REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
FOR |
PLASTIVALOIRE NORTHAMPTON LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Certified Accountants |
Statutory Auditor |
Eagle House |
28 Billing Road |
Northampton |
Northamptonshire |
NN1 5AJ |
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: |
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: |
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: |
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. |
for and on behalf of |
Chartered Certified Accountants |
Statutory Auditor |
Eagle House |
28 Billing Road |
Northampton |
Northamptonshire |
NN1 5AJ |
PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
5,339,218 | 5,367,153 |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
PLASTIVALOIRE NORTHAMPTON LIMITED (REGISTERED NUMBER: 03385357) |
STATEMENT OF FINANCIAL POSITION |
30 SEPTEMBER 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 15 |
Retained earnings | 16 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the director and authorised for issue on |
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 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2023 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - |
Balance at 30 September 2024 | ( |
) | ( |
) |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
£ | £ |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Production staff | 85 | 88 |
Administration staff | 23 | 23 |
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 |
Depreciation - owned assets |
Profit on disposal of fixed assets | ( |
) |
Auditors' remuneration |
Foreign exchange differences | ( |
) | ( |
) |
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 |
Group interest payable |
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 | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
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 |
Additions |
Disposals | ( |
) | ( |
) |
Reclassification/transfer | ( |
) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
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 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
10. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials |
Work-in-progress |
Finished goods |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
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 |
Amounts owed to group undertakings |
Social security and other taxes |
VAT |
Other creditors |
Amounts owed under debt |
factoring agreement |
Accruals and deferred income |
13. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
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: | £ | £ |
Ordinary | £1 | 3,436,404 | 3,436,404 |
16. | RESERVES |
Retained |
earnings |
£ |
At 1 October 2023 | ( |
) |
Profit for the year |
At 30 September 2024 | ( |
) |
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. |