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Registered number: 03748468









Haywood Roto Moulding Limited









Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023

 
Haywood Roto Moulding Limited
Registered number: 03748468

Balance Sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
918,121
1,013,192

Current assets
  

Stocks
  
676,436
768,570

Debtors
  
1,979,098
2,470,367

Cash at bank and in hand
  
47,111
44,891

  
2,702,645
3,283,828

Creditors: amounts falling due within one year
 6 
(1,636,361)
(2,472,648)

Net current assets
  
 
 
1,066,284
 
 
811,180

Total assets less current liabilities
  
1,984,405
1,824,372

Creditors: amounts falling due after more than one year
 7 
-
(62,126)

Provisions for liabilities
  

Deferred tax
  
(199,139)
(228,175)

Net assets
  
1,785,266
1,534,071


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
1,735,266
1,484,071

  
1,785,266
1,534,071


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



J Rowbotham
Director

Date: 20 September 2024

The notes on pages 2 to 10 form part of these financial statements.

Page 1

 
Haywood Roto Moulding Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Haywood Roto Moulding Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Knowles Industrial Estate, Buxton Road, Furness Vale, High Peak, SK23 7PH. The company's registered number is 03748468.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 442(2A) of 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 accounting policies.
The following principal accounting policies have been applied:

 
2.2

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.

Page 2

 
Haywood Roto Moulding Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
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.

Page 3

 
Haywood Roto Moulding Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
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.

 
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

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.11

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.

Page 4

 
Haywood Roto Moulding Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Leasehold Improvements
-
 2% straight line
Other fixed assets
-
15-25% reducing balance

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.

 
2.12

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.

 
2.13

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.

 
2.14

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.

Page 5

 
Haywood Roto Moulding Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.15

Creditors

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

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.17

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 only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

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


3.


Employees

The average monthly number of employees, including directors, during the year was 62 (2022 - 69).

Page 6

 
Haywood Roto Moulding Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
5,000



At 31 December 2023

5,000



Amortisation


At 1 January 2023
5,000



At 31 December 2023

5,000



Net book value



At 31 December 2023
-



At 31 December 2022
-



Page 7

 
Haywood Roto Moulding Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

5.


Tangible fixed assets





Long-term leasehold property
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2023
165,534
2,093,494
2,259,028


Additions
11,693
45,295
56,988


Disposals
-
(206,542)
(206,542)



At 31 December 2023

177,227
1,932,247
2,109,474



Depreciation


At 1 January 2023
63,348
1,182,488
1,245,836


Charge for the year
10,176
133,847
144,023


Disposals
-
(198,506)
(198,506)



At 31 December 2023

73,524
1,117,829
1,191,353



Net book value



At 31 December 2023
103,703
814,418
918,121



At 31 December 2022
102,186
911,006
1,013,192

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


2023
2022
£
£



Plant and machinery
314,122
369,555

Page 8

 
Haywood Roto Moulding Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

6.


Creditors: Amounts falling due within one year

Secured loans
Included in other creditors is an amount of £218,475 (2022: £429,746) which is secured by means of a fixed and floating charge over the assets of the company.
Amounts due under finance leases and hire purchase contracts of £17,121 (
2022: £101,295) are secured over the assets to which they relate.


7.


Creditors: Amounts falling due after one year

Amounts due under finance leases and hire purchase contracts of £Nil (2022: £62,126) are secured over the assets to which they relate.


8.


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
303,973
136,722

Later than 1 year and not later than 5 years
375,274
320,915

679,247
457,637


9.Other financial commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £9,366 (2022: £8,902) were payable to the fund at the balance sheet date and are included in creditors.


10.


Controlling party

Haywood Roto Moulding Limited is a wholly owned subsidiary of Haywood Group Limited, a company incorporated in the United Kingdom, which is wholly owned by Rotational Moulding Group Limited, the ultimate parent company, a company incorporated in the United Kingdom.
The company's results are consolidated into the results of that of its ultimate parent, Rotational Moulding Group Limited. This is the smallest and largest group within which Consolidated Financial Statements are prepared. Consolidated Financial Statements can be obtained from the head office of the ultimate parent, being Knowles Industrial Estate, Buxton Road, Furness Vale, High Peak, Derbyshire, SK23 7PH.

Page 9

 
Haywood Roto Moulding Limited
 
 
 
Notes to the Financial Statements
For the Year Ended 31 December 2023

11.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 23 September 2024 by Chris Stewardson (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.

 
Page 10