Wydale Plastics Limited 02823704 false 2024-02-01 2025-01-31 2025-01-31 The principal activity of the company is the moulding of plastic products. Digita Accounts Production Advanced 6.30.9574.0 true true true Class 1 Class 2 Class 3 02823704 2024-02-01 2025-01-31 02823704 2025-01-31 02823704 bus:OrdinaryShareClass1 2025-01-31 02823704 bus:OrdinaryShareClass2 2025-01-31 02823704 core:AcceleratedTaxDepreciationDeferredTax 2025-01-31 02823704 core:RetainedEarningsAccumulatedLosses 2025-01-31 02823704 core:ShareCapital 2025-01-31 02823704 core:CurrentFinancialInstruments 2025-01-31 02823704 core:CurrentFinancialInstruments core:WithinOneYear 2025-01-31 02823704 core:BetweenTwoFiveYears 2025-01-31 02823704 core:WithinOneYear 2025-01-31 02823704 core:FurnitureFittingsToolsEquipment 2025-01-31 02823704 core:LandBuildings 2025-01-31 02823704 core:MotorVehicles 2025-01-31 02823704 core:OtherPropertyPlantEquipment 2025-01-31 02823704 core:DeferredTaxation 2025-01-31 02823704 bus:FRS102 2024-02-01 2025-01-31 02823704 bus:Audited 2024-02-01 2025-01-31 02823704 bus:FullAccounts 2024-02-01 2025-01-31 02823704 bus:RegisteredOffice 2024-02-01 2025-01-31 02823704 bus:Chairman 2024-02-01 2025-01-31 02823704 bus:CompanySecretaryDirector1 2024-02-01 2025-01-31 02823704 bus:Director1 2024-02-01 2025-01-31 02823704 bus:Director3 2024-02-01 2025-01-31 02823704 bus:Director7 2024-02-01 2025-01-31 02823704 bus:HighestPaidDirector 2024-02-01 2025-01-31 02823704 bus:OrdinaryShareClass1 2024-02-01 2025-01-31 02823704 bus:OrdinaryShareClass2 2024-02-01 2025-01-31 02823704 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 02823704 bus:Agent1 2024-02-01 2025-01-31 02823704 core:RetainedEarningsAccumulatedLosses 2024-02-01 2025-01-31 02823704 core:ShareCapital 2024-02-01 2025-01-31 02823704 countries:OtherCountriesRegions 2024-02-01 2025-01-31 02823704 countries:UnitedKingdom 2024-02-01 2025-01-31 02823704 core:PlantEquipmentOtherAssetsUnderOperatingLeases 2024-02-01 2025-01-31 02823704 core:ReportableOperatingSegment1 2024-02-01 2025-01-31 02823704 core:ReportableOperatingSegment2 2024-02-01 2025-01-31 02823704 core:ReportableOperatingSegment3 2024-02-01 2025-01-31 02823704 core:FurnitureFittingsToolsEquipment 2024-02-01 2025-01-31 02823704 core:LandBuildings 2024-02-01 2025-01-31 02823704 core:MotorVehicles 2024-02-01 2025-01-31 02823704 core:OtherPropertyPlantEquipment 2024-02-01 2025-01-31 02823704 core:PlantMachinery 2024-02-01 2025-01-31 02823704 core:DeferredTaxation 2024-02-01 2025-01-31 02823704 core:UKTax 2024-02-01 2025-01-31 02823704 countries:AllCountries 2024-02-01 2025-01-31 02823704 2024-01-31 02823704 core:RetainedEarningsAccumulatedLosses 2024-01-31 02823704 core:ShareCapital 2024-01-31 02823704 core:FurnitureFittingsToolsEquipment 2024-01-31 02823704 core:LandBuildings 2024-01-31 02823704 core:MotorVehicles 2024-01-31 02823704 core:OtherPropertyPlantEquipment 2024-01-31 02823704 core:DeferredTaxation 2024-01-31 02823704 2023-02-01 2024-01-31 02823704 2024-01-31 02823704 bus:OrdinaryShareClass1 2024-01-31 02823704 bus:OrdinaryShareClass2 2024-01-31 02823704 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 02823704 core:CurrentFinancialInstruments 2024-01-31 02823704 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 02823704 core:BetweenTwoFiveYears 2024-01-31 02823704 core:WithinOneYear 2024-01-31 02823704 core:FurnitureFittingsToolsEquipment 2024-01-31 02823704 core:LandBuildings 2024-01-31 02823704 core:MotorVehicles 2024-01-31 02823704 core:OtherPropertyPlantEquipment 2024-01-31 02823704 bus:HighestPaidDirector 2023-02-01 2024-01-31 02823704 bus:OrdinaryShareClass1 2023-02-01 2024-01-31 02823704 bus:OrdinaryShareClass2 2023-02-01 2024-01-31 02823704 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 02823704 core:ShareCapital 2023-02-01 2024-01-31 02823704 countries:OtherCountriesRegions 2023-02-01 2024-01-31 02823704 countries:UnitedKingdom 2023-02-01 2024-01-31 02823704 core:PlantEquipmentOtherAssetsUnderOperatingLeases 2023-02-01 2024-01-31 02823704 core:UKTax 2023-02-01 2024-01-31 02823704 2023-01-31 02823704 core:RetainedEarningsAccumulatedLosses 2023-01-31 02823704 core:ShareCapital 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02823704

Wydale Plastics Limited

Annual Report and Financial Statements

for the Year Ended 31 January 2025

 

Wydale Plastics Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Statement of Cash Flows

14

Notes to the Financial Statements

15 to 26

 

Wydale Plastics Limited

Company Information

Chairman

Mrs E A Murnaghan

Directors

Mr A P Murnaghan

Mr J H Down

Mr R Fitzgerald

Mrs B J Wyatt

Company secretary

Mr J H Down

Registered office

Cathole Bridge Road
Crewkerne
Somerset
TA18 8RF

Auditors

Mitchams Accountants Limited 1 Cornhill
Ilminster
Somerset
TA19 0AD

 

Wydale Plastics Limited

Strategic Report for the Year Ended 31 January 2025

The directors present their strategic report for the year ended 31 January 2025.

Principal activity

The principal activity of the company is the moulding of plastic products.

Fair review of the business

The company continued to concentrate on its core activity of manufacturing own brand products and contract mouldings at its factory in Crewkerne. Its focus remains on the manufacture of high quality plastic products for the agricultural, leisure and industrial sectors. The company is proud to sell its own brand products to a variety of retailers both nationally and for the export market.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2025

2024

Turnover

£

9,637,485

9,113,179

Gross profit margin

%

34

32

Profit before tax

£

1,955,322

1,715,243

Production output was up 7.5% year-on-year, driven by strong demand across both contract moulding and Wydale products.

Principal risks and uncertainties

Demand
A change in end user behaviour or a deterioration to the UK economy could lead to a fall in demand for moulded plastic products. To mitigate this risk the company works closely with its customers, and is able to adapt its product range to align with market trends. With a diversified contract moulding base products can be manufactured to a wide range of bespoke designs where required to reflect demand trends.

Polymer Price and Availability
Changes in the global polymer market could impact the price and availability of raw materials key to the moulding process. Global production and supply of polymer has improved over the past year, and as such the company has been able to reduce its powder stocks as it is better able to anticipate lead times on purchase ordering.

Energy Prices
The company purchases LPG at prices linked to the wholesale LPG market and is subject to a degree of cost uncertainty as a result. The recent volatility of energy prices generally also impacts the company's electricity costs over time.

Other Input Costs and Availability
The company has a variety of input costs include single use plastic packaging and cardboard. Global demand could again impact the price and availability of these products, and the company is working with its customers to minimise the usage and waste of its packaging where possible.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
Mr J H Down
Company secretary and director

 

Wydale Plastics Limited

Directors' Report for the Year Ended 31 January 2025

The directors present their report and the financial statements for the year ended 31 January 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr A P Murnaghan

Mr J H Down - Company secretary and director

Mr R Fitzgerald

Mrs B J Wyatt

Mrs E A Murnaghan - Chairman

Dividends

The directors do not recommend the payment of a final dividend for the year ended 31 January 2025.

Financial instruments

Objectives and policies

The company's activities expose it to a number of financial risks as set out below.

Price risk, credit risk, liquidity risk and cash flow risk

The company's principal financial instruments comprise bank balances (including short-term deposits), trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining sufficient cash reserves in the business to fund day-to-day working capital requirements, including the repayment of trade creditors. The company also ensures that term deposits are only invested for short periods of time, with staggered maturity dates.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

 

Wydale Plastics Limited

Directors' Report for the Year Ended 31 January 2025

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Mitchams Accountants Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
Mr J H Down
Company secretary and director

 

Wydale Plastics Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

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

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Wydale Plastics Limited

Independent Auditor's Report to the Members of Wydale Plastics Limited

Opinion

We have audited the financial statements of Wydale Plastics Limited (the 'company') for the year ended 31 January 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 January 2025 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

 

Wydale Plastics Limited

Independent Auditor's Report to the Members of Wydale Plastics Limited

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and 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 our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [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 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 company or to cease operations, or have no realistic alternative but to do so.

 

Wydale Plastics Limited

Independent Auditor's Report to the Members of Wydale Plastics Limited

Auditor 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:

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we have obtained an understanding of the nature of the industry, the control environment and the legal and regulatory frameworks that the company operates in.

We determinded that the most significant applicable legal and regulatory frameworks are those directly relevant to the reporting framework and preparation of the financial statements (FRS102, Companies Act 2006 and UK tax legislation). We considered the extent to which non-compliance might have material effect on the financial statements.

We determinded the principle risks which could lead to material misstatement of the financial statements to be related to posting inappropriate journal entries and accounting estimates.

Audit procedures performed by the engagement team included:

- Enquiries with management to understand managements' approach to ensuring compliance with laws and regulations, and to obtain knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;

- Testing journal entries to identify any unusual transactions, or those outside the normal course of business, which may indicate risks of material misstatement due to fraud;

- Testing of balances and transaction that are subject to estimation uncertainty by review of evidence supporting the assumptions and judgements used, and determining whether those judegments used indicate potential bias;

- Reading minutes of meetings of those charged with governance;

- Review of legal expense accounts to identify spend which may be indicative of breaches of laws and regulations;

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with the provisions of laws and regulations described above.

The engagement team also remained aware of the need for professional scepticism to identify any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

 

Wydale Plastics Limited

Independent Auditor's Report to the Members of Wydale Plastics Limited

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.

......................................
Timothy Maclellan (Senior Statutory Auditor)
For and on behalf of Mitchams Accountants Limited, Statutory Auditor
 1 Cornhill
Ilminster
Somerset
TA19 0AD

2 May 2025

 

Wydale Plastics Limited

Profit and Loss Account for the Year Ended 31 January 2025

Note

2025
£

2024
£

Turnover

3

9,637,485

9,113,179

Cost of sales

 

(6,370,904)

(6,222,002)

Gross profit

 

3,266,581

2,891,177

Administrative expenses

 

(1,508,224)

(1,298,538)

Other operating income

4

54,430

51,300

Operating profit

5

1,812,787

1,643,939

Other interest receivable and similar income

6

142,535

71,332

Interest payable and similar expenses

7

-

(28)

   

142,535

71,304

Profit before tax

 

1,955,322

1,715,243

Tax on profit

11

(505,700)

(433,771)

Profit for the financial year

 

1,449,622

1,281,472

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Wydale Plastics Limited

Statement of Comprehensive Income for the Year Ended 31 January 2025

2025
£

2024
£

Profit for the year

1,449,622

1,281,472

Total comprehensive income for the year

1,449,622

1,281,472

 

Wydale Plastics Limited

(Registration number: 02823704)
Balance Sheet as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

12

1,146,771

1,128,125

Current assets

 

Stocks

13

918,481

891,293

Debtors

14

1,345,349

1,291,961

Cash at bank and in hand

 

4,687,771

3,765,425

 

6,951,601

5,948,679

Creditors: Amounts falling due within one year

16

(1,126,638)

(1,223,935)

Net current assets

 

5,824,963

4,724,744

Total assets less current liabilities

 

6,971,734

5,852,869

Provisions for liabilities

17

(87,163)

(82,920)

Net assets

 

6,884,571

5,769,949

Capital and reserves

 

Called up share capital

8,100

8,100

Retained earnings

6,876,471

5,761,849

Shareholders' funds

 

6,884,571

5,769,949

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
Mrs E A Murnaghan
Chairman

 

Wydale Plastics Limited

Statement of Changes in Equity for the Year Ended 31 January 2025

Share capital
£

Retained earnings
£

Total
£

At 1 February 2024

8,100

5,761,849

5,769,949

Profit for the year

-

1,449,622

1,449,622

Dividends

-

(335,000)

(335,000)

At 31 January 2025

8,100

6,876,471

6,884,571

Share capital
£

Retained earnings
£

Total
£

At 1 February 2023

8,100

4,777,377

4,785,477

Profit for the year

-

1,281,472

1,281,472

Dividends

-

(297,000)

(297,000)

At 31 January 2024

8,100

5,761,849

5,769,949

 

Wydale Plastics Limited

Statement of Cash Flows for the Year Ended 31 January 2025

Note

2025
£

2024
£

Cash flows from operating activities

Profit for the year

 

1,449,622

1,281,472

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

174,112

205,635

Loss on disposal of tangible assets

240

-

Finance income

6

(142,535)

(71,332)

Finance costs

7

-

28

Income tax expense

11

505,700

433,771

 

1,987,139

1,849,574

Working capital adjustments

 

(Increase)/decrease in stocks

13

(27,188)

185,172

Increase in trade debtors

14

(53,388)

(148,471)

Increase in trade creditors

16

67,746

91,511

Cash generated from operations

 

1,974,309

1,977,786

Income taxes paid

11

(666,500)

(236,527)

Net cash flow from operating activities

 

1,307,809

1,741,259

Cash flows from investing activities

 

Interest received

6

142,535

71,332

Acquisitions of tangible assets

(194,866)

(113,165)

Proceeds from sale of tangible assets

 

1,868

-

Net cash flows from investing activities

 

(50,463)

(41,833)

Cash flows from financing activities

 

Interest paid

7

-

(28)

Dividends paid

21

(335,000)

(297,000)

Net cash flows from financing activities

 

(335,000)

(297,028)

Net increase in cash and cash equivalents

 

922,346

1,402,398

Cash and cash equivalents at 1 February

 

3,765,425

2,363,027

Cash and cash equivalents at 31 January

 

4,687,771

3,765,425

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Cathole Bridge Road
Crewkerne
Somerset
TA18 8RF

These financial statements were authorised for issue by the Board on 30 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is Sterling (£). All amounts have been rounded to the nearest £.

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical accounting judgements and Key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements and estimates:

Depreciation rates
Tangible fixed assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining useful life of the asset and projected disposal values. The carrying amount of fixed assets can be seen in the note headed Tangible assets below

Stock valuation
The valuation of stocks include costs directly related to the units of production, such as direct labour. It also includes a systematic allocation of the fixed and variable production overheads that are incurred in converting materials into finished goods. Variable production overheads are allocated to each unit of production on the basis of the actual use of the production facilities. Allocation rates are fixed annually, and include estimates concerning the normal levels of production, usage and wastage. The carrying amount of stocks can be seen in the note headed Stocks below

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when goods are received by the customer, as determined by the terms
agreed in the contract.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Tax

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

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 operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold improvements

4% - 10% straight line basis

Plant and machinery

20% - 33 1/3% straight line basis

Furniture, fittings and equipment

20% - 33 1/3% straight line basis

Motor vehicles

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

3

Turnover

The analysis of the company's revenue for the year from continuing operations is as follows:

2025
 £

2024
 £

Sale of goods

9,637,485

9,113,179

The analysis of the company's turnover for the year by market is as follows:

2025
 £

2024
 £

UK

7,339,806

6,829,435

Export

2,297,679

2,283,744

9,637,485

9,113,179

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2025
 £

2024
 £

Feed in tariff income

33,618

33,872

Other operating income

20,812

17,428

54,430

51,300

5

Operating profit

Arrived at after charging/(crediting)

2025
 £

2024
 £

Depreciation expense

174,112

205,635

Foreign exchange losses

1,528

1,465

Operating lease expense - plant and machinery

8,466

8,466

Loss on disposal of property, plant and equipment

240

-

6

Other interest receivable and similar income

2025
 £

2024
 £

Interest income on bank deposits

142,502

71,320

Other finance income

33

12

142,535

71,332

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

7

Interest payable and similar expenses

2025
 £

2024
 £

Interest on bank overdrafts and borrowings

-

28

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2025
 £

2024
 £

Wages and salaries

2,650,630

2,377,425

Social security costs

283,613

251,759

Pension costs, defined contribution scheme

141,224

123,307

Other employee expense

32,744

7,575

3,108,211

2,760,066

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2025
No.

2024
No.

Production

57

52

Administration and support

12

13

69

65

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2025
 £

2024
 £

Remuneration

396,457

299,967

Contributions paid to money purchase schemes

73,058

59,951

469,515

359,918

During the year the number of directors who were receiving benefits and share incentives was as follows:

2025
 No.

2024
 No.

Accruing benefits under money purchase pension scheme

2

2

In respect of the highest paid director:

2025
 £

2024
 £

Remuneration

141,150

99,010

Company contributions to money purchase pension schemes

7,058

4,951

10

Auditors' remuneration

2025
 £

2024
 £

Audit of the financial statements

9,550

5,000

Other fees to auditors

All other non-audit services

8,027

2,304


 

11

Taxation

Tax charged/(credited) in the income statement

2025
 £

2024
 £

Current taxation

UK corporation tax

501,457

441,500

Deferred taxation

Arising from origination and reversal of timing differences

4,243

(7,729)

Tax expense in the income statement

505,700

433,771

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

2025
 £

2024
 £

Profit before tax

1,955,322

1,715,243

Corporation tax at standard rate

488,831

428,811

Effect of expense not deductible in determining taxable profit (tax loss)

2,248

9,178

Deferred tax expense (credit) from unrecognised temporary difference from a prior period

4,243

(7,729)

Tax increase (decrease) from effect of capital allowances and depreciation

10,378

21,332

Tax increase (decrease) from changes in tax provisions due to legislation

-

(17,821)

Total tax charge

505,700

433,771

The standard rate of corporation tax for UK companies increased from 19% to 25% on 1 April 2023.

Deferred tax

Deferred tax assets and liabilities

2025

Asset
£

Liability
£

Accelerated tax depreciation

-

87,163

-

87,163

2024

Asset
£

Liability
£

Accelerated tax depreciation

-

82,920

-

82,920

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

12

Tangible assets

Long leasehold improvements
£

Plant and machinery
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2024

1,645,204

1,896,335

138,355

14,702

3,694,596

Additions

82,458

72,003

40,405

-

194,866

Disposals

-

-

(2,492)

-

(2,492)

At 31 January 2025

1,727,662

1,968,338

176,268

14,702

3,886,970

Depreciation

At 1 February 2024

740,213

1,740,789

79,764

5,705

2,566,471

Charge for the year

72,513

66,189

33,589

1,821

174,112

Eliminated on disposal

-

-

(384)

-

(384)

At 31 January 2025

812,726

1,806,978

112,969

7,526

2,740,199

Carrying amount

At 31 January 2025

914,936

161,360

63,299

7,176

1,146,771

At 31 January 2024

904,991

155,546

58,591

8,997

1,128,125

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

13

Stocks

2025
 £

2024
 £

Raw materials and consumables

667,201

655,421

Work in progress

251,280

235,872

918,481

891,293

14

Debtors

Current

2025
£

2024
£

Trade debtors

1,299,159

1,257,433

Prepayments

46,190

34,528

 

1,345,349

1,291,961

15

Cash and cash equivalents

2025
 £

2024
 £

Cash on hand

911

1,046

Cash at bank

1,973,663

2,264,379

Short-term deposits

2,713,197

1,500,000

4,687,771

3,765,425

16

Creditors

Note

2025
 £

2024
 £

Due within one year

 

Trade creditors

 

498,687

419,747

Social security and other taxes

 

208,620

285,882

Accrued expenses

 

142,874

76,806

Corporation tax liability

11

276,457

441,500

 

1,126,638

1,223,935

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

17

Provisions for liabilities

Deferred tax
£

Total
£

At 1 February 2024

82,920

82,920

Increase (decrease) in existing provisions

4,243

4,243

At 31 January 2025

87,163

87,163

18

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £141,224 (2024 - £123,307).

19

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

A Ordinary of £1 each

8,000

8,000

8,000

8,000

B Ordinary of £1 each

100

100

100

100

8,100

8,100

8,100

8,100

Rights, preferences and restrictions

A Ordinary shares have the following rights, preferences and restrictions:
Each A Ordinary share is entitled to one vote at general meetings of the company and entitled to participate in a winding up of the company. Dividends may be paid to holders of A Ordinary shares to the exclusion of other classes. The A Ordinary shares are not redeemable.

B Ordinary shares have the following rights, preferences and restrictions:
B Ordinary shares do not entitle holders to vote at general meeetings of the company, nor to participate in the winding up of the company. Dividends may be paid to holders of B Ordinary shares to the exclusion of other classes. The B Ordinary shares are not redeemable.

 

Wydale Plastics Limited

Notes to the Financial Statements for the Year Ended 31 January 2025

20

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2025
£

2024
£

Not later than one year

3,526

8,466

Later than one year and not later than five years

-

3,526

3,526

11,992

The amount of non-cancellable operating lease payments recognised as an expense during the year was £8,466 (2024 - £8,466).

21

Dividends

Interim dividends paid

2025
£

2024
£

Interim dividend of £35.00 (2024 - £30.50) per each A Ordinary

280,000

244,000

Interim dividend of £550.00 (2024 - £530.00) per each B Ordinary

55,000

53,000

335,000

297,000

22

Analysis of changes in net debt

At 1 February 2024
£

Financing cash flows
£

At 31 January 2025
£

Cash and cash equivalents

Cash

3,765,425

922,346

4,687,771

 

3,765,425

922,346

4,687,771

23

Related party transactions

Other transactions with directors

During the year the company paid rent of £44,167 to Mrs E A Murnaghan, a director (2024 - £40,000).