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REGISTERED NUMBER: 05635001 (England and Wales)












GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 MAY 2024






GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MAY 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Statement of Directors' Responsibilities 6

Report of the Independent Auditors 7

Consolidated Statement of Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 MAY 2024







DIRECTORS: S D Bird
B J Elmer
A D Greensmith



SECRETARY: A D Greensmith



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



REGISTERED NUMBER: 05635001 (England and Wales)



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



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

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 MAY 2024

The directors present their strategic report of the company and the group for the year ended 28 May 2024.

PRINCIPAL ACTIVITIES
The company operates as the group's holding company and has not traded during either year. The principal activity of the group 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 group 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 group being able to maintain material prices. The group 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 £6,097,217 (2023: £7,256,768).

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 Group Limited ("GAP Group") 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 group'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 group. The group 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 group.

Funding and liquidity risks
To manage the working capital needs of the business and to finance the group's expansion plans, the group 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 group'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 GROUP
LIMITED (REGISTERED NUMBER: 05635001)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 28 MAY 2024

SECTION 172(1) STATEMENT
The board of Directors at GAP Group Ltd consider that they have acted in a way they consider in good faith, would be most likely to promote the success of the group 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 group's employees
- The need to foster the group's business relationships with suppliers, customers and others
- The impact of the group's operations on the community and environment
- The desirability of the group maintaining a reputation for high standards of business conduct
- The need to act fairly between shareholders of the group.

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 group. 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 GROUP
LIMITED (REGISTERED NUMBER: 05635001)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 MAY 2024

The directors present their report with the financial statements of the company and the group for the year ended 28 May 2024.

DIVIDENDS
The profit for the year, after taxation, amounted to £6,097,217 (2023: £7,256,768).

The directors have declared a dividend of £Nil (2023: £5,955,557) in the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 29 May 2023 to the date of this report.

S D Bird
B J Elmer
A D Greensmith

GOING CONCERN
After making enquiries, the directors are satisfied that the group 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.

GREEN HOUSE 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.

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

DISABLED EMPLOYEES
The group 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 group'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.

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 group'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 group's auditors are aware of that information.

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 28 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 GROUP
LIMITED (REGISTERED NUMBER: 05635001)

STATEMENT OF DIRECTORS' RESPONSIBILITIES
FOR THE YEAR ENDED 28 MAY 2024

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 GROUP
LIMITED

Opinion
We have audited the financial statements of General All Purpose Plastics Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 May 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated 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 group's and of the parent company affairs as at 28 May 2024 and of the group's 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 group 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 group's and the parent 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 Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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


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

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities 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 group's and the parent 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 group or the parent 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:

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 group'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 group 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 group, 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 group 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
GENERAL ALL PURPOSE PLASTICS GROUP
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.




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 GROUP
LIMITED (REGISTERED NUMBER: 05635001)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 28 MAY 2024

2024 2023
Notes £    £   

TURNOVER 3 149,379,866 143,250,524

Cost of sales 82,665,693 82,434,645
GROSS PROFIT 66,714,173 60,815,879

Administrative expenses 56,873,689 51,728,443
9,840,484 9,087,436

Other operating income 150,000 293,936
OPERATING PROFIT 5 9,990,484 9,381,372


Interest payable and similar expenses 7 278,332 304,310
PROFIT BEFORE TAXATION 9,712,152 9,077,062

Tax on profit 8 3,614,935 1,820,294
PROFIT FOR THE FINANCIAL YEAR 6,097,217 7,256,768

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

6,097,217

7,256,768

Profit attributable to:
Owners of the parent 6,097,217 7,256,768

Total comprehensive income attributable to:
Owners of the parent 6,097,217 7,256,768

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
28 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 9,516,762 10,239,556
Tangible assets 12 12,761,678 12,416,178
Investments 13 - -
22,278,440 22,655,734

CURRENT ASSETS
Stocks 14 21,767,252 21,973,907
Debtors 15 17,848,999 12,846,269
Cash at bank 9,359,041 10,849,492
48,975,292 45,669,668
CREDITORS
Amounts falling due within one year 16 32,305,371 34,884,021
NET CURRENT ASSETS 16,669,921 10,785,647
TOTAL ASSETS LESS CURRENT
LIABILITIES

38,948,361

33,441,381

CREDITORS
Amounts falling due after more than one
year

17

(1,146,151

)

(2,673,862

)

PROVISIONS FOR LIABILITIES 21 (2,865,269 ) (1,927,795 )
NET ASSETS 34,936,941 28,839,724

CAPITAL AND RESERVES
Called up share capital 22 4,628,125 4,628,125
Retained earnings 23 30,308,816 24,211,599
34,936,941 28,839,724

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 GROUP
LIMITED (REGISTERED NUMBER: 05635001)

COMPANY STATEMENT OF FINANCIAL POSITION
28 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 3,702,983 3,702,983
3,702,983 3,702,983

CURRENT ASSETS
Debtors 15 940,767 940,767
NET CURRENT ASSETS 940,767 940,767
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,643,750

4,643,750

CAPITAL AND RESERVES
Called up share capital 22 4,628,125 4,628,125
Retained earnings 23 15,625 15,625
4,643,750 4,643,750

Company's profit for the financial year - 5,960,000

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 GROUP
LIMITED (REGISTERED NUMBER: 05635001)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 29 May 2022 4,628,125 22,910,388 27,538,513

Changes in equity
Dividends - (5,955,557 ) (5,955,557 )
Total comprehensive income - 7,256,768 7,256,768
Balance at 28 May 2023 4,628,125 24,211,599 28,839,724

Changes in equity
Total comprehensive income - 6,097,217 6,097,217
Balance at 28 May 2024 4,628,125 30,308,816 34,936,941

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 29 May 2022 4,628,125 11,182 4,639,307

Changes in equity
Dividends - (5,955,557 ) (5,955,557 )
Total comprehensive income - 5,960,000 5,960,000
Balance at 28 May 2023 4,628,125 15,625 4,643,750

Changes in equity
Balance at 28 May 2024 4,628,125 15,625 4,643,750

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 10,376,314 11,379,518
Interest paid (278,332 ) (304,310 )
Tax paid (1,366,959 ) (3,290,946 )
Net cash from operating activities 8,731,023 7,784,262

Cash flows from investing activities
Purchase of tangible fixed assets (3,928,587 ) (4,070,123 )
Sale of tangible fixed assets 167,802 112,861
Net cash from investing activities (3,760,785 ) (3,957,262 )

Cash flows from financing activities
New loans in year - 1,082,064
Loan repayments in year (860,000 ) (660,000 )
Interest on finance leases 99,383 (102,038 )
New finance leases in year 406,640 -
Capital repayments on finance leases (1,050,136 ) (844,197 )
Amount introduced by directors 3,678,479 -
Amount withdrawn by directors (8,651,566 ) 2,808,408
Introduced by associated companies (83,489 ) (307,700 )
Equity dividends paid - (5,955,557 )
Net cash from financing activities (6,460,689 ) (3,979,020 )

Decrease in cash and cash equivalents (1,490,451 ) (152,020 )
Cash and cash equivalents at beginning
of year

2

10,849,492

11,001,512

Cash and cash equivalents at end of year 2 9,359,041 10,849,492

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 MAY 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 9,712,152 9,077,062
Depreciation charges 4,166,101 3,852,543
Profit on disposal of fixed assets (28,022 ) (18,251 )
Increase/(decrease) in provisions (87,196 ) (106,381 )
Finance costs 278,332 304,310
14,041,367 13,109,283
Decrease in stocks 206,655 870,123
(Increase)/decrease in trade and other debtors (2,164,075 ) 517,750
Decrease in trade and other creditors (1,707,633 ) (3,117,638 )
Cash generated from operations 10,376,314 11,379,518

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 28 May 2024
28.5.24 29.5.23
£    £   
Cash and cash equivalents 9,359,041 10,849,492
Year ended 28 May 2023
28.5.23 29.5.22
£    £   
Cash and cash equivalents 10,849,492 11,001,512


3. ANALYSIS OF CHANGES IN NET FUNDS

At 29.5.23 Cash flow At 28.5.24
£    £    £   
Net cash
Cash at bank and in hand 10,849,492 (1,490,451 ) 9,359,041
10,849,492 (1,490,451 ) 9,359,041
Debt
Finance leases (1,778,911 ) 544,113 (1,234,798 )
Debts falling due within 1 year (280,000 ) 280,000 -
Debts falling due after 1 year (580,000 ) 580,000 -
(2,638,911 ) 1,404,113 (1,234,798 )
Total 8,210,581 (86,338 ) 8,124,243

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 MAY 2024

1. STATUTORY INFORMATION

General All Purpose Plastics Group 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 General 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 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 the nearest £1.

Basis of consolidation
The Group financial statements consolidate those of the company and of its subsidiary undertakings drawn up to 28 May 2024. Profit or losses on intra-group transactions are eliminated in full.

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS102, Section 19 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition. More information can be found in the notes to these financial statements.

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
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 is always consistent.

Dilapidation Provision
As part of the group'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 dilapidation 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 £234,043 (2023: £381,861).

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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

2. ACCOUNTING POLICIES - continued

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
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% 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.

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.

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

2. ACCOUNTING POLICIES - continued

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
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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

2. 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 GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

2. 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 small business rates grant, other grant income and the kickstart scheme.

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

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

3. TURNOVER

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

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 37,148,989 32,921,673
Social security costs 2,712,365 2,716,475
Other pension costs 1,094,772 922,767
40,956,126 36,560,915

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

Administrative 388 357
Production, selling and distribution 590 708
978 1,065

2024 2023
£    £   
Directors' remuneration 765,823 931,963
Directors' pension contributions to money purchase schemes 4,706 3,892

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

Money purchase schemes 3 3

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 499,607 641,695
Pension contributions to money purchase schemes 4,706 4,781

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 6,062,662 6,315,315
Depreciation - owned assets 3,443,307 3,129,749
Profit on disposal of fixed assets (28,022 ) (18,251 )
Goodwill amortisation 722,794 722,792
Foreign exchange differences (30,288 ) 14,254
Release of grant (150,000 ) (150,000 )

6. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors and their associates for the audit
of the company's financial statements

40,000

40,000

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

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 152,324 258,472
Bank loan interest 103,269 37,621
Finance charges 22,739 8,217
278,332 304,310

8. 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

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS

2024 2023
£    £   
20,000 B Ordinary shares of £1 each - 2,680,000
11,113 D Ordinary shares of £1 each - 3,275,557
- 5,955,557

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 29 May 2023
and 28 May 2024 15,387,493
AMORTISATION
At 29 May 2023 5,147,937
Amortisation for year 722,794
At 28 May 2024 5,870,731
NET BOOK VALUE
At 28 May 2024 9,516,762
At 28 May 2023 10,239,556

12. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 29 May 2023 4,902,262 19,173,606 1,585,663
Additions 1,403,766 1,111,163 155,894
Disposals (32,581 ) (315,667 ) (183,152 )
At 28 May 2024 6,273,447 19,969,102 1,558,405
DEPRECIATION
At 29 May 2023 3,410,211 12,248,173 1,312,656
Charge for year 483,989 1,510,251 69,771
Eliminated on disposal (28,237 ) (268,736 ) (183,152 )
At 28 May 2024 3,865,963 13,489,688 1,199,275
NET BOOK VALUE
At 28 May 2024 2,407,484 6,479,414 359,130
At 28 May 2023 1,492,051 6,925,433 273,007

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 29 May 2023 6,667,762 3,199,717 35,529,010
Additions 568,043 689,721 3,928,587
Disposals (666,645 ) (3,985 ) (1,202,030 )
At 28 May 2024 6,569,160 3,885,453 38,255,567
DEPRECIATION
At 29 May 2023 4,258,915 1,882,877 23,112,832
Charge for year 947,964 431,332 3,443,307
Eliminated on disposal (578,140 ) (3,985 ) (1,062,250 )
At 28 May 2024 4,628,739 2,310,224 25,493,889
NET BOOK VALUE
At 28 May 2024 1,940,421 1,575,229 12,761,678
At 28 May 2023 2,408,847 1,316,840 12,416,178

Included within the net book value of £12,761,678 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).

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 29 May 2023
and 28 May 2024 3,702,983
NET BOOK VALUE
At 28 May 2024 3,702,983
At 28 May 2023 3,702,983

The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Subsidiaries

General All Purpose Plastics Holdings Limited
Registered office:
Nature of business: Holding Company
%
Class of shares: holding
"A" Ordinary 100.00
"B" Ordinary 100.00

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

13. FIXED ASSET INVESTMENTS - continued

G.A.P. Scotland Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
"A", "B" & "C" Ordinary shares 100.00

General All Purpose Plastics Limited
Registered office:
Nature of business: Distribution of PVCu products
%
Class of shares: holding
Ordinary 100.00

Rockdoor Limited *
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 90.00

Homeline Building Products Limited *
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Highline Building Plastics (Gateshead) Limited *
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

North Wales Building Plastics Limited *
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Weatherseal Insulation Limited *
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

GAP Products Limited*
Registered office:
Nature of business: Distribution of PVCu products
%
Class of shares: holding
Ordinary 100.00

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

13. FIXED ASSET INVESTMENTS - continued

GAP 2 Limited*
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

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

* These companies are not directly owned by General All Purpose Plastics Group Limited, but are held by other parent undertakings within the group.


14. STOCKS

Group
2024 2023
£    £   
Raw materials 6,131,644 6,857,388
Finished goods 15,635,608 15,116,519
21,767,252 21,973,907

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 9,112,729 8,566,353 - -
Amounts owed by group undertakings - - 940,523 940,523
Amounts owed by associates 25,781 - - -
Other debtors 1,070,956 255,413 244 244
Directors' current accounts 2,812,874 - - -
Prepayments 4,826,659 4,024,503 - -
17,848,999 12,846,269 940,767 940,767

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Bank loans and overdrafts (see note 18) - 280,000
Finance leases (see note 19) 601,468 813,254
Trade creditors 17,714,338 16,581,655
Amounts owed to associates - 57,708
Tax 1,745,620 522,314
Social security and other taxes 3,420,950 3,668,202
Other creditors 1,343,873 1,124,301
Directors' current accounts 868,266 3,028,479
Accrued expenses 6,610,856 8,808,108
32,305,371 34,884,021

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.

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Bank loans (see note 18) - 580,000
Finance leases (see note 19) 633,330 965,657
Other creditors 512,821 1,128,205
1,146,151 2,673,862

The loans included within other creditors are made up of an initial borrowing of £12,155,925 from Crown Oil Treasury Limited.

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.

18. LOANS

An analysis of the maturity of loans is given below:

Group
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 - 1-2 years - 580,000

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
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

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 5,152,598 4,368,775
Between one and five years 15,551,100 11,497,825
In more than five years 6,305,214 5,472,230
27,008,912 21,338,830

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

20. FINANCIAL INSTRUMENTS

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

Group Company
2024 2023 2024 2023
Financial Assets
Measured at undiscounted amount
receivable

-

-

-

-
Trade and other debtors (see note 15) 9,234,339 8,821,766 244 244
Amounts owed by group undertakings (see
note 15)

-

-

940,523

940,523
Amounts owed by related parties (see note
15)

25,781

-

-

-
Cash 9,359,041 10,849,492 - -

Financial Liabilities
Measured at undiscounted amount payable - - - -
Trade and other payables (see note 16) 19,571,032 18,834,161 - -
Bank loan due within one year (see note
16)

-

280,000

-

-
Bank loan due greater than one year (see
note 17)

-

580,000

-

-
Measured at amortised cost - - - -
Obligations under finance leases due
within one year (see note 16)

601,468

813,254

-

-
Obligations under finance leases due after
more than one year (see note 17)

633,330

965,657

-

-
Amounts owed to related parties (see note
16)

-

57,708

-

-

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 1,869,258 844,588
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

Group
Deferred Other
tax provisions
£    £   
Balance at 29 May 2023 844,588 1,083,207
Charge/(credit) to Statement of Comprehensive Income during year 1,024,670 (87,196 )
Balance at 28 May 2024 1,869,258 996,011

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

22. CALLED UP SHARE CAPITAL

2024 2023
£    £   
Allotted, called up and fully paid
13,331 "A" Ordinary shares of £0.01 each 133 133
20,000 "B" Ordinary shares of £0.01 each 200 200
11,113 "D" Ordinary shares of £0.01 each 111 67
4,627,681 Redeemable preference shares of £1 each 4,627,681 4,627,681
4,628,125 4,628,125

The "A", "B" and "D" 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.The "A", "B" and "D" 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.

23. RESERVES

Group
Retained
earnings
£   

At 29 May 2023 24,211,599
Profit for the year 6,097,217
At 28 May 2024 30,308,816

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

23. RESERVES - continued

Company
Retained
earnings
£   

At 29 May 2023 15,625
Profit for the year -
At 28 May 2024 15,625


24. PENSION COMMITMENTS

The group 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 £1,094,772 (2023: £920,553).

Included within accruals is £90,978 (2023: £80,153) in relation to outstanding contributions.

25. CONTINGENT LIABILITIES

The group'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 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).

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

GENERAL ALL PURPOSE PLASTICS GROUP
LIMITED (REGISTERED NUMBER: 05635001)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 MAY 2024

27. 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 15 and 16.

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). 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 by 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 16 and 17.

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).

Loans due (to)/from directors are as follows:

2024 2023
£    £   
A D Greensmith (880,642 ) (1,627,982 )
S D Bird 2,743,378 (1,400,496 )

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

28. ULTIMATE CONTROLLING PARTY

The group is under the common control of the directors.