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REGISTERED NUMBER: 02767596 (England and Wales)












GENERAL ALL PURPOSE PLASTICS LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Strategic Report 2

Directors' Report 4

Directors' Responsibilities Statement 6

Report of the Independent Auditors 7

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


GENERAL ALL PURPOSE PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: S D Bird
A D Greensmith
B J Elmer
P R Sharrock
D Cavanagh
R J Lee
J M Randles


SECRETARY: A D Greensmith


REGISTERED OFFICE: Partnership Way
Shadsworth Business Park
Blackburn
Lancashire
BB1 2QP


REGISTERED NUMBER: 02767596 (England and Wales)


AUDITORS: Rushtons
Chartered Accountants
Statutory Auditors
Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB


BANKERS: Barclays Bank plc
Level 1
3 Hardman Street
Manchester
M3 3AX


SOLICITORS: BSS Law (Formerly Zatman & Co.)
First Floor, The Edge
Crown Street
Manchester
M3 5NA

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their strategic report of the company and the company for the year ended 29 May 2024.

PRINCIPAL ACTIVITIES
The principal activity of the company is the manufacture distribution of PVCu building products together with the manufacture and distribution of composite doors under the "Rockdoor" brand and the manufacture and distribution of PVCu Windows.

REVIEW OF BUSINESS
The year ended 28 May 2024 has seen turnover increase by 4%. The sector as a whole is circa 10% down, with the new build market circa 20% down in the period. This level of demand has seen extra levels of competitiveness around pricing and profit margins in the sector. However, the company have been able to increase sales and margin despite this challenging back drop through organic growth and close margin control.

During 2024 there has reduced demand on the supply chain and this has resulted in the company being able to maintain material prices. The company has seen continual pressures with labour market both on availability and pay increases. However, measures have been put in place to minimise the impact on profitability.

The profit for the year, after taxation, amounted to £5,833,719 (2023: 7,674,020).

This increased sales and margin has allowed the company to strengthen its balance sheet and maintain its cash position throughout the year which has enabled investment in all areas of the business which will facilitate growth in all markets.

PRINCIPAL RISKS AND UNCERTAINTIES
The company manages its financial risk in five broad categories:

Market conditions
General All Purpose Plastics Limited ("GAP") products are targeted at an array of applications within the building sector as well as all business and consumer types. As a result, demand is dependent on activity levels in these respective segments, which vary geographically and are subject to the usual drivers of economic activity (i.e. general economic conditions and volatility, interest rates, business/consumer confidence levels, unemployment, construction levels etc.). While these drivers are inherently cyclical, the exposure to the cyclicality of any market is partially mitigated by the company's diversification, both geographically and by product.

Competitive pressures
GAP continually faces competition in each of the markets in which it has a presence. The competitive environment in any one market is a function of a number of factors including the number of competitors, production capacity, the economic/demand characteristics of that market, the ease of imports from third countries and the availability of substitute products. This is mitigated by continual focus on quality and looking to increase production capacity via our large investment in fixed assets.

Customer credit risk
As part of the overall service package, GAP provides credit to customers and as a result there is an associated risk that the customer may not be able to pay outstanding balances. GAP has established procedures and credit control policies around managing its receivables and takes action where necessary. All major outstanding and overdue balances together with significant potential exposures are reviewed regularly by senior management.

Human Resources
People, teams and talent management are an integral part of GAP's business and are key to continuing progress at the company. The company attracts and retains its people through provision of on-going opportunity for career progress, training initiatives and continually identifying emerging managers and leaders within the company.

Funding and liquidity risks
To manage the working capital needs of the business and to finance the company's expansion plans, the company is reliant on being able to arrange and maintain sufficient financing and to comply with their conditions once established which are currently being easily met by the company's positive operating cash flows. Management will carefully monitor the impact of Brexit and of decisions that might be taken going forward, on expected cash flows, interest rates and covenant compliance.


GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

SECTION 172(1) STATEMENT
The board of Directors at GAP Ltd consider that they have acted in a way they consider in good faith, would be most likely to promote the success of the company for the benefit of its members and shareholders. These duties are set out in section 172 of the UK Companies Act 2006.

The Directors have regard to the following matters:

- The likely consequence of any decisions in the long term
- The interests of the company's employees
- The need to foster the company's business relationships with suppliers, customers and others
- The impact of the company's operations on the community and environment
- The desirability of the company maintaining a reputation for high standards of business conduct
- The need to act fairly between shareholders of the company.

The following summarises how the Directors fulfil their duties:

Employees

People are at the centre of our business and to be a success, we need to manage performance and develop our employees. We share common values that inform our people and guide behaviour, so our goals can be achieved. We aim to be a responsible employer in our approach to pay and benefits our employees receive. The health and safety of our employees is one key factor when making business decisions.

Business Relationships

Our strategy is to grow our business by increasing sales to existing customers and bringing new customers to the company. For this to be successful we need to create and maintain strong customer relationships. We have strong relationships with our suppliers and many have contracts in place to ensure supply and prices are maintained.

KEY PERFORMANCE INDICATORS
The principle key performance indicators ("KPIs") which are monitored by the directors include rate of growth, profitability and cash flow derived from operating activities. These have been discussed in the Business Review above.

Alongside financial KPIs the directors also monitor the following in relations to employees and the environment:

- Waste management
- Energy consumption
- Legal compliance
- Employee turnover
- Absence (short and long term)

FUTURE DEVELOPMENTS
Further expansion of the business will continue with the investment in production capacity and will look to expand the in-house manufacturing capabilities alongside expanding the depot network throughout the UK.

The directors have agreed a strategic plan for the business which is updated annually and discussed at regular meetings during the year. The management team have been party to this plan and incentivised to ensure the strategy is executed in a timely manner.

The directors are satisfied at the date of this report with the progress made and that management are in a suitable position to support the proposed growth. The financial performance is considered to be in line with the proposed strategy.

ON BEHALF OF THE BOARD:





B J Elmer - Director


26 February 2025

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report with the financial statements of the company and the company for the year ended 29 May 2024.

DIVIDENDS
The profit for the year, after taxation, amounted to £5,833,719 (2023: £7,674,020). The directors have declared a dividend of £Nil (2023: £5,960,000 in the year).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

S D Bird
A D Greensmith
B J Elmer
P R Sharrock
D Cavanagh
R J Lee
J M Randles

GOING CONCERN
After making enquiries, the directors are satisfied that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. See note 1 Accounting Policies for details on the going concern basis of preparation of the financial statements.

ENGAGEMENT WITH EMPLOYEES
During the year, the policy of providing employees with information about the company has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the company's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas.

DISABLED EMPLOYEES
The company gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the company's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever appropriate.

GREENHOUSE GAS EMISSIONS
The group activities resulted in the consumption of 3,212 tonnes (2023: 3,085) of carbon dioxide during the year in the delivery of products.

In addition, 20,873,571kWh of electricity and gas (2023: 20,051,462 kWh) of electricity and gas for its own use, primarily for purchasing goods and providing heating and lighting to its premises. The directors continue to monitor the usage of energy and look for opportunities to reduce the carbon footprint where possible.

Taking into account the usage, the directors have calculated an average intensity ratio of 53 (2023: 51) based on tonnes of CO2 per £m of sales.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director 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.

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
In the case of each of the persons who are directors of the company at the date when the report is approved:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware;
and
- the directors have taken all the steps that they ought to have taken as directors to make themselves aware of
any relevant information and to establish that the company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

REAPPOINTMENT OF AUDITOR
Rushtons Chartered Accountants & Business Advisers expressed their willingness to continue in office as auditor of the company.

ON BEHALF OF THE BOARD:





B J Elmer - Director


26 February 2025

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GENERAL ALL PURPOSE PLASTICS LIMITED

Opinion
We have audited the financial statements of General All Purpose Plastics Limited (the 'company') for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 31 May 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Directors' Report and the Directors' Responsibilities Statement, 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters 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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GENERAL ALL PURPOSE PLASTICS LIMITED


Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered a number of issues, such as the nature of the company's industry, their control environment and business performance. We also discussed amongst our engagement team how and where fraud might occur and any potential indicators of fraud.

We obtained an understanding of the legal and regulatory framework that the company operates in and focussed our attention on any laws and regulations which might be considered as "showstoppers". We also looked at internal controls in place at the company, established to mitigate risks related to fraud or non-compliance with laws and regulations.

In response to other identified risks, we reviewed the financial statement disclosures, we made enquiries of the company as to potential litigation and claims, we performed analytical procedures to look for unusual trends or unexpected relationships and we read any available meeting minutes.

We also addressed the risk of fraud through management override of controls by testing appropriate journal entries and other adjustments. We also assessed accounting estimates and considered any significant transactions that might be considered unusual in the normal course of business.

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.

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.




Adam Calvert ACA (Senior Statutory Auditor)
for and on behalf of Rushtons
Chartered Accountants
Statutory Auditors
Shorrock House
1 Faraday Court
Fulwood
Preston
Lancashire
PR2 9NB

26 February 2025

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 2 149,379,866 143,250,524

Cost of sales 84,313,548 83,567,881
GROSS PROFIT 65,066,318 59,682,643

Administrative expenses 55,489,332 50,177,955
9,576,986 9,504,688

Other operating income 150,000 293,936
OPERATING PROFIT 4 9,726,986 9,798,624


Interest payable and similar expenses 6 278,332 304,310
PROFIT BEFORE TAXATION 9,448,654 9,494,314

Tax on profit 7 3,614,935 1,820,294
PROFIT FOR THE FINANCIAL YEAR 5,833,719 7,674,020

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

5,833,719

7,674,020

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 10,945,671 11,876,741
Tangible assets 10 11,385,275 11,045,145
Investments 11 321 321
22,331,267 22,922,207

CURRENT ASSETS
Stocks 12 19,880,010 20,217,400
Debtors 13 23,017,255 18,152,918
Cash at bank 8,123,678 10,247,159
51,020,943 48,617,477
CREDITORS
Amounts falling due within one year 14 31,953,261 35,384,217
NET CURRENT ASSETS 19,067,682 13,233,260
TOTAL ASSETS LESS CURRENT
LIABILITIES

41,398,949

36,155,467

CREDITORS
Amounts falling due after more than one
year

15

(1,146,151

)

(2,673,862

)

PROVISIONS FOR LIABILITIES 19 (2,865,269 ) (1,927,795 )
NET ASSETS 37,387,529 31,553,810

CAPITAL AND RESERVES
Called up share capital 20 3,677,683 3,677,683
Share premium 21 361,785 361,785
Retained earnings 21 33,348,061 27,514,342
SHAREHOLDERS' FUNDS 37,387,529 31,553,810

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by:





B J Elmer - Director


GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 June 2022 3,677,683 25,800,322 361,785 29,839,790

Changes in equity
Dividends - (5,960,000 ) - (5,960,000 )
Total comprehensive income - 7,674,020 - 7,674,020
Balance at 31 May 2023 3,677,683 27,514,342 361,785 31,553,810

Changes in equity
Total comprehensive income - 5,833,719 - 5,833,719
Balance at 31 May 2024 3,677,683 33,348,061 361,785 37,387,529

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. ACCOUNTING POLICIES

General information and basis of accounting
General All Purpose Plastics Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company's operations and its principal activities are set out in the strategic report on pages 2 to 3.

The financial statements have been prepared under the historical cost convention, and in accordance with Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council.

The functional currency of General All Purpose Plastics Limited is considered to be Pounds Sterling because that is the currency of the primary economic environment in which the company operates. The financial statements are rounded to £1.

General All Purpose Plastics Limited meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. General All Purpose Plastics Limited is consolidated in the financial statements of its ultimate parent, General All Purpose Plastics Group Limited, which may be obtained from Companies House. Exemptions have been taken in these separate company financial statements in relation to the presentation of a cash flow statement and remuneration of key management personnel.

Consolidation
The company was, at the end of the year, a wholly-owned subsidiary of another company incorporated in England and Wales. This parent company is a wholly owned subsidiary in its own right. The ultimate parent company prepares consolidated financial statements. In accordance with Section 400 of the Companies Act 2006, the company is not required to produce, and has not published, consolidated financial statements. As a result, these financial statements present information about it as an individual undertaking, not its group.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. Details of critical accounting judgements are detailed below.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.


Key source of estimation uncertainty

Warranty Provision
The sale of doors manufactured by the company are covered by a 10 year warranty from the date of sale. Therefore the provision for the warranty requires the entity to estimate the future warranty claims expected to arise from sales made pre year end. This estimate is based on the percentage of doors remade over a 10 year period with any exceptional items removed. This percentage is then applied to the number of doors made in the year and an average cost is applied. The calculation is performed on an annual basis and the provision adjusted accordingly. The carrying amount of the warranty provision as at the balance sheet date was £996,011 (2023: £1,048,207). This basis has been considered appropriate and consistent.

Dilapidation Provision
As part of the company's property leasing arrangements there is an obligation to repair damages which incur during the life of the lease, such as wear and tear. The cost is charged to profit and loss once a commitment to leave the property has been made and the estimated dilapidations costs have been provided by a surveyor. The provision as at the balance sheet date was £Nil (2023: £35,000).

Credit Note Provision
A provision for credit notes is accounted for based on looking at monthly sales invoices and credit notes raised, then calculating an average percentage of credit notes against revenue. This percentage is then applied to the average monthly sales. This calculation is performed on an annual basis and the provision adjusted accordingly. It is felt this is the most simplistic basis on which to calculate the provision. The carrying amount of the credit note provision as at the balance sheet date was £234,403 (2023: £381,860).





GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024
Stock Provision
Due to the nature of stock holding policy and the requirements to hold a large and complementary range at each depot there is an element of slow moving stock within the group. The stock within the network is reviewed and a judgement based on product knowledge and historic data is used to calculate the percentage of slow moving stock held. The carrying amount of the slow moving stock provision as at the balance sheet date was £1,134,297 (2023: £1,305,469).

Turnover
Turnover is the revenue arising from the sale of goods and is stated at the fair value of the consideration receivable, net of Value Added Tax, rebates and discounts.

Revenue from the sale of goods is recognised when the significant risks and benefits of ownership of the product have transferred to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms.

Intangible fixed assets and amortisation
Positive purchased goodwill arising on acquisition is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its estimated useful life of between 5- 20 years. The reason for choosing a period of 20 years for Rockdoor Limited is that this is a premium brand with forecasted growth. This brand has had significant investment made into it and continues to be a brand leader for GAP, notwithstanding the fact that it has been part of their product range for nearly 10 years. The reason for choosing a period of 20 years for GAP 2 is that this business can still be individually measured as part of the overall GAP Group and it continues to thrive in spite of the current economic climate.

Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation and impairment. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:

Improvements to property-over term of the lease
Plant and machinery-10%, 15% & 20% straight line
Motor vehicles-25% straight line
Fixtures and fittings-15% straight line
Computer equipment-10%, 15% & 33% straight line

Stocks
Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow- moving items.

Cost of manufactured goods includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal.

Raw materials - purchase cost on a first-in, first-out basis.

Goods purchased for resale/finished goods - cost of direct materials and labour.


GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

1. ACCOUNTING POLICIES - continued
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Provisions
Provisions (other than deferred taxation) are recognised when the company has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be estimated reliably.

Provisions for the estimated cost of repairing or replacing products which may be returned under warranty are based upon historical warranty data and are recognised when the underlying products are sold.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
Operating lease rentals are charged to the profit and loss account in equal annual amounts over the lease term, even where the payments are not made on such a basis.

Assets obtained under finance leases are capitalised as tangible fixed assets and are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

1. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

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.

(i) Financial assets and liabilities

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Debt instruments which meet the following conditions are subsequently measured at amortised cost using a fixed interest rate (notwithstanding changes in LIBOR or Bank of England base rate).

(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate.
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged.
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a).
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods.
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law.
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c).

Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss.

Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

(ii) Investments


GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

1. ACCOUNTING POLICIES - continued
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the Company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.

Investments
Investments are stated at cost less any provision for impairment, which is assessed on an annual basis.

Other Income
Other income is stated net of taxes and relates to income from the the small business rates grant, other grant income and the kickstart scheme.

Going concern
The company is still profitable and in a strong position with demand from customers exceeding expectations.

Overall, there are no issues with going concern and the company is still able to continue trading.

2. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods in the UK 149,379,866 143,250,524
149,379,866 143,250,524

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 35,760,563 31,415,026
Social security costs 2,685,895 2,643,847
Other pension costs 1,085,294 895,707
39,531,752 34,954,580

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

Administrative staff 382 356
Production and distribution staff 554 669
936 1,025

2024 2023
£    £   
Directors' remuneration 2,189,337 2,824,622
Directors' pension contributions to money purchase schemes 88,052 26,814

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 5 5

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 499,607 661,559
Pension contributions to money purchase schemes 4,707 5,652

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):
20242023
£   £   
Other operating leases5,448,5435,723,505
Depreciation - owned assets2,551,8692,232,702
Depreciation - assets on finance leases632,123666,981
Profit on disposal of fixed assets(46,657)(48,218)
Goodwill amortisation931,070931,070
Foreign exchange differences4,20327,070

5. AUDITORS' REMUNERATION

2024 2023
£    £   

Fees payable to the company's auditor and its associates for the audit of
the company and group's annual accounts

35,000

40,000
Non-audit fees: company secretarial services 5,000 4,000
Non-audit fees: taxation 7,000 10,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Interest payable on bank
& other borrowing 152,324 258,472
Other interest payable 103,269 37,621
Finance charges payable under
finance leases 22,739 8,217
278,332 304,310

7. 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 2,590,265 1,820,294

Deferred tax 1,024,670 -
Tax on profit 3,614,935 1,820,294

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 9,448,654 9,494,314
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

2,362,164

2,373,579

Effects of:
Expenses not deductible for tax purposes 45,199 68,827
Capital allowances in excess of depreciation - (182,652 )
Depreciation in excess of capital allowances 222,460 -
Group losses (4,121 ) (182,074 )
Land Remediation Adjustment (23,773 ) -
Origination and reversal of timing differences 1,024,670 -
Adjustment in respect of tax rate change - (257,386 )
written off
Profit on disposal of assets (11,664 ) -
Total tax charge 3,614,935 1,820,294

8. DIVIDENDS

20242023
£   £   
"A" Ordinary shares of £1 each-2,980,000
"B" Ordinary shares of £1 each-2,980,000
-5,960,000

9. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 19,471,847
AMORTISATION
At 1 June 2023 7,595,106
Amortisation for year 931,070
At 31 May 2024 8,526,176
NET BOOK VALUE
At 31 May 2024 10,945,671
At 31 May 2023 11,876,741

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

10. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 3,832,003 17,793,607 1,031,276
Additions 1,384,805 859,299 149,366
Disposals (32,581 ) (290,194 ) (183,152 )
Reclassification/transfer - (18,500 ) -
At 31 May 2024 5,184,227 18,344,212 997,490
DEPRECIATION
At 1 June 2023 2,497,190 11,943,991 767,512
Charge for year 437,065 1,365,678 67,546
Eliminated on disposal (28,237 ) (261,899 ) (183,152 )
Reclassification/transfer - (3,392 ) -
At 31 May 2024 2,906,018 13,044,378 651,906
NET BOOK VALUE
At 31 May 2024 2,278,209 5,299,834 345,584
At 31 May 2023 1,334,813 5,849,616 263,764

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 6,633,912 2,964,349 32,255,147
Additions 568,043 676,758 3,638,271
Disposals (666,645 ) (3,985 ) (1,176,557 )
Reclassification/transfer 22,111 - 3,611
At 31 May 2024 6,557,421 3,637,122 34,720,472
DEPRECIATION
At 1 June 2023 4,248,623 1,752,686 21,210,002
Charge for year 946,553 366,533 3,183,375
Eliminated on disposal (578,140 ) (3,985 ) (1,055,413 )
Reclassification/transfer 625 - (2,767 )
At 31 May 2024 4,617,661 2,115,234 23,335,197
NET BOOK VALUE
At 31 May 2024 1,939,760 1,521,888 11,385,275
At 31 May 2023 2,385,289 1,211,663 11,045,145

Included within the net book value of £12,330,755 is £1,254,781 (2023: £2,205,023) relating to assets held under finance leases. The depreciation charged to the financial statements in the year in respect of such assets amounted to £632,123 (2023: £666,981).

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 June 2023
and 31 May 2024 256,073
PROVISIONS
At 1 June 2023
and 31 May 2024 255,752
NET BOOK VALUE
At 31 May 2024 321
At 31 May 2023 321

The company has the following subsidiary undertakings as at 31 May 2023:

Class of share Proportion held Nature of
Capital Held by group % business

Highline Building Plastics (Gateshead) Limited Ordinary 100 Dormant
North Wales Building Plastics Limited Ordinary 100 Dormant
GAP 2 Limited Ordinary 100 Dormant

All subsidiary undertakings were incorporated in the United Kingdom. All subsidiary undertakings have the same registered address as General All Purpose Plastics Limited which is found on page 1.

12. STOCKS
2024 2023
£    £   
Raw materials 4,343,383 5,100,881
Good purchased for resale/
finished goods 15,536,627 15,116,519
19,880,010 20,217,400

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 9,112,729 8,566,353
Amounts owed by group undertakings 5,498,249 5,767,825
Amounts owed by related parties 25,781 -
Other debtors 969,240 28,881
Directors loan account 2,812,874 -
Prepayments 4,598,382 3,789,859
23,017,255 18,152,918

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

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) - 280,000
Finance leases (see note 17) 601,468 813,254
Trade creditors 16,843,297 15,993,084
Amounts owed to group undertakings 940,523 1,456,404
Amounts owed to related parties - 57,708
Corporation tax payable 1,745,620 522,314
Social security and other taxes 3,204,025 3,497,834
Other creditors 1,339,884 1,118,456
Directors loan account 868,266 3,028,479
Accruals and deferred income 6,410,178 8,616,684
31,953,261 35,384,217

Amounts due under finance leases are secured upon the assets to which they relate.

Amounts owed to group and related parties are interest free, unsecured and repayable on demand.

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) - 580,000
Finance leases (see note 17) 633,330 965,657
Other creditors 512,821 1,128,205
1,146,151 2,673,862

The bank loan is made up of an initial borrowing from Barclays Bank PLC of £10,000,000. The loans included within other creditors are made up of an initial borrowing of £12,155,925 from Crown Oil Treasury Limited.

The Barclays Bank PLC Loan is repayable in quarterly instalments and is secured by fixed charge over the assets of the company and subject to an interest rate of 3.85% plus LIBOR.

The Barclays Bank Loan was repaid in full in March 2024, when the facility reached an end.

The Crown Oil Treasury Limited loans are unsecured, repayable on demand and subject to an interest rate of 7.45% above the Bank of England base rate.

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 280,000

Amounts falling due between one and two years:
Bank loans - 1-5 years - 580,000

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year 601,468 813,254
Between one and five years 633,330 965,657
1,234,798 1,778,911

Non-cancellable operating leases
2024 2023
£    £   
Within one year 4,851,798 4,017,842
Between one and five years 14,228,467 10,167,825
In more than five years 5,212,714 4,437,230
24,292,979 18,622,897

Operating lease rentals are charged to the profit and loss account in equal annual amounts over the lease term, even where the payments are not made on such a basis.

Assets obtained under finance leases are capitalised as tangible fixed assets and are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

18. FINANCIAL INSTRUMENTS

The carrying values of the company's financial assets and liabilities are summarised by category below:

2024 2023
£ £
Financial assets
Measured at undiscounted amount receivable
Trade and other debtors (see note 13) 9,132,624 8,595,234
Cash 8,123,678 10,247,159

Financial Liabilities
Measured at undiscounted amount payable
Trade and other payables (see notes 14 & 15) 18,696,004 18,239,745
Amounts due to group undertakings (see note 14) 929,941 1,456,404
Bank loan - 860,000
Amounts owed to related parties (see note 14) - 57,708

Measured at amortised cost
Obligations under finance leases (see notes 14 & 15) 1,234,798 1,778,911

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,869,258 844,588

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
£    £   
Other provisions
Warranty provision 996,011 1,048,207
Dilapidations provision - 35,000
996,011 1,083,207

Aggregate amounts 2,865,269 1,927,795

Warranty
Deferred & Dilapidati
tax ons
£    £   
Balance at 1 June 2023 844,588 1,083,207
Charge to Statement of Comprehensive Income during year 1,024,670 -
Movement during the year - (87,196 )
Balance at 31 May 2024 1,869,258 996,011

Warranty provision
A provision of £996,011 (2023: £1,048,207) has been recognised for expected warranty claims on products sold by the company. The provision will unwind over the next 10 years.

Dilapidations provision
A provision of £Nil (2023: £35,000) has been recognised for anticipated site restoration costs on leased properties. The provision will unwind when the properties are vacated.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
25,000 "A" Ordinary shares 1 25,000 25,000
25,000 "B" Ordinary shares 1 25,000 25,000
3,627,683 Preference shares 1 3,627,683 3,627,683
3,677,683 3,677,683

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

20. CALLED UP SHARE CAPITAL - continued

The "A" and "B" Ordinary shares carry the respective voting rights to appoint and remove directors and be subject to the restrictions on transfer as provided in the Articles of Association but rank pari passu in all other respects.

The rights attached to the Preference shares are set out below.

Income

The holders of the Preference shares shall not be entitled to receive any preferential dividend.

Capital

On a return of assets the assets and retained profits of the company available for distribution amongst the members shall be applied first in paying to each of the holders of Preference shares the total Issue Price of the Preference shares held by them respectively, with any balance paid to the holders of the Ordinary shares in proportion to the number of Ordinary shares held by them respectively.

Voting
The holders of the Preference shares shall have no right to receive notice of or to attend and vote at any general meeting of the company or in writing up any resolution of the company.

Redemption

The company may at any time redeem the preference shares either in their entirety or in part, subject to giving notice in writing to the members holding the Preference shares, and the company shall pay on each preference share redeemed an amount equal to its Issue Price. In the case of a post redemption, the company shall redeem the same proportion for each member's registered holding of the Preference shares.

Profit and loss reserve

This reserve records retained earnings and accumulated losses.

Share Premium account

The share premium account records the amount of money paid for the company's shares above the cost of the share price.

21. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 June 2023 27,514,342 361,785 27,876,127
Profit for the year 5,833,719 5,833,719
At 31 May 2024 33,348,061 361,785 33,709,846

22. PENSION COMMITMENTS

The company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered scheme. The pension charge represents contributions payable by the company to the scheme and amounted to £1,085,294 (2023: £895,707).

Included within accruals is £88,098 (2023: £77,349) in relation to outstanding contributions.

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

23. CONTINGENT LIABILITIES

The company's CID facility and loan facilities are secured by a cross guarantee and debenture in place between GAP 2 Limited, GAP Products Limited, General All Purpose Plastics Group Limited and General All Purpose Plastics Holdings Limited.

This is secured on all plant and machinery, rental and other income, securities, insurance and assurance contracts, goodwill, uncalled share capital, intellectual property and trade debts.

No liability is expected to arise under this guarantee. The maximum liability at 31 May 2024 is £Nil (2023: £860,000)

24. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements - 334,300

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
A D Greensmith
Balance outstanding at start of year (1,627,982 ) (70,608 )
Amounts advanced 1,309,715 3,094,183
Amounts repaid (550,000 ) (4,651,557 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (868,267 ) (1,627,982 )

S D Bird
Balance outstanding at start of year (1,400,496 ) (149,462 )
Amounts advanced 4,313,372 1,428,966
Amounts repaid (100,000 ) (2,680,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,812,876 (1,400,496 )

No interest has been charged in the year. Loans are repayable on demand.

GENERAL ALL PURPOSE PLASTICS LIMITED (REGISTERED NUMBER: 02767596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

26. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemptions within FRS 102 Section 33 Paragraph 1a not to disclose transactions with wholly owned group companies.

Details of outstanding balances with related parties can be found in notes 13 and 14.

A D Greensmith and S D Bird, directors of the company, are also designated members in Bridgemere Properties LLP.

Purchases from Bridgemere Properties LLP amounted to £281,250 (2023: £208,926). During the year the company paid expenses on behalf of Bridgemere Properties LLP amounting to £4,677 (2023: £31,989). As a result of this, the amount owing at 31 May 2024 is a debtor owed from Bridgemere Properties LLP of £24,585 (2023: £57,708). This has been included in amounts owed to related parties.

A D Greensmith is a director of Crown Oil Limited. The company made sales to Crown Oil Limited in the year amounting to £47,263 (2023: £26,296) and purchases amounting to £367,561 (2023: £629,725). At 31 May 2024 the company owed Crown Oil Limited £10,919 (2023: £51,281). As at 31 May 2024, the company also had loans from Crown Oil Limited, which were to fund the purchase of GAP 2 Limited and for working capital requirements. At the year end, the company owed Crown Oil Limited £1,128,805 (2023: £1,743,590). The security pertaining to these loans is detailed in notes 14 and 15.

A D Greensmith is a trustee of the Crown Oil Executive Pension Fund. The company made purchases from this fund amounting to £402,500 (2023: £399,167).

27. ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY

The company is a subsidiary of General All Purpose Plastics Holdings Limited, a company incorporated in England and Wales. General All Purpose Plastics Holdings Limited, is a wholly owned subsidiary in its own right. The ultimate parent company prepares consolidated financial statements. In accordance with Section 400 of the Companies Act 2006, the company is not required to produce, and has not published consolidated financial statements. As a result, these financial statements present information about it as an individual undertaking, not its group.

The directors consider the ultimate controlling party to be General All Purpose Plastics Group Limited, a company incorporated in England and Wales. The correspondence address for General All Purpose Plastics Group Limited is the same as this company.

The consolidated financial statements for General All Purpose Plastics Group Limited are publicly available from Companies House.