IRIS Accounts Production v24.2.0.383 03385357 director 1.10.23 30.9.24 30.9.24 Medium entities true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh033853572023-09-30033853572024-09-30033853572023-10-012024-09-30033853572022-09-30033853572022-10-012023-09-30033853572023-09-3003385357ns15:EnglandWales2023-10-012024-09-3003385357ns14:PoundSterling2023-10-012024-09-3003385357ns10:Director12023-10-012024-09-3003385357ns10:PrivateLimitedCompanyLtd2023-10-012024-09-3003385357ns10:MediumEntities2023-10-012024-09-3003385357ns10:Audited2023-10-012024-09-3003385357ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-10-012024-09-3003385357ns10:Medium-sizedCompaniesRegimeForAccounts2023-10-012024-09-3003385357ns10:FullAccounts2023-10-012024-09-3003385357ns10:OrdinaryShareClass12023-10-012024-09-3003385357ns10:CompanySecretary12023-10-012024-09-3003385357ns10:RegisteredOffice2023-10-012024-09-3003385357ns10:Director22023-10-012024-09-3003385357ns5:CurrentFinancialInstruments2024-09-3003385357ns5:CurrentFinancialInstruments2023-09-3003385357ns5:ShareCapital2024-09-3003385357ns5:ShareCapital2023-09-3003385357ns5:RetainedEarningsAccumulatedLosses2024-09-3003385357ns5:RetainedEarningsAccumulatedLosses2023-09-3003385357ns5:ShareCapital2022-09-3003385357ns5:RetainedEarningsAccumulatedLosses2022-09-3003385357ns5:RetainedEarningsAccumulatedLosses2022-10-012023-09-3003385357ns5:RetainedEarningsAccumulatedLosses2023-10-012024-09-3003385357ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-10-012024-09-3003385357ns5:PlantMachinery2023-10-012024-09-3003385357ns5:FurnitureFittings2023-10-012024-09-3003385357ns5:MotorVehicles2023-10-012024-09-3003385357ns5:ComputerEquipment2023-10-012024-09-3003385357ns5:ReportableOperatingSegment12023-10-012024-09-3003385357ns5:ReportableOperatingSegment12022-10-012023-09-3003385357ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2023-10-012024-09-3003385357ns5:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-10-012023-09-3003385357ns15:UnitedKingdom2023-10-012024-09-3003385357ns15:UnitedKingdom2022-10-012023-09-3003385357ns15:Europe2023-10-012024-09-3003385357ns15:Europe2022-10-012023-09-3003385357ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2023-10-012024-09-3003385357ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-10-012023-09-3003385357ns5:OwnedAssets2023-10-012024-09-3003385357ns5:OwnedAssets2022-10-012023-09-300338535712023-10-012024-09-300338535712022-10-012023-09-300338535722023-10-012024-09-300338535722022-10-012023-09-3003385357ns5:LandBuildings2023-09-3003385357ns5:LeaseholdImprovements2023-09-3003385357ns5:PlantMachinery2023-09-3003385357ns5:LandBuildings2023-10-012024-09-3003385357ns5:LeaseholdImprovements2023-10-012024-09-3003385357ns5:LandBuildings2024-09-3003385357ns5:LeaseholdImprovements2024-09-3003385357ns5:PlantMachinery2024-09-3003385357ns5:LandBuildings2023-09-3003385357ns5:LeaseholdImprovements2023-09-3003385357ns5:PlantMachinery2023-09-3003385357ns5:FurnitureFittings2023-09-3003385357ns5:MotorVehicles2023-09-3003385357ns5:ComputerEquipment2023-09-3003385357ns5:FurnitureFittings2024-09-3003385357ns5:MotorVehicles2024-09-3003385357ns5:ComputerEquipment2024-09-3003385357ns5:FurnitureFittings2023-09-3003385357ns5:MotorVehicles2023-09-3003385357ns5:ComputerEquipment2023-09-3003385357ns5:WithinOneYearns5:CurrentFinancialInstruments2024-09-3003385357ns5:WithinOneYearns5:CurrentFinancialInstruments2023-09-3003385357ns5:Level22024-09-3003385357ns5:Level22023-09-3003385357ns5:WithinOneYear2024-09-3003385357ns5:WithinOneYear2023-09-3003385357ns5:BetweenOneFiveYears2024-09-3003385357ns5:BetweenOneFiveYears2023-09-3003385357ns5:MoreThanFiveYears2024-09-3003385357ns5:MoreThanFiveYears2023-09-3003385357ns5:AllPeriods2024-09-3003385357ns5:AllPeriods2023-09-3003385357ns10:OrdinaryShareClass12024-09-3003385357ns5:RetainedEarningsAccumulatedLosses2023-09-30
REGISTERED NUMBER: 03385357 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

PLASTIVALOIRE NORTHAMPTON LIMITED

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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










Page

Company Information 1

Strategic Report 2

Report of the Director 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Notes to the Financial Statements 13


PLASTIVALOIRE NORTHAMPTON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: A Doutriaux



SECRETARY: V Findeling



REGISTERED OFFICE: 3 North Portway Close
Round Spinney Industrial Estate
Northampton
Northamptonshire
NN3 8RE



REGISTERED NUMBER: 03385357 (England and Wales)



AUDITORS: Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ



SOLICITORS: Tollers Solicitors
2 Castilian Street
Northampton
NN1 1JX

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The director presents his strategic report for the year ended 30 September 2024.

REVIEW OF BUSINESS
The results for the year and financial position are shown in the annexed financial statements.

Turnover, excluding customer funded tooling of £14.3m (2023: £15.5m) decreased by 7.7% when compared to the previous year.

The gross profit margin (excluding customer funded tooling) increased from 33% in 2023 to 40% in 2024. This has been primarily as a result of a reduction in the price of subcontracted parts purchased from Group Companies.

Exchange movements during 2024 resulted in a net favourable variance on 2023 of £151,000. Other Administrative costs were controlled as much as possible and only increased by 0.6% on 2023

During the year, the company invested £372,500 (2023: £45,000) in capital equipment.

SAP ERP was successfully implemented during 2023/24 and is already proving to be a useful operational tool for management and control purposes.

In November 2024, PVL Northampton started mass production of parts to a new customer, BMW UK Manufacturing. 16 injection tools, with manual and semi-automated assembly and detection process, manufacture interior trim parts for the MINI Cooper Convertible. The BMW project introduced 2K injection moulding technology which is new to PVL Northampton.

PVL Northampton maintains focus on customer relationship and business development opportunities. In 2024, nomination was received from two new customers, Lear and Forvia. Both are leading Tier 1 suppliers for Jaguar Land Rover. These projects will start mass production in August 2026, when the new Jaguar Type 00 is launched.

PVL Northampton has been successfully maintaining high safety and quality performance results and are ranked at the top level with all our main customers.

Our priority has continued to be on monitoring and improving operational performance. The team maintains significant focus on quality costs, stock management and maintenance costs. The latter have continued to be well managed with the focus on effective preventive maintenance actions.

The strategy for 2024/25 will continue to focus on maintaining strong levels of safety, customer quality and delivery. We will look to further improve production efficiencies with the assistance of data available in SAP.

The PVL Northampton team remains stable, with high retention rates and valuable experience within key areas.

The Company is reliant on support from group and has the commitment from the wider group to support the strategic direction of Plastivaloire in the UK. The Director is confident that with this continued support, the Company is able to carry on as a going concern.


PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Financial risk management objectives and policies
The company uses various financial instruments. These include cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company's operations.

The existence of these financial instruments exposes the company to a number of financial risks, which are described in more detail below. In order to manage the company's exposure to those risks, in particular the company's exposure to currency risk, the company has bank accounts in the currencies that are most often used.

The main risks arising from the company's financial instruments are market risk, currency risk, liquidity risk, interest rate risk and credit risk. The director reviews and agrees policies for managing each of these risks and they are summarised below. These policies have remained unchanged from previous years.

Market risk
Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and price risk. The company's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "Interest rate risk" below.

Currency risk
The company is exposed to translation and transaction foreign exchange risk. In relation to translation risk, as far as possible, the assets held in foreign currency are matched to an appropriate level of liabilities in the same currency.

Liquidity risk
The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

The company is funded via cash in hand, intra-group accounts and a loan from Credit Agricole. Short term flexibility is achieved by the availability of cash reserves at the bank.

Interest rate risk
The company finances its operations through a mixture of retained profits and bank borrowings. The company's exposure to interest rate fluctuation is minimal.

Trade debtors and creditors do not attract interest and are therefore subject to fair value interest rate risk. However, this risk is considered to be minimal.

Credit risk
The company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counterparties have high credit ratings assigned by international credit-rating agencies. The principal credit risk arises, therefore, from its trade debtors.

In order to manage credit risk the company sets limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the finance manager on a regular basis in conjunction with debt ageing and collection history.


PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

FINANCIAL KEY PERFORMANCE INDICATORS
The company's key performance indicators are turnover, gross profit margin and profit before tax. These KPI's are analysed within the business review above.

SIGNED BY ORDER OF THE DIRECTORS:



A Doutriaux - Director


9 April 2025

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 SEPTEMBER 2024


The director presents his report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the design, manufacture and supply of high quality decorative trims and components for the automotive industry.

DIVIDENDS
No dividends will be distributed for the year ended 30 September 2024.

DIRECTORS
The directors who have held office during the period from 1 October 2023 to the date of this report are as follows:

P J Findeling - resigned 10 June 2024
A Doutriaux - appointed 10 June 2024

DISCLOSURE IN THE STRATEGIC REPORT
The future developments of the company and financial instruments are addressed in the Strategic Report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

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

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 SEPTEMBER 2024


AUDITORS
The auditors, Shaw Gibbs (Audit) Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SIGNED BY ORDER OF THE DIRECTORS:





A Doutriaux - Director


9 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLASTIVALOIRE NORTHAMPTON LIMITED


Opinion
We have audited the financial statements of Plastivaloire Northampton Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLASTIVALOIRE NORTHAMPTON LIMITED


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

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

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

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

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of commercial income, posting of unusual journals along with complex transactions and manipulating the Company’s key performance indicators to meet targets. We discussed these risks with client management, designed audit procedures to test the timing of commercial revenue, tested a sample of journals to confirm they were appropriate and reviewed areas of judgement for indicators of management bias to address these risks.

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
PLASTIVALOIRE NORTHAMPTON 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.




Andrew Clifford (Senior Statutory Auditor)
for and on behalf of Shaw Gibbs (Audit) Limited
Chartered Certified Accountants
Statutory Auditor
Eagle House
28 Billing Road
Northampton
Northamptonshire
NN1 5AJ

16 April 2025

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 14,444,696 16,001,174

Cost of sales 8,727,917 10,774,378
GROSS PROFIT 5,716,779 5,226,796

Distribution costs 80,477 137,273
Administrative expenses 5,258,741 5,229,880
5,339,218 5,367,153
OPERATING PROFIT/(LOSS) 5 377,561 (140,357 )


Interest payable and similar expenses 7 287,199 215,774
PROFIT/(LOSS) BEFORE TAXATION 90,362 (356,131 )

Tax on profit/(loss) 8 - -
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

90,362

(356,131

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

90,362

(356,131

)

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,693,898 1,805,230

CURRENT ASSETS
Stocks 10 1,339,808 1,483,435
Debtors 11 2,774,825 3,026,448
Cash at bank and in hand 1,480,256 1,278,024
5,594,889 5,787,907
CREDITORS
Amounts falling due within one year 12 13,031,840 13,426,552
NET CURRENT LIABILITIES (7,436,951 ) (7,638,645 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(5,743,053

)

(5,833,415

)

CAPITAL AND RESERVES
Called up share capital 15 3,436,404 3,436,404
Retained earnings 16 (9,179,457 ) (9,269,819 )
SHAREHOLDERS' FUNDS (5,743,053 ) (5,833,415 )

The financial statements were approved by the director and authorised for issue on 9 April 2025 and were signed by:





A Doutriaux - Director


PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 3,436,404 (8,913,688 ) (5,477,284 )

Changes in equity
Total comprehensive income - (356,131 ) (356,131 )
Balance at 30 September 2023 3,436,404 (9,269,819 ) (5,833,415 )

Changes in equity
Total comprehensive income - 90,362 90,362
Balance at 30 September 2024 3,436,404 (9,179,457 ) (5,743,053 )

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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


1. STATUTORY INFORMATION

Plastivaloire Northampton Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going concern
The company's business and activities, together with the factors likely to affect its future cash position are set out in the Strategic report. The financial position of the company, it's cash flows, liquidity position and borrowing facilities are also disclosed throughout the financial statements.

The company is currently trading within its available facilities but the director acknowledges its continued dependence on the loan facility from its parent undertaking in order to continue trading. It is the view of the director that the trading position of the parent will not lead to the demand of intra-group loans to be repaid and they are of the belief that future trading prospects are sound.

Based on these discussions and consideration of the projected trading results of the company, the director is of the opinion that the company will have adequate resources to continue in operational existence for the foreseeable future. For this reason the company continues to adopt the going concern basis in preparing the financial statements, therefore these financial statements do not include any adjustments that would arise if the going concern basis of preparation was not considered appropriate.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Significant judgements and estimates
The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed within the individual accounting policies below.

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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


2. ACCOUNTING POLICIES - continued

Turnover
The turnover shown in the profit and loss account represents amounts recognised as the risks and rewards of ownership of sale are transferred, which is deemed to be at the point of despatch to the customer.

Revenue in relation to tooling stock is matched against cost incurred to create the tooling. Revenue is calculated on the basis of costs incurred to date and expected costs to complete the asset. Where tooling development work has been substantially completed in the year but invoiced after the year end, the relevant profit is recognised during the year provided that the projected profit for the assignment is greater than that for the development work.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2.5% - 20% on cost
Plant and machinery - 10% - 20% on cost
Fixtures and fittings - 10% - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items of property, plant and equipment.

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The director is required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The director considers that the individual carrying values of assets are supportable by their value in use.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Financial instruments
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses.

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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


3. TURNOVER

The turnover and profit (2023 - loss) 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 14,444,696 16,001,174
14,444,696 16,001,174

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 14,330,744 15,843,015
Europe 113,952 158,159
14,444,696 16,001,174

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,622,604 3,436,370
Social security costs 362,659 344,738
Other pension costs 144,072 143,982
4,129,335 3,925,090

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

Production staff 85 88
Administration staff 23 23
108 111

2024 2023
£    £   
Directors' remuneration - -

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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


5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Other operating leases 404,874 376,772
Depreciation - owned assets 408,008 521,195
Profit on disposal of fixed assets (10,239 ) -
Auditors' remuneration 21,500 21,000
Foreign exchange differences (264,089 ) (113,370 )

6. EXCEPTIONAL ITEMS
2024 2023
£    £   
Repairs for fire damage (865,314 ) -
Insurance proceeds for fire
damage 865,314 -

The company suffered a fire at its main manufacturing premises during the year. The costs of repair were covered by insurance as stated above.

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest payable 85,751 68,644
Group interest payable 201,448 147,130
287,199 215,774

8. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 September 2024 nor for the year ended 30 September 2023.

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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


8. TAXATION - continued

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

2024 2023
£    £   
Profit/(loss) before tax 90,362 (356,131 )
Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of 19% (2023 - 19%)

17,169

(67,665

)

Effects of:
Expenses not deductible for tax purposes 413 285
Capital allowances in excess of depreciation (17,308 ) -
Depreciation in excess of capital allowances - 56,418
Utilisation of tax losses (274 ) -

Unrelieved tax losses - 11,472
Super deduction - (510 )
Total tax charge - -

Factors that may affect future tax charges

There is no tax charge in the year given the trading losses brought forward.

The company has unrelieved tax losses and other timing differences of approximately £14.6m (2023: £14.6m) available to offset against future trading profits. These amounts have not been recognised as a deferred tax asset at the balance sheet date.

9. TANGIBLE FIXED ASSETS
Freehold Assets in Plant and
property progress machinery
£    £    £   
COST
At 1 October 2023 2,321,512 37,022 6,366,455
Additions 7,659 50,017 19,979
Disposals - (10,743 ) (610,782 )
Reclassification/transfer - (69,196 ) 14,403
At 30 September 2024 2,329,171 7,100 5,790,055
DEPRECIATION
At 1 October 2023 1,658,562 - 5,391,593
Charge for year 59,170 - 278,942
Eliminated on disposal - - (548,128 )
At 30 September 2024 1,717,732 - 5,122,407
NET BOOK VALUE
At 30 September 2024 611,439 7,100 667,648
At 30 September 2023 662,950 37,022 974,862

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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


9. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2023 981,960 50,785 142,221 9,899,955
Additions 234,625 - 60,250 372,530
Disposals (113,782 ) - (19,021 ) (754,328 )
Reclassification/transfer 52,413 - 2,380 -
At 30 September 2024 1,155,216 50,785 185,830 9,518,157
DEPRECIATION
At 1 October 2023 862,992 45,696 135,882 8,094,725
Charge for year 58,793 5,089 6,014 408,008
Eliminated on disposal (111,325 ) - (19,021 ) (678,474 )
At 30 September 2024 810,460 50,785 122,875 7,824,259
NET BOOK VALUE
At 30 September 2024 344,756 - 62,955 1,693,898
At 30 September 2023 118,968 5,089 6,339 1,805,230

10. STOCKS
2024 2023
£    £   
Raw materials 853,575 967,803
Work-in-progress 298,268 369,764
Finished goods 187,965 145,868
1,339,808 1,483,435

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,720,130 2,275,312
Other debtors 215,181 66,723
Prepayments and accrued income 839,514 684,413
2,774,825 3,026,448

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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


12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,106,890 1,166,119
Amounts owed to group undertakings 10,508,662 9,925,860
Social security and other taxes 93,993 106,036
VAT 268,874 489,610
Other creditors 116,498 136,813
Amounts owed under debt
factoring agreement 309,778 910,286
Accruals and deferred income 627,145 691,828
13,031,840 13,426,552

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 149,430 313,905
Between one and five years 532,428 552,073
In more than five years 5,402,604 5,595,550
6,084,462 6,461,528

14. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Debt factoring agreement 309,778 910,286

The company has a debt factoring agreement with Natixis Factor. There is full recourse to the company for all invoices factored. Fees are payable by the company on a fixed percentage basis and interest is also charged by the factor.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,436,404 Ordinary £1 3,436,404 3,436,404

16. RESERVES
Retained
earnings
£   

At 1 October 2023 (9,269,819 )
Profit for the year 90,362
At 30 September 2024 (9,179,457 )

PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357)

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


17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £144,071 (2023: £143,982). Contributions totalling £22,844 (2023: £26,771) were payable to the fund at the balance sheet date and are included in creditors.

18. ULTIMATE PARENT COMPANY

The parent undertaking of the smallest and largest group within which the company belongs, and for which group financial statements are prepared, is Plastiques du Val de Loire.

The registered office of Plastiques du Val de Loire is Z. I. Nord, BP38, 37130 Langeais, France. Copies of the group financial statements can be obtained from this address.

19. 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.

20. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Plastiques du Val de Loire, a company registered in France.