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Dugdale Compounds Limited

Registered number: 08699993
Annual report and
 consolidated financial statements
For the year ended 31 December 2024

 
DUGDALE COMPOUNDS LIMITED
 
 
COMPANY INFORMATION


Directors
D A Outen 
L Mertens 
L Cooke 




Registered number
08699993



Registered office
Valley Mill

Sowerby Bridge

West Yorkshire

HX6 2AA




Independent auditor
Forvis Mazars LLP
Chartered Accountants & Statutory Auditor

5th Floor

3 Wellington Place

Leeds

LS1 4AP





 
DUGDALE COMPOUNDS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 4
Directors' Report
 
5 - 7
Independent Auditor's Report
 
8 - 11
Consolidated Statement of Comprehensive Income
 
12
Consolidated Statement of Financial Position
 
13
Company Statement of Financial Position
 
14
Consolidated Statement of Changes in Equity
 
15
Company Statement of Changes in Equity
 
16
Consolidated Statement of Cash Flows
 
17 - 18
Notes to the Financial Statements
 
19 - 40


 
DUGDALE COMPOUNDS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The principal activity of the Company is that of a holding company. 
The principal activity of the Group continued to be the manufacture and sale of PVC compounds.

Business model

The Group manufactures and sells PVC compounds and powder blends for both the injection moulding and extrusion sector throughout the United Kingdom and overseas. These users cover a wide spectrum of industries including construction, footwear and leisure.
The business strives to provide the highest level of service to all its customers and long term relationship with both our customers and suppliers are essential to us.
The Group always looks to create added value for our customers by selling high quality PVC compounds aligned with the necessary technical knowledge.

Business review
 
The Group has achieved an encouraging profitable result for the year to 31 December 2024.
Consolidated operating profit increased to £5,000,206 from £4,917,289 in the previous year. The current year sales were driven by higher sales volumes, with consumer spend on PVC end products increasing demand.

Principal risks and uncertainties
 
The principal risks and uncertainties affecting the business include the following:
Raw material availability and prices: The Group is subject to the effects of global oil and commodity pricing. Close management of all key raw material inputs and pricing of finished is an essential function of our daily operations.
Environmental risks: The Group continues to improve its recycling and maintains its compliance with environmental legislation. 
Debtors: The Group maintains strong relationships with each of its key customers and has established credit control parameters. Appropriate credit terms are agreed with all customers and these are closely managed. In addition, the Company remains a member of the Group Credit Committee, which meets monthly.
The effect of legislation of other regulatory activities: The Group monitors forthcoming and current legislation continuously. All appropriate measures are taken to protect the Group's intellectual property rights and to minimise the risk of infringement of third party rights.

Key areas of strategic development and performance of the business include:
Sales and Marketing: New and replacement business is being won continually; new markets have been developed in line with the Group's strategy, key customer relationships are monitored and fostered on a regular basis.
Health and safety: The Group continues to seek ways of ensuring that a safe and healthy working environment is progressively improved.
Environment: Consent limits continue to be met, new methods of achieving greater environmental effectiveness are continually being examined. 
Competitive advantage: The Group focuses on areas where it has a competitive advantage including service and product range, which places it well it terms of superior long term income/cash flow growth potential.
- 1 -

 
DUGDALE COMPOUNDS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

The Group continues to offset the risk of competitive pressure through continual improvements in its customer service quality and delivery times.
To provide certainty of supply the Group sources major raw materials from multiple suppliers worldwide whenever possible. The Group's business may be affected by fluctuations in the price of key raw materials, although purchasing policies and practices seek to mitigate, where practical, such risks.

Financial key performance indicators

The Board uses many performance indicators to monitor performance. The key indicators which are considered paramount to the operation of the business are return on capital, current ratio, stock turnover and sales per employee. These performance indicators are reviewed in detail on a monthly basis and variances investigated.

Financial
2024
2023
Measure




Return on capital
32%
38%
Profit before tax / net assets
Current ratio
2.02
2.61
Current assets: current liabilities
Stock turnover
13.97
14.94
Turnover / stock
Sales per employee (£000)
341
364
Turnover / average number of employees


- 2 -

 
DUGDALE COMPOUNDS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Section 172 (1) Statement
 
The board of directors of Dugdale Compounds Limited consider that both individually and together for the year ended 31 December 2024 they have acted in the way they consider, in good faith, would be the most likely to promote the success of the Group for the benefit of its members as a whole and having regard to the matters set out in s17 (1)(a-f) as below:
a) The likely consequences of any decision in the long term;
b) The interests of the Group’s employees;
c) The need to foster the Group’s business relationships with suppliers, customers and others;
d) The impact of the Group’s operations on the community and the environment;
e) The desirability of the Group maintaining a reputation for high standards of business conduct; and
f) The need to act fairly between members of the Group.
The directors make decisions by taking their legal duty into account and also the priorities and requirements of the stakeholders. The following paragraphs summarise how the Directors fulfil their duty to promote the success of the Company. 
a) The likely consequences of any decision in the long term;
The directors take cognizance to the likely consequences of their decisions on the long term objectives and sustainability of the Company, its stakeholders and the community, whilst also preserving its values and culture. Costs and Investments alike are all considered or their impact on liquidity, for future investment and without prejudicing the position of other creditors. We are a business built on our standards and reputation and would not take a decision which would have a detrimental impact on this whether in the short term or the long term. We are dedicated to ensuring we maintain our culture whilst achieving our purpose.
b) The interests of the Group’s employees
Our employees are key so it is critical that they have the right attitude and the drive to create ideas and set high standards. The Core Values are communicated and all employees are encouraged to challenge each other supportively in maintaining them. Open and effective communication across the business is seen as key. 
c) The need to foster the Group’s business relationships with suppliers, customers and others
A Win Win mentality is a key factor in building and maintaining strong and mutually beneficial business relationships, both internally and externally.
d) The impact of the Group’s operations on the community and the environment
We are proud to be part of the local and wider communities.  It is our aim to create opportunities to recruit and develop local people and to understand the local issues that are important to the community and what we can do to support it, which includes local involvement in World Earth Day.  
 
- 3 -

 
DUGDALE COMPOUNDS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

e) The desirability of the Group maintaining a reputation for high standards of business conduct
All new employees undergo a full Induction programme, are provided with a New Starter Pack which documents our history, standards, equal opportunities and training programme (amongst other things). All employees have easy access to our Operating Procedures and Codes of Conduct and understand the requirement for them to comply with the Group’s high standards of business conduct at all times. Any issues of non-compliance with any of our policies can be dealt with in confidence.
f) The need to act fairly between members of the Group
The Group aims to act with integrity and courtesy in all its business relationships and will consider all members and stakeholders when making decisions for the overall good of the Group.
Future developments 
The Company plans to continue with its existing strategy for 2025. New grades will continue to be developed during the year, alongside additional BENVIC products, to add to the current product portfolio and investments in customer and staff training will be made to enhance our already strong customer support service.


This report was approved by the board on 31 March 2025 and signed on its behalf.



L Cooke
Director

- 4 -

 
DUGDALE COMPOUNDS 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 Group and Parent Company 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 Parent Company and of the profit or loss of the Group for that period.

 In preparing each of the Group and parent Company financial statements, the directors are required to:


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

make judgements 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 Parent Company 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 Parent Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £3,626,639 (2023 - £3,474,938).

During the year the Group has declared dividends totaling £Nil (2023 - £Nil). 

Directors

The Directors who served during the year were:

D A Outen 
M F Gasso (resigned 3 December 2024)
L Mertens 
L Cooke 

- 5 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Going concern

These consolidated financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:
The directors have prepared forecasts for a period in excess of 12 months from the date of approval of these financial statements which indicate that the Group will have sufficient funds, through its cash balances and available invoice financing facility to meet its liabilities as they fall due for that period.
The directors are not aware of any material uncertainties surrounding the ongoing trade of the business and post year end trading has been pleasing. Consequently the Directors have prepared the financial statements on a going concern basis.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group is required to report the emissions and energy consumption for the year ended 31 December 2024. Following the location based methodology the Company’s UK consumption is as follows: 

Utility and scope
2024 UK Consumption (MWh)
2023 UK Consumption (MWh)
Scope 1 Direct emissions
5,640.00
0
Scope 2 Indirect emissions
0
5,826.07
Scope 3
0
0
Total
5,640.00
5,826.07


Utility and scope
2024 UK Consumption (tCO2e)
2023 UK Consumption (tCO2e)
Scope 1 Direct emissions
0
0
Scope 2 Indirect emissions
0
0
Scope 3
133,803
100,454
Total
133,803
100,454


Intensity Metric
2024 UK Intensity Metric
2023 UK Intensity Metric
Tco2e/£m revenue
3,521
2,743
Tco2e/FTE
1,195
858


Scope 3 sources account for 100% (2023: 100%) of the emissions during the year with a total of 133,803 tCO2 (2023: 100,454 tCO2) emitted. The intensity metrics chosen to monitor emissions are emissions in tonnes per £1,000,000 of revenue generated and per full time equivalent. Energy efficiency actions taken by the Group during the year include, refurbishment of LEV systems to maximise efficiency and reduction of energy usage, programme of LED replacement lighting and electricity usage monitoring equipment installed on each manufacturing line for evaluation purposes and improvement activities.

Matters covered in the Group Strategic Report

Certain information not shown in the Directors' Report is shown in the Strategic Report instead in accordance with Section 414C(11) of the Companies Act 2006. This includes a business review, principal risks and uncertainties and future developments.

- 6 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditor

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

the Directors have taken all the steps that ought to have been taken as Directors in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Auditor

The auditor, Forvis Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 31 March 2025 and signed on its behalf.
 




L Cooke
Director

- 7 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUGDALE COMPOUNDS LIMITED
 

Opinion

We have audited the financial statements of Dugdale Compounds 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 and Company Statements of Financial Position, the Consolidated and Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows 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 FRS 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 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 Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and the Parent Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
- 8 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUGDALE COMPOUNDS LIMITED
 

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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the 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 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 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.

- 9 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUGDALE COMPOUNDS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 5, 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 intend either to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor’s 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 financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
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. 

Based on our understanding of the Group and the Parent Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements:  UK tax legislation and environmental legislation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Group and the Parent Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Group and the Parent Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation and the Companies Act 2006. 
- 10 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUGDALE COMPOUNDS LIMITED
 

In addition, we evaluated the directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to stock provisions, revenue recognition (which we pinpointed to the cut-off assertion), and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

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 auditor’s report.

Use of the audit 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 an auditor's 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.




Christopher Hudson (Senior Statutory Auditor)

  
for and on behalf of

Forvis Mazars LLP
Chartered Accountants and Statutory Auditor 
5th Floor
3 Wellington Place
Leeds
LS1 4AP

31 March 2025
- 11 -

 
DUGDALE COMPOUNDS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
38,212,104
42,548,318

Cost of sales
  
(31,032,469)
(35,412,299)

Gross profit
  
7,179,635
7,136,019

Distribution costs
  
(1,200,226)
(1,355,805)

Administrative expenses
  
(1,045,063)
(943,458)

Other operating income
 5 
65,860
80,533

Operating profit
 6 
5,000,206
4,917,289

Interest receivable and similar income
 10 
191,313
78,474

Interest payable and similar expenses
 11 
(243,409)
(360,909)

Profit before taxation
  
4,948,110
4,634,854

Tax on profit
 12 
(1,321,471)
(1,159,916)

Profit for the financial year
  
3,626,639
3,474,938

  

  

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 19 to 40 form part of these financial statements.

- 12 -

 
DUGDALE COMPOUNDS LIMITED
REGISTERED NUMBER: 08699993

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
378,052
418,939

Tangible assets
 14 
5,849,532
6,303,552

  
6,227,584
6,722,491

Current assets
  

Stocks
 16 
2,734,499
2,847,577

Debtors: amounts falling due within one year
 17 
12,231,439
9,977,826

Cash at bank and in hand
 18 
5,713,185
6,826,307

  
20,679,123
19,651,710

Creditors: amounts falling due within one year
 19 
(10,213,728)
(7,514,386)

Net current assets
  
 
 
10,465,395
 
 
12,137,324

Total assets less current liabilities
  
16,692,979
18,859,815

Creditors: amounts falling due after more than one year
 20 
-
(5,736,060)

Provisions for liabilities
  

Deferred taxation
 21 
(958,451)
(966,366)

Other provisions
 22 
(50,120)
(99,620)

  
 
 
(1,008,571)
 
 
(1,065,986)

Net assets
  
15,684,408
12,057,769


Capital and reserves
  

Called up share capital 
 23 
222,784
222,784

Capital redemption reserve
 24 
95,479
95,479

Profit and loss account
 24 
15,366,145
11,739,506

  
15,684,408
12,057,769


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2025.

L Cooke
Director

The notes on pages 19 to 40 form part of these financial statements.

- 13 -

 
DUGDALE COMPOUNDS LIMITED
REGISTERED NUMBER: 08699993

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
4,462,235
4,462,235

Current assets
  

Debtors: amounts falling due within one year
 17 
771,014
833,082

Cash at bank and in hand
 18 
49
-

  
771,063
833,082

Creditors: amounts falling due within one year
 19 
(2,891,127)
(96,767)

Net current (liabilities)/assets
  
 
 
(2,120,064)
 
 
736,315

Total assets less current liabilities
  
2,342,171
5,198,550

  

Creditors: amounts falling due after more than one year
 20 
-
(5,736,060)

  

Net assets/(liabilities)
  
2,342,171
(537,510)


Capital and reserves
  

Called up share capital 
 23 
222,784
222,784

Capital redemption reserve
 24 
95,479
95,479

Profit and loss account
 24 
2,023,908
(855,773)

  
2,342,171
(537,510)


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 profit after tax of the Parent Company for the year was £2,879,681 (2023 - loss of £246,560).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 March 2025.


L Cooke
Director

The notes on pages 19 to 40 form part of these financial statements.

- 14 -

 
DUGDALE COMPOUNDS LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
222,784
95,479
8,264,568
8,582,831


Comprehensive income for the year

Profit for the year
-
-
3,474,938
3,474,938
Total comprehensive income for the year
-
-
3,474,938
3,474,938



At 1 January 2024
222,784
95,479
11,739,506
12,057,769


Comprehensive income for the year

Profit for the year
-
-
3,626,639
3,626,639
Total comprehensive income for the year
-
-
3,626,639
3,626,639


At 31 December 2024
222,784
95,479
15,366,145
15,684,408


The notes on pages 19 to 40 form part of these financial statements.

- 15 -

 
DUGDALE COMPOUNDS LIMITED
 

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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
222,784
95,479
(609,213)
(290,950)


Comprehensive expense for the year

Loss for the year
-
-
(246,560)
(246,560)
Total comprehensive expense for the year
-
-
(246,560)
(246,560)



At 1 January 2024
222,784
95,479
(855,773)
(537,510)


Comprehensive expense for the year

Profit for the year
-
-
2,879,681
2,879,681
Total comprehensive expense for the year
-
-
2,879,681
2,879,681


At 31 December 2024
222,784
95,479
2,023,908
2,342,171


The notes on pages 19 to 40 form part of these financial statements.

- 16 -

 
DUGDALE COMPOUNDS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,626,639
3,474,938

Adjustments for:

Amortisation of intangible assets
40,887
40,887

Depreciation of tangible assets
944,155
935,873

Government grants including RDEC income
(65,860)
(80,533)

Interest paid
243,409
360,909

Interest received
(191,313)
(78,474)

Taxation charge
1,321,471
1,159,916

Decrease in stocks
113,078
1,556,944

(Increase)/decrease in debtors
(1,253,613)
1,676,456

(Decrease)/increase in creditors
(159,119)
229,744

(Decrease) in provisions
(49,500)
(13,041)

Corporation tax (paid)
(1,212,096)
(681,021)

Net cash generated from operating activities

3,358,138
8,582,598


Cash flows from investing activities

Purchase of tangible fixed assets
(490,135)
(382,465)

Group interest received
191,313
78,474

Loan issued to group company
(1,000,000)
(2,000,000)

Net cash used in investing activities

(1,298,822)
(2,303,991)
- 17 -

 
DUGDALE COMPOUNDS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024


2024
2023

£
£



Cash flows from financing activities

Interest paid
(243,409)
(360,909)

(Decrease) in amounts owed to groups
(2,944,920)
(117,678)

Net cash used in financing activities
(3,188,329)
(478,587)

Net (decrease)/increase in cash and cash equivalents
(1,129,013)
5,800,020

Cash and cash equivalents at beginning of year
6,826,307
1,026,287

Cash and cash equivalents at the end of year
5,697,294
6,826,307


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
5,713,185
6,826,307

Financing facility
(15,891)
-

5,697,294
6,826,307


- 18 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Dugdale Compounds Limited ("the Company") is a private company, limited by shares, and incorporated  in England and Wales. The registered number is 08699993.
The registered office and principal place of business is Valley Mill, Sowerby Bridge, West Yorkshire, HX6 2AA.
The principal activity of the Group continued to be the manufacture and sale of PVC compounds. The principal activity of the Company is a holding company. 
These financial statements have been prepared in pound sterling which is the functional currency of the Group, and rounded to the nearest whole pound.

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 judgement 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.

- 19 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

Going concern

These consolidated financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons:
The directors have prepared forecasts for a period in excess of 12 months from the date of approval of these financial statements which indicate that the Company and the Group will have sufficient funds, through their cash balances and available invoice discounting facility to meet their liabilities as they fall due for that period.
The directors are not aware of any material uncertainties surrounding the ongoing trade of the business and post year end trading has been pleasing. Consequently the Directors have prepared the financial statements on a going concern basis. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

- 20 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
2.6

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.

 
2.7

Interest income

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

 
2.8

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.

  
2.9

Borrowing costs

All borrowing costs are recognised in Consolidated Statement of Comprehensive Income in the year in which they are incurred.

- 21 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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 which is considered to be 20 years.

- 22 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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.

Depreciation 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
-
20 years
Plant & machinery
-
4 - 10 years
Fixtures & fittings
-
10 years

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

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.


 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

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.

- 23 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.19

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.

 
2.20

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.

- 24 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.21

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 receivables, cash and bank balances, are initially measured at their transaction price including transaction costs 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 receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

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.

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 payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

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

- 25 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.21
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables 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.

- 26 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Critical judgements in applying the Company’s accounting policies
In applying the Group's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future periods, if the revision affects both current and future periods.
Judgements applied: 
(i) Determining residual values and useful economic lives of tangible assets
Judgement is applied when determining the residual values of fixed assets. When determining the residual value, the directors have assessed the amount that the Company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful life. Where possible this is done with reference to external market prices.
(ii) Stock provision
The Group makes provision for slow moving and obsolete stock. A fixed percentage write down is applied to stock when it reaches 6 months old, and a further write down is made when the stock is 12 months old. Specific provisions are also made for other stock lines as considered necessary by the business.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
37,233,940
41,677,593

Rest of Europe
664,233
520,696

Rest of the world
313,931
350,029

38,212,104
42,548,318


The whole of the turnover in the year relates to manufacture and sale of PVC compounds.

- 27 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Research and Development Expenditure Credit (RDEC)
65,860
80,533



6.


Operating profit

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

2024
2023
£
£

Exchange differences
(123,090)
(114,349)

Operating leases: land and buildings
130,221
130,169

Depreciation charge in respect of owned assets
944,155
935,873

Amortisation of goodwill
40,887
40,887


7.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements

60,500
59,250

Fees payable to the Company's auditor in respect of:

Taxation compliance services
7,500
7,250

All other services
11,845
11,730

- 28 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

8.


Employees

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


Group
Group
2024
2023
£
£


Wages and salaries
4,842,416
4,988,830

Social security costs
544,267
526,831

Cost of defined contribution scheme
184,382
110,644

5,571,065
5,626,305

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


        2024
        2023
            No.
            No.







Production
74
81



Distribution and administration
38
36

112
117

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
379,378
441,327

Group contributions to defined contribution pension schemes
13,503
11,575

392,881
452,902


During the year retirement benefits were accruing to 1 Director (2023 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £222,393 (2023 - £271,372).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £NIL (2023 - £NIL).

- 29 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable from group companies
161,313
78,474

Other interest receivable
30,000
-

191,313
78,474


11.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
243,409
360,909


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,328,234
1,206,818

Adjustments in respect of previous periods
1,152
2,394


Total current tax
1,329,386
1,209,212

Deferred tax


Origination and reversal of timing differences
(9,948)
(41,475)

Adjustment in respect of previous periods
2,033
(7,821)

Total deferred tax
(7,915)
(49,296)


Tax on profit
1,321,471
1,159,916

All current tax relates to UK corporation tax and to items recognised in the profit and loss account.

- 30 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
12.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 - 23.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,948,110
4,634,854


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)
1,237,028
1,089,191

Effects of:


Non-tax deductible amortisation of goodwill and impairment
10,222
9,608

Expenses not deductible for tax purposes
12,488
8,702

Fixed asset differences
62,105
60,296

Adjustments to tax charge in respect to prior periods - corporation tax
1,152
2,394

Adjustments to tax charge in respect to prior periods - deferred tax
2,033
(7,821)

Remeasurement of deferred tax for changes in tax rates
-
(2,454)

Other differences leading to a decrease in the tax charge
(3,557)
-

Total tax charge for the year
1,321,471
1,159,916


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

- 31 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

13.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2024
817,736



At 31 December 2024

817,736



Amortisation


At 1 January 2024
398,797


Charge for the year
40,887



At 31 December 2024

439,684



Net book value



At 31 December 2024
378,052



At 31 December 2023
418,939

On 8 April 2014 the Company acquired all of the ordinary shares of Benvic Dugdale Limited. The resulting goodwill of £817,736 was capitalised and will be written off over 20 years. The reason for selecting that period is that the directors feel that this is an appropriate period over which the acquisition will add value to the business.



- 32 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets

Group






Freehold property
Plant & machinery
Fixtures & fittings
Total

£
£
£
£



Cost


At 1 January 2024
1,827,367
10,307,277
523,077
12,657,721


Additions
-
41,023
449,112
490,135



At 31 December 2024

1,827,367
10,348,300
972,189
13,147,856



Depreciation


At 1 January 2024
77,212
6,167,438
109,519
6,354,169


Charge for the year
26,368
492,342
425,445
944,155



At 31 December 2024

103,580
6,659,780
534,964
7,298,324



Net book value



At 31 December 2024
1,723,787
3,688,520
437,225
5,849,532



At 31 December 2023
1,750,155
4,139,839
413,558
6,303,552

- 33 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2024
4,462,235



At 31 December 2024
4,462,235






Net book value



At 31 December 2024
4,462,235



At 31 December 2023
4,462,235


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Benvic Dugdale Limited (formerly Dugdale Limited)
Valley Mill, Sowerby Bridge, West Yorkshire, HX6 2AA
Manufacture and sale of PVC compounds
Ordinary
100%


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
1,986,552
2,128,968

Finished goods and goods for resale
747,947
718,609

2,734,499
2,847,577


There is no material difference between the replacement cost of stock and the amounts stated above.

- 34 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Debtors

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


Trade debtors
8,949,599
7,676,842
-
-

Amounts owed by group undertakings
3,000,000
2,000,000
765,935
828,005

Other debtors
92,445
179,185
-
-

Prepayments and accrued income
189,395
121,799
5,079
5,077

12,231,439
9,977,826
771,014
833,082


Company:
Included in amounts owed to group undertakings is £765,935 (2023: £828,005) which is unsecured, interest-free, repayable on demand and has no fixed repayment date.
Group:
Included in amounts owed to group undertakings is £3,000,000 (2023: £2,000,000) which is unsecured, repayable on demand and has no fixed repayment date. Interest is payable on this amount at SONIA plus 2.3%.


18.


Cash and cash equivalents

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

Cash at bank and in hand
5,713,185
6,826,307
49
-

Less: financing facility
(15,891)
-
-
-

5,697,294
6,826,307
49
-


- 35 -

 
DUGDALE COMPOUNDS 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
£
£
£
£

Financing facility
15,891
-
-
-

Trade creditors
3,848,304
4,777,170
-
-

Amounts owed to group undertakings
2,791,140
-
2,791,140
-

Corporation tax
408,611
357,181
-
-

Other taxation and social security
712,841
509,907
-
-

Accruals and deferred income
2,436,941
1,870,128
99,987
96,767

10,213,728
7,514,386
2,891,127
96,767


A fixed and floating charge over the Group's assets existed in favour of Barclays Bank PLC at the year end.
The Group obtains working capital through a financing facility with Barclays Bank PLC. Under the terms of the financing arrangement the Group may draw down funds up to a maximum value which is a fixed proportion of its eligible trade debtors. Interest is charged on the funds drawn from the facility at 1.85% above Base Rate.
Amounts owed to group undertakings are repayable on 30th June 2025. Interest is charged on amounts at 3 months Euribor rate + 2.8%.


20.


Creditors: Amounts falling due after more than one year

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

Amounts owed to group undertakings
-
5,736,060
-
5,736,060


Amounts owed to group undertakings are repayable on 30th June 2025. Interest is charged on amounts at 3 months Euribor rate + 2.8%.



- 36 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(966,366)
(1,015,662)


Charged to profit or loss
7,915
49,296



At end of year
(958,451)
(966,366)

The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(958,451)
(974,784)

Short term timing differences
-
8,418

(958,451)
(966,366)


22.


Provisions


Group



Land remediation provision

£





At 1 January 2024
99,620


Utilised in year
(49,500)



At 31 December 2024
50,120

The Group commenced the remediation of land at its principal trading premises in the year in line with the wider group's environmental policy. Costs of £49,500 (2023: £103,041) were incurred during the year and the Directors are satisfied that the remaining provision will adequately cover the remaining work required.
The remaining provision is expected to be fully utilised within 2025.

- 37 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



222,784 (2023 - 222,784) A Ordinary shares of £1.00 each
222,784
222,784



24.


Reserves

Capital redemption reserve

This represents a reserve for amounts recognised following the purchase of the Company's own shares.

Profit & loss account

The profit and loss account represent the cumulative profits and losses of the Company.

25.


Analysis of net debt




At 1 January 2024
Cash flows
At 31 December 2024
£

£

£

Cash at bank and in hand

6,826,307

(1,113,122)

5,713,185

Financing facility

-

(15,891)

(15,891)

Loan from ultimate parent

(5,736,060)

2,944,920

(2,791,140)


1,090,247
1,815,907
2,906,154


26.


Contingent liabilities

At the balance sheet date the Group had an outstanding Duty Deferment guarantee of £120,000 (2023 - £120,000). There are no uncertainties in relation to the value of this guarantee.


27.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £184,382 (2023 - £110,644). Contributions totaling £Nil (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.

- 38 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


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
£
£

Plant and machinery

Not later than 1 year
95,252
106,058

Later than 1 year and not later than 5 years
162,204
220,367

257,456
326,425


Group
Group
2024
2023
£
£

Land and buildings

Not later than 1 year
119,000
119,000

Later than 1 year and not later than 5 years
112,583
231,583

231,583
350,583

- 39 -

 
DUGDALE COMPOUNDS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

29.


Related party transactions

The Company has taken advantage of the exemption available in section 33 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" related party disclosures from the requirements to disclose transactions with wholly owned group companies.
During the year the Group made trade related sales and purchases from its immediate parent company Benvic Group S.A.S, and other group companies. Benvic Group S.A.S is the Company's immediate parent undertaking.
Sales to group companies during the year amounted to £313,075 (2023 - £39,159).
Purchases from group companies during the year amounted to £6,884,606 (2023 - £3,894,889).
At the balance sheet date the trading balances due to related parties totaled £1,767,687 (2023 - £876,182), £317,233 was due from related parties (2023: £69,833). There are no guarantees or bad debt provision against these amounts. All amounts relate to trading balances hence are interest free and unsecured.
At the balance sheet date the amount owed to Benvic Group S.A.S was £2,791,140 (2023 - £5,736,060), interest was charged on this loan of £243,409 (2023: £360,909). This amount is repayable on 30th June 2025. Interest is charged on amounts at 3 months Euribor rate + 2.8%.
At the balance sheet date the amount owed by Benvic S.A.S was £3,000,000 (2023 - £2,000,000), interest was received on this loan of £161,313 (2023: £74,046). This amount is unsecured, repayable on demand and has no fixed repayment date. Interest is payable on this amount at SONIA plus 2.3%.


30.


Post balance sheet events

There have been no post balance sheet events to note.


31.


Controlling party

As at the balance sheet date, the immediate parent is Benvic Group SAS, of 57 Avenue de Tavaux, 21800, Chevigny Saint Sauveur, France, a company registered in France. The smallest group into which the Group's results are consolidated is Benvic Group SAS.
The largest group into which the Company’s results are consolidated is ICI Group GmbH, which are prepared in accordance with the IAS/IFRS regulations of the IASB. The registered office of ICI Group GmbH is Frankfurt am Main, Germany. The consolidated financial statements of ICI Group GmbH for the financial year ended 31 December 2024 will be available at the Company register (Unternehmensregister), Germany.
The Directors do not consider there to be an ultimate controlling party. 

- 40 -