REGISTERED NUMBER: 08268641 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 September 2024 |
for |
Monoworld Group Plc |
REGISTERED NUMBER: 08268641 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 30 September 2024 |
for |
Monoworld Group Plc |
Monoworld Group Plc (Registered number: 08268641) |
Contents of the Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 7 |
Consolidated Statement of Financial Position | 8 |
Company Statement of Financial Position | 9 |
Consolidated Statement of Changes in Equity | 10 |
Company Statement of Changes in Equity | 11 |
Consolidated Statement of Cash Flows | 12 |
Notes to the Consolidated Statement of Cash Flows | 13 |
Notes to the Consolidated Financial Statements | 14 |
Monoworld Group Plc |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Raza Effendi MBA FCA |
AUDITORS: |
Network House |
Stubs Beck Lane |
Cleckheaton |
BD19 4TT |
Monoworld Group Plc (Registered number: 08268641) |
Group Strategic Report |
for the Year Ended 30 September 2024 |
The directors present their strategic report of the company and the group for the year ended 30 September 2024. |
REVIEW OF BUSINESS |
Monoworld Group is proud to announce another wing to their continuous success story. It is the development of Sterling Polymers Limited since 2021 from concept to commission, a £25m investment into the UK Infrastructure, creating around 100 new local roles, handling post-consumer and post-industrial packaging film back into recycled polymers. This will be UK's first flexible packaging and re-processing plant of this type whilst the facilities at the site have potential for further expansion over the coming years. This level of investment highlights our commitment to sustainability in recycling of plastic and also to the local area. |
The group serves diverse and growing markets for its waste recycling activities from multiple sites as a fully licenced operator. Market conditions are affected by global and economic factors in the commodities sector, which have impacted on trading conditions and business levels. In general terms there is an increased demand for recyclable products and services which provides future opportunities for growth. |
The group continues to actively seek fresh opportunities to broaden its presence its established markets as well as trying to enter new markets. This includes up to date processes to bring about a continual improvement in product specification and the Directors are confident that this will enable further growth in the group. The group have invested heavily in a new processing plant which when fully operational will significantly increase production capacity. |
The performance of the group in 2024 has produced good results, given current market conditions. |
The group's key financial and other performance indicators during the year were as follows: |
Unit | 2024 | 2023 |
as restated |
Turnover | £m | 24.4 | 15.6 |
Gross profit margin | % | 24.6 | 33.6 |
Net profit margin | % | 1.2 | 15.6 |
The group considers its non financial key performance indicators to be the percentage of repeat business received from customers and the average tonnage of material type recycled. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The process of risk acceptance and risk management is addressed through a framework of policies, procedures and internal controls. All policies are subject to board approval and ongoing review by management. Compliance with regulations, legal and ethical standards is a high priority for the group and the Directors and finance department take on an important oversight role in this regard. |
The principal risk for the group's key business arises from inaccurate pricing, foreign currency fluctuations and inaccurate timing of container shipping to overseas customers. |
ON BEHALF OF THE BOARD: |
Monoworld Group Plc (Registered number: 08268641) |
Report of the Directors |
for the Year Ended 30 September 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of waste recycling. |
DIVIDENDS |
No distributions are to be made in respect of the year ended 30 September 2024 (nil -2023). |
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. |
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; |
- | 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: |
Report of the Independent Auditors to the Members of |
Monoworld Group Plc |
Opinion |
We have audited the financial statements of Monoworld Group Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 September 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, except for the matter noted below. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
We would like to draw your attention to Note 25 in the financial statements, "Post Balance Sheet Events," which outlines an incident that occurred on 23 May 2025. |
A fire incident originated and impacted one of the Group's facilities in Rushden, Northamptonshire. This has led to a temporary disruption in operations, and at this stage it is not possible to quantify the impact on costs and profitability. We understand that external enquiries are still being undertaken and until these are concluded, it is not possible to assess the impact on the Group's operations. As a result, a material uncertainty exists. Our opinion is not modified in this respect. |
Key audit matters |
Except for the matter described in the material uncertainty related to going concern section, we have determined that there are no other key audit matters to be communicated in our 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. |
Report of the Independent Auditors to the Members of |
Monoworld Group Plc |
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. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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. |
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. |
While planning our audit, we have made enquiries of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage. |
We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us. |
While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities. |
The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that requires any additional reporting. |
These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect. |
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 |
Monoworld Group Plc |
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. |
for and on behalf of |
Network House |
Stubs Beck Lane |
Cleckheaton |
BD19 4TT |
Monoworld Group Plc (Registered number: 08268641) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 30 September 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
TURNOVER | 24,387,448 | 28,424,903 |
Cost of sales | 18,387,568 | 18,865,638 |
GROSS PROFIT | 5,999,880 | 9,559,265 |
Administrative expenses | 5,155,809 | 4,682,261 |
844,071 | 4,877,004 |
Other operating income | 20,755 | 1,042 |
OPERATING PROFIT | 864,826 | 4,878,046 |
Interest receivable and similar income | 429,903 | 456,672 |
1,294,729 | 5,334,718 |
Interest payable and similar expenses | 4 | 721,191 | 403,196 |
PROFIT BEFORE TAXATION | 5 | 573,538 | 4,931,522 |
Tax on profit | 6 | 285,433 | 499,425 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
288,105 |
4,432,097 |
Prior year adjustment | 8 | 795,955 | (508,943 | ) |
TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT |
1,084,060 |
3,923,154 |
Profit attributable to: |
Owners of the parent | 288,105 | 4,432,097 |
Total comprehensive income attributable to: |
Owners of the parent | 1,880,015 | 3,414,211 |
Monoworld Group Plc (Registered number: 08268641) |
Consolidated Statement of Financial Position |
30 September 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | 78,670 | 121,753 |
Tangible assets | 10 | 29,330,071 | 29,524,501 |
Investments | 11 |
Interest in associate | 3 | 3 |
29,408,744 | 29,646,257 |
CURRENT ASSETS |
Stocks | 12 | 5,801,106 | 2,947,302 |
Debtors | 13 | 12,767,221 | 14,478,288 |
Prepayments and accrued income | 1,901,418 | 1,422,975 |
Cash at bank | 2,842,458 | 1,670,067 |
23,312,203 | 20,518,632 |
CREDITORS |
Amounts falling due within one year | 14 | 11,161,804 | 9,042,742 |
NET CURRENT ASSETS | 12,150,399 | 11,475,890 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
41,559,143 |
41,122,147 |
CREDITORS |
Amounts falling due after more than one year | 15 | (7,784,210 | ) | (8,039,716 | ) |
PROVISIONS FOR LIABILITIES | 19 | (2,110,463 | ) | (1,706,066 | ) |
NET ASSETS | 31,664,470 | 31,376,365 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 6,578,572 | 6,578,572 |
Revaluation reserve | 21 | - | 4,488,543 |
Fair value reserve | 21 | 4,488,543 | - |
Retained earnings | 21 | 20,597,355 | 20,309,250 |
SHAREHOLDERS' FUNDS | 31,664,470 | 31,376,365 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 June 2025 and were signed on its behalf by: |
N Ruparelia - Director |
Monoworld Group Plc (Registered number: 08268641) |
Company Statement of Financial Position |
30 September 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 15 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's loss for the financial year | (4,846 | ) | (5,020 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Monoworld Group Plc (Registered number: 08268641) |
Consolidated Statement of Changes in Equity |
for the Year Ended 30 September 2024 |
Called up | Fair |
share | Retained | Revaluation | value | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 October 2022 | 6,578,572 | 16,386,096 | 4,488,543 | - | 27,453,211 |
Prior year adjustment | - | (508,943 | ) | - | - | (508,943 | ) |
As restated | 6,578,572 | 15,877,153 | 4,488,543 | - | 26,944,268 |
Changes in equity |
Total comprehensive income | - | 3,636,142 | - | - | 3,636,142 |
Balance at 30 September 2023 | 6,578,572 | 19,513,295 | 4,488,543 | - | 30,580,410 |
Prior year adjustment | - | 795,955 | - | - | 795,955 |
As restated | 6,578,572 | 20,309,250 | 4,488,543 | - | 31,376,365 |
Changes in equity |
Total comprehensive income | - | 288,105 | (4,488,543 | ) | 4,488,543 | 288,105 |
Balance at 30 September 2024 | 6,578,572 | 20,597,355 | - | 4,488,543 | 31,664,470 |
Monoworld Group Plc (Registered number: 08268641) |
Company 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 |
Prior year adjustment | - |
As restated |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 30 September 2024 |
Monoworld Group Plc (Registered number: 08268641) |
Consolidated Statement of Cash Flows |
for the Year Ended 30 September 2024 |
2024 | 2023 |
as restated |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (1,932,834 | ) | 5,947,564 |
Interest paid | (721,191 | ) | (403,196 | ) |
Tax paid | (13,965 | ) | (1,144,765 | ) |
Net cash from operating activities | (2,667,990 | ) | 4,399,603 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (733,118 | ) | (10,081,301 | ) |
Sale of tangible fixed assets | - | 89,554 |
Interest received | 429,903 | 8,963 |
Net cash from investing activities | (303,215 | ) | (9,982,784 | ) |
Cash flows from financing activities |
New loans in year | - | 7,500,000 |
Loan repayments in year | (178,305 | ) | - |
Capital repayments in year | (94,738 | ) | (6,014,775 | ) |
Amount introduced by directors | 750,630 | 430,320 |
Amount withdrawn by directors | (815,711 | ) | (619,150 | ) |
Associated company loan transfers | 2,434,374 | 160,687 |
Employee loans | (1,649 | ) | - |
Retentions held | 405,509 | - |
Net cash from financing activities | 2,500,110 | 1,457,082 |
Decrease in cash and cash equivalents | (471,095 | ) | (4,126,099 | ) |
Cash and cash equivalents at beginning of year | 2 | 313,553 | 4,439,652 |
Cash and cash equivalents at end of year | 2 | (157,542 | ) | 313,553 |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Statement of Cash Flows |
for the Year Ended 30 September 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
as restated |
£ | £ |
Profit before taxation | 573,538 | 4,931,522 |
Depreciation charges | 970,631 | 972,750 |
Profit on disposal of fixed assets | - | (42,384 | ) |
Finance costs | 721,191 | 403,196 |
Finance income | (429,903 | ) | (456,672 | ) |
1,835,457 | 5,808,412 |
Increase in stocks | (2,853,804 | ) | (202,287 | ) |
(Increase)/decrease in trade and other debtors | (1,066,706 | ) | 3,402,651 |
Increase/(decrease) in trade and other creditors | 152,219 | (3,061,212 | ) |
Cash generated from operations | (1,932,834 | ) | 5,947,564 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 September 2024 |
30.9.24 | 1.10.23 |
£ | £ |
Cash and cash equivalents | 2,842,458 | 1,670,067 |
Bank overdrafts | (3,000,000 | ) | (1,356,514 | ) |
(157,542 | ) | 313,553 |
Year ended 30 September 2023 |
30.9.23 | 1.10.22 |
as restated |
£ | £ |
Cash and cash equivalents | 1,670,067 | 4,439,652 |
Bank overdrafts | (1,356,514 | ) | - |
313,553 | 4,439,652 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.10.23 | Cash flow | At 30.9.24 |
£ | £ | £ |
Net cash |
Cash at bank | 1,670,067 | 1,172,391 | 2,842,458 |
Bank overdrafts | (1,356,514 | ) | (1,643,486 | ) | (3,000,000 | ) |
313,553 | (471,095 | ) | (157,542 | ) |
Debt |
Finance leases | (205,096 | ) | 94,738 | (110,358 | ) |
Debts falling due within 1 year | (294,922 | ) | - | (294,922 | ) |
Debts falling due after 1 year | (7,939,689 | ) | 178,306 | (7,761,383 | ) |
(8,439,707 | ) | 273,044 | (8,166,663 | ) |
Total | (8,126,154 | ) | (198,051 | ) | (8,324,205 | ) |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Monoworld Group Plc is a private company , 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 (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the consolidated income statement from the effective date of acquisition or disposal. |
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. |
Significant judgements and estimates |
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 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. |
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 includes the value of the packaging recovery notes sold in the period and the fair value of amounts held as at the end of the financial period. |
Goodwill |
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. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined using the weighted average cost method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Hire purchase and leasing commitments |
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. |
3. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
as restated |
£ | £ |
Wages and salaries | 3,941,061 | 3,493,506 |
Social security costs | 309,250 | 209,857 |
Other pension costs | 49,005 | 34,798 |
4,299,316 | 3,738,161 |
The average number of employees during the year was as follows: |
2024 | 2023 |
as restated |
Production | 74 | 58 |
Administration and support | 13 | 13 |
2024 | 2023 |
as restated |
£ | £ |
Directors' remuneration | 43,009 | 40,046 |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
as restated |
£ | £ |
Bank interest | 180,864 | 16,118 |
Bank loan interest | 534,329 | 373,743 |
Hire purchase interest | 5,893 | 8,315 |
HMRC late payment interest | - | 4,372 |
Other loan interest | 105 | 648 |
721,191 | 403,196 |
5. | PROFIT BEFORE TAXATION |
The profit is stated after charging/(crediting): |
2024 | 2023 |
as restated |
£ | £ |
Hire of plant and machinery | 63,602 | 42,379 |
Depreciation - owned assets | 927,548 | 929,665 |
Profit on disposal of fixed assets | - | (42,384 | ) |
Goodwill amortisation | 43,083 | 43,083 |
Auditors' remuneration | 14,970 | 9,500 |
Foreign exchange differences | 287,542 | 553,492 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
as restated |
£ | £ |
Current tax: |
UK corporation tax | - | 300,000 |
(Over)/under provision | (118,964 | ) | (13,267 | ) |
Total current tax | (118,964 | ) | 286,733 |
Deferred tax | 404,397 | 212,692 |
Tax on profit | 285,433 | 499,425 |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
6. | 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 |
as restated |
£ | £ |
Profit before tax | 573,538 | 4,931,522 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 22 %) |
143,385 |
1,084,935 |
Effects of: |
Expenses not deductible for tax purposes | 13,926 | - |
Capital allowances in excess of depreciation | - | (485,119 | ) |
Depreciation in excess of capital allowances | 26,108 | - |
Adjustments to tax charge in respect of previous periods | 102,014 | (13,267 | ) |
Other tax effect | - | (87,124 | ) |
Total tax charge | 285,433 | 499,425 |
7. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | PRIOR YEAR ADJUSTMENT |
The group has amended its accounting policies to recognise the fair value of packaging recovery notes held as at the end of the financial period, and reflected in accrued income. This has resulted in a prior year adjustment of £795,955 in the group financial statements. |
During the previous year, it was discovered that the entire share capital of Sterling Polymers Ltd, a company not previously consolidated as part of the Group, and which was legally held by Seema Ruparelia, was held in trust for Monoworld Group Plc. The company was previously not considered to be part of the Group, and its results and financial position had not been consolidated in the accounts to 30 September 2021 and 30 September 2022. The opening balances as at 1 October 2021 have therefore been restated to reflect the correct position that Sterling Polymers Ltd was owned and controlled by Monoworld Group Plc since its incorporation on 14 April 2021, and Companies House has been updated to reflect this also. |
9. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 423,334 |
AMORTISATION |
At 1 October 2023 | 301,581 |
Amortisation for year | 43,083 |
At 30 September 2024 | 344,664 |
NET BOOK VALUE |
At 30 September 2024 | 78,670 |
At 30 September 2023 | 121,753 |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
10. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2023 | 17,571,280 | 17,764,820 | 1,161 | - | 35,337,261 |
Additions | 13,476 | 703,966 | 610 | 15,066 | 733,118 |
Reclassification/transfer | 2,343,636 | (2,343,636 | ) | - | - | - |
At 30 September 2024 | 19,928,392 | 16,125,150 | 1,771 | 15,066 | 36,070,379 |
DEPRECIATION |
At 1 October 2023 | 901,359 | 4,910,878 | 523 | - | 5,812,760 |
Charge for year | 140,575 | 784,904 | 293 | 1,776 | 927,548 |
At 30 September 2024 | 1,041,934 | 5,695,782 | 816 | 1,776 | 6,740,308 |
NET BOOK VALUE |
At 30 September 2024 | 18,886,458 | 10,429,368 | 955 | 13,290 | 29,330,071 |
At 30 September 2023 | 16,669,921 | 12,853,942 | 638 | - | 29,524,501 |
Included in cost or valuation of land and buildings is freehold land at Monoworld Business Park, Bedford, Sanders Lodge Industrial Estate, Rushden and Ward Recycling, Hartlepool of £2,400,397 (2023 - £2,400,397) which is not depreciated. |
Cost or valuation at 30 September 2024 is represented by: |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
Valuation in 2021 | 11,295,052 | - | - | - | 11,295,052 |
Cost | 8,633,340 | 16,125,150 | 1,771 | 15,066 | 24,775,327 |
19,928,392 | 16,125,150 | 1,771 | 15,066 | 36,070,379 |
Freehold land and buildings were valued on an open market basis basis on 10 September 2021 by Colliers . |
11. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 | 3 |
NET BOOK VALUE |
At 30 September 2024 | 3 |
At 30 September 2023 | 3 |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
11. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 October 2023 |
and 30 September 2024 | 7,949,101 |
NET BOOK VALUE |
At 30 September 2024 | 7,949,101 |
At 30 September 2023 | 7,949,101 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 180 Irchester Road, Rushden, Northamptonshire, NN10 9QU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 180 Irchester Road, Rushden, Northamptonshire, NN10 9QU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 180 Irchester Road, Rushden, Northamptonshire, NN10 9QU |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 180 Irchester Road, Rushden, Northamptonshire, NN10 9QU |
Nature of business: |
% |
Class of shares: | holding |
For the year ending 30 September 2024 Monoworld Group Plc has provided a guarantee to Monoworld Limited, Monoworld Recycling Limited, Monoworld Polymers Limited and Sterling Polymers Limited under section 479C of the Companies Act 2006. |
For the year ended 30 September 2024 the following subsidiaries are entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary accounts: |
Monoworld Limited |
Monoworld Recycling Limited |
Monoworld Polymers Limited |
Sterling Polymers Limited |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
12. | STOCKS |
Group |
2024 | 2023 |
as restated |
£ | £ |
Finished goods | 5,801,106 | 2,947,302 |
13. | DEBTORS |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,690,338 | 3,176,247 |
Bad debt provision | (848,832 | ) | (848,832 | ) | - | - |
Amounts owed by group undertakings | - | - |
Amounts owed by participating interests | 5,661,705 | 12,068,744 | 3,560,036 | 3,640,549 |
Other debtors | 15,307 | 82,129 |
Tax | 132,929 | - |
VAT | 143,108 | - |
8,794,555 | 14,478,288 |
Amounts falling due after more than one year: |
Amounts owed by participating interests | 3,972,666 | - | - | - |
Aggregate amounts | 12,767,221 | 14,478,288 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 3,294,922 | 1,651,436 |
Hire purchase contracts (see note 17) | 87,531 | 105,069 |
Trade creditors | 6,033,300 | 4,522,450 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 83,012 | 71,023 |
VAT | - | 30,557 | - | - |
Other creditors | 728,588 | 1,108,639 |
Pension creditor | 11,049 | - | - | - |
Directors' loan accounts | 581,158 | 646,239 | 581,158 | 646,239 |
Accruals and deferred income | 342,244 | 907,329 |
11,161,804 | 9,042,742 |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Bank loans (see note 16) | 7,016,383 | 7,194,689 |
Preference shares (see note 16) | 745,000 | 745,000 |
Hire purchase contracts (see note 17) | 22,827 | 100,027 |
7,784,210 | 8,039,716 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
as restated | as restated |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 3,000,000 | 1,356,514 |
Bank loans | 294,922 | 294,922 |
3,294,922 | 1,651,436 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 294,921 | 294,921 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 884,763 | 884,763 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Preference shares | 745,000 | 745,000 | 745,000 | 745,000 |
Repayable by instalments |
Bank loans more 5 yr by instal | 5,836,699 | 6,015,005 | - | - |
Details of shares shown as liabilities are as follows: |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Redeemable Preference | £1 | 745,000 | 745,000 |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
as restated |
£ | £ |
Net obligations repayable: |
Within one year | 87,531 | 105,069 |
Between one and five years | 22,827 | 100,027 |
110,358 | 205,096 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
as restated |
£ | £ |
Bank loans | 7,311,305 | 7,489,611 |
Hire purchase contracts | 110,358 | 205,096 |
7,421,663 | 7,694,707 |
Royal Bank of Scotland Plc hold a fixed charge over the group's freehold properties. |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
as restated |
£ | £ |
Deferred tax | 2,110,463 | 1,706,066 |
Group |
Deferred |
tax |
£ |
Balance at 1 October 2023 | 1,706,066 |
Charge to Statement of Comprehensive Income during year | 404,397 |
Balance at 30 September 2024 | 2,110,463 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | as restated |
£ | £ |
Ordinary | £ 1 | 6,578,572 | 6,578,572 |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
21. | RESERVES |
Group |
Fair |
Retained | Revaluation | value |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 October 2023 | 19,513,295 | 4,488,543 | - | 24,001,838 |
Prior year adjustment | 795,955 | 795,955 |
20,309,250 | 24,797,793 |
Profit for the year | 288,105 | 288,105 |
Revaluation transfer | - | (4,488,543 | ) | 4,488,543 | - |
At 30 September 2024 | 20,597,355 | - | 4,488,543 | 25,085,898 |
Company |
Retained |
earnings |
£ |
At 1 October 2023 |
Deficit for the year | ( |
) |
At 30 September 2024 |
22. | ULTIMATE PARENT |
During the current and previous period the group was under the control of D Ruparelia, N Ruparelia and S Ruparelia. |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023: |
2024 | 2023 |
as restated |
£ | £ |
N Ruparelia |
Balance outstanding at start of year | - | 4,931 |
Amounts advanced | 26,081 | - |
Amounts repaid | (26,081 | ) | (4,931 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |
24. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
2024 | 2023 |
as restated |
£ | £ |
Amount due from related party | 4,526,941 | 6,197,095 |
Monoworld Group Plc (Registered number: 08268641) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 30 September 2024 |
24. | RELATED PARTY DISCLOSURES - continued |
Other related parties |
2024 | 2023 |
as restated |
£ | £ |
Amount due from related party | 5,107,430 | 5,423,939 |
25. | POST BALANCE SHEET EVENTS |
On the 23 May 2025, one of the Group's facilities in Rushden, Northamptonshire suffered a significant fire. The directors are satisfied that the incident originated from an accidental source and are assessing the costs and losses, as well as reviewing procedures to prevent further recurrence. |
The group has suffered losses of stock, building damage and a pause of operations. As a result, the directors anticipate results for the year end 30 September 2025 will show reduced turnover and profitability. |
The group anticipates that the plant and processing lines will return to full operation in 2025 and that activity and profitability thereafter will return to normal levels assuming the outcomes of all regulatory enquiries are satisfactory. |