Company registration number 01670777 (England and Wales)
NORTHUMBRIA BLOW MOULDINGS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
NORTHUMBRIA BLOW MOULDINGS LTD
COMPANY INFORMATION
Directors
Mrs D Mallen
Mr S Mallen
Mrs R Teasdale
(Appointed 15 February 2024)
Company number
01670777
Registered office
Unit 7 North Tyne Industrial Estate
Longbenton
Newcastle upon Tyne
Tyne and Wear
NE12 9SZ
Auditor
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
NORTHUMBRIA BLOW MOULDINGS LTD
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 19
NORTHUMBRIA BLOW MOULDINGS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 1 -
The directors present the strategic report for the year ended 29 February 2024.
Review of the business
The directors are pleased to report on the sustained improvement in the performance at Northumbria Blow Mouldings Ltd for the financial year. Financial performance has continued to increase, with profits before tax of £464,791 (£407,325), as we continue to develop high quality technically enhanced products that have increased our sales volumes.
New technology to mitigate higher energy costs was disrupted by delays in installation from the supplier. The directors are confident that this delay has been temporary and the benefits from the investment will be seen in the following year.
Current Government legislation will have a significant impact on future employment costs but we will look to mitigate these impacts through investment in technology and, where necessary, through increased prices to customers.
The company continues to work with other Group companies for opportunities where we can leverage supply chain efficiencies as well revenue enhancing prospects and these will have a positive impact on revenue and profit in the coming financial year.
Principal risks and uncertainties
Due to the nature of the company's business the principal risks are maintaining the continuity and efficiency of operations of the company's factory and warehousing which have been impacted by the raw materials and energy supply issues during the year.
Mr S Mallen
Director
22 November 2024
NORTHUMBRIA BLOW MOULDINGS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
The directors present their annual report and financial statements for the year ended 29 February 2024.
Principal activities
The principal activity of the company in the year under review was that of the manufacture and sale of moulded plastic containers.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs D Mallen
Mr S Mallen
Mr P D Thompson
(Resigned 8 April 2024)
Mrs R Teasdale
(Appointed 15 February 2024)
Auditor
In accordance with the company's articles, a resolution proposing that Robson Laidler Accountants Limited be reappointed as auditor of the company will be put at a General Meeting.
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:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
NORTHUMBRIA BLOW MOULDINGS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
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
Mr S Mallen
Director
22 November 2024
NORTHUMBRIA BLOW MOULDINGS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF NORTHUMBRIA BLOW MOULDINGS LTD
- 4 -
Opinion
We have audited the financial statements of Northumbria Blow Mouldings Ltd (the 'company') for the year ended 29 February 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity 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:
give a true and fair view of the state of the company's affairs as at 29 February 2024 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.
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.
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:
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.
NORTHUMBRIA BLOW MOULDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF NORTHUMBRIA BLOW MOULDINGS LTD
- 5 -
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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the 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.
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:
Based on our understanding of the company, we identified that there were laws and regulations central to the company's operations it must comply with i.e. certain health and safety and working time regulations. We also considered those laws and regulations that have a direct impact on the financial statements of the company such as the Companies Act 2006 and UK tax legislation.
Audit procedures performed by the engagement team included:
Discussions with directors and key management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Inspection of relevant certificates and compliance reports;
Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities;
Reviewing relevant meeting minutes;
Identifying and testing journal entries based on risk criteria;
Testing transactions entered into outside of the company's normal course of business.
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. Also 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 or collusion.
NORTHUMBRIA BLOW MOULDINGS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF NORTHUMBRIA BLOW MOULDINGS LTD
- 6 -
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.
This report is made solely to the company's member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.
Peter Charles BSc FCA (Senior Statutory Auditor)
For and on behalf of Robson Laidler Accountants Limited
22 November 2024
Statutory Auditor
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
NORTHUMBRIA BLOW MOULDINGS LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
2024
2023
Notes
£
£
Turnover
3
9,508,806
8,876,563
Cost of sales
(6,845,540)
(6,859,034)
Gross profit
2,663,266
2,017,529
Administrative expenses
(2,209,999)
(1,658,313)
Other operating income
2,826
51,650
Operating profit
4
456,093
410,866
Interest receivable and similar income
16,103
3,864
Interest payable and similar expenses
7
(7,405)
(7,405)
Profit before taxation
464,791
407,325
Tax on profit
8
(172,586)
(20,475)
Profit for the financial year
292,205
386,850
NORTHUMBRIA BLOW MOULDINGS LTD
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 8 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
3,204,217
2,516,020
Current assets
Stocks
10
448,853
591,878
Debtors
11
2,872,775
3,301,596
Cash at bank and in hand
1,626,287
1,298,988
4,947,915
5,192,462
Creditors: amounts falling due within one year
12
(2,277,061)
(2,184,104)
Net current assets
2,670,854
3,008,358
Total assets less current liabilities
5,875,071
5,524,378
Creditors: amounts falling due after more than one year
13
(165,040)
(276,596)
Provisions for liabilities
Deferred tax liability
15
764,959
592,089
(764,959)
(592,089)
Government grants
16
(6,594)
(9,420)
Net assets
4,938,478
4,646,273
Capital and reserves
Called up share capital
18
600,000
600,000
Profit and loss reserves
4,338,478
4,046,273
Total equity
4,938,478
4,646,273
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
The financial statements were approved by the board of directors and authorised for issue on 22 November 2024 and are signed on its behalf by:
Mr S Mallen
Mrs R Teasdale
Director
Director
Company registration number 01670777 (England and Wales)
NORTHUMBRIA BLOW MOULDINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 9 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 March 2022
600,000
3,659,423
4,259,423
Year ended 28 February 2023:
Profit and total comprehensive income
-
386,850
386,850
Balance at 28 February 2023
600,000
4,046,273
4,646,273
Year ended 29 February 2024:
Profit and total comprehensive income
-
292,205
292,205
Balance at 29 February 2024
600,000
4,338,478
4,938,478
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
1
Accounting policies
Company information
Northumbria Blow Mouldings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7 North Tyne Industrial Estate, Longbenton, Newcastle upon Tyne, Tyne and Wear, NE12 9SZ.
1.1
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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. The principal accounting policies adopted are set out below.
1.2
Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
1.3
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.
1.4
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of the goods.
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
7.5% straight line
Fixtures and fittings
15% straight line
Computer equipment
15% straight line
Motor vehicles
25% straight line
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.
1.6
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
The cost of finished goods stock is calculated by deducting an appropriate profit margin from the normal selling price.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 12 -
1.9
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.10
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases 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 balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 13 -
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.
Grants in respect of revenue expenditure are credited to revenue in order to match the income against the expenditure to which the grant relates.
Grants receivable in respect of capital expenditure are treated as deferred credits, a proportion of which are transferred to revenue annually over the life of the asset.
1.15
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
1.16
Expenditure on research and development is written off in the year in which it is incurred.
1.17
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements. If, in the future, such estimates and assumptions, which are based on management's best judgement at the date of the financial statements, deviate from the actual circumstances, the original estimates and judgements will be modified as appropriate in the year in which the circumstances change.
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:
The estimated useful lives of tangible fixed assets
The estimated reduction applied to finished goods stocks valued at selling price to reduce to cost
3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
9,363,271
8,799,744
Europe
145,535
76,819
9,508,806
8,876,563
Sale of goods £9,508,806 (2023 £8,876,563).
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
(2,826)
(2,826)
Depreciation of owned tangible fixed assets
473,312
320,347
Profit on disposal of tangible fixed assets
(1,667)
-
Operating lease charges
180,000
180,000
5
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
6,020
5,775
For other services
All other non-audit services
1,548
5,415
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Administration
9
9
Production
48
46
Total
57
55
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,447,410
1,187,157
Social security costs
123,293
111,981
Pension costs
26,296
23,019
1,596,999
1,322,157
7
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
7,405
7,405
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
50,012
Adjustments in respect of prior periods
(284)
Total current tax
(284)
50,012
Deferred tax
Origination and reversal of timing differences
172,870
(29,537)
Total tax charge
172,586
20,475
The actual 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
464,791
407,325
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
116,198
77,392
Tax effect of expenses that are not deductible in determining taxable profit
401
345
Tax effect of income not taxable in determining taxable profit
(707)
(537)
Tax effect of utilisation of tax losses not previously recognised
(39,867)
Group relief
57,711
Capital allowances in excess of depreciation
(173,603)
12,679
Under/(over) provided in prior years
(284)
Deferred tax
172,870
(29,537)
Taxation charge for the year
172,586
20,475
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
9
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
5,979,007
118,995
31,152
108,833
6,237,987
Additions
1,057,329
103,324
856
1,161,509
Disposals
(29,127)
(29,127)
At 29 February 2024
7,036,336
222,319
32,008
79,706
7,370,369
Depreciation and impairment
At 1 March 2023
3,540,719
68,128
30,552
82,568
3,721,967
Depreciation charged in the year
428,656
32,069
464
12,123
473,312
Eliminated in respect of disposals
(29,127)
(29,127)
At 29 February 2024
3,969,375
100,197
31,016
65,564
4,166,152
Carrying amount
At 29 February 2024
3,066,961
122,122
992
14,142
3,204,217
At 28 February 2023
2,438,288
50,867
600
26,265
2,516,020
Plant and machinery includes assets with a value of £445,150 (2023 £486,242) pledged as security. Motor vehicles includes assets with a value of £14,142 (2023 £26,265) pledged as security.
10
Stocks
2024
2023
£
£
Raw materials and consumables
273,131
432,210
Finished goods and goods for resale
175,722
159,668
448,853
591,878
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,332,681
1,349,860
Corporation tax recoverable
54,482
Amounts owed by group undertakings
1,363,388
836,237
Other debtors
97,978
69,905
Prepayments and accrued income
78,728
991,112
2,872,775
3,301,596
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 17 -
12
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
14
111,557
111,557
Trade creditors
685,226
1,381,007
Amounts owed to group undertakings
455,238
117,043
Taxation and social security
181,792
42,592
Other creditors
2,872
2,634
Accruals and deferred income
840,376
529,271
2,277,061
2,184,104
13
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
14
165,040
276,596
14
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
110,112
118,962
In two to five years
184,807
294,918
294,919
413,880
Less: future finance charges
(18,322)
(25,727)
276,597
388,153
Finance leases are secured over the assets to which they relate.
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
764,959
592,089
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
15
Deferred taxation
(Continued)
- 18 -
2024
Movements in the year:
£
Liability at 1 March 2023
592,089
Charge to profit or loss
172,870
Liability at 29 February 2024
764,959
16
Government grants
2024
2023
£
£
Deferred government grants
6,594
9,420
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
26,296
23,019
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.
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
600,000
600,000
600,000
600,000
19
Operating lease commitments
Lessee
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
6,084
18,445
Between two and five years
6,084
6,084
24,529
NORTHUMBRIA BLOW MOULDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 19 -
20
Capital commitments
Amounts contracted for but not provided in the financial statements:
2024
2023
£
£
Acquisition of tangible fixed assets
158,532
994,755
21
Ultimate controlling party
DNR Limited is regarded by the directors as being the company's ultimate parent company. A copy of the consolidated financial statements can be obtained via the Companies House website.
The ultimate controlling party is The Trustees of the Brian Mallen Deceased Will Trust.
22
Related party disclosures
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
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