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REGISTERED NUMBER: 03585017 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 November 2024

for

Hanson Plywood (Holdings) Ltd

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 6

Report of the Independent Auditors 9

Consolidated Income Statement 13

Consolidated Balance Sheet 14

Company Balance Sheet 15

Consolidated Statement of Changes in Equity 16

Company Statement of Changes in Equity 17

Consolidated Cash Flow Statement 18

Notes to the Consolidated Cash Flow Statement 19

Notes to the Consolidated Financial Statements 20


Hanson Plywood (Holdings) Ltd

Company Information
for the Year Ended 30 November 2024







DIRECTORS: G M Scott
J W Scott
T G Scott





REGISTERED OFFICE: Drakes Industrial Estate
Shay Lane
Ovenden
Halifax
West Yorkshire
HX3 6RL





REGISTERED NUMBER: 03585017 (England and Wales)





AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Group Strategic Report
for the Year Ended 30 November 2024

The directors present their strategic report of the company and the group for the year ended 30 November 2024.

The group operates as one of the UK's principal importers and distributors of timber-based panel products. The business provides a nationwide service to a wide ranging and diverse customer base, including merchants and specialist manufacturers.

There is a specific focus on technical training and environmental awareness and the business engages closely with suppliers from around the world to ensure relationships are supportive, progressive, and mutually beneficial. The company has a program of ongoing staff training and recruitment to ensure the business can operate at high levels of service within the industry.

Products and services are presented directly to architects and specifiers to promote awareness of a wide range of fit-for-purpose products. This continues to be supported by the company's constantly updated virtual showroom which provides the opportunity to welcome visitors without the need to travel or have physical interaction.

The business has a very carefully considered approach to all matters of environmental, ethical and technical concern which is managed through the company's dedicated HEAT Team (Hanson Environmental And Technical Team). The purpose of HEAT is to ensure that the company provides trusted and valuable resources to our clients in matters and principles which the company regards as at the core of our trading ethos.

REVIEW OF BUSINESS
With global demand still at a low ebb and continued political and economic uncertainties, the trading year has been one of consolidation and protection. Profit revenue has been further held back by a combination of increasing overhead costs and diminished material values.

Despite the significant challenges faced, the final profit is again in line with the budget projections set out for the year and further reflects the core strengths of the business.

Credit control systems ensure a high level of operational awareness. All sales staff are credit control trained to ensure they support the dedicated accounts credit control team with good knowledge and due diligence. This results in consistently low levels of bad debt costing £72,406 for the year (2023 - £50,413).

Revenue for the financial year was £56,831,646 (2023 - £64,548,173) a decrease on last year of 12%.

Operating profit was £4,168,138 (2023 - £4,414,820) a decrease of 5.6%.

Profit after tax was £3,156,359 compared to £3,404,820 last year.

Net assets (total equity) were £29,700,398 (2023 - £29,050,547).

The business continues to operate with healthy working capital and adequate cash reserves that support progressive and unrestricted trading opportunities.


Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Group Strategic Report
for the Year Ended 30 November 2024

PRINCIPAL RISKS AND UNCERTAINTIES
Procedures for identifying, quantifying, and managing the risks faced by the company are in place and undergo constant monitoring and analysis across all operations.

The business mitigates trading risks by ensuring products are distributed over a very wide range of industries covering various economic sectors. Stocks are carefully monitored to ensure volumes are in line with current and future demands, and there is minimal risk from reduced values or market demand.

Computers and IT risks are covered by storing and managing data offsite. Cyber security continues to be of increasing concern, the company has measures in place to ensure protective antivirus systems are fully always maintained. Back-up systems are regularly reviewed to ensure the business remains operational in the event of any power failures affecting the company.

The relatively new company operating software system is being further optimised to ensure every aspect of company performance can be effectively monitored.
The system provides more detailed reporting information to assist the principal managers of the business in quickly identifying any areas of risk or concern.

The company maintains a disaster recovery plan which can be immediately implemented should the business experience any catastrophic event.

The directors continue to monitor specific business sectors to ensure stocks are managed in accordance with any significant factors which may adversely influence industry trading patterns. Staff actively manage and report on performance against budgets, performance targets and capital expenditure.

Global matters and concerns have an increasing influence on our business and our ability to trade with a defined and settled strategy. The group must therefore retain a high level of agility within the business to mitigate the prevailing risks and continue to trade successfully.

The group operates using a Quality Management System that is certified to ISO 9001:2015 standard. This provides a framework of continuous improvement for the group and its processes. Specifically tailored stock management systems enable the business to carefully control all product groups and to also reduce non-conformity to absolute minimum levels.

All aspects of the business are analysed and managed using key performance indicators (KPI's) as principal management tools. The directors actively manage and report on UK and global markets and economies to ensure the group can react accordingly.

SECTION 172(1) STATEMENT
The directors have due consideration of their responsibilities and duties and work according to this section of the Companies Act.

All decisions taken by the directors are done so with due consideration of the long-term effects of those decisions and to endeavour to ensure the interests of the business and its stakeholders are considered and supported in the optimum manner. Staff consultations and comprehensive appraisal systems underpin these practices.

Employee welfare, training and development is a primary focus for the directors. Human resource management systems are in place which provide personal support and opportunities for career development. In addition to this the business's staff welfare facilities are being constantly reviewed and upgraded as we endeavour to provide a comfortable and enjoyable working environment.

The directors monitor the impact of the business on its neighbours and the local community. Measures are in place to make sure our business operations are conducted in a manner which is considerate and respectful to our neighbours. Local residents and businesses are openly invited to visit the premises to help ensure the group is fully integrated and supportive to the local community.

The business works closely with The Community Foundation for Calderdale to provide support to community projects and services. The company is closely associated with numerous sporting organisations and social clubs and provides support for their activities.

The company strives to be regarded as a respectful and considerate business which considers the needs of its stakeholders, trading partners, and the local community.
All operations are conducted with a fair and equitable approach to all staff, and anyone associated with the business.


Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Group Strategic Report
for the Year Ended 30 November 2024

ENVIRONMENT
Reduction and mitigation of environmental impacts is a key focus, and the group operates an Environmental Management System (certified to ISO 14001:2015) to monitor these matters.

As an importer of timber-based products, procurement presents the most pressing concern for the company and careful consideration is given to the sustainability and legality of wood-based panel products sourced from high-risk countries. Since the enactment of the European Union Timber Regulation (EUTR), there were legal ramifications for not carrying out sufficient due diligence on the supply chains of products sourced from outside of the EU. Following the UK's departure from the European Union in January 2021, the company must now comply with the UK Timber Regulation (UKTR). The regulation now includes products purchased from the EU (as opposed to just non-EU purchases). To comply with UKTR, the group has a developed Due Diligence Systems that are certified and externally audited under the Timber Trade Federation's Responsible Purchasing Policy. This has been modified for tighter controls to give more transparency over the supply chain.

Within a strong focus on the legality of supply chains, the group is certified under FSC® and PEFC™ Chain of Custody management schemes. This ensures that all goods certified under these schemes have been sourced from certified forest management units who operate with sustainable forest management plans. The group monitors the purchase of certified goods annually and in 2022/23 96% of all purchases of timber-based products were certified under either FSC or PEFC chain of custody management systems. In 2023/24, the group purchased 86% under the certificate FSC or PEFC supply chains and FLEGT. Directors and employees have seen several Mills, logging concession and private forest owners moving away from FSC certification, so in turn the business has seen a rise in PEFC certified products. The group is still not purchasing any products that can originate from Russia, Belarus or Ukraine due to responsible and ethical sourcing decisions around conflict timber.

The business retains strong ties with trade in Indonesia and this has allowed it to benefit from the Forest Law Enforcement, Governance and Trade Voluntary Partnership Agreement between the UK and Indonesia. The Indonesian government operate a nation-wide timber legality assurance system ensuring that all exported timber products legally comply with UKTR and do not require due diligence as a result. In 2023/24 the group purchased 17% (2022/23 - 15%) FLEGT products.

Other important environmental considerations are those of fuel consumption and waste management. These are monitored monthly through the help of a telematics solution that diagnoses vehicle performance. The business has an online platform which allows its transport manager to monitor trends of both the driver and the vehicle. This allows for changes to be put in place allowing for better fuel efficiency if needed. Towards the end of 2023 the group began leasing an all-electric HGV for local delivery routes. The benefits of this have been significant giving zero emissions and a dramatic drop in noise pollution. The new HGV has also had a benefit for customers, allowing their emissions on deliveries to be lowered.

For recycling, the supplier which supports the business in recycling, has vehicles that can obtain accurate weight figures for waste collections. The group directly recycled around 90% of waste produced on site. The remaining 10% (General Waste) is diverted from land fill to a material recovery facility where it is further segregated and potentially recycled. All of the company's wood waste is sent for re-use in joinery and rehabilitation programmes. Alongside a zero-waste-to-landfill policy, the company has implemented management-led strategies on the reduction of single use plastics with set targets to reduce packaging purchased and used.


The company has signed up to a Packaging Regulations Compliance Scheme monitored by Waste Pack. This not only ensures compliance with packaging obligations but also presents a financial incentive to reduce packaging. The group appreciates that many of its suppliers are focusing on reducing their plastic packaging and opting for a more sustainable alterative such as paper/cardboard, which contributes to the business reaching its recycling targets.

As a member of Planet Mark's Business Certification programme, the group monitors operational carbon emissions and is incentivised to reduce environmental impacts. To retain certification, evidence must be obtained to demonstrate that emissions have been reduced by at least 5% annually. The group's ongoing environmental achievements have consistently met this requirement.


Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Group Strategic Report
for the Year Ended 30 November 2024

SOCIAL RESPONSIBILITY
The group has strong ethics on social responsibility which continually reviewed and enhanced.
The business now employs 81 people both part time and full time from a single site in Halifax, West Yorkshire and places a lot of emphasis on the way employees are cared for, ensuring that they always feel valued and secure in their employment. To support of this, the company has the following internal policies in place:

o Equal Opportunities Policy
o Anti-Corruption & Bribery Policy
o Staff Privacy Policy
o Health & Safety Policy

With the above in mind, the group has the greatest confidence that no employees are exploited or forced into compulsory labour in line with the Modern Slavery Act 2015.
This confidence also extends to the group's supply chain, where a robust Due Diligence System and recognised Third Party Certification schemes (such as FSC®, PEFC™ and FLEGT) work to eliminate modern slavery and human trafficking from our supply chains.
A system is in place to ensure that relevant staff within the business can recognise signs of forced labour and human trafficking and employ appropriate prevention measures.

To further demonstrate a strong commitment to corporate social responsibility, the group subscribes to EcoVadis (a CSR ratings platform) and has been awarded a gold medal with a scoring of 65/100 and ranking in the 84th percentile of all EcoVadis companies. This platform assesses the group's commitment to 4 modules: environment, labour & human rights, ethics, and sustainable procurement.

HEALTH AND SAFETY
A Health & Safety Management System is in operation. Aspects of this system are integrated into the Quality and Environmental Management Systems with weekly checks of high-risk areas and considerable investment into the latest safety equipment and PPE. Staff are fully aware of requirements under HSE, and the group monitors any noted hazards against the number of near misses and accidents to locate areas of notable risk to the health and safety of employees, customers, visitors, and other persons affected by the operations of the group.

ON BEHALF OF THE BOARD:





G M Scott - Director


28 May 2025

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Report of the Directors
for the Year Ended 30 November 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 November 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of timber merchants.

DIVIDENDS
An interim dividend of £45.57 per share on the Ordinary A £1 shares was paid on 29 October 2024. The directors recommend that no final dividend be paid on these shares.

No interim dividend was paid on the Ordinary £1 shares. The directors recommend that no final dividend be paid on these shares.

The total distribution of dividends for the year ended 30 November 2024 will be £ 2,506,508 .

FUTURE DEVELOPMENTS
In May 2024 the group completed the construction of a new warehouse facility which consolidates the current requirements of the business, whilst also providing extra capacity for further growth. The addition of the new resource allows the business to reduce its dependency on port of arrival warehousing, and significantly reduce external storage costs.

Extra staff resources were added to the Environmental and Technical Team (HEAT) as the business further steps up its capacity to provide the highest standards of assurance in all environmental, ethical, and technical considerations. The board will maintain a flexible, optimistic, and initiative-taking approach to all matters of sustainability and environmental care within the business and operations and will continue to encourage others to engage and assist it in these processes.

The Marketing & Media department has also further expanded its resources as it continues to support the sales department, with a particular focus on promoting the group's reputation for strong advisory support to industry. The group website provides a detailed presentation of its services and capabilities.

There are plans to further develop the Hanson Plywood Virtual Showroom to provide visitors with industry leading resources that are available at all times.

The group operates with a high degree of working flexibility to allow both remote and hybrid working capacity within the business which provides both social and environmental benefits as group journeys are kept to a minimum and more social time is created.

Operating systems are always under constant review and are being further enhanced to ensure the business can function to optimum levels of efficiency. The ERP system is now providing the group with the more advanced operational and logistical benefits identified when initially evaluating the system.

The directors continue to work on strategies which will promote further opportunities and growth. The core strength of the business is providing specialist products and technical advice which is of strong value in the marketplace. A highly flexible and adaptable approach will be maintained to ensure the business is well equipped to adjust to the prevailing market conditions, whatever they may be.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report.

G M Scott
J W Scott
T G Scott

Other changes in directors holding office are as follows:

M Scott - resigned 29 October 2024
J M Scott - resigned 29 October 2024

POLITICAL DONATIONS AND EXPENDITURE
All donations are charitable not political.

THIRD PARTY INDEMNITY PROVISION FOR DIRECTORS
Qualifying third party indemnity provision for the directors is in place for the benefit of all directors.


Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Report of the Directors
for the Year Ended 30 November 2024

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS
The group has a clear policy to foster support and goodwill towards all parties that are in any way linked with the business. It is recognised that within all trading relationships there is an interdependency which needs to be respected and understood to enable all parties to flourish.

The group continues to endeavour to create an environment where there is an appreciation of the need for equitable profit returns which underpin long-term prosperity within trading chains.

STREAMLINED ENERGY AND CARBON REPORTING

Energy and Emissions Summary Units 2024 2023

Emissions from combustion of gas tCO2e 78.20 0.00
Emissions from combustion of fuel for transport purposes tCO2e 659.41 1108.00
Emissions from purchased electricity tCO2e 72.50 21.60
Emissions from generation of electricity that is in a transmission and
distribution system which the company does not own or control

tCO2e

8.00

2.43
Emissions from business travel in rental cars or employee owned vehicles
where the company is responsible for purchasing fuel

tCO2e

16.11

0.00
Total Gross Emissions 834.22 1132.07
Energy consumption used to calculate emissions kWh 3,335,050 4,813,681
Intensity measurement : Turnover £ 56,500,000 64,000,000

Intensity ratio
tCO2e/
£

0.00001476

0.00001769

Qualification and reporting methodology
The group has followed the 2019 HM Government Environmental Reporting Guidelines and has used the 2024 UK Governments Conversion Factors for Company Reporting. An operational approach has been used.

The primary energy source for energy consumption is from consolidated invoices and supplier interval data. Where invoices are not in line with the financial year, a pro rata calculation has been used to estimate the usage which falls within the reporting period. Exported electricity has been measures by sub-metering and has been excluded from the reported data.

All data has been recorded for the accounting period. The data was collated directly from the monthly supplier invoices to provide a breakdown of monthly and annual consumption for each meter in kWh's.

Monthly LPG fuel usage was recorded for forklift truck usage in litres.

Group transport data was generated as total mileage for each vehicle.

Intensity measurement
Annual turnover has been used to calculate the intensity metric. The formula used was to divide total emissions by turnover.

Energy Efficiency
The group uses electric forklift trucks, an electric HGV to carry out deliveries and electric company cars for use by the sales department. Hybrid working is promoted and welcomed to reduce commuting emissions. The group continues to be partnered with Plait Mark to measure it's carbon footprint and to set carbon reduction targets and objectives.


Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Report of the Directors
for the Year Ended 30 November 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G M Scott - Director


28 May 2025

Report of the Independent Auditors to the Members of
Hanson Plywood (Holdings) Ltd

Opinion
We have audited the financial statements of Hanson Plywood (Holdings) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30 November 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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

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

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

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors 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 Report of the Directors.

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 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.

Report of the Independent Auditors to the Members of
Hanson Plywood (Holdings) Ltd


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page eight, 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 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.

Report of the Independent Auditors to the Members of
Hanson Plywood (Holdings) Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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.
We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations; this responsibility lies with management.

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.

We identified applicable laws and regulations through discussions with the directors and the compliance officer and from our commercial knowledge and experience of other regulated entities.

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or on operations.

These included the Companies Act 2006 and legislation for taxation, data protection, anti-bribery, employment and health & safety. The group is also subject to the Construction Products Regulation with particular reference to EN13986 for wood-based panel products. This means that all of its products which are intended for permanent use in construction have to have a CE mark. A fleet of wagons is used to deliver products and therefore there has to a be a valid Goods Vehicle Operating Licence.

We assessed the extent of compliance with these laws and regulations through making enquiries of the managing director and the group's compliance officer. We also reviewed minutes of board meetings.
Considerations relating to the Construction Products Regulation are as follows. The group is a distributor not a manufacturer so it has no responsibility for obtaining a CE mark; rather its obligation is to check that products bought and sold have a CE mark. The group does this by having procedures in place to ensure that no products are bought without a CE mark which could possibly be used for construction. This refers to a number of different product types that the group distributes. We checked that certificates were in force, issued by an independent company, to certify that the group had appropriate procedures in place to ensure compliance under the Construction Products Regulation.

We checked that the Goods Vehicle Operating Licence was valid during the year and at the year end.
Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We enquired of the directors if there was any actual or potential litigation or claims involving the group.

We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by the following procedures.

We asked the finance director of the subsidiary as to where she considered there was susceptibility to fraud and whether she had knowledge of actual, suspected or alleged fraud.

We considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

We used an online audit package to guide our audit work so that we maximised the likelihood of detection of irregularities, including fraud.

We addressed the fraud risk relating to management override of controls by the following procedures:
- We carried out journal testing and analytical procedures to identify any unusual matters.
- We assessed whether there was any potential management bias evident in making judgements and assumptions underlying accounting estimates.
- We investigated the rationale behind significant or unusual transactions.
- We addressed the fraud risk relating to revenue recognition by carrying out substantive testing of sales and accrued income


Report of the Independent Auditors to the Members of
Hanson Plywood (Holdings) Ltd

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Raza Effendi MBA FCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

28 May 2025

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Consolidated
Income Statement
for the Year Ended 30 November 2024

2024 2023
Notes £    £    £   

TURNOVER 3 56,831,646 64,548,173

Cost of sales 44,949,571 52,268,066
GROSS PROFIT 11,882,075 12,280,107

Distribution costs 3,336,055 3,068,245
Administrative expenses 4,621,429 5,037,038
7,957,484 8,105,283
3,924,591 4,174,824

Other operating income 243,547 239,996
OPERATING PROFIT 5 4,168,138 4,414,820

Income from fixed asset investments 3,433 -
Interest receivable and similar income 134,625 69,624
138,058 69,624
4,306,196 4,484,444

Interest payable and similar expenses 6 27,917 26,456
PROFIT BEFORE TAXATION 4,278,279 4,457,988

Tax on profit 7 1,121,920 1,053,168
PROFIT FOR THE FINANCIAL YEAR 3,156,359 3,404,820

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Consolidated Balance Sheet
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 2,332 2,478
Tangible assets 11 10,813,305 9,253,039
Investments 12 - 611,036
10,815,637 9,866,553

CURRENT ASSETS
Stocks 13 9,009,238 7,840,675
Debtors 14 11,593,139 12,363,637
Cash at bank and in hand 7,038,776 8,939,163
27,641,153 29,143,475
CREDITORS
Amounts falling due within one year 15 7,751,517 9,193,755
NET CURRENT ASSETS 19,889,636 19,949,720
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,705,273

29,816,273

CREDITORS
Amounts falling due after more than one year 16 (249,821 ) (353,111 )

PROVISIONS FOR LIABILITIES 19 (755,054 ) (412,615 )
NET ASSETS 29,700,398 29,050,547

CAPITAL AND RESERVES
Called up share capital 20 295,902 295,902
Fair value reserve 21 - 21,593
Retained earnings 21 29,404,496 28,733,052
SHAREHOLDERS' FUNDS 29,700,398 29,050,547

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





G M Scott - Director


Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Company Balance Sheet
30 November 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 553,855 553,855
553,855 553,855

CURRENT ASSETS
Debtors 14 299,193 2,245,522
Cash at bank and in hand 258 90
299,451 2,245,612
CREDITORS
Amounts falling due within one year 15 13,982 1,243,668
NET CURRENT ASSETS 285,469 1,001,944
TOTAL ASSETS LESS CURRENT
LIABILITIES

839,324

1,555,799

CAPITAL AND RESERVES
Called up share capital 20 295,902 295,902
Retained earnings 543,422 1,259,897
SHAREHOLDERS' FUNDS 839,324 1,555,799

Company's profit for the financial year 1,790,033 18,781

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





G M Scott - Director


Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2022 295,902 26,104,308 15,576 26,415,786

Changes in equity
Dividends - (770,059 ) - (770,059 )
Total comprehensive income - 3,398,803 6,017 3,404,820
Balance at 30 November 2023 295,902 28,733,052 21,593 29,050,547

Changes in equity
Dividends - (2,506,508 ) - (2,506,508 )
Total comprehensive income - 3,177,952 (21,593 ) 3,156,359
Balance at 30 November 2024 295,902 29,404,496 - 29,700,398

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Company Statement of Changes in Equity
for the Year Ended 30 November 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2022 295,902 2,011,175 2,307,077

Changes in equity
Dividends - (770,059 ) (770,059 )
Total comprehensive income - 18,781 18,781
Balance at 30 November 2023 295,902 1,259,897 1,555,799

Changes in equity
Dividends - (2,506,508 ) (2,506,508 )
Total comprehensive income - 1,790,033 1,790,033
Balance at 30 November 2024 295,902 543,422 839,324

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,417,952 8,846,745
Interest paid (12,947 ) (8,074 )
Interest element of hire purchase payments paid (27,678 ) (13,748 )
Movement on customer deposits 4,242 2,223
Tax paid (723,083 ) (1,120,225 )
Net cash from operating activities 2,658,486 7,706,921

Cash flows from investing activities
Purchase of tangible fixed assets (2,207,195 ) (5,313,909 )
Purchase of fixed asset investments (18,033 ) (48,617 )
Sale of tangible fixed assets 44,523 22,250
Sale of fixed asset investments 686,501 53,984
Loan advance to parent company (39,715 ) -
Interest received 136,186 68,063
Dividends received 3,433 -
Net cash from investing activities (1,394,300 ) (5,218,229 )

Cash flows from financing activities
Movement on employee loans (3,800 ) (855 )
Capital repayments in year (123,804 ) (149,193 )
Amount introduced by directors - 606,693
Amount withdrawn by directors (530,461 ) (503,307 )
Government grants - 16,000
Equity dividends paid (2,506,508 ) (770,059 )
Net cash from financing activities (3,164,573 ) (800,721 )

(Decrease)/increase in cash and cash equivalents (1,900,387 ) 1,687,971
Cash and cash equivalents at beginning of year 2 8,939,163 7,251,192

Cash and cash equivalents at end of year 2 7,038,776 8,939,163

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 4,278,279 4,457,988
Depreciation charges 616,428 378,234
Profit on disposal of fixed assets (100,099 ) (3,363 )
Loss (gain) on investment revaluation 28,791 (8,023 )
Government grants (9,000 ) (12,000 )
Finance costs 27,917 26,456
Finance income (138,058 ) (69,624 )
4,704,258 4,769,668
(Increase)/decrease in stocks (1,168,563 ) 5,087,826
Decrease in trade and other debtors 812,452 2,011,653
Decrease in trade and other creditors (930,195 ) (3,022,402 )
Cash generated from operations 3,417,952 8,846,745

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2024
30.11.24 1.12.23
£    £   
Cash and cash equivalents 7,038,776 8,939,163
Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 8,939,163 7,251,192


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.23 Cash flow At 30.11.24
£    £    £   
Net cash
Cash at bank and in hand 8,939,163 (1,900,387 ) 7,038,776
8,939,163 (1,900,387 ) 7,038,776
Debt
Finance leases (449,825 ) 123,804 (326,021 )
(449,825 ) 123,804 (326,021 )
Total 8,489,338 (1,776,583 ) 6,712,755

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

Hanson Plywood (Holdings) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company for the year under review was that of a holding company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Sales rebate provision
The company offers volume rebate to some customers based on sales in a calendar year. The provision relating to the accounting year is estimated based on sales. The amount included in other creditors this year is £323,582 with estimation uncertainty range of £270,000 to £350,000 (2023: £453,283 with estimation uncertainty range of £400,000 to £475,000).

Purchase rebate provision
The company is entitled to a volume rebate based on purchases in a calendar year. The provision relating to the accounting year is estimated based on purchases. The amount included in other debtors this year is £729,312 with estimation uncertainty range of £650,000 to £770,000 (2023: £810,588 with estimation uncertainty range of £725,000 to £825,000).

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the risks and rewards are transferred to the customer, which is usually upon delivery to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% straight line
Short leasehold - 10% straight line
Plant and machinery - 10% straight line
Fixtures and fittings - 10% straight line
Motor vehicles - 25% reducing balance
Computer equipment - 20% straight line

Fixed assets are initially recognised when costs are incurred and depreciated from when they are brought into use. Fixed assets are written down in value if there is any indication of impairment.

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

The cost of stock is computed using the weighted average cost formula.

Financial instruments
Basic financial assets and liabilities are recognised when the group becomes a party to the contractual provisions of the instrument
Basic financial assets and liabilities are initially recognised at transaction price, unless the arrangement constitutes a financing transaction. Financing transactions are measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Basic financial assets and liabilities consist of trade debtors, other debtors, cash and bank, trade creditors and inter-company balances (payable on demand). These assets and liabilities are measured at amortised cost equivalent to the undiscounted amount of cash or other consideration expected to be paid or received.
Investments are measured at fair value with movements being posted through the profit and loss account. Investments are quoted and are valued at open market values.
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 is posted through the profit and loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

2. ACCOUNTING POLICIES - continued

Fair value measurement
Investments are stated at market value in the balance sheet, Unrealised gains are shown in other operating income on the profit and loss account. An amount equal to unrealised gains less the related deferred tax charge is transferred to fair value reserve at the year end.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 56,515,921 64,256,132
Europe 240,495 218,521
Asia 75,230 73,520
56,831,646 64,548,173

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,452,986 3,962,481
Social security costs 375,466 459,420
Other pension costs 474,980 495,643
4,303,432 4,917,544

The average number of employees during the year was as follows:
2024 2023

Distribution 45 42
Administration 22 22
Sales 18 16
85 80

2024 2023
£    £   
Directors' remuneration 156,508 756,871
Directors' pension contributions to money purchase schemes 105,500 162,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 5

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

5. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 3,179 5,066
Other operating leases 451,904 468,368
Depreciation - owned assets 523,366 233,487
Depreciation - assets on hire purchase contracts 92,916 144,602
Profit on disposal of fixed assets (100,099 ) (3,363 )
Patents and licences amortisation 146 146
Auditors' remuneration 3,210 2,587
Taxation compliance services 20,727 12,534
Taxation advisory services 6,279 2,585
Other non- audit services 31,223 26,747
Foreign exchange differences (101,324 ) (118,750 )
Stock provision movement (80,000 ) (70,000 )
Impairment of trade debtors 44,592 24,725
Unrealised gains (losses) on investments - 8,023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 1 -
HMRC interest 238 -
Interest payable - 12,708
Hire purchase 27,678 13,748
27,917 26,456

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 973,310 969,979
Previous year adjustment (193,829 ) (482 )
Total current tax 779,481 969,497

Deferred tax 342,439 83,671
Tax on profit 1,121,920 1,053,168

UK corporation tax has been charged at 25.09 % (2023 - 22.99 %).

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 4,278,279 4,457,988
Profit multiplied by the standard rate of corporation tax in the UK of 25.088 %
(2023 - 22.990 %)

1,073,335

1,024,891

Effects of:
Expenses not deductible for tax purposes 32,926 2,468
Income not taxable for tax purposes (858 ) (4,607 )
Capital allowances in excess of depreciation - (53,017 )
Adjustments to tax charge in respect of previous periods 16,517 (482 )
Deferred tax - 83,671
Chargeable gain - 237
Other - 7
Total tax charge 1,121,920 1,053,168

The applicable tax rate has increased due to corporation tax rates being increased by the government.
The net reversal of deferred tax liabilities expected to occur during the following year is £13,846 (2023: £12,759) which relates to the payment of employer pension contributions and the release of deferred government grant.

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Profit and Loss Account of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - 469,759
Ordinary A shares of £1 each
Interim 2,506,508 300,300
2,506,508 770,059

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
licences
£   
COST
At 1 December 2023
and 30 November 2024 2,915
AMORTISATION
At 1 December 2023 437
Amortisation for year 146
At 30 November 2024 583
NET BOOK VALUE
At 30 November 2024 2,332
At 30 November 2023 2,478

11. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold machinery
£    £    £   
COST
At 1 December 2023 8,675,961 3,835 612,302
Additions 649,856 - 1,257,898
Disposals - - -
At 30 November 2024 9,325,817 3,835 1,870,200
DEPRECIATION
At 1 December 2023 570,830 1,534 391,557
Charge for year 166,584 384 171,536
Eliminated on disposal - - -
At 30 November 2024 737,414 1,918 563,093
NET BOOK VALUE
At 30 November 2024 8,588,403 1,917 1,307,107
At 30 November 2023 8,105,131 2,301 220,745

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023 442,167 1,641,886 270,731 11,646,882
Additions 38,461 238,235 22,745 2,207,195
Disposals (23,738 ) (254,124 ) (18,785 ) (296,647 )
At 30 November 2024 456,890 1,625,997 274,691 13,557,430
DEPRECIATION
At 1 December 2023 212,887 1,023,777 193,258 2,393,843
Charge for year 36,051 206,701 35,026 616,282
Eliminated on disposal (23,738 ) (224,583 ) (17,679 ) (266,000 )
At 30 November 2024 225,200 1,005,895 210,605 2,744,125
NET BOOK VALUE
At 30 November 2024 231,690 620,102 64,086 10,813,305
At 30 November 2023 229,280 618,109 77,473 9,253,039

Included in cost of land and buildings is freehold land of £995,756 (2023 - £1,040,150) which is not depreciated.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2023 849,244
Transfer to ownership (261,889 )
At 30 November 2024 587,355
DEPRECIATION
At 1 December 2023 415,438
Charge for year 92,916
Transfer to ownership (199,742 )
At 30 November 2024 308,612
NET BOOK VALUE
At 30 November 2024 278,743
At 30 November 2023 433,806

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

12. FIXED ASSET INVESTMENTS

Group
Listed
investments
£   
COST OR VALUATION
At 1 December 2023 611,036
Additions 18,033
Disposals (600,278 )
Revaluations (28,791 )
At 30 November 2024 -
NET BOOK VALUE
At 30 November 2024 -
At 30 November 2023 611,036

Cost or valuation at 30 November 2024 is represented by:

Listed
investments
£   
Valuation in 2020 80,688
Valuation in 2021 (11,304 )
Valuation in 2022 (48,616 )
Valuation in 2023 8,023
Valuation in 2024 (28,791 )
Company
Shares in
group
undertakings
£   
COST
At 1 December 2023
and 30 November 2024 553,855
NET BOOK VALUE
At 30 November 2024 553,855
At 30 November 2023 553,855

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Hanson Plywood Limited
Registered office: Drakes Industrial Estate, Shay Lane, Ovenden, Halifax, HX3 6RL
Nature of business: Timber merchant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 29,414,930 28,048,604
Profit for the year 3,221,989 3,386,038


Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

13. STOCKS

Group
2024 2023
£    £   
Stocks 9,001,214 7,840,675
Work-in-progress 8,024 -
9,009,238 7,840,675

Replacement cost of stock would be similar to historic weighted average cost for both this year and the previous year.

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 10,179,113 10,783,624 - -
Amounts owed by group undertakings 39,715 - 295,038 2,244,192
Other debtors 742,839 816,353 4,155 -
Prepayments 631,472 763,660 - 1,330
11,593,139 12,363,637 299,193 2,245,522

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 17) 96,450 123,714 - -
Payments on account 20,953 16,711 - -
Trade creditors 4,994,219 5,039,110 - -
Tax 435,894 379,496 2,550 4,406
Social security and other taxes 68,957 68,237 4,830 5,953
VAT 742,243 650,862 - -
Other creditors 328,815 459,326 - -
Directors' current accounts - 530,461 - 530,461
Accrued expenses 1,057,236 1,916,838 6,602 702,848
Deferred government grants 6,750 9,000 - -
7,751,517 9,193,755 13,982 1,243,668

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 17) 229,571 326,111
Deferred government grants 20,250 27,000
249,821 353,111

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 116,692 151,419
Between one and five years 252,318 369,011
369,010 520,430

Finance charges repayable:
Within one year 20,242 27,705
Between one and five years 22,747 42,900
42,989 70,605

Net obligations repayable:
Within one year 96,450 123,714
Between one and five years 229,571 326,111
326,021 449,825

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 396,723 378,075
Between one and five years 1,040,342 958,457
In more than five years 57,652 -
1,494,717 1,336,532

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts 326,021 449,825

The hire purchase creditors are secured on the relevant assets.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 694,704 346,793
Other timing differences 60,350 65,822
755,054 412,615

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1 December 2023 412,615
Provided during year 342,439
Balance at 30 November 2024 755,054

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
240,902 Ordinary £1 240,902 240,902
55,000 Ordinary A £1 55,000 55,000
295,902 295,902

Ordinary shares have full voting and dividend rights, full rights on winding up and are non redeemable.

Ordinary A shares have no voting rights, full dividend rights, full rights on winding up and are non redeemable.

21. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 December 2023 28,733,052 21,593 28,754,645
Profit for the year 3,156,359 3,156,359
Dividends (2,506,508 ) (2,506,508 )
Transfer between reserves 21,593 (21,593 ) -
At 30 November 2024 29,404,496 - 29,404,496

Company
Retained
earnings
£   

At 1 December 2023 1,259,897
Profit for the year 1,790,033
Dividends (2,506,508 )
At 30 November 2024 543,422


22. PENSION COMMITMENTS

Outstanding pension contributions accrued at the balance sheet date total £62,133 (2023: £60,035). These payments are due to the Hanson Plywood Limited employee pension scheme.

Hanson Plywood (Holdings) Ltd (Registered number: 03585017)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2024

23. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 13,072 1,265,091

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2024 and 30 November 2023:

2024 2023
£    £   
G M Scott and M Scott
Balance outstanding at start of year - -
Amounts advanced 650,845 -
Amounts repaid (650,845 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Interest was charged or credited at the HMRC official rate depending on whether the loan account was overdrawn or in credit up to 30 November 2023. From 1 December 2023 although net credit interest would have been due to the directors, the group decided to no longer pay it. Any loan to a director is repayable on demand.

25. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Dividends paid 2,506,508 -
Amount due from related party 39,715 -

Key management personnel of the entity or its parent (in the aggregate)
2024 2023
£    £   
Interest payable - 12,708

Other related parties
2024 2023
£    £   
Rent payable 162,500 163,243
Employer pension contributions 105,500 162,000
Advertising 1,886 2,680

26. ULTIMATE CONTROLLING PARTY

The controlling party is Hanson Plywood Group Ltd.

The ultimate controlling party is G M Scott.