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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: K Singh





SECRETARY: Miss S K Virk





REGISTERED OFFICE: Unit 1 Sands Industrial Estate
Hillbottom Road
High Wycombe
Buckinghamshire
HP12 4HJ





REGISTERED NUMBER: 02294547 (England and Wales)





AUDITORS: HW Bedford Limited
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:





K Singh - Director


27th January 2025

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 18.29 per share was paid on 30th October 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31st March 2024 will be £ 2,000,000 .

DIRECTOR
K Singh held office during the whole of the period from 1st April 2023 to the date of this report.

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:





K Singh - Director


27th January 2025

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.




Alberto Di Lorenzo FCA (Senior Statutory Auditor)
for and on behalf of HW Bedford Limited
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

27th January 2025

BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31ST MARCH 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 39,197,690 42,111,589

Cost of sales 22,147,971 27,183,243
GROSS PROFIT 17,049,719 14,928,346

Distribution costs 2,263,020 2,439,826
Administrative expenses 11,474,565 9,709,610
13,737,585 12,149,436
OPERATING PROFIT 5 3,312,134 2,778,910

Interest receivable and similar income 7 502,891 264,611
3,815,025 3,043,521

Interest payable and similar expenses 8 46,492 16,532
PROFIT BEFORE TAXATION 3,768,533 3,026,989

Tax on profit 9 224,409 543,579
PROFIT FOR THE FINANCIAL YEAR 3,544,124 2,483,410

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

3,544,124

2,483,410

BLOWPLAST LIMITED (REGISTERED NUMBER: 02294547)

STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 11 1,593,474 1,430,244
Investments 12 992,030 -
2,585,504 1,430,244

CURRENT ASSETS
Stocks 13 747,363 892,258
Debtors 14 18,861,723 23,562,766
Cash and cash equivalents 525,004 1,144,190
20,134,090 25,599,214
CREDITORS
Amounts falling due within one year 15 3,395,595 9,306,034
NET CURRENT ASSETS 16,738,495 16,293,180
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,323,999

17,723,424

PROVISIONS FOR LIABILITIES 19 2,156,451 2,100,000
NET ASSETS 17,167,548 15,623,424

CAPITAL AND RESERVES
Called up share capital 20 109,376 109,376
Capital redemption reserve 21 15,625 15,625
Retained earnings 21 17,042,547 15,498,423
SHAREHOLDERS' FUNDS 17,167,548 15,623,424

The financial statements were approved by the director and authorised for issue on 27th January 2025 and were signed by:





K Singh - Director


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 109,375 13,015,013 15,625 13,140,013

Changes in equity
Issue of share capital 1 - - 1
Total comprehensive income - 2,483,410 - 2,483,410
Balance at 31st March 2023 109,376 15,498,423 15,625 15,623,424

Changes in equity
Dividends - (2,000,000 ) - (2,000,000 )
Total comprehensive income - 3,544,124 - 3,544,124
Balance at 31st March 2024 109,376 17,042,547 15,625 17,167,548

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 2,644,658 (3,285,637 )
Interest paid (46,492 ) (16,532 )
Dilapidation provision 56,451 -
Tax paid (672,118 ) (882,631 )
Net cash from operating activities 1,982,499 (4,184,800 )

Cash flows from investing activities
Purchase of tangible fixed assets (364,149 ) (1,274,598 )
Purchase of fixed asset investments (992,030 ) -
Interest received 502,891 264,611
Net cash from investing activities (853,288 ) (1,009,987 )

Cash flows from financing activities
Amount introduced by directors - 257,639
Share issue - 1
Equity dividends paid (2,000,000 ) -
Net cash from financing activities (2,000,000 ) 257,640

Decrease in cash and cash equivalents (870,789 ) (4,937,147 )
Cash and cash equivalents at beginning of
year

2

1,143,217

6,080,364

Cash and cash equivalents at end of year 2 272,428 1,143,217

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 3,768,533 3,026,989
Depreciation charges 200,918 86,643
Loss on disposal of fixed assets - 27,065
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 144,895 214,230
Decrease/(increase) in trade and other debtors 5,932,326 (3,424,118 )
Decrease in trade and other creditors (5,754,611 ) (2,968,367 )
Cash generated from operations 2,644,658 (3,285,637 )

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 (252,576 ) (973 )
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 (973 ) -
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 (870,789 ) 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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - straight line over lease term
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

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 38,966,503 42,088,642
Europe 231,187 22,947
39,197,690 42,111,589

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,266,584 2,882,066
Social security costs 330,850 304,019
Other pension costs 60,988 41,691
3,658,422 3,227,776

The average number of employees during the year was as follows:
2024 2023

Production 85 88
Administration 7 5
92 93

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 28,033 40,817
Depreciation - owned assets 200,919 86,642
Loss on disposal of fixed assets - 27,065
Foreign exchange differences 15,921 (12,279 )

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 10,000 10,000
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 478,152 250,899
Loan interest received 24,739 13,712
502,891 264,611

8. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other loan interest 46,492 16,532

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 264,688 484,358

Deferred tax (40,279 ) 59,221
Tax on profit 224,409 543,579

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 3,768,533 3,026,989
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

942,133

575,128

Effects of:
Expenses not deductible for tax purposes 131,034 176,142
Capital allowances in excess of depreciation (113,634 ) (330,514 )
Adjustments to tax charge in respect of previous periods - 63,602
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 2,000,000 -

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 38,769 10,419,289 41,221 22,780 10,522,059
Additions 111,225 252,924 - - 364,149
At 31st March 2024 149,994 10,672,213 41,221 22,780 10,886,208
DEPRECIATION
At 1st April 2023 38,769 9,019,887 23,727 9,432 9,091,815
Charge for year - 193,942 3,640 3,337 200,919
At 31st March 2024 38,769 9,213,829 27,367 12,769 9,292,734
NET BOOK VALUE
At 31st March 2024 111,225 1,458,384 13,854 10,011 1,593,474
At 31st March 2023 - 1,399,402 17,494 13,348 1,430,244

12. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
Additions 992,030
At 31st March 2024 992,030
NET BOOK VALUE
At 31st March 2024 992,030

13. STOCKS
2024 2023
£    £   
Raw materials 498,988 656,287
Finished goods 248,375 235,971
747,363 892,258

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 7,463,496 8,664,304
Doubtful debt provision (377,718 ) (3,129,378 )
Trade debtors - factored (1,337,452 ) 963,985
Other debtors 11,196 4,022,549
VAT - 481,833
Prepayments and accrued income 702,060 1,390,615
6,461,582 12,393,908

Amounts falling due after more than one year:
Amounts owed by group undertakings 12,189,408 10,998,404
Deferred Tax 210,733 170,454
12,400,141 11,168,858

Aggregate amounts 18,861,723 23,562,766

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 252,576 973
Trade creditors 2,266,573 2,384,380
Corporation tax 77,189 484,620
Social security and other taxes 108,369 86,724
VAT 63,764 -
Other creditors 10,234 3,698,334
Net wages outstanding - 734
Accruals and deferred income 616,890 2,650,269
3,395,595 9,306,034

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 252,576 973

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 779,589 779,589
Between one and five years 2,726,927 1,527,690
In more than five years 3,042 1,202,279
3,509,558 3,509,558

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 2,100,000
Provided during year 56,451
Balance at 31st March 2024 2,156,451

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
109,376 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 15,498,423 15,625 15,514,048
Profit for the year 3,544,124 3,544,124
Dividends (2,000,000 ) (2,000,000 )
At 31st March 2024 17,042,547 15,625 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

Entities with control, joint control or significant influence over the entity

Transactions totalling £4,396,000 (2023 - £2,800,000) were paid from Blowplast Limited to entities with control, joint control, or significant influence over the entity during the financial year. As of the year-end date, £6,094,701 (2023 - £5,499,205) was owed from one entity and £6,094,707 (2023 - £5,499,199) from another entity.