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Registered number: 13483298










LONGACRE HAWK BIDCO LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
LONGACRE HAWK BIDCO LIMITED
 
 
COMPANY INFORMATION


Directors
D L Barrow 
J Moreton 
S O E Reid 
S E Schmidt-Chiari 




Registered number
13483298



Registered office
1 Mercer Street

London

WC2H 9QJ




Independent auditors
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditors

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
LONGACRE HAWK BIDCO LIMITED
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated statement of financial position
9
Company statement of financial position
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Notes to the financial statements
13 - 32


 
LONGACRE HAWK BIDCO LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024. 

Business review
 
The business acquired 100% of the shares of PolyBlend UK Ltd in March 2022.
PolyBlend UK is a long established and profitable manufacturer of liquid PVC and Acrylic Plastisol products with a wide and diverse customer base. 
PolyBlend also distributes speciality chemical products. Post-acquisition trading of PolyBlend has been in line with historical trends and management expectations. 

Principal risks and uncertainties
 
The management of the PolyBlend business and the execution of the company's strategy are subject to a number of risks. The key business risks affecting the company are considered to relate to competitors within the sector, exchange rate movements, and the quality and availability of raw materials. 

Financial key performance indicators
 
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 6 May 2025 and signed on its behalf.



S O E Reid
Director

Page 1

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

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

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

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

Principal activity

The company is an intermediate holding company.
The principal activity of the group is the manufacture and distribution of liquid polymers, polymer additives and resins.

Results and dividends

The profit for the year, after taxation, amounted to £201,885 (2023 - £197,538).

The directors do not recommend a dividend.

Directors

The directors who served during the year were:

D L Barrow 
J Moreton 
G E Nicholson (resigned 2 April 2025)
S O E Reid 
S E Schmidt-Chiari 

Page 2

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Future developments

The directors intend to develop the existing activities of the group.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsLangtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 6 May 2025 and signed on its behalf.
 





S O E Reid
Director

Page 3

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGACRE HAWK BIDCO LIMITED
 

Opinion


We have audited the financial statements of Longacre Hawk Bidco Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


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


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


Page 4

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGACRE HAWK BIDCO LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


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


Page 5

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGACRE HAWK BIDCO LIMITED (CONTINUED)


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 an Auditors' report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are: 
• to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and 
• to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Group and parent Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). 
• We understood how the Group and parent Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: enquiries of management; and journal entry testing, with a focus on manual consolidation journals and journals indicating large or unusual transactions based on our understanding of the business. 
• We assessed the susceptibility of the Group and parent Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.


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 Auditors' report.


Page 6

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONGACRE HAWK BIDCO LIMITED (CONTINUED)


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 2006Our 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 an Auditors' report 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 McCall (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditors
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

6 May 2025
Page 7

 
LONGACRE HAWK BIDCO LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,176,479
11,824,115

Cost of sales
  
(8,206,832)
(8,922,694)

Gross profit
  
2,969,647
2,901,421

Administrative expenses
  
(2,113,968)
(2,000,058)

Exceptional administrative expenses
  
-
125,000

Operating profit
 5 
855,679
1,026,363

Interest receivable and similar income
 9 
19,795
24,071

Interest payable and similar expenses
 10 
(707,570)
(691,879)

Profit before taxation
  
167,904
358,555

Tax on profit
 11 
33,981
(161,017)

Profit for the financial year
  
201,885
197,538

Profit for the year attributable to:
  

Owners of the parent Company
  
201,885
197,538

  
201,885
197,538

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 13 to 32 form part of these financial statements.

Page 8

 
LONGACRE HAWK BIDCO LIMITED
REGISTERED NUMBER: 13483298

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
5,320,444
5,628,876

Tangible assets
 14 
1,368,978
1,376,959

  
6,689,422
7,005,835

Current assets
  

Stocks
 16 
846,000
1,190,852

Debtors: amounts falling due within one year
 17 
1,477,905
1,478,543

Cash at bank and in hand
 18 
912,828
1,666,281

  
3,236,733
4,335,676

Creditors: amounts falling due within one year
 19 
(2,580,590)
(3,509,434)

Net current assets
  
 
 
656,143
 
 
826,242

Total assets less current liabilities
  
7,345,565
7,832,077

Creditors: amounts falling due after more than one year
 20 
(6,847,171)
(7,500,503)

Provisions for liabilities
  

Deferred taxation
 23 
(91,263)
(126,328)

  
 
 
(91,263)
 
 
(126,328)

Net assets
  
407,131
205,246


Capital and reserves
  

Called up share capital 
 24 
1,000
1,000

Profit and loss account
 25 
406,131
204,246

Equity attributable to owners of the parent Company
  
407,131
205,246


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2025.





S O E Reid
Director

The notes on pages 13 to 32 form part of these financial statements.

Page 9

 
LONGACRE HAWK BIDCO LIMITED
REGISTERED NUMBER: 13483298

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
11,138,132
11,138,132

  
11,138,132
11,138,132

Current assets
  

Debtors: amounts falling due after more than one year
 17 
39,397
24,133

Debtors: amounts falling due within one year
 17 
43,875
63,375

Cash at bank and in hand
 18 
7
7,914

  
83,279
95,422

Creditors: amounts falling due within one year
 19 
(3,546,539)
(3,211,493)

Net current liabilities
  
 
 
(3,463,260)
 
 
(3,116,071)

Total assets less current liabilities
  
7,674,872
8,022,061

  

Creditors: amounts falling due after more than one year
 20 
(6,359,666)
(6,969,666)

  

Net assets
  
1,315,206
1,052,395


Capital and reserves
  

Called up share capital 
 24 
1,000
1,000

Profit and loss account brought forward
  
1,051,395
426,155

Profit for the year
  
262,811
625,240

Profit and loss account carried forward
  
1,314,206
1,051,395

  
1,315,206
1,052,395


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2025.





S O E Reid
Director

The notes on pages 13 to 32 form part of these financial statements.

Page 10

 
LONGACRE HAWK BIDCO LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 29 January 2023
1,000
6,708
7,708


Comprehensive income for the year

Profit for the year
-
197,538
197,538


Total transactions with owners
-
-
-



At 1 January 2024
1,000
204,246
205,246


Comprehensive income for the year

Profit for the year
-
201,885
201,885
Total comprehensive income for the year
-
201,885
201,885


Total transactions with owners
-
-
-


At 31 December 2024
1,000
406,131
407,131


The notes on pages 13 to 32 form part of these financial statements.

Page 11

 
LONGACRE HAWK BIDCO LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 29 January 2023
1,000
426,155
427,155


Comprehensive income for the year

Profit for the year
-
625,240
625,240


Total transactions with owners
-
-
-



At 1 January 2024
1,000
1,051,395
1,052,395


Comprehensive income for the year

Profit for the year
-
262,811
262,811
Total comprehensive income for the year
-
262,811
262,811


Total transactions with owners
-
-
-


At 31 December 2024
1,000
1,314,206
1,315,206


The notes on pages 13 to 32 form part of these financial statements.

Page 12

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The entity is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales. The registered office is 1 Mercer Street, London, WC2H 9QJ and the company number is 13483298.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 29 June 2021.

 
2.3

Going concern

After reviewing the group's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

Page 13

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 14

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.

Page 15

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
20
years

 
2.13

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Short-term leasehold property
-
20%
straight line
Plant and machinery
-
10%
straight line
Motor vehicles
-
20%
straight line
Office equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 16

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 17

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Group's Statement of financial position when the Group 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Page 18

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.20
Financial instruments (continued)


Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made judgments in estimating useful lives of fixed assets, useful life of goodwill along with estimates for provision of slow moving stock and bad debts.


4.


Turnover

The whole of the turnover is attributable to the principal business activity.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,869,326
8,606,219

Rest of Europe
3,077,095
3,028,087

Rest of the world
230,058
189,809

11,176,479
11,824,115


Page 19

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
17,218
11,834

Other operating lease rentals
115,072
107,160


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
12,550
12,200

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 20

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2024
2023
£
£


Wages and salaries
1,299,157
1,277,275

Social security costs
141,115
140,589

Cost of defined contribution scheme
152,972
120,235

1,593,244
1,538,099


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
18
20



Administration
7
6



Directors
3
4

28
30

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL)

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
221,773
253,721

Group contributions to defined contribution pension schemes
46,200
29,200

267,973
282,921


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £94,405 (2023 - £125,422).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £42,200 (2023 - £25,200).

Page 21

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
19,795
24,071

19,795
24,071


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
372,486
378,548

Other loan interest payable
290,932
269,381

Mortgage interest payable
44,152
43,950

707,570
691,879


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
142,169
140,981

Adjustments in respect of previous periods
(141,085)
7,750


1,084
148,731


Total current tax
1,084
148,731

Deferred tax


Origination and reversal of timing differences
(18,948)
22,286

Adjustments in respect of previous periods
(16,117)
(10,000)

Total deferred tax
(35,065)
12,286


(33,981)
161,017
Page 22

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
167,903
358,555


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
41,976
84,332

Effects of:


Non-tax deductible amortisation of goodwill and impairment
77,108
72,543

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
389
714

Fixed asset differences
7,090
4,356

Adjustments to tax charge in respect of prior periods
-
7,750

Adjustments to deferred tax charge in respect of prior periods
(157,202)
(10,000)

Other differences leading to an increase (decrease) in the tax charge
(3,342)
-

Group relief
-
(125)

Remeasurement of deferred taxation
-
1,447

Total tax charge for the year
(33,981)
161,017


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Exceptional items

2024
2023
£
£


Sale of IP rights
-
125,000

Page 23

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2024
6,183,334



At 31 December 2024

6,183,334



Amortisation


At 1 January 2024
554,458


Charge for the year on owned assets
308,432



At 31 December 2024

862,890



Net book value



At 31 December 2024
5,320,444



At 31 December 2023
5,628,876



Page 24

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,074,783
773,026
3,600
198,268
2,049,677


Additions
-
64,766
13,995
5,299
84,060



At 31 December 2024

1,074,783
837,792
17,595
203,567
2,133,737



Depreciation


At 1 January 2024
98,163
428,931
3,600
142,024
672,718


Charge for the year on owned assets
13,360
60,009
2,799
15,873
92,041



At 31 December 2024

111,523
488,940
6,399
157,897
764,759



Net book value



At 31 December 2024
963,260
348,852
11,196
45,670
1,368,978



At 31 December 2023
976,620
344,095
-
56,244
1,376,959

Included in freehold property is freehold land at a cost of £485,648 which is not depreciated.

Page 25

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
11,138,132



At 31 December 2024
11,138,132





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Polyblend UK Limited
England and Wales
Ordinary
100%


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
846,000
1,190,852

846,000
1,190,852


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 26

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Deferred tax asset
-
-
39,397
24,133

-
-
39,397
24,133


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
1,283,773
1,245,103
-
-

Other debtors
76,645
57,101
-
-

Prepayments and accrued income
117,487
176,339
43,875
63,375

1,477,905
1,478,543
43,875
63,375



18.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
912,828
1,666,281
7
7,914

912,828
1,666,281
7
7,914


Page 27

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
653,332
584,332
610,000
541,000

Trade creditors
631,743
554,050
-
-

Amounts owed to group undertakings
-
-
2,185,627
877,179

Corporation tax
73,670
57,321
-
-

Other taxation and social security
197,836
222,664
-
-

Other creditors
84,140
1,392,889
-
1,333,334

Accruals and deferred income
939,869
698,178
750,912
459,980

2,580,590
3,509,434
3,546,539
3,211,493


Bank loans are secured by way of a fixed and floating charge over all assets of the company.
Accruals and deferred income of £750,911 (2023 - £459,980) are secured by way of a fixed and floating charge over all assets of the company.


20.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
3,670,505
4,323,837
3,183,000
3,793,000

Other loans
3,176,666
3,176,666
3,176,666
3,176,666

6,847,171
7,500,503
6,359,666
6,969,666


Bank loans are secured by way of a fixed and floating charge over all assets of the company.
Other loans are secured by way of a fixed and floating charge over all assets of the company.



Page 28

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Amounts falling due within one year

Bank loans
653,332
584,332
610,000
541,000


653,332
584,332
610,000
541,000

Amounts falling due 1-2 years

Bank loans
655,332
653,332
612,000
610,000


655,332
653,332
612,000
610,000

Amounts falling due 2-5 years

Bank loans
3,015,173
3,670,505
2,571,000
3,183,000

Other loans
3,176,666
3,176,666
3,176,666
3,176,666


6,191,839
6,847,171
5,747,666
6,359,666


7,500,503
8,084,835
6,969,666
7,510,666


Page 29

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

22.


Financial instruments

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
912,828
1,666,281
7
7,914

Financial assets that are debt instruments measured at amortised cost
1,360,416
1,302,204
-
-

2,273,244
2,968,485
7
7,914


Financial liabilities

Financial liabilities measured at amortised cost
(9,154,975)
(10,727,753)
(7,720,577)
(9,303,980)


Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprise of trade and other debtors.


Financial liabilities measured at amortised cost comprises of accruals, trade and other creditors and bank loans.


23.


Deferred taxation


Group



2024


£






At beginning of year
(126,328)


Charged to profit or loss
35,065



At end of year
(91,263)

Page 30

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
23.Deferred taxation (continued)

Company


2024


£






At beginning of year
24,133


Charged to profit or loss
15,264



At end of year
39,397

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(85,182)
(85,747)
-
-

Revaluation of freehold land and buildings
(45,798)
(65,256)
-
-

Short term timing differences
39,717
24,675
39,397
24,133

(91,263)
(126,328)
39,397
24,133


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £0.10 each
1,000
1,000



25.


Reserves

Profit and loss account

The profit and loss account includes all previous profits and losses, less dividends paid.


26.


Pension commitments

The Group makes contributions to defined contribution (money purchase) personal pension schemes for its directors and employees. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group  to the funds and amounted to £152,972 (2023 - £120,235). Contributions totalling £1,282 (2023 - £2,199) were payable to the funds at the reporting date and are included in creditors.

Page 31

 
LONGACRE HAWK BIDCO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
90,181
82,103

Later than 1 year and not later than 5 years
189,876
181,342

280,057
263,445


28.


Related party transactions


2024
2023
£
£

Amounts owed from Dycem Limited
93,489
91,920
Sales to Dycem Limited
523,382
452,410
Sale of IP Rights to Dycem Limited
-
125,000

Dycem Limited is a company under common control.
The company has taken advantage of the exemption conferred under FRS102 not to disclose transactions with other 100% group companies


29.


Controlling party

The company is a subsidiary of Longacre Group Holdings Limited.
The controlling parties are I H Abrahams, S E Schmidt-Chiari and G E Nicholson.

 
Page 32