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Registered number: 10977787










OADBY PLASTICS HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
N J Driver 
M Rojahn 
J F Driver 
J Chouhan 




Company secretary
N J Driver



Registered number
10977787



Registered office
68 Scudamore Road
Braunstone Frith Industrial Estate

Leicester

LE3 1UA




Independent auditors
MHA
Statutory Auditors 

11 Merus Court

Meridian Business Park

Leicester

LE19 1RJ





 
OADBY PLASTICS HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 5
Directors' Report
 
6 - 8
Independent Auditors' Report
 
9 - 13
Consolidated Profit and Loss Account
 
14
Consolidated Balance Sheet
 
15 - 16
Company Balance Sheet
 
17
Consolidated Statement of Changes in Equity
 
18
Company Statement of Changes in Equity
 
19
Consolidated Statement of Cash Flows
 
20 - 21
Consolidated Analysis of Net Debt
 
22
Notes to the Financial Statements
 
23 - 51


 
OADBY PLASTICS HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Business review
 
The Group is principally engaged in the machining and distribution of industrial plastics and conveyor parts.

In the opinion of the directors the Group will continue to trade in the same business for the foreseeable future.

Principal risks and uncertainties
 
The management of the business and the execution of the Group’s strategy are subject to a number of risks. Risks are formally reviewed by the board on a regular basis and appropriate processes are put into place to monitor and mitigate them. If more than one event occurs, it is possible that the overall effect of such events would compound the possible adverse effects on the Group.
2024 has seen the increase in cost for raw materials, which has led to natural decrease in our gross margin.

Development and performance
 
The beginning of 2025 has marked a strong continuation of our commitment to strategic investment across the Group. Oadby Plastics Ltd has placed an order for a state-of-the-art 5-axis CNC router, which is scheduled for commissioning in June 2025, further strengthening our advanced machining capabilities.
 
In addition, by the close of Q1 2025, the Group successfully acquired a new site in Northampton to support the continued growth of ABG Rubber & Plastics Ltd. This facility will significantly enhance our machining operations and is expected to be fully operational by early 2026.
 
Looking back at 2024, marketing was a key area of focus across the Group. The marketing team has been expanded to strengthen our internal expertise and drive brand visibility. A major initiative throughout the year has been the complete redevelopment of all Group websites, aimed at improving user experience, functionality, and alignment with our evolving brand identity.

Page 1

 
OADBY PLASTICS HOLDINGS LIMITED
 

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

Financial key performance indicators
 
Key performance indicators used by the Group are as follows;

- Turnover;
- Gross profit margin; and
- Profit on ordinary activities before taxation.

Details of the key performance indicators are shown in the Consolidated Profit and Loss Account.

The key financial performance indicators show that the business has been improving over the past few years in line with the directors' expectations.

The Group is continually reviewing and improving its product range with the introduction of new lines in order to retain market share and attract new customers.

Directors' statement of compliance with duty to promote the success of the Group

Section S172(1) Statement 

During the year, the directors have had regard to the matters set out in S172 (1) (a) to (f) of the Companies Act 2006 whilst performing their duties. Whilst making decisions the directors ensure that they have acted in good faith, in a way they believe would promote the success of the Group for the benefit of its members as a whole.

Specifically, the directors have considered the following:-
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.

S172 (1) (a) The likely consequences of any decision in the long term

The directors understand the business and the environment in which it operates. This is key to understanding the likely consequences of any long term decisions. There is a clear plan for growth which ensures the Group continue to sell quality products, satisfying customer and shareholder needs, amongst other stakeholders. Continually improving environmental performance and operating methods are integral and fundamental parts of the business strategy. This strategy is key to ensuring the Group and the directors are delivering on their duty of care for the benefit of future generations. 

Investment in both our people and equipment has remained a key priority throughout the year, reflecting our ongoing commitment to operational excellence and long-term growth. As a result of additional efficiencies achieved at our Head Office, the planned development of our 3.2-acre site has been temporarily placed on hold. This strategic pause allows us to optimise resource allocation, with development set to resume when the need for an additional unit arises.

S172 (1) (b) The interests of the Group's employees

The directors recognise that the employees are key to the business and its success. What makes the Group different is their approach to relationships, which extends past the expected customer focus, to all employees. Staff retention is a testament to this and the Group's culture. Employee welfare and wellbeing is of utmost importance. The directors ensure all employees work in a safe and healthy environment. The directors regularly engage with employees through The Cultural Society. The Cultural Society is a group of employees that meet on a regular basis to discuss ideas that have been put forward to the Group and is open to all employees. These ideas are then put forward to the management board for approval and implementation. When making
Page 2

 
OADBY PLASTICS HOLDINGS LIMITED
 

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

decisions, the directors consider which course of action best delivers the Group strategy in the long term, taking into consideration all stakeholders of the Group, including the employees.

Further investments are continuing to enhance and improve the quality of the environment our staff work within.

S172 (1) (c) The need to foster the Group's business relationships with suppliers, customers and others 

The directors recognise that building relationships with suppliers and customers is also key to the success of the business. The Group's objective is to become a key partner, delivering the same quality product each time. This can only be achieved if relationships are being built with key suppliers. The directors recognise that working with suppliers and customers is also key to ensuring the impact to the environment is minimised.

S172 (1) (d) The impact of the Group's operations on the community and the environment

The directors recognise the importance of minimising the impact of the Group's operations on the community and environment, which is why it is core to their strategy. The Group and directors wholly support and where possible exceed the requirement of current environmental legislation and codes of practice. It is the aim to minimise waste and water usage in buildings, vehicles and processes in order to conserve supplies and minimise consumption of natural resources, especially where they are non-renewable. The Group and the directors actively promote recycling both internally and amongst customers and suppliers. Environmental policies are reviewed periodically in consultation with staff and customers.

S172 (1) (e) The desirability of the Group maintaining a reputation for high standards of business conduct

The directors are committed to improving quality and reducing any environmental impact, as noted above. This ensures that the Group's reputation within the local community is maintained. It is the aim of the Group to achieve sustained profitable growth, by providing cost effective products maintaining a high level of customer satisfaction which enhances the Group’s reputation with its customers and suppliers.

S172 (1) (f) The need to act fairly between members of the Group

When making decisions, the directors consider which course of action best delivers the Group strategy in the long term, taking into consideration all stakeholders of the Group. Examples of this are noted above where the directors consider all stakeholders when deciding whether or not to purchase additional land and rebuild for the growth of the business.

Environmental matters

The Group will seek to minimise adverse impacts on the environment from its activities, whilst continuing to address health, safety and economic issues. The Group has complied with all applicable legislation and regulations.

The Companies Act 2006 (Strategic Report and Directors' Report) Regulation 2018 requires Oadby Plastics Holdings Limited and its subsidiaries to disclose annual UK energy consumption and Greenhouse Gas emissions from SECR regulated sources.

2020 is the benchmark year in which Oadby Plastics Holdings Limited and its subsidiaries has been required to report on this information. The following report is for 2024 which captures the 12 month period between 1 January 2024 and 31 December 2024.The data in this report is compiled from the following companies: Oadby Plastics Ltd.; Anglia Plastics Ltd.;Direct Plastics Ltd.; ABG Rubber & Plastics Ltd.; and Clenviro Ltd.

Scope 1 consumption and emissions relating to direct combustion of natural gas, and fuels utilised for transportation operations, such as company vehicle fleets.

Scope 2 consumption and emissions relating to indirect emissions such as the consumption of purchased electricity in day-to-day business operations.
Page 3

 
OADBY PLASTICS HOLDINGS LIMITED
 

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


Totals

The total consumption (kWh) figures for energy supplies reportable by Oadby Plastics Holdings Limited and its subsidiaries are as follows:

Grid-supplied electricity (Scope 2) - 1,542,709 kWh (2023 - 1,552,484 kWh)
Gas (Scope 1) - 474,387 kWh (2023 - 860,811 kWh)
Transportation (Scope 1) - 254,179 Litres (2023 - 257,610 Litres)

The total emissions (tCO2e) figures for energy supplies reportable by Oadby Plastics Holdings Limited and its subsidiaries are as follows:

Grid-supplied electricity (Scope 2) - 319 t/CO2e (2023 - 322 t/CO2e)
Gas (Scope 1) - 96 t/CO2e (2023 - 175 t/CO2e)
Transportation (Scope 1) - 639 t/CO2e (2023 - 647 t/CO2e)
Total - 1,054 t/CO2e (2023 - 1,144 t/CO2e)

Intensity Metric

Intensity metrics based on square footage and number of full time employees have been calculated.
Square footage of business premises - 309,250 sq. ft (2023 - 309,250 sq. ft)
No. of full time employees - 264 (2023- 249)

Results of this analysis is as follows:

t/CO2e / square foot - 0.00341 (2023 - 0.0037)
t/CO2e / full time employee - 3.993 (2023 - 4.591)

We are committed to responsible energy and environmental management, as demonstrated by our existing Environmental Management System (EMS) which is audited  by a UKAS accredited body in line with our ISO14001 Certification. We will continue to practice energy efficiency throughout our organisation, wherever it is cost effective. We also endeavour to reduce our waste output and improve the sustainability of our operations altogether. We recognise that climate change is one of the most serious environmental challenges currently threatening the global community and we understand we have a role to play in reducing greenhouse gas emissions and our environmental impact.

We have already implemented the following:

2022:
Hired a new Quality Manager responsible for the EMS.
Now diverting 100% of our plastic machining swarf and wood waste from landfill to energy from waste/biomass.
Upgraded our fleet of 11 company cars - 73% of our company cars are now hybrid/electric.
Upgraded to a boiler management system.

2023:
Invested a further 269.75kW of PV capacity at our head office in Leicester.
Installed a central controller for the air conditioning systems at our head office to better manage our energy usage for what is a large system.
Invested in cardboard shredders at our head office and our sister company Direct Plastics in Sheffield.
Started washing our delivery vehicles at external facilities that use exclusively water collection and recycling infrastructure.
QM trained in foundations of environmental management with NEBOSH.
Page 4

 
OADBY PLASTICS HOLDINGS LIMITED
 

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


2024:
Partnered with waste management company Envirovue for the majority of our sites across the Group who carbon offset all our waste movements and helped us achieve over 98% diversion from landfill.
Upgraded the water systems infrastructure at our head office to marginally reduce our demand and reduce wastage of clean water. This was completed thanks to investment by our water provider, Severn Trent Water.
Six of our electricity supply contracts are now zero carbon electricity with a fuel mix consisting of 90% nuclear and 10% renewables, and another contract is 100% renewable electricity.
Invested in a static waste compactor to reduce our waste collections and vehicle movements from 10x/month to 4x/month.
Introduction of an annual scheduled cleaning plan for all our PV panels to maintain their efficiency in producing solar power.

Further to these measures, we have identified the following energy efficiency and carbon reducing measures which are under consideration for implementation during 2025:

Continue to update lighting to LEDs and add light sensors across the Group.
Continue to improve our delivery route planning to reduce the number of miles per drop and focus on the most fuel-efficient routes.
Total overhaul of the central heating system at our large head office to improve the efficiency of the system and ensure that energy used to produce heat is properly utilised.
Investment in a new, more energy efficient CNC router to replace a near-30-year-old router.

Methodology used in the calculation of disclosures

UK Government GHG Conversion Factors for Company Reporting Conversion factors were obtained from Department for Business, Energy & Industrial Strategy:

https://www.gov.uk/government /publications /greenhouse-gas-reporting -conversion -factors-2024

Electricity and Gas annual usage were calculated from supplier invoices and reports. Diesel consumption was calculated from fuel card transactions and receipts from all company vehicles


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



................................................
N J Driver
Director

Date: 9 May 2025

Page 5

 
OADBY PLASTICS HOLDINGS 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.

Results and dividends

The profit for the year, after taxation, amounted to £3,105,188 (2023 - £3,538,768).

During the year dividends amounting to £2,271,572 (2023 - £3,427,177) were recommended by the directors.

Directors

The directors who served during the year were:

N J Driver 
M Rojahn 
J F Driver 
J Chouhan 

Engagement with employees

How we engage with our employees is covered in the Strategic Report on page 2.

Engagement with customers and suppliers

How we engage with customers and suppliers is covered in our Strategic Report on page 3.

Disabled employees

The Group gives full consideration to applications from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disable person. Where existing employees become disabled, it is the Group’s policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training and career development and promotion to disabled employees where appropriate. 

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group's greenhouse gas emissions and energy consumption for the year are covered in our Strategic Report on pages 3, 4 and 5.



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.

Page 6

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

On 31 March 2025 the Company purchased the entire share capital of D-Pac Limited for £1,450,000, a Company
incorporated in England and Wales.
There have been no other significant events affecting the Group since the year end.

Auditors

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

The auditorsMHAwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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.

Page 7

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

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





................................................
N J Driver
Director

Date: 9 May 2025

68 Scudamore Road
Braunstone Frith Industrial Estate
Leicester
LE3 1UA

Page 8

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OADBY PLASTICS HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Oadby Plastics Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, 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 9

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OADBY PLASTICS HOLDINGS 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.


Page 10

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OADBY PLASTICS HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 7, 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 11

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OADBY PLASTICS HOLDINGS 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:
 
- Enquiry of management and those charged with governance around actual, potential or suspected litigation and claims, non-compliance with applicable laws and regulations and fraud;
- Enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
- Discussions with engagement team in relation to how and where fraud might occur in the financial statements and any potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 12

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF OADBY PLASTICS HOLDINGS 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.





Shelley Harvey FCCA (Senior Statutory Auditor)
  
for and on behalf of
MHA
 
Statutory Auditors
  
Leicester, United Kingdom

12 May 2025
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
Page 13

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
47,980,305
49,908,328

Cost of sales
  
(33,493,457)
(34,751,716)

Gross profit
  
14,486,848
15,156,612

Administrative expenses
  
(10,395,501)
(10,328,120)

Other operating income
 5 
141,122
93,122

Operating profit
 6 
4,232,469
4,921,614

Interest receivable and similar income
 10 
406,105
115,182

Interest payable and similar expenses
 11 
(322,210)
(227,579)

Profit before tax
  
4,316,364
4,809,217

Tax on profit
 12 
(1,211,176)
(1,270,449)

Profit for the financial year
  
3,105,188
3,538,768

Profit for the year attributable to:
  

Owners of the parent
  
3,105,188
3,538,768

  
3,105,188
3,538,768

There are no items of other comprehensive income for 2024 or 2023
There were no recognised gains and losses for 2024 or 2023 other than those included in the Consolidated Profit and Loss Account.

The notes on pages 23 to 51 form part of these financial statements.

Page 14

 
OADBY PLASTICS HOLDINGS LIMITED
REGISTERED NUMBER: 10977787

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 15 
1,639,905
1,919,407

Tangible assets
 16 
19,500,801
19,805,555

  
21,140,706
21,724,962

Current assets
  

Stocks
 18 
6,645,933
7,713,079

Debtors: amounts falling due within one year
 19 
7,742,417
8,970,121

Cash at bank and in hand
 20 
8,058,186
5,611,411

  
22,446,536
22,294,611

Current liabilities
  

Creditors: amounts falling due within one year
 21 
(8,218,544)
(9,346,763)

Net current assets
  
 
 
14,227,992
 
 
12,947,848

Total assets less current liabilities
  
35,368,698
34,672,810

Creditors: amounts falling due after more than one year
 22 
(495,140)
(652,382)

Deferred taxation
 26 
(234,455)
(214,941)

  
 
 
(234,455)
 
 
(214,941)

Net assets
  
34,639,103
33,805,487


Capital and reserves
  

Called up share capital 
 27 
934,889
934,889

Share premium account
 28 
4,290
4,290

Profit and loss account
 28 
33,699,924
32,866,308

  
34,639,103
33,805,487


Page 15

 
OADBY PLASTICS HOLDINGS LIMITED
REGISTERED NUMBER: 10977787
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
N J Driver
Director

Date: 9 May 2025

The notes on pages 23 to 51 form part of these financial statements.

Page 16

 
OADBY PLASTICS HOLDINGS LIMITED
REGISTERED NUMBER: 10977787

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 16 
13,308,405
13,508,042

Investments
 17 
2,758,889
2,758,889

  
16,067,294
16,266,931

Current assets
  

Debtors: amounts falling due within one year
 19 
11,694
11,694

  
11,694
11,694

Total assets less current liabilities
  
 
 
16,078,988
 
 
16,278,625

  

  

Net assets
  
16,078,988
16,278,625


Capital and reserves
  

Called up share capital 
 27 
934,889
934,889

Profit and loss account carried forward
  
15,144,099
15,343,736

  
16,078,988
16,278,625


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


................................................
N J Driver
Director

Date: 9 May 2025

The notes on pages 23 to 51 form part of these financial statements.

Page 17

 
OADBY PLASTICS HOLDINGS LIMITED
 

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


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
934,889
4,290
32,754,717
33,693,896


Comprehensive income for the year

Profit for the year
-
-
3,538,768
3,538,768

Dividends: Equity capital
-
-
(3,427,177)
(3,427,177)



At 1 January 2024
934,889
4,290
32,866,308
33,805,487


Comprehensive income for the year

Profit for the year
-
-
3,105,188
3,105,188

Dividends: Equity capital
-
-
(2,271,572)
(2,271,572)


At 31 December 2024
934,889
4,290
33,699,924
34,639,103


The notes on pages 23 to 51 form part of these financial statements.

Page 18

 
OADBY PLASTICS HOLDINGS 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 1 January 2023
934,889
15,543,828
16,478,717


Comprehensive income for the year

Profit for the year
-
3,227,085
3,227,085

Dividends: Equity capital
-
(3,427,177)
(3,427,177)



At 1 January 2024
934,889
15,343,736
16,278,625


Comprehensive income for the year

Profit for the year
-
2,071,935
2,071,935

Dividends: Equity capital
-
(2,271,572)
(2,271,572)


At 31 December 2024
934,889
15,144,099
16,078,988


The notes on pages 23 to 51 form part of these financial statements.

Page 19

 
OADBY PLASTICS HOLDINGS 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
3,105,188
3,538,768

Adjustments for:

Amortisation of intangible assets
279,502
265,626

Depreciation of tangible assets
937,042
959,936

Loss/ (profit) on disposal of tangible assets
40,065
(22,826)

Interest paid
322,210
227,579

Interest received
(406,105)
(115,182)

Taxation charge
1,211,176
1,270,449

Decrease in stocks
1,067,146
2,767,908

Decrease/(increase) in debtors
1,173,474
(383,814)

(Decrease)/increase in creditors
(773,321)
14,531

Corporation tax (paid)
(1,085,793)
(1,181,304)

Net cash generated from operating activities

5,870,584
7,341,671


Cash flows from investing activities

Purchase of subsidiary (net of cash acquired)
-
(1,956,585)

Purchase of tangible fixed assets
(784,357)
(1,546,103)

Sale of tangible fixed assets
112,004
260,101

Interest received
406,105
115,182

HP interest paid
(49,040)
(33,850)

Net cash from investing activities

(315,288)
(3,161,255)

Cash flows from financing activities

Repayment of/new finance leases
(208,400)
245,781

Loans due from/(repaid to) directors
-
(1,558,071)

Dividends paid
(2,271,572)
(859,800)

Interest paid
(273,170)
(319,466)

Net cash used in financing activities
(2,753,142)
(2,491,556)

Net increase in cash and cash equivalents
2,802,154
1,688,860

Cash and cash equivalents at beginning of year
5,256,032
3,567,172

Cash and cash equivalents at the end of year
8,058,186
5,256,032

 
Page 20

 
OADBY PLASTICS HOLDINGS LIMITED
 

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


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,058,186
5,611,411

Bank overdrafts
-
(355,379)

8,058,186
5,256,032


The notes on pages 23 to 51 form part of these financial statements.

Page 21

 
OADBY PLASTICS HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024





At 1 January 2024
Cash flows
New finance leases
At 31 December 2024
£

£

£

£

Cash at bank and in hand

5,611,411

2,446,775

-

8,058,186

Bank overdrafts

(355,379)

355,379

-

-

Debt due within 1 year

(2,967,727)

-

-

(2,967,727)

Finance leases

(1,024,346)

431,150

(222,750)

(815,946)


1,263,959
3,233,304
(222,750)
4,274,513

The notes on pages 23 to 51 form part of these financial statements.

Page 22

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Oadby Plastics Holdings Limited is a private company, limited by shares, domiciled in England and Wales, registration number 10977787. The registered office is 68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA.
The prinicipal activity of the Company during the period was that of a holding and property company. 

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 Profit and Loss Account in these financial statements.

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. The Group therefore continues to adopt the going concern basis in preparing its financial information. Post year end, the Group has continued to be profitable and has continued to strengthen their cash position. The strong Balance Sheet held at the year end would enable the Group to access borrowing should they require it and they have an agreed overdraft in place to support their short-term financing needs if required. The directors and loan note holders have confirmed that neither the directors loan accounts or loan notes will be drawn on for the next 12 months, or until the Group is in a position to support this withdrawal of funds. Coupled with the continued profitability, cash balances and finance available, the Group has the ability to continue as a going concern for the next 12 months.

The following principal accounting policies have been applied:

Page 23

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
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 merger accounting in respect of group re-organisations and acquisition accounting in respect of acquisitions from third parties. Under acquisition accounting, 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 Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
Where merger accounting is used, the acquiree's identifiable assets, liabilities, contingent liabilities and reserves are initially recognised at the book value showing in the merged business within the Consolidated Balance Sheet with any difference between the investment value in the parent and share capital value of the merged business being recognised in a merger reserve on the date of acquisition. In respect of the Consolidated Profit and Loss Account, the trade of the entities subject to merger accounting is treated as if it had been part of the Group for the entire accounting period.

 
2.3

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.

Page 24

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

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 or reducing balance basis.

Depreciation is charged for a full year in year of addition and no depreciation in year of disposal.
 
Depreciation is provided on the following basis:

Freehold property
-
2% straight line per annum
Leasehold improvements
-
20% reducing balance per annum
Plant and machinery
-
20% reducing balance per annum
Motor vehicles
-
25% reducing balance per annum
Fixtures and fittings
-
15% reducing balance per annum
Computer equipment
-
25% reducing balance per annum
Property under construction
-
Not depreciated

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.

 
2.5

Operating leases: the Group as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to the Consolidated Profit and Loss Account on a straight line basis over the lease term.

Page 25

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.7

Hire purchase agreements

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Profit and Loss Account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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 balance sheet 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.

 
2.10

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.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.12

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.

Page 26

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

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.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet 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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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
Page 27

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

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 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.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

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.

Page 28

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.14

Foreign currency translation

Foreign currency translation
The Company's functional and presentational currency is British Pound Sterling (£).
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 transactions 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 transactions at the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Profit and Loss Account 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 Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Profit and Loss Account within 'other operating income'.

 
2.15

Finance costs

Finance costs are charged to the Consolidated Profit and Loss Account 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 29

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

  
2.16

Employee benefits

The Group provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
(ii) Defined contribution pension plans
The Group operates a number of defined contribution plans for its employees. A defined contribution plan is a pension plan under which the Company pays a fixed contribution into a separate entity. Once the contributions have been paid the Group has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the Consolidated Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.
(iii) Annual bonus plan
The Group operates a number of annual bonus plans for employees. An expense is recognised in the Consolidated Profit and Loss Account when the Group has a legal or constructive obligation to make payments under the plans as a result of past events and a reliable estimate of the obligation can be made.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.18

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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.19

Interest income

Interest income is recognised in the Consolidated Profit and Loss Account using the effective interest method.

Page 30

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.20

Borrowing costs

All borrowing costs are recognised in the Consolidated Profit and Loss Account in the year in which they are incurred.

 
2.21

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.

 
2.22

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 balance sheet 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 balance sheet, 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 balance sheet date.


Page 31

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.23

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 Profit and Loss Account over its useful economic life of 10 years.
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.

 
2.24

Hedge accounting

The Group uses foreign currency forward contracts to manage its exposure to cash flow risk on its foreign transactions. These derivatives are measured at fair value at each balance sheet date.

To the extent the cash flow hedge is effective, movements in fair value are recognised in other comprehensive income and presented in a separate cash flow hedge reserve. Any ineffective portions of those movements are recognised in profit or loss for the year.

Gains and losses on the hedging instruments and the hedged items are recognised in profit or loss for the year. When a hedged item is an unrecognised firm commitment, the cumulative hedging gain or loss on the hedged item is recognised as an asset or liability with a corresponding gain or loss recognised in profit or loss.

Page 32

 
OADBY PLASTICS HOLDINGS 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

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Useful economic lives of intangible fixed assets
The directors consider that the useful economic life of the goodwill included within these financial statements cannot be reliably measured. As a result, the directors have adopted the maximum useful economic life allowed under FRS 102.
(ii) Useful economic lives of tangible fixed assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.
(iii) Stocks provisioning
When calculating the stocks provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.
(iv) Impairment of debtors
The Group makes an estimate on the recoverability of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the age profile of the debtors and historical experience.


4.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
47,453,392
49,361,170

Rest of the world
526,913
547,158

47,980,305
49,908,328


Page 33

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Other operating income

2024
2023
£
£

Rents receivable
141,062
93,062

Sundry income
60
60

141,122
93,122



6.


Operating profit

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

2024
2023
£
£

Depreciation of tangible assets - owned by the Group
690,524
659,485

Depreciation of tangible assets - under hire purchase
246,518
300,451

Operating lease rentals - land and buildings
480,894
444,705

Operating lease rentals - plant and machinery
332,413
315,825

Operating lease rentals - other
3,121
-

Amortisation of intangible assets, including goodwill
279,502
265,479

Net profit on foreign currency translation
(940,236)
(762,906)

Loss/ (profit) on disposal of fixed assets
40,065
(22,826)

Defined contribution pension costs
375,482
273,096


7.


Auditors' remuneration

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


2024
2023
£
£

Fees payable to the Group's auditors and their associates for the audit of the consolidated and parent Group's financial statements and Group Companies.
76,850
77,265

Fees payable to the Group's auditors and their associates in respect of:

Other services relating to taxation
6,690
10,370

All other non-audit services not included above
19,671
19,100

Page 34

 
OADBY PLASTICS HOLDINGS 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
9,952,404
9,444,387

Social security costs
1,036,789
890,531

Cost of defined contribution scheme
375,482
273,096

11,364,675
10,608,014


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


        2024
        2023
            No.
            No.







Administrative staff
81
81



Other staff
180
179



Management staff
10
10

271
270

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

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

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
391,313
351,975

391,313
351,975


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £155,762 (2023 - £136,093).

Page 35

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Interest receivable

2024
2023
£
£


Other interest receivable
406,105
115,182

406,105
115,182


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
273,170
193,729

Finance leases and hire purchase contracts
49,040
33,850

322,210
227,579


12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
1,191,662
1,114,379


1,191,662
1,114,379


Total current tax
1,191,662
1,114,379

Deferred tax


Origination and reversal of timing differences (note 26)
19,514
156,070

Total deferred tax
19,514
156,070


Tax on profit
1,211,176
1,270,449
Page 36

 
OADBY PLASTICS HOLDINGS 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 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,316,364
4,809,217


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
1,079,091
913,751

Effects of:


Non-tax deductible amortisation of goodwill and impairment
69,875
66,370

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,049
28,042

Capital allowances for year in excess of depreciation
2,159
(148,055)

Loss/(profit) on disposal of fixed assets
10,017
(5,706)

Other differences leading to an increase in the tax charge
46,985
416,047

Total tax charge for the year
1,211,176
1,270,449


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


13.


Dividends

2024
2023
£
£


Dividends
2,271,572
3,427,177

2,271,572
3,427,177

Page 37

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The profit after tax of the parent Company for the year was £2,071,935 (2023 - £3,227,085).


15.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2024
3,621,915



At 31 December 2024

3,621,915



Amortisation


At 1 January 2024
1,702,508


Charge for the year 
279,502



At 31 December 2024

1,982,010



Net book value



At 31 December 2024
1,639,905



At 31 December 2023
1,919,407



Page 38

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

16.


Tangible fixed assets

Group






Freehold property
Long-term leasehold property
Plant & machinery
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost or valuation


At 1 January 2024
14,773,549
9,584
5,157,160
820,850
1,931,379


Additions
-
-
564,536
203,252
12,619


Disposals
-
-
(231,621)
(203,930)
(38,015)



At 31 December 2024

14,773,549
9,584
5,490,075
820,172
1,905,983



Depreciation


At 1 January 2024
1,320,829
1,512
3,572,658
340,318
1,021,901


Charge for the year 
199,637
1,615
423,197
144,247
152,031


Disposals
-
-
(190,311)
(97,130)
(34,056)



At 31 December 2024

1,520,466
3,127
3,805,544
387,435
1,139,876



Net book value



At 31 December 2024
13,253,083
6,457
1,684,531
432,737
766,107



At 31 December 2023
13,452,720
8,072
1,584,502
480,532
909,478
Page 39

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           16.Tangible fixed assets (continued)


Computer equipment
Property under construction
Total

£
£
£



Cost or valuation


At 1 January 2024
444,964
3,308,945
26,446,431


Additions
3,950
-
784,357


Disposals
-
-
(473,566)



At 31 December 2024

448,914
3,308,945
26,757,222



Depreciation


At 1 January 2024
383,658
-
6,640,876


Charge for the year 
16,315
-
937,042


Disposals
-
-
(321,497)



At 31 December 2024

399,973
-
7,256,421



Net book value



At 31 December 2024
48,941
3,308,945
19,500,801



At 31 December 2023
61,306
3,308,945
19,805,555

Included in freehold property is land of £4,751,680 (2023 - £4,751,680). There was no depreciation charged during the year in relation to this.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
872,599
1,058,386

Motor vehicles
29,142
115,803

901,741
1,174,189

Page 40

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           16.Tangible fixed assets (continued)


Company






Freehold property
Property under construction
Total

£
£
£

Cost or valuation


At 1 January 2024
14,773,549
55,312
14,828,861



At 31 December 2024

14,773,549
55,312
14,828,861



Depreciation


At 1 January 2024
1,320,819
-
1,320,819


Charge for the year on owned assets
199,637
-
199,637



At 31 December 2024

1,520,456
-
1,520,456



Net book value



At 31 December 2024
13,253,093
55,312
13,308,405



At 31 December 2023
13,452,730
55,312
13,508,042

Included in freehold property is land of £4,751,680 (2023 - £4,751,680). There was no depreciation charged during the year in relation to this.






Page 41

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
2,758,889



At 31 December 2024
2,758,889





Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Oadby Plastics Limited
68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA.
Ordinary
100%

Page 42

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

Indirect subsidiary undertakings


The following were indirect subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

A.B.G Rubber & Plastics Limited
68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA.
Ordinary
100%
Anglia Plastics Limited
68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA.
Ordinary
100%
Direct Plastics Limited
68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA.
Ordinary
100%
PolyCoversDirect Limited
68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA.
Ordinary
100%
Clenviro Holdings Limited
68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA.
Ordinary
100%
Clenviro Limited
68 Scudamore Road, Braunstone Frith Industrial Estate, Leicester, LE3 1UA.
Ordinary
100%


18.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
6,534,470
7,632,620

Work in progress (goods to be sold)
111,463
80,459

6,645,933
7,713,079


Stock recognised in Group cost of sales during the year as an expense was £28,558,192 (2023 - £28,669,153).
An impairment write back of £7,502 (2023 - loss £250,849) was recognised in cost of sales against stock during the year due to slow-moving and obsolete stock.
 
Included in the stock value of £6,645,933 (2023 - £7,713,079) is £3,812 (2023 - £12,378) of consignment stock.

Page 43

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

19.


Debtors

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


Trade debtors
7,087,750
7,850,822
-
-

Amounts owed by group undertakings
-
-
11,694
11,694

Other debtors
115,404
557,545
-
-

Prepayments and accrued income
539,263
507,524
-
-

Tax recoverable
-
54,230
-
-

7,742,417
8,970,121
11,694
11,694



20.


Cash and cash equivalents

Group
Group
2024
2023
£
£

Cash at bank and in hand
8,058,186
5,611,411

Less: bank overdrafts
-
(355,379)

8,058,186
5,256,032


Page 44

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Creditors: Amounts falling due within one year

Group
Group
2024
2023
£
£

Bank overdrafts
-
355,379

Other loans
555,000
555,000

Trade creditors
3,776,504
4,478,064

Corporation tax
220,150
168,511

Other taxation and social security
503,544
499,479

Obligations under finance lease and hire purchase contracts
320,806
371,964

Other creditors
2,444,976
2,535,308

Accruals and deferred income
397,564
383,058

8,218,544
9,346,763


Net obligations under hire purchase contracts of £320,806 (2023 - £371,964) are secured against assets owned by the Group.
Bank overdtaft of £Nil (2023 - £355,379) is secured by fixed charges held over liabilities of the Group by Lloyds Bank.


22.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
495,140
652,382

495,140
652,382


Net obligations under hire purchase contracts of £495,140 (2023 - £652,382) are secured against assets owned by the Group.

Page 45

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Loans

The other loans of £555,000 (2023 - £555,000) relate to redeemable loan notes. The directors are authorised to accept notice from the loan note holders of not less than one months notice to redeem the loan notes up to a maximum of £200,000 per annum or such higher amount as the directors shall in their absolute discretion consider appropriate.


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Other loans
555,000
555,000






24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
320,806
371,965

Between 1-2 years
266,574
240,209

Over 2 years
228,565
412,173

815,945
1,024,347

Page 46

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

25.


Financial instruments

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

Financial assets

Financial assets that are debt instruments measured at amortised cost
7,203,154
8,403,970
11,694
11,694


Financial liabilities

Financial liabilities measured at amortised cost
4,990,014
5,885,468
-
-


Financial assets measured at amortised cost comprise of trade debtors £7,087,750 (2023 - £7,638,794) and other debtors £115,404 (2023 - £553,148).
Financial liabilities measured at amortised cost comprise of trade creditors £3,776,504 (2023 - £4,478,064), accruals of £397,564 (2023 - £383,058) and net obligations under hire purchase contracts £815,946 (2023 - £1,024,346).


Derivative financial instruments measured at fair value through Profit and Loss Account held as part of a trading portfolio comprise of forward contract worth £6,262,814 (2023 - £2,167,479) with Lloyds Bank Plc. The derivative exposure at the year end was valued at £14,909 (2023 - £16,186).

Page 47

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

26.


Deferred taxation


Group



2024
2023


£

£






At beginning of period
(214,941)
(50,682)


Credited to profit or loss (note 12)
(19,514)
(156,070)


Arising on business combinations
-
(8,189)



At end of year
(234,455)
(214,941)





The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(234,455)
(214,941)

(234,455)
(214,941)

Page 48

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

27.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



717,696 (2023 - 717,696) Ordinary shares of £1.00 each
717,696
717,696
73,114 (2023 - 73,114) Ordinary B shares of £1.00 each
73,114
73,114
3,844 (2023 - 3,844) Ordinary C shares of £1.00 each
3,844
3,844
140,235 (2023 - 140,235) Ordinary D shares of £1.00 each
140,235
140,235

934,889

934,889

Ordinary D Shares are entitled to cast such number of votes as is equal to 5% of overall voting rights. Ordinary D Shares have full capital distribution rights, (including on winding up). The remaining percentage of voting rights attributed equally between the Ordinary Shares.

Ordinary B and C Shares do not carry voting rights. Ordinary B and C Shares have full capital distribution rights, (including on winding up).
Each class of shares has a different entitlement to dividends.


28.


Reserves

Share premium account

This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

This includes all current and prior year retained profits and losses. All amounts are distributable.


29.


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 £375,482 (2023 - £273,096). Contributions totally £Nil (2023 - £Nil) were payable to the funds at the reporting date.

Page 49

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

30.


Commitments payable 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
369,628
284,063

Later than 1 year and not later than 5 years
585,660
235,342

955,288
519,405

31.


Commitments receivable under operating leases

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


Group
Group
2024
2023
£
£


Not later than 1 year
133,307
93,062

Later than 1 year and not later than 5 years
-
93,062

133,307
186,124


32.


Transactions with directors

At the year end N Driver, a director of the Group, was owed by the Group £865,812 (2023 - £865,812) included within other creditors. During the year payments totalled £Nil (2023 - £1,047,500) and repayments totalled £89,038 (2023 - £294,050). Interest of £89,038 (2023 - £54,843) was charged on the amounts owed by the Group.
At the year end M Rojahn, a director of the Group, was owed by the Group £839,353 (2023 - £839,353) included within other creditors. During the year payments totalled £Nil (2023 - £997,500) and repayments totalled £84,788 (2023 - £1,379,158). Interest of £84,788 (2023 - £62,747) was charged on the amounts owed by the Group.
At the year end J Chouhan, a director of the Group, was owed by the Group £707,562 (2023 - £707,562) included within other creditors. During the year payments totalled £Nil (2023 - £777,000) and repayments totalled £66,045 (2023 - £265,223). Interest of £66,045 (2023 - £42,838) was charged on the amounts owed by the Group.
The directors charged interest at 8.50% on loans issued to the Group that are repayable on demand.

Page 50

 
OADBY PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

33.


Related party transactions

The Group has taken advantage of the exemption available under FRS 102 33.1A not to disclose transactions with wholly owned subsidiaries of the Group.


2024
2023
£
£

Interest charges on loans due from other related parties
273,170
193,729
Rent paid to other related parties
286,500
237,975
Dividends to directors
2,412,727
3,427,177
Key management personnel remuneration
427,568
386,447
Loans due to directors
2,412,727
2,412,727
Pension contributions to other related parties
40,000
40,000
Loan notes owed to other related parties
555,000
555,000


34.


Post balance sheet events

On 31 March 2025, the Group purchased 100% of the share capital of D-PAC Limited for £1,450,000. 

35.


Controlling party

The ultimate controlling party was N J Driver by virtue of his directorship and majority shareholding.

Page 51