| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| STARBANK PANEL PRODUCTS LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| AUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| FOR |
| STARBANK PANEL PRODUCTS LIMITED |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 5 |
| Statement of Comprehensive Income | 7 |
| Balance Sheet | 8 |
| Statement of Changes in Equity | 9 |
| Notes to the Financial Statements | 10 |
| STARBANK PANEL PRODUCTS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants and |
| Statutory Auditors |
| 17 George Street |
| St Helens |
| Merseyside |
| WA10 1DB |
| BANKERS: |
| Central Lancashire Commercial Centre |
| Beech House |
| Caxton Road, Fulwood |
| Preston |
| PR2 9NZ |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| The directors present their strategic report for the year ended 30 November 2024. |
| During the year, the company's principal activity continued to be that of laminate fabricators and postformers. |
| REVIEW OF BUSINESS |
| The installation, set-up, and commissioning of two major investments committed to in the previous year, presented significant challenges to the organisation and the production team. The total investment for the two new machines was £2.1m, both of which were supplied by the same long standing machinery supplier partner. |
| We experienced a catalogue of issues with both installations, leading to around 18 months of delays and downtime which had a huge impact on the performance of the organisation. The supplier let us down very badly on both of these important projects, causing the directors to review and ultimately cease our trading relationship. |
| The directors were very proud of the results that the Starbank team managed to achieve during a challenging installation period as they strove to maintain quality, service, and output levels during the resulting disruption. |
| Sales & Profit - The directors consider both turnover and operating profit as key indicators of financial performance. |
| Turnover in the year has fallen by 10.9% from £10,093,473 in the previous year to £8,989,416 in the current year as a result of the disruption to production output as a direct result of the impact of the poor machinery installation projects mentioned above. Additionally, a number of large contracts were delayed due to the disruption caused in the construction sector when ISG Construction suddenly fell into administration. Although we were not a direct supplier to ISG Construction, they were due to deliver several large projects that we were to be involved in. |
| The directors are confident that these projects will be delivered next year and therefore sales are expected to bounce back very strongly in 2025. |
| The machinery installation issues also had a huge impact on profitability, due to the reduced output but also from the increased energy, raw materials and direct labour costs incurred as a direct result of the protracted issues with the two machines. |
| No compensation was offered by the machinery supplier to cover any of the costs incurred, therefore the organisation has had to bear these costs alone, without any support from the supplier which has impacted directly on the bottom line. |
| Operating profit for the year was £41,438 (0.5% of turnover) compared with £391,519 (3.9% of turnover) in the previous year. |
| Cash Flow - Inevitably there was a negative impact on business cash flow due to the disruption and increased costs during 2024. However, the Finance Director and her team worked very well to manage the impact, always maintaining healthy cash reserves, which we expect to improve further in 2025. |
| Production - The installation, set-up, and commissioning of the major investments committed to in the previous year, presented a significant challenge to the organisation as a whole, but in particular the production team. Through teamwork, commitment and dedication of the production team we were able to maintain customer satisfaction and OTIF key performance indicators. |
| Human Resources - 2024 was a very successful year from a recruitment perspective, as the organisation continues to focus on succession planning for skills development within the organisation. We are aware of the challenges of an ageing workforce and have a strategic plan to address any skills gaps. |
| Investment / Development - The organisation has committed to another important investment which will be delivered in early 2025 by our other machinery partner IMA Schelling. Commencing in February 2025 we will take delivery of two new Beam Saws and a Storage Retrieval System which will incorporate new features such as automatic labelling for panels. |
| Carbon Reduction & ESG - To complement the existing onsite renewable energy investments, the organisation has secured a 24-month, 100% renewable energy supply contract with British Gas. This will ensure that all of the electricity used within the business now comes from renewable energy. |
| In addition, the company benefit scheme offering free EV charging to all staff has enabled many employees to transition to either hybrid or full EV cars reducing carbon dioxide emissions further. |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The business remains vigilant against risk, and we will ensure that we act quickly to mitigate any risks we identify. The business strategy map plays a key role in identifying and mitigating risk, this is reviewed monthly by the management team. |
| One of the main risks we face as an organisation is an aging highly skilled and experienced workforce, many of whom have been with the organisation 20-30 years. Although we have made several excellent recruitments over the last 12 months, it remains a significant challenge to recruit and train the new skills we need to meet our succession planning goals. We are working with recruitment agencies and constantly benchmarking the salaries and benefits that we offer as an organisation, to ensure these remain attractive to potential candidates. |
| ON BEHALF OF THE BOARD: |
| 16 July 2025 |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 30 November 2024. |
| DIVIDENDS |
| No dividends will be distributed for the year ended 30 November 2024. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 December 2023 to the date of this report. |
| QUALIFYING THIRD PARTY INDEMNITY PROVISIONS |
| A qualifying third party indemnity provision as defined in section 234 of the Companies Act 2006, applicable to all of the company's directors was in place during the financial year and continues to be in force as at the date these financial statements were approved. |
| DISCLOSURE IN THE STRATEGIC REPORT |
| The company has chosen in accordance with section 414C of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out in the strategic report information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. |
| 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF |
| STARBANK PANEL PRODUCTS LIMITED |
| Opinion |
| We have audited the financial statements of Starbank Panel Products Limited (the 'company') for the year ended 30 November 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its loss 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. |
| 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE SHAREHOLDERS OF |
| STARBANK PANEL PRODUCTS LIMITED |
| 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: |
| - Discussions with management and those involved in the financial reporting process including consideration of known or suspected instances of non-compliance with laws and regulations central to the company's ability to operate, and fraud; |
| - Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities; and |
| - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or of significant monetary amounts. |
| There are inherent limitations in the audit procedures described above. 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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
| 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 shareholders, 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 shareholders 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 shareholders as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Chartered Accountants and |
| Statutory Auditors |
| 17 George Street |
| St Helens |
| Merseyside |
| WA10 1DB |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER | 3 |
| Cost of sales | ( |
) | ( |
) |
| GROSS PROFIT |
| Administrative expenses | ( |
) | ( |
) |
| (132,585 | ) | 222,676 |
| Other operating income |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 96,947 | 426,661 |
| Interest payable and similar expenses | 6 | ( |
) | ( |
) |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 | ( |
) | ( |
) |
| LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| BALANCE SHEET |
| 30 NOVEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 15 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 16 |
| Retained earnings | 17 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| 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 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 November 2023 |
| Changes in equity |
| Total comprehensive income | - | ( |
) | ( |
) |
| Balance at 30 November 2024 |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Starbank Panel Products Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the company. |
| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirements of Section 7 Statement of Cash Flows. |
| 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 companies within the group. |
| Significant judgements and estimates |
| In the application of the company's accounting policies as set out below, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives of the assets. These are amended when necessary to reflect current estimates based on technological advancement, future investment, economic utilisation and the physical condition of the assets. See note 8 for the carrying amount of the tangible fixed assets and the accounting policies for the depreciation rates for each class of assets. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
| Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods. |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
| Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
| Improvements to property | - 2% straight line, 5% straight line and straight line over 15 years |
| Plant and machinery | - 20% on reducing balance and 15% on reducing balance |
| Fixtures and fittings | - 15% on reducing balance |
| Motor vehicles | - 25% on reducing balance |
| Computer equipment | - Straight line over 3 years |
| Assets are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the average cost formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
| Taxation |
| Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. |
| Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. |
| 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 |
| Rentals payable under operating leases are charged against profits on a straight line basis over the periods of the leases. Assets acquired under finance leases and hire purchase contracts are capitalised as tangible fixed assets and depreciated in accordance with the accounting policy on depreciation. The related obligations, net of finance costs allocated to future periods, are included in creditors. Finance costs are charged against profits on a straight line basis over the periods of the contracts. |
| Employee benefits |
| When employees have rendered services to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. |
| The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Grants |
| Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. |
| Debtors and creditors receivable / payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
| Related parties |
| For the purposes of these financial statements, a party is considered to be related to the company if: |
| 1. the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating decisions, or has joint control over the company; |
| 2. the company and the party are subject to common control; |
| 3. the party is an associate of the company or a joint venture in which the company is a venturer; |
| 4. the party is a member of key management personnel of the company or the company's parent, or close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
| 5. the party is a close family member of a party referred to in (1) or is an entity under the control, joint control or significant influence of such individuals; or |
| 6. the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
| 3. | TURNOVER |
| During the year the turnover exported overseas was less than 1% (2023 < 1%). |
| 4. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Office and management | 26 | 26 |
| Production | 52 | 51 |
| The total remuneration paid in respect of the company's key management personnel was £291,215 (2023 - £287,174). |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| NOTES TO THE 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 |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Hire purchase interest |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Tax on profit |
| 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 |
| Profit multiplied by the standard rate of corporation tax in the UK of |
| Effects of: |
| Expenses not deductible for tax purposes |
| Capital allowances in excess of depreciation | ( |
) | ( |
) |
| Losses surrendered to group | 67,190 | 59,916 |
| Losses carried forward | - | 67,620 |
| Movement in deferred tax - Accelerated capital allowances | 143,640 | 250,627 |
| Movement in deferred tax - Changes in tax rates | - | 239,467 |
| Total tax charge | 143,640 | 490,094 |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2023 |
| Additions |
| Disposals | ( |
) |
| At 30 November 2024 |
| DEPRECIATION |
| At 1 December 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 November 2024 |
| NET BOOK VALUE |
| At 30 November 2024 |
| At 30 November 2023 |
| The net book value of tangible fixed assets includes £2,936,931 (2023 - £3,600,137) in respect of assets held under hire purchase contracts. |
| 9. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| Work in progress |
| Finished goods |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 10. | DEBTORS |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Other debtors |
| Prepayments |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 13) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts |
| Accrued expenses |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts (see note 13) |
| 13. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 13. | LEASING AGREEMENTS - continued |
| Non-cancellable operating | leases |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 14. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Hire purchase contracts | 1,764,855 | 2,616,065 |
| HSBC Bank plc holds a debenture including a first fixed charge over book and other debts, chattels, goodwill and uncalled capital both present and future, and a first floating charge over all assets and undertaking both present and future dated 14 January 2002. |
| There is also an unlimited cross guarantee dated 20 December 2004 with Starbank Holdings Limited. |
| The hire purchase contracts are secured on the assets to which they relate. |
| 15. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances | 1,392,388 | 1,248,748 |
| Deferred |
| tax |
| £ |
| Balance at 1 December 2023 |
| Movement in provision | 143,640 |
| Balance at 30 November 2024 |
| Deferred tax is wholly in respect of accelerated capital allowances. |
| 16. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 1,000 | 1,000 |
| 17. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 December 2023 |
| Deficit for the year | ( |
) |
| At 30 November 2024 |
| STARBANK PANEL PRODUCTS LIMITED (REGISTERED NUMBER: 03219930) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2024 |
| 18. | PENSION COMMITMENTS |
| The company operates a group personal pension plan for directors and employees. The scheme and its assets are managed by independent fund managers and are held separately from those of the company. The pension charge represents the amount payable by the company and amounted to £324,471 (2023 - £319,337). At 30 November 2024, the amount outstanding was £21,069 (2023 - £24,446). |
| 19. | ULTIMATE PARENT COMPANY |
| The company's ultimate parent company is Starbank Holdings Limited. The registered office of Starbank Holdings Limited is Unit 2 Anglezarke Road, Sankey Valley Industrial Estate, Newton Le Willows, Merseyside, England, WA12 8DJ. |
| 20. | CAPITAL COMMITMENTS |
| 2024 | 2023 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 21. | OTHER FINANCIAL COMMITMENTS |
| The company has entered into two arrangements before the year end to buy Euros at fixed exchange rates at dates after the year end as follows: |
Transaction Date | £ | Exchange rate | € |
| 17 December 2024 | 719,242 | £1 = €1.1818 | 850,000 |
| 18 December 2024 | 359,113 | £1 = €1.1818 | 424,400 |