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Company No: 01288223 (England and Wales)

RUNFOLD PLASTICS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

RUNFOLD PLASTICS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

RUNFOLD PLASTICS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
RUNFOLD PLASTICS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
DIRECTORS C W J Avens
S D Burgess
C D Potter
REGISTERED OFFICE Passfield Mill Business Park
Passfield
Liphook
Hampshire
GU30 7QX
United Kingdom
COMPANY NUMBER 01288223 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
RUNFOLD PLASTICS LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT 30 NOVEMBER 2024
RUNFOLD PLASTICS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 51,703 77,555
Tangible assets 4 289,979 361,595
341,682 439,150
Current assets
Stocks 5 317,580 308,170
Debtors 6 827,069 764,763
Cash at bank and in hand 98,754 75,464
1,243,403 1,148,397
Creditors: amounts falling due within one year 7 ( 452,570) ( 380,835)
Net current assets 790,833 767,562
Total assets less current liabilities 1,132,515 1,206,712
Creditors: amounts falling due after more than one year 8 ( 85,959) ( 167,099)
Provision for liabilities 9 ( 57,247) ( 52,702)
Net assets 989,309 986,911
Capital and reserves
Called-up share capital 100 100
Profit and loss account 989,209 986,811
Total shareholder's funds 989,309 986,911

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Runfold Plastics Limited (registered number: 01288223) were approved and authorised for issue by the Board of Directors on 29 August 2025. They were signed on its behalf by:

C W J Avens
Director
RUNFOLD PLASTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
RUNFOLD PLASTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Runfold Plastics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Passfield Mill Business Park, Passfield, Liphook, Hampshire, GU30 7QX,, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 4 years straight line
Vehicles 25 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 47 47

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 December 2023 258,517 258,517
At 30 November 2024 258,517 258,517
Accumulated amortisation
At 01 December 2023 180,962 180,962
Charge for the financial year 25,852 25,852
At 30 November 2024 206,814 206,814
Net book value
At 30 November 2024 51,703 51,703
At 30 November 2023 77,555 77,555

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 December 2023 182,263 444,334 198,076 824,673
Additions 0 6,030 2,704 8,734
Disposals 0 0 ( 56,409) ( 56,409)
At 30 November 2024 182,263 450,364 144,371 776,998
Accumulated depreciation
At 01 December 2023 37,346 342,159 83,573 463,078
Charge for the financial year 18,226 26,767 27,620 72,613
Disposals 0 0 ( 48,672) ( 48,672)
At 30 November 2024 55,572 368,926 62,521 487,019
Net book value
At 30 November 2024 126,691 81,438 81,850 289,979
At 30 November 2023 144,917 102,175 114,503 361,595

5. Stocks

2024 2023
£ £
Stocks 317,580 308,170

6. Debtors

2024 2023
£ £
Trade debtors 447,675 439,993
Amounts owed by Group undertakings 326,953 290,621
Prepayments 52,441 34,149
827,069 764,763

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 23,060 29,738
Trade creditors 227,285 205,997
Other loans 53,601 49,264
Accruals 10,910 14,260
Taxation and social security 115,680 47,085
Other creditors 22,034 34,491
452,570 380,835

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 25,169 48,228
Other loans 60,790 118,871
85,959 167,099

The bank loans are secured by way of a fixed and floating charge over certain of the assets of the Company, and by way of unlimited cross guarantees given by Runfold Plastics Limited and its parent company Weyside Industrial Ltd.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 52,702) ( 20,752)
Charged to the Statement of Income and Retained Earnings ( 4,545) ( 31,950)
At the end of financial year ( 57,247) ( 52,702)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 57,991) ( 55,619)
Short term provision 744 2,917
( 57,247) ( 52,702)