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REGISTERED NUMBER: 00931102 (England and Wales)





















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

CHESS PLASTICS LIMITED

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


CHESS PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTORS: Mr G D Olden
Mr G Olden





REGISTERED OFFICE: Unit 2 George Baylis Road
Berry Hill Industrial Estate
Droitwich
Worcestershire
WR9 9RB





REGISTERED NUMBER: 00931102 (England and Wales)





AUDITORS: E R Grove & Co Limited
Chartered Accountants and Statutory Auditors
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and complexity of our business and is written in the context of the risks and uncertainties that we face. The principal activities of the company during the year remained that of manufacturing and trading of plastics and allied products. The main operating facility continues to be based in Droitwich.

We consider that our key performance indicators are those that communicate the financial performance and strength of the company as a whole and some of these are set out below:

2024 2023
Sales growth -4.1% -8.7%
Gross margin £1,834,530 £1,595,670
Gross profit % 17.4% 14.5%
Profit after tax £67,003 £171,397

The company has been facing a challenging operating environment, and the financial results for the year reflect these difficulties. Despite the best efforts of our skilled and experienced professionals, our company experienced a decline in revenue and profitability. After the impact of covid the trading performance significantly improved in 2021 due to the bounce back affect from lockdown and the high demand for products. However, for the last three years the company's turnover has dropped, in 2024 it dropped by 4.1% (2023: 8.7%) as demand has now fallen back to normal levels.

The company has continued to experience price increases in polymers, energy and transport. Sales prices have been increased to absorb some of these costs, therefore, increasing this year's gross profit margin to 17.4% (2023: 14.5%).

In this coming year, the company is expecting profitability to remain under pressure due to the risk and uncertainty surrounding the war in Ukraine and the current levels of high inflation being experienced in the UK. Polymer prices have continued to increase along with the continuing energy price rises.

Future Developments
The company continues to invest in improvements to its moulding facilities, increasing production capacity and making production more efficient. During the year the company had problems with its electrical transformer and had to invest in a new one in order to continue with production.

The company's balance sheet as detailed on page 8 shows a healthy position with equity shareholders' funds increasing to £2,164,310 (2023: £2,162,307). The overall order book remains healthy, and the board believes that the continued investment in plant will further strengthen the company's ability to increase market share.

Post balance sheet events
We anticipate the business environment will remain competitive and believe that the company is in a good financial position and that the risks that have been identified are being well managed. With careful focus on new markets and new products, as well as continuing to review the state of the market and the activities of competitors, we are confident in the company's ability to maintain and build on the current position.

Going concern
The directors have considered the financial position of the company which shows healthy reserves and cash balances. They have not identified any material uncertainties that may cast significant doubt over the ability of the company to continue as a going concern for the foreseeable future, which is deemed to be at least 12 months from the date of signing these accounts. In forming their opinion, they have considered current and anticipated turnover, profit and cashflow.


CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the company's operations.

In respect of bank balances, the liquidity risk is managed by the continuity of funding and through the potential use of overdrafts at floating rates of interest. All of the company's cash balances are held in such a way that achieves a competitive rate of interest but with no risk to capital loss.

Trade debtors are managed in respect of credit offered to customers and monitoring of amounts outstanding. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

ON BEHALF OF THE BOARD:





Mr G D Olden - Director


10 June 2025

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacturing and trading of plastics and allied products.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £ 65,000 .

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

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

Mr G D Olden
Mr G Olden

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-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.

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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, E R Grove & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr G D Olden - Director


10 June 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHESS PLASTICS LIMITED

Opinion
We have audited the financial statements of Chess Plastics Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 30 September 2024 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 Auditors' 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 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 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 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 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 Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHESS PLASTICS LIMITED


Matters on which we are required to report by exception
In the light of the 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 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, 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 four, 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 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.

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:

We gained an understanding of the legal and regulatory framework applicable to the Company and the industry in which it operates, and considered the risks of acts by the Company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with the Companies Act 2006, the principles of United Kingdom Generally Accepted Accounting Practice and tax legislation.

We designed audit procedures to respond to the risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion.

We focused on laws and regulations that could give rise to a material misstatement in the Company financial statements. Our tests included, but were not limited to:

- agreement of the financial statement disclosures to underlying supporting documentation;
- enquiries of management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
- review of minutes of Directors' board meetings throughout the year; and
- obtaining an understanding of the control environment in monitoring compliance with laws and regulations.

There are inherent limitations in the audit procedures described above, and the 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. We also addressed the risk of management override of internal controls, including testing journals, assessing and challenging the accounting estimates made and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHESS PLASTICS LIMITED


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.




Steven Lomas (Senior Statutory Auditor)
for and on behalf of E R Grove & Co Limited
Chartered Accountants and Statutory Auditors
Grove House
Coombs Wood Court
Steel Park Road
Halesowen
West Midlands
B62 8BF

10 June 2025

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   

TURNOVER 3 10,543,385 10,991,079

Cost of sales 8,708,855 9,395,409
GROSS PROFIT 1,834,530 1,595,670

Administrative expenses 1,811,402 1,427,697
23,128 167,973

Other operating income 78,776 17,667
OPERATING PROFIT 5 101,904 185,640

Interest receivable and similar income 6,268 226
108,172 185,866

Interest payable and similar expenses 6 23,963 29,560
PROFIT BEFORE TAXATION 84,209 156,306

Tax on profit 7 17,206 (15,091 )
PROFIT FOR THE FINANCIAL YEAR 67,003 171,397

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

67,003

171,397

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 1,641,737 1,818,204

CURRENT ASSETS
Stocks 10 387,152 548,289
Debtors 11 1,473,091 1,552,210
Cash at bank and in hand 1,036,964 856,953
2,897,207 2,957,452
CREDITORS
Amounts falling due within one year 12 1,835,316 1,915,437
NET CURRENT ASSETS 1,061,891 1,042,015
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,703,628

2,860,219

CREDITORS
Amounts falling due after more than one year 13 (190,600 ) (323,728 )

PROVISIONS FOR LIABILITIES 16 (348,718 ) (374,184 )
NET ASSETS 2,164,310 2,162,307

CAPITAL AND RESERVES
Called up share capital 17 20,500 20,500
Retained earnings 18 2,143,810 2,141,807
SHAREHOLDERS' FUNDS 2,164,310 2,162,307

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





Mr G D Olden - Director


CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 October 2022 20,500 2,040,410 2,060,910

Changes in equity
Dividends - (70,000 ) (70,000 )
Total comprehensive income - 171,397 171,397
Balance at 30 September 2023 20,500 2,141,807 2,162,307

Changes in equity
Dividends - (65,000 ) (65,000 )
Total comprehensive income - 67,003 67,003
Balance at 30 September 2024 20,500 2,143,810 2,164,310

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 626,267 596,571
Interest paid 145 (153 )
Interest element of hire purchase payments
paid

(24,108

)

(29,407

)
Tax paid (19,370 ) 73,078
Net cash from operating activities 582,934 640,089

Cash flows from investing activities
Purchase of tangible fixed assets (122,158 ) (114,341 )
Interest received 6,268 226
Net cash from investing activities (115,890 ) (114,115 )

Cash flows from financing activities
Loan repayments in year - (17,215 )
Government grant - 2,500
Amounts owed by group undertaking (118,631 ) 12,137
Capital repayments in year (156,402 ) (183,683 )
Amount introduced by directors 53,000 -
Amount withdrawn by directors - (21,200 )
Equity dividends paid (65,000 ) (70,000 )
Net cash from financing activities (287,033 ) (277,461 )

Increase in cash and cash equivalents 180,011 248,513
Cash and cash equivalents at beginning of
year

2

856,953

608,440

Cash and cash equivalents at end of year 2 1,036,964 856,953

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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

2024 2023
£    £   
Profit before taxation 84,209 156,306
Depreciation charges 281,889 314,923
Loss on disposal of fixed assets 16,737 -
Government grants - (2,500 )
Finance costs 23,963 29,560
Finance income (6,268 ) (226 )
400,530 498,063
Decrease in stocks 161,137 35,680
Decrease in trade and other debtors 197,749 1,063,576
Decrease in trade and other creditors (133,149 ) (1,000,748 )
Cash generated from operations 626,267 596,571

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 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 1,036,964 856,953
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 856,953 608,440


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 856,953 180,011 1,036,964
856,953 180,011 1,036,964
Debt
Finance leases (533,742 ) 156,402 (377,340 )
(533,742 ) 156,402 (377,340 )
Total 323,211 336,413 659,624

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Chess Plastics Limited 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 Company Information page.

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.

Significant judgements and estimates
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, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

- Useful economic lives of tangible assets
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 market conditions, the remaining life of the asset and projected disposal values.

- Stock provision
The company manufactures plastic products. As a result, it is necessary to consider recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the stock, as well as applying assumptions around anticipated sale of finished goods and future usage of raw materials.

- Trade debtors
Trade debtors consist of amounts due from customers. The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the company's management based on prior experience and their assessment of the current economic environment.

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 once the principle benefits and risks have passed to the customer, in particular that the goods are available and ready for delivery, and therefore legal title to the stock has passed.

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.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

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


CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

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

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 9,824,908 10,114,824
Europe 718,477 876,255
10,543,385 10,991,079

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,792,169 2,577,640
Social security costs 275,434 235,629
Other pension costs 142,063 121,923
3,209,666 2,935,192

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

Production 58 60
Administration 11 10
69 70

2024 2023
£    £   
Directors' remuneration 526,260 406,375
Directors' pension contributions to money purchase schemes 76,311 82,422

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

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 272,914 208,886
Pension contributions to money purchase schemes 58,100 41,211

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 150,293 149,902
Depreciation - assets on hire purchase contracts 131,595 165,022
Loss on disposal of fixed assets 16,737 -
Auditors' remuneration 12,000 12,500
Foreign exchange differences 32 96
Operating lease charges 63,380 90,308
Research and development - current year's expenditure - 220,560
Government grants - revenue in nature - 2,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest - 153
Other interest (145 ) -
Hire purchase 24,108 29,407
23,963 29,560

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 40,764 17,413
(Under)/over provision 1,908 -
Total current tax 42,672 17,413

Deferred tax (25,466 ) (32,504 )
Tax on profit 17,206 (15,091 )

UK corporation tax has been charged at 25% (2023 - 25%).

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

2024 2023
£    £   
Profit before tax 84,209 156,306
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

21,052

39,077

Effects of:
Expenses not deductible for tax purposes 2,157 12,369
Depreciation in excess of capital allowances 25,467 28,228
Adjustments to tax charge in respect of previous periods 1,908 -
Research and development enhanced deduction - (59,518 )
Deferred tax movement (25,467 ) (32,504 )
Marginal relief - (2,743 )
Group relief (7,911 ) -
Total tax charge/(credit) 17,206 (15,091 )

8. DIVIDENDS
2024 2023
£    £   
Interim 65,000 70,000

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2023 5,480,498 5,351 59,858 5,545,707
Additions 93,543 - 28,615 122,158
Disposals (279,265 ) - - (279,265 )
At 30 September 2024 5,294,776 5,351 88,473 5,388,600
DEPRECIATION
At 1 October 2023 3,687,912 1,621 37,970 3,727,503
Charge for year 275,533 746 5,609 281,888
Eliminated on disposal (262,528 ) - - (262,528 )
At 30 September 2024 3,700,917 2,367 43,579 3,746,863
NET BOOK VALUE
At 30 September 2024 1,593,859 2,984 44,894 1,641,737
At 30 September 2023 1,792,586 3,730 21,888 1,818,204

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 October 2023 1,437,334 - 1,437,334
Additions 25,900 18,777 44,677
Transfer to ownership (541,300 ) - (541,300 )
At 30 September 2024 921,934 18,777 940,711
DEPRECIATION
At 1 October 2023 564,277 - 564,277
Charge for year 131,282 313 131,595
Transfer to ownership (337,443 ) - (337,443 )
At 30 September 2024 358,116 313 358,429
NET BOOK VALUE
At 30 September 2024 563,818 18,464 582,282
At 30 September 2023 873,057 - 873,057

10. STOCKS
2024 2023
£    £   
Stocks 387,152 548,289

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,191,562 1,395,013
Amounts owed by group undertakings 173,662 55,032
Other debtors 11,383 3,000
Prepayments 96,484 99,165
1,473,091 1,552,210

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 186,740 210,014
Trade creditors 1,073,513 1,318,088
Tax 40,715 17,413
Social security and other taxes 158,529 71,944
VAT 149,959 158,780
Other creditors 74,702 75,472
Directors' current accounts 53,000 -
Accrued expenses 98,158 63,726
1,835,316 1,915,437

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 14) 190,600 323,728

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 207,554 233,834
Between one and five years 217,219 364,349
424,773 598,183

Finance charges repayable:
Within one year 20,814 23,820
Between one and five years 26,619 40,621
47,433 64,441

Net obligations repayable:
Within one year 186,740 210,014
Between one and five years 190,600 323,728
377,340 533,742

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

14. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 108,253 77,634
Between one and five years 73,174 94,697
181,427 172,331

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 377,340 533,742

The company has a debenture incorporating a fixed and floating charge in favour of the company's bank.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 348,718 374,184

Deferred
tax
£   
Balance at 1 October 2023 374,184
Decrease in provision (25,466 )
Balance at 30 September 2024 348,718

The deferred tax liability set out above relates to accelerated capital allowances.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20,500 Ordinary £1 20,500 20,500

18. RESERVES
Retained
earnings
£   

At 1 October 2023 2,141,807
Profit for the year 67,003
Dividends (65,000 )
At 30 September 2024 2,143,810

CHESS PLASTICS LIMITED (REGISTERED NUMBER: 00931102)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

19. RELATED PARTY DISCLOSURES

2024 2023
£ £

Amounts due from holding company 173,662 55,032

During the year management charges of £Nil (2023: £65,000) were paid to Chess P H Limited, the parent company.

20. POST BALANCE SHEET EVENTS

There are no matters to report as post balance sheet events.

21. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Chess P H Limited, its ultimate parent company. Chess P H Limited produces consolidated group accounts which can be obtained from its registered office Unit 2, George Baylis Road, Berry Industrial Estate, Droitwich, Worcestershire WR9 9RB.