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REGISTERED NUMBER: SC129568 (Scotland)















REARO LAMINATES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024






REARO LAMINATES LIMITED (REGISTERED NUMBER: SC129568)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 9


REARO LAMINATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Roderick Graham Mercer
James Mercer
James Cowie Mercer
Cissie Anderson Mercer



SECRETARY: Cissie Anderson Mercer



REGISTERED OFFICE: Ladies Drive
Lerwick
Shetland
ZE1 0NA



REGISTERED NUMBER: SC129568 (Scotland)



AUDITORS: Azets Audit Services
Chartered Accountants
Statutory Auditor
Accountants
Titanium 1
King's Inch Place
Renfrew
Glasgow
PA4 8WF



BANKERS: Virgin Money
106 Commercial Street
Lerwick
Shetland
ZE1 0JJ

REARO LAMINATES LIMITED (REGISTERED NUMBER: SC129568)

BALANCE SHEET
30 JUNE 2024

30/6/24 30/6/23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 137,185 168,619
Tangible assets 5 447,696 581,506
584,881 750,125

CURRENT ASSETS
Stocks 6 2,403,325 2,299,102
Debtors 7 1,337,023 1,404,735
Cash at bank and in hand 4,695 4,122
3,745,043 3,707,959
CREDITORS
Amounts falling due within one year 8 3,855,834 3,902,317
NET CURRENT LIABILITIES (110,791 ) (194,358 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

474,090

555,767

CREDITORS
Amounts falling due after more than one
year

9

(76,602

)

(118,257

)

PROVISIONS FOR LIABILITIES 11 (99,363 ) (132,450 )
NET ASSETS 298,125 305,060

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 298,025 304,960
SHAREHOLDERS' FUNDS 298,125 305,060

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:





Roderick Graham Mercer - Director


REARO LAMINATES LIMITED (REGISTERED NUMBER: SC129568)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

Rearo Laminates Limited , SC129568, is a private company limited by shares incorporated in Scotland. The registered office is Ladies Drive, Lerwick, Shetland, ZE1 0NA. The place of business address is 29 Loanbank Quadrant, Govan, Glasgow, G51 3HZ.

The nature of the company's operations and its principal activities was that of the manufacture of laminated boarding.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software and website - 25% straight line
Patents & licences - 10% straight line

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 5-10% straight line
Plant and machinery - 25% straight line
Motor vehicles - 20% straight line

Government grants
Government grants are recognised based on the performance model and are recognised in profit and loss at the date the performance-related conditions are met.

REARO LAMINATES LIMITED (REGISTERED NUMBER: SC129568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

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

Cost comprises direct materials, and where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

Work in progress includes cost of direct materials and labour plus attributable overheads based on a normal level of activity.

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.


REARO LAMINATES LIMITED (REGISTERED NUMBER: SC129568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leases
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

REARO LAMINATES LIMITED (REGISTERED NUMBER: SC129568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 79 (2023 - 78 ) .

4. INTANGIBLE FIXED ASSETS
Patents Software
and and
licences website Totals
£    £    £   
COST
At 1 July 2023 15,081 498,224 513,305
Additions - 39,373 39,373
At 30 June 2024 15,081 537,597 552,678
AMORTISATION
At 1 July 2023 10,662 334,024 344,686
Amortisation for year 859 69,948 70,807
At 30 June 2024 11,521 403,972 415,493
NET BOOK VALUE
At 30 June 2024 3,560 133,625 137,185
At 30 June 2023 4,419 164,200 168,619

REARO LAMINATES LIMITED (REGISTERED NUMBER: SC129568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 July 2023 938,540 1,796,805 41,591 2,776,936
Additions 30,945 13,661 - 44,606
At 30 June 2024 969,485 1,810,466 41,591 2,821,542
DEPRECIATION
At 1 July 2023 786,624 1,403,476 5,330 2,195,430
Charge for year 33,655 136,443 8,318 178,416
At 30 June 2024 820,279 1,539,919 13,648 2,373,846
NET BOOK VALUE
At 30 June 2024 149,206 270,547 27,943 447,696
At 30 June 2023 151,916 393,329 36,261 581,506

The net book value of tangible fixed assets includes £ 117,686 (2023 - £ 177,225 ) in respect of assets held under hire purchase contracts.

6. STOCKS
30/6/24 30/6/23
£    £   
Stocks 2,403,325 2,299,102

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Trade debtors 1,221,355 1,276,161
Other debtors 115,668 128,574
1,337,023 1,404,735

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/6/24 30/6/23
£    £   
Bank loans and overdrafts 205,183 221,901
Hire purchase contracts 41,784 41,912
Trade creditors 1,718,338 1,675,500
Amounts owed to group undertakings 871,590 921,033
Corporation tax 3,453 -
Social security and other taxes 47,583 49,780
Other creditors 870,839 888,048
Accruals and deferred income 97,064 104,143
3,855,834 3,902,317

REARO LAMINATES LIMITED (REGISTERED NUMBER: SC129568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30/6/24 30/6/23
£    £   
Hire purchase contracts 76,602 118,257

10. SECURED DEBTS

The following secured debts are included within creditors:

30/6/24 30/6/23
£    £   
Hire purchase contracts 118,386 160,169
Other creditors 810,224 710,016
928,610 870,185

There is a cross guarantee in place for all borrowings by the group with Virgin Money. There is also in place a floating charge over the company's assets together with a standard security over certain properties owned by the group in favour of Virgin Money.

Secured other creditors include the factoring account which is secured by way of a floating charge over the company's assets.

Hire purchase creditors are secured over the assets to which they relate.

11. PROVISIONS FOR LIABILITIES
30/6/24 30/6/23
£    £   
Deferred tax 99,363 132,450

Deferred
tax
£   
Balance at 1 July 2023 132,450
Originating and reversal of
timing differences (33,087 )
Balance at 30 June 2024 99,363

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alex Webb BAcc FCCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services

13. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

REARO LAMINATES LIMITED (REGISTERED NUMBER: SC129568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

14. ULTIMATE CONTROLLING PARTY

No individual in isolation can exercise control over the company.

15. ULTIMATE PARENT COMPANY

The ultimate parent company is Hamepark Holdings Limited, a company registered in Scotland, which owns the entire share capital of Rearo Laminates Limited.

Hamepark Holdings Limited produce consolidated accounts for the group. A copy of the group accounts can be obtained from the registered office Ladies Drive, Lerwick, Shetland, ZE1 0NA.