BLOWPLAST LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MARCH 2024 |
BLOWPLAST LIMITED |
STRATEGIC REPORT, |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31ST MARCH 2024 |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 6 |
Report of the Independent Auditors | 8 |
Statement of Comprehensive Income | 11 |
Statement of Financial Position | 12 |
Statement of Changes in Equity | 13 |
Statement of Cash Flows | 14 |
Notes to the Statement of Cash Flows | 15 |
Notes to the Financial Statements | 17 |
BLOWPLAST LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The director presents his strategic report for the year ended 31st March 2024. |
The company continued its principal activities of manufacturing plastic bottles and containers for dairy products. |
The current economic environment continues to be challenging and, as a result, cost and margin control are of paramount importance to both the Company and its customers. With a focus around delivering and then measuring the return on investment within the business, we believe we are well placed to prosper in these challenging times. |
We are cautiously optimistic about the future. We strive to achieve operational efficiencies introducing more digital reporting and analysing processes across the business. The management teams are bedded in and making positive contributions in each area of the business. |
However as with all UK businesses, any uncertainty in the UK economy has the potential to impact any management plan. The company's performance is closely linked to the activity levels of its customers but with the existence of wide and varied customer base, the Director believes that this company is well placed to endure the current economic conditions. |
Key Performance Indicators |
The directors considered the most important KPI's to the gross profit margin and the net profit margin. Both of these indicators are in line with expectations. |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors have considered the principle risks and uncertainties affecting the company as at 31 March 2024 and up to the date of this report |
Market Risks |
The company continues to operate in a competitive market with constant pressures on margin. The risk is managed by continuing efforts to improve efficiency and reduce costs. The company is dependent on relationships and business dealing with key customers. There is a limited exposure to the potential loss of business if any of the top customers significantly reduced the amount of business order they place with the Company; the revenue and operating results could be adversely affected. |
Competition |
The company operates in a competitive market. If the Company does not continue to compete effectively by continuing to provide high-quality products and services the Company could lose customers and in consequence operating profits could be adversely affected. The Board has a number of initiatives to improve productivity. These initiatives focus on identifying more efficient ways of working either through process improvements of technological enhancements. |
The business of the Company may be vulnerable to new and existing competitors and increased price competition. This factor could adversely affect the business and prospects of the Company. The Company monitors the performance of the business through its monthly operational and financial reporting, with comparisons to budgets. |
Financial Risks |
The company's financial instruments comprise cash and liquid resources, various items such as trade debtors, trade creditors etc that arise directly from operation. The main purpose of the financial instruments is to raise finance for the company's operations. It has been through out the period under review, the company's policy that no trading financial instruments shall be undertaken. The main risks arising from the company's financial instrument is credit risk. |
Credit Risks |
The company trades with only recognised, creditworthy third parties. It is company policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. |
Human resources |
The company operation is dependent on existing key employees in order to sustain, develop and grow its businesses and there can be no assurances that these employees will remain with the company. The success of the company will reflect its ability to retain, attract and motivate highly qualified people equipped to deliver results. In order to manage the risk of personnel change, the company regularly review personal development and succession planning. |
Environmental Risks |
Laws and regulations with regard to the use of plastic related materials are likely to be under review in the future and possible changes to the regulations may impact upon the market for plastic related products. |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
SECTION 172(1) STATEMENT |
The Directors, in line with their duties under s172 of the Companies Act 2006, act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to factors (a) to (e): |
a. the likely consequences of any decision in the long term; |
b. the interests of the Company's employees; |
c. the need to foster the Company's business relationships with suppliers, customers and others; |
d. the impact of the Company's operations on the community and the environment, and; |
e. the desirability of the Company maintaining a reputation for high standards of business conduct. |
Long term consequences of business decisions: |
Consideration of long term consequences are an inherent part of the Company's decision making processes. As a privately-owned Company, the Directors consider that the interests of the Company and its ultimate owners are aligned in seeking sustainable value creation over the longer term through the Company's operations, promoting long term strategic decision |
Interests of the Company's employees: |
The Directors promote a culture of upholding the highest standards of business conduct and regulatory conduct. The Directors ensure these core values are communicated to the Company's employees and embedded in the |
Company's policies and procedures, employee induction and training programmes and its risk control and oversight framework. |
Identification of, and engagement with, stakeholder groups: |
The Directors recognise the importance of maintaining strong relationships with its stakeholders in order to create sustainable long term value, and the Directors encourage active dialogue and transparency with all its stakeholder groups. The Company's key stakeholders are: |
- Employees |
- Shareholders |
- Customers |
- Suppliers |
- Community and Environment |
- Regulators |
The views of and the impact of the Company's activities on those stakeholders are an important consideration for the Directors when making relevant decisions. The size and spread of the Company means that stakeholder engagement takes place at an operational and Group level. |
Employees - the Directors encourage a culture that embraces difference and seeks to empower people so that they can thrive. Employees are key to the success of our business. In addition to aiming to be a responsible employer in our approach to pay and benefits, we continue to engage with our team to ascertain which training and development opportunities should be made available to improve our team's productivity and our individual employees' potential within the business. The in-house Learning and Development team have developed an internal learning management system offering a variety of online courses available to all employees. |
We continually invest in employee development and wellbeing to create and encourage an inclusive culture within the organisation. Our employee appraisal programme encourages employee feedback and facilities the opportunity for both employees and managers to set performance goals on an annual basis. The Directors are committed to the health and safety of all our employees and maintains systems and processes to ensure everyone is able to work safely. |
Shareholders - we aim to provide clear information to our ultimate shareholders, being honest and transparent as to the performance of the business. |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Customers - The Directors believe that the Company's long term sustainability is driven by understanding customer needs and acting in their best interests. We regularly monitor consumer trends, continue to promote the health benefits provided by our products and continue to focus on new product development. |
Suppliers - Our suppliers are fundamental to the quality of our products and to ensuring that as a business we meet the high standards of conduct that we set ourselves. We work with a wide range of suppliers both in the UK and the European Union. We remain committed to being fair and transparent in our dealings with all of our suppliers. |
Community and the Environment - the Company has a Group Environmental Policy committing us to reducing our environmental impacts, including climate change. There is an environmental management systems certified to BE EN ISO 14001 and the Company measures our carbon footprint and reports on these each period. |
Regulators - We work with our regulators in an open and proactive manner to help develop regulations that meet the needs of all our stakeholders. The Directors intention is to behave responsibly and to ensure that the management team operates the business in a responsible manner, acting with the high standards and good governance expected of a regulated business like ours. In doing so, we believe we will achieve our long-term business strategy and further develop our reputation in our sector. We have an internal legal department to ensure that the Company complies with all legal and regulatory requirements. |
Political Donations |
No donations were made for political purposes (2023: NIL). |
ON BEHALF OF THE BOARD: |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The director presents his report with the financial statements of the company for the year ended 31st March 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the manufacture of plastic bottles |
DIVIDENDS |
An interim dividend of |
The total distribution of dividends for the year ended 31st March 2024 will be £ |
DIRECTOR |
STREAMLINED ENERGY AND CARBON REPORTING (SECR) |
The SECR disclosure presents the company’s carbon footprint within the United Kingdom across scope 1 and 2 emissions, an appropriate intensity metric, the total energy use of electricity and gas and an energy efficiency actions summary taken during the relevant financial year. |
Consumption | Consumption | Emissions | Emissions |
2024 | 2023 | 2024 | 2023 |
kwh | kwh | tco2e | tco2e |
Scope 1 direct emissions from combustion of gas | 13,528 | 1,631 | 3 | 0 |
Scope 2 indirect emissions from purchased electricity |
16,331,380 |
14,320,188 |
3,382 |
2,965 |
Total energy consumption used to calculate emissions |
16,344,638 |
14,321,819 |
3,384 |
2,966 |
2024 | 2023 |
Intensity ratio: tco2e / Sales revenue in £M | 86.565 | 70.43 |
Intensity ratio: tco2e / FTE : | 36.79 | 31.83 |
Methodology |
The SECR disclosure has been prepared for the financial year ended 31 March 2024 and reporting on all sources of environmental impact in the UK over which the company has financial and operational control. The reporting method used is in line with the HM Government Environmental Reporting Guidelines issued in March 2019 and the company has also used the Greenhouse Gas Reporting Protocol Corporate Standard. The emissions factor source is the 2023 UK Government's Conversion Factors for Company Reporting. |
Results |
Due to a decline in efficiency in 2024, there has been an increase in the consumption of gas and purchased electricity. This rise in consumption has consequently resulted in higher emissions for the year. |
As a result of the increased consumption, the intensity ratios have also risen. |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 31ST MARCH 2024 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, HW Bedford Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLOWPLAST LIMITED |
Opinion |
We have audited the financial statements of Blowplast Limited (the 'company') for the year ended 31st March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st March 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. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLOWPLAST LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page seven, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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: |
- Identifying and assessing the controls management has in place to prevent and detect fraud; |
- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; |
- Challenging assumptions and judgments made by management in its significant accounting estimates and judgments. |
- Identifying and testing journal entries, in particular journal entries posted with unusual account combinations; and |
- Assessing the extent of compliance with the relevant laws and regulations. |
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations are from the 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 by, for example, forgery or intentional misrepresentations, or through collusions. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
BLOWPLAST LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
First Floor, Woburn Court |
2 Railton Road |
Woburn Rd Ind Est |
Kempston |
Bedfordshire |
MK42 7PN |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
13,737,585 | 12,149,436 |
OPERATING PROFIT | 5 |
Interest receivable and similar income | 7 |
3,815,025 | 3,043,521 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
STATEMENT OF FINANCIAL POSITION |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash and cash equivalents |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Capital redemption reserve | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1st April 2022 |
Changes in equity |
Issue of share capital | - | - |
Total comprehensive income | - |
Balance at 31st March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31st March 2024 |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Dilapidation provision |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Purchase of fixed asset investments | (992,030 | ) | - |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Amount introduced by directors | - | 257,639 |
Share issue |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,143,217 |
6,080,364 |
Cash and cash equivalents at end of year | 2 |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Change in amount owed to related party | (1,191,004 | ) | - |
Finance costs | 46,492 | 16,532 |
Finance income | (502,891 | ) | (264,611 | ) |
2,322,048 | 2,892,618 |
Decrease in stocks |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31st March 2024 |
31/3/24 | 1/4/23 |
£ | £ |
Cash and cash equivalents | 525,004 | 1,144,190 |
Bank overdrafts | ( |
) | ( |
) |
272,428 | 1,143,217 |
Year ended 31st March 2023 |
31/3/23 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 1,144,190 | 6,080,364 |
Bank overdrafts | ( |
) |
1,143,217 | 6,080,364 |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/23 | Cash flow | At 31/3/24 |
£ | £ | £ |
Net cash |
Cash and cash equivalents | 1,144,190 | (619,186 | ) | 525,004 |
Bank overdrafts | (973 | ) | (251,603 | ) | (252,576 | ) |
1,143,217 | ( |
) | 272,428 |
Total | 1,143,217 | (870,789 | ) | 272,428 |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Blowplast Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Significant judgements and estimates |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reported period. |
Turnover |
Revenue comprises the fair value of the sale of goods to external customers, net of value added tax and returns. Revenue is recognised on the sale of goods when the significant risks and rewards of ownership have passed to the buyer and the amount of revenue can be measured reliably. Revenue of goods delivered us recognised when the customer accepts delivery. |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Tangible fixed assets are stated at cost, net of depreciation and any provision of impairment. |
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. |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company has elected to apply the provisions of section 11 "Basic Financial Instruments" and section 12 " Other Financial Instruments Issues" of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include trade debtors, are initially measured at transactions price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.Such assets are subsequently carried at fair value nd the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed when the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit and loss. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Other financial liabilities |
Other financial liabilities, including debt instruments that do not meet the definition of a basic financial instrument, are measured at fair value through profit or loss. |
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 or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-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. |
Going concern |
The financial statements have been prepared on a going concern basis on the assumption that the company will continue to trade in the foreseeable future. The company directors having made appropriate enquiries consider that adequate resources exist for the company to continue in operational existences for the foreseeable future. The company will be able to meet its liabilities as they fall due for payment. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements. |
Trade receivables |
Trade receivables are stated net of provisions for bad and doubtful debts. |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Provisions and contingent liabilities |
Provisions are measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the contractual obligation relating to the property lease and charged in the profit and loss account. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production | 85 | 88 |
Administration | 7 | 5 |
2024 | 2023 |
£ | £ |
Directors' remuneration |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Foreign exchange differences | ( |
) |
6. | AUDITORS' REMUNERATION |
2024 | 2023 |
£ | £ |
Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
14,000 |
16,273 |
Total audit fees | 14,000 | 16,273 |
Auditors' remuneration for non audit work |
Total non-audit fees | 10,000 | 10,000 |
Total fees payable | 24,000 | 26,273 |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
Loan interest received |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Other loan interest |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Adjustments to tax charge in respect of previous periods |
Deferred tax | (40,279 | ) | 59,221 |
Reversal of general bad debt provision | (694,845 | ) | - |
Total tax charge | 224,409 | 543,579 |
10. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
12. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
Additions |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
13. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Finished goods |
There is no material difference between the statement of financial position value and the replacement cost. No impairment recognized considering the fact that the stock is non-perishable and defective or obsolete items can be recycled or re-melted to create new products, the write-off value is considered immaterial. |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
14. | DEBTORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Doubtful debt provision | (377,718 | ) | (3,129,378 | ) |
Trade debtors - factored | (1,337,452 | ) | 963,985 |
Other debtors |
VAT |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Amounts owed by group undertakings |
Deferred Tax |
Aggregate amounts |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Trade creditors |
Corporation tax |
Social security and other taxes |
VAT | 63,764 | - |
Other creditors |
Net wages outstanding | - | 734 |
Accruals and deferred income |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Trade debtors - factored | 1,337,452 | (963,985 | ) |
RBS Invoice Finance Ltd registered a fixed charge in 2022 over the present and future monies, obligations and liabilities of the borrower to the lender including book debts, equipment and properties. |
19. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Other provisions |
Dilapidation provision | 2,156,451 | 2,100,000 |
Dilapidati |
on |
Provision |
£ |
Balance at 1st April 2023 |
Provided during year |
Balance at 31st March 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 109,376 | 109,376 |
BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
21. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
At 1st April 2023 | 15,514,048 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31st March 2024 | 17,058,172 |
22. | PENSION COMMITMENTS |
The company operates 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 £60,988 (2023 - £61,769). |
23. | RELATED PARTY DISCLOSURES |