No. 02283308
Rosehill Polymers Limited
Notes to the financial statements
for the year ended 31 March 2024
- 10 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions available.

Rosehill Polymers Limited is a wholly owned subsidiary of the immediate parent Rosehill Polymers Group Limited and the results of Rosehill Polymers Limited are included in the consolidated financial statements of the ultimate parent company Rosehill Polymers Group Holdings Ltd which are available from the registered office.

Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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.

Turnover is recognised when the goods are physically despatched.

Goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 3 years.

Trademarks

Trademarks are valued at cost less accumulated amortisation. Trademarks have been amortised over the estimated useful life of 10 years.

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.

Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 11 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
Revaluation model
Leasehold properties
straight line over life of lease
Plant and machinery
2% - 25% straight line
Fixtures and fittings
10% - 33% straight line

Freehold land and assets under construction are not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Fixed asset investments

Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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 their present location and condition.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Assets held under hire purchase contracts are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a hire purchase obligation. Hire purchase payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 12 -
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Research and development

Research expenditure is written off to the profit and loss account in the year in which it is incurred.

2
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover
UK
9,712,410
12,063,115
Europe
8,642,477
10,749,252
North America, Australia and Far East
16,322,316
20,027,965
34,677,203
42,840,332
3
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Rent receivable
-
(157,123)
Auditors' remuneration
39,000
36,000
Depreciation of owned tangible fixed assets
1,358,330
1,376,552
Profit on disposal of tangible fixed assets
(5,400)
(31,200)
Amortisation of intangible assets
11,632
11,608
4
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
39,000
36,000
Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 13 -
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Laboratory and production
62
67
Administration and sales
36
37
98
104

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,149,315
4,939,884
Social security costs
570,336
573,586
Pension costs
138,964
147,569
5,858,615
5,661,039
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
1,189,999
845,346
Company pension contributions to defined contribution schemes
31,036
38,272
1,221,035
883,618
Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
383,246
220,377
7
Retirement benefit schemes
2024
2023
£
£
Charge to profit or loss
138,964
147,569

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 14 -
8
Interest payable
2024
2023
£
£
Interest on bank overdraft and loan
712,628
304,802
Interest on hire purchase contracts
536,562
438,146
1,249,190
742,948
9
Other gains/(losses)
2024
2023
£
£
Gain on revaluation of freehold property previously depreciated
-
0
1,096,243
10
Dividends
2024
2023
£
£
Dividends paid on Ordinary shares
-
0
332,891
Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 15 -
11
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
(204)
Deferred tax
Origination and reversal of timing differences
(237,235)
451,248
Adjustment in respect of prior periods
-
0
(96,658)
Total deferred tax
(237,235)
354,590
Total tax charge
(237,235)
354,386

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
531,489
3,646,112
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
132,872
692,761
Tax effect of expenses that are not deductible in determining taxable profit
1,590
1,335
Gains not taxable
-
0
(208,286)
Tax effect of utilisation of tax losses not previously recognised
(55,972)
-
0
Adjustments in respect of prior years
-
0
(204)
Effect of change in corporation tax rate
-
0
351,887
Group relief
27,475
20,722
Permanent capital allowances in excess of depreciation
(32,238)
-
0
Depreciation on assets not qualifying for tax allowances
-
0
18,600
Research and development tax credit
(268,750)
(284,050)
Deferred tax adjustments in respect of prior years
-
0
(96,658)
Enhanced capital allowances
-
0
(80,326)
Land remediation enhanced allowances
(12,607)
(16,395)
Patent box relief
(29,605)
(45,000)
Tax expense for the year
(237,235)
354,386
Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 16 -
12
Tangible fixed assets
Freehold buildings
Leasehold properties
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
£
Cost or valuation
At 1 April 2023
5,190,000
449,309
24,807,876
2,291,110
32,738,295
Additions
654,940
-
0
1,074,514
93,209
1,822,663
At 31 March 2024
5,844,940
449,309
25,882,390
2,384,319
34,560,958
Depreciation and impairment
At 1 April 2023
-
0
449,308
13,021,726
2,016,494
15,487,528
Depreciation charged in the year
-
0
-
0
1,313,787
44,543
1,358,330
At 31 March 2024
-
0
449,308
14,335,513
2,061,037
16,845,858
Carrying amount
At 31 March 2024
5,844,940
1
11,546,877
323,282
17,715,100
At 31 March 2023
5,190,000
1
11,786,150
274,616
17,250,767

Land and buildings were revalued at February 2023 by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

Land and buildings are carried at valuation. If land and buildings were measured using the previous cost model, the cost would have been £6,131,176 (2023 - £5,476,236)

13
Intangible fixed assets
Goodwill
Trademarks
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
676,943
116,126
793,069
Amortisation and impairment
At 1 April 2023
676,942
60,239
737,181
Amortisation charged for the year
-
0
11,632
11,632
At 31 March 2024
676,942
71,871
748,813
Carrying amount
At 31 March 2024
1
44,255
44,256
At 31 March 2023
1
55,887
55,888
14
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
76
76
Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
14
Fixed asset investments
(continued)
- 17 -

Rosehill Polymers Limited owns 100% of the common stock, at a cost of £75, in Rosehill USA Inc., a company incorporated and registered at Cranberry Township, Pennsylvania, United States. The company is dormant.

 

Rosehill Polymers Limited owns 100% of the ordinary share capital of Rosehill Manufacturing Limited, a company incorporated in England and Wales and registered at Rosehill Mills, Beech Road, Sowerby Bridge, West Yorkshire, HX6 2JT,

15
Stocks
2024
2023
£
£
Raw materials and consumables
2,684,512
3,351,908
Finished goods and goods for resale
4,388,954
4,200,948
7,073,466
7,552,856
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,611,740
7,363,172
Amounts owed by group undertakings
5,944,699
1,466,414
Other debtors
512,428
608,849
Prepayments and accrued income
389,772
379,948
12,458,639
9,818,383

Amounts owed by group undertaking are unsecured, interest free and repayable on demand.

17
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan
700,000
249,269
Bank overdraft
928,432
406,073
Directors' loans
750,000
-
Invoice discounting
4,011,741
6,228,890
Obligations under hire purchase contracts
1,800,775
1,714,988
Trade creditors
4,116,073
4,323,708
Other taxation and social security
153,229
166,851
Other creditors
57,323
57,323
Accruals and deferred income
633,576
1,079,060
13,151,149
14,226,162

Bank borrowings are secured against assets of the company. The obligations under hire purchase contracts are secured on the assets to which they relate. The invoice discounting creditor is secured on the book debts of the company.

Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 18 -
18
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan
5,434,800
1,766,965
Obligations under hire purchase contracts
1,655,775
3,651,741
7,090,575
5,418,706

Bank borrowings are secured against assets of the company. The obligations under hire purchase contracts are secured on the assets to which they relate.

Amounts included above which fall due after five years are as follows:
Payable by instalments
500,000
960,720
19
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
2,209,260
2,102,166
Tax losses
(980,297)
(635,968)
1,228,963
1,466,198
2024
Movements in the year:
£
Liability at 1 April 2023
1,466,198
Credit to profit or loss
(237,235)
Liability at 31 March 2024
1,228,963
20
Share capital
2024
2023
£
£
Ordinary share capital
Authorised, issued and fully paid
27,004 Ordinary shares of £1 each
27,004
27,004
Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 19 -
21
Financial commitments, guarantees and contingent liabilities

The company is party to a cross guarantee with Rosehill Polymers Group Holdings Ltd supported by debentures creating fixed and floating charges over the assets of Rosehill Polymers Group Holdings Ltd and Rosehill Polymers Limited.

22
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
186,040
222,031
Between two and five years
382,728
104,720
In over five years
38,750
-
0
607,518
326,751
Rosehill Polymers Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 20 -
23
Related party transactions

In accordance with the exemptions available to the company, related party disclosures in respect of group transactions are not disclosed on the basis that the details of the subsidiary are included in the group financial statements of the parent company.

 

During the year the company paid an open market value rent totalling £194,792 (2023 : £182,500) to the Rosehill Pension Fund for the rental of two properties that the company has traded from throughout the year.

 

Included in other debtors due within one year, is a directors loan of £44,981 (2023 : £44,981).

24
Controlling party

The ultimate parent undertaking is considered to be Rosehill Polymers Group Holdings Ltd, a company incorporated in England and Wales.

 

The immediate parent company is Rosehill Polymers Group Limited, a company incorporated in England and Wales, by virtue of its 100% ownership of the ordinary share capital.

 

The company was controlled throughout the year by the directors and their immediate family members through their collective ownership of the majority of the ordinary share capital in Rosehill Polymers Group Holdings Ltd.

 

The registered office of the ultimate parent and immediate parent is located at Rosehill Mills, Beech Road, Sowerby Bridge, Halifax, West Yorkshire, HX6 2JT.

25
Company information

Rosehill Polymers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Rosehill Mills, Beech Road, Sowerby Bridge, Halifax, West Yorkshire, HX6 2JT.

2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.200J M HopkinsonA H CelikW J StevensC Z PinderN HopeN Riyazuddinfalsefalse022833082023-04-012024-03-3102283308bus:Director12023-04-012024-03-3102283308bus:Director22023-04-012024-03-3102283308bus:Director32023-04-012024-03-3102283308bus:Director42023-04-012024-03-3102283308bus:Director52023-04-012024-03-3102283308bus:Director62023-04-012024-03-3102283308bus:RegisteredOffice2023-04-012024-03-3102283308bus:Agent12023-04-012024-03-3102283308bus:Agent22023-04-012024-03-31022833082024-03-31022833082022-04-012023-03-3102283308core:RetainedEarningsAccumulatedLosses2023-03-3102283308core:RetainedEarningsAccumulatedLosses2022-03-3102283308core:ShareCapital2024-03-3102283308core:ShareCapital2023-03-3102283308core:SharePremium2024-03-3102283308core:SharePremium2023-03-3102283308core:CapitalRedemptionReserve2024-03-3102283308core:CapitalRedemptionReserve2023-03-3102283308core:RetainedEarningsAccumulatedLosses2024-03-3102283308core:RetainedEarningsAccumulatedLosses2023-03-31022833082023-03-3102283308core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3102283308core:Goodwill2024-03-3102283308core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2024-03-3102283308core:Goodwill2023-03-3102283308core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3102283308core:LandBuildingscore:OwnedOrFreeholdAssets2024-03-3102283308core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-03-3102283308core:PlantMachinery2024-03-3102283308core:FurnitureFittings2024-03-3102283308core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3102283308core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3102283308core:PlantMachinery2023-03-3102283308core:FurnitureFittings2023-03-3102283308core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3102283308core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3102283308core:CurrentFinancialInstruments2024-03-3102283308core:CurrentFinancialInstruments2023-03-3102283308core:Non-currentFinancialInstruments2024-03-3102283308core:Non-currentFinancialInstruments2023-03-3102283308core:Goodwill2023-04-012024-03-3102283308core:LandBuildingscore:OwnedOrFreeholdAssets2023-04-012024-03-3102283308core:LandBuildingscore:LongLeaseholdAssets2023-04-012024-03-3102283308core:PlantMachinery2023-04-012024-03-3102283308core:FurnitureFittings2023-04-012024-03-3102283308core:UKTax2023-04-012024-03-3102283308core:UKTax2022-04-012023-03-310228330812023-04-012024-03-310228330812022-04-012023-03-310228330822023-04-012024-03-310228330822022-04-012023-03-310228330832023-04-012024-03-310228330832022-04-012023-03-310228330842023-04-012024-03-310228330842022-04-012023-03-310228330852023-04-012024-03-310228330852022-04-012023-03-3102283308core:LandBuildingscore:OwnedOrFreeholdAssets2023-03-3102283308core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3102283308core:PlantMachinery2023-03-3102283308core:FurnitureFittings2023-03-31022833082023-03-3102283308core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-04-012024-03-3102283308core:Goodwill2023-03-3102283308core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3102283308core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-04-012024-03-3102283308core:WithinOneYear2024-03-3102283308core:WithinOneYear2023-03-3102283308core:BetweenTwoFiveYears2024-03-3102283308core:BetweenTwoFiveYears2023-03-3102283308core:MoreThanFiveYears2024-03-3102283308core:MoreThanFiveYears2023-03-3102283308bus:PrivateLimitedCompanyLtd2023-04-012024-03-3102283308bus:FRS1022023-04-012024-03-3102283308bus:Audited2023-04-012024-03-3102283308bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP