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Registered number: 06705878









Rotational Moulding Group Limited









Annual Report and Consolidated Financial Statements

For the year ended 31 December 2024

 
Rotational Moulding Group Limited
 
 
Company Information


Directors
PG Knowles 
J Rowbotham 
L Webber 
D White (resigned 30 May 2025)




Company secretary
S Rowbotham



Registered number
06705878



Registered office
Knowles Industrial Estate
Buxton Road

Furness Vale

High Peak

Derbyshire

SK23 7PH




Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors

3 Stockport Exchange

Stockport

Cheshire

SK1 3GG




Bankers
Natwest Group
1 Spinningfields Square

Manchester

M3 3AP




Solicitors
Gorvins Solicitors
Dale House

Tiviot Dale

Stockport

SK1 1TA





 
Rotational Moulding Group Limited
 

Contents



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Balance Sheet
 
10
Company Balance Sheet
 
11
Consolidated Statement of Changes in Equity
 
12
Company Statement of Changes in Equity
 
13
Consolidated Statement of Cash Flows
 
14 - 15
Consolidated Analysis of Net Debt
 
15
Notes to the Financial Statements
 
16 - 35


 
Rotational Moulding Group Limited
 
 
Group strategic report
For the year ended 31 December 2024

Business review
 
This fiscal year has presented several operational challenges, resulting in a slight reduction in annual sales compared to the previous year. The business continued to face sustained pressure from elevated raw material costs, which impacted margins across key product lines. In addition, ongoing difficulties in achieving consistent on-time deliveries due to supply chain disruptions further constrained performance.
Despite these headwinds, the company remains fundamentally strong and is positioned for improvement in the coming year. Management is optimistic about a return to growth, particularly in outperforming budget targets. Strategic initiatives focused on expanding sales channels and improving supply chain reliability are expected to support a more robust financial performance moving forward.

Principal risks and uncertainties
 
Liquidity Risk
The group's principal financial instruments comprise bank balances, invoice discounting facilities, trade debtors, trade creditors, operating lease agreements and intercompany loans. The main purpose of these instruments is to raise funds for the group's operations.
Due to the nature of the financial instruments used by the group there is no exposure to price risk.
 
The group's approach to managing other risks applicable to the financial instruments concerned is noted below.
In respect of bank balances and the invoice discounting facilities, the liquidity risk is managed by maintaining a balance between the continuity of funding and ensuring sufficient funds are available to meet amounts due.
The intercompany loans are repayable on demand. The group manages the liquidity risk by regular monitoring of these accounts.
The group is a lessee in respect of operating and finance leases. The liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the use of credit checking facilities.
Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Market risk
The Directors have adopted a range of key performance indicators across the Group which allow the business to be closely monitored. These include detailed forecasting of turnover and close attention to any exposure to the risk of price increases. Early monitoring, enables appropriate strategies, such as sourcing of alternative suppliers, to be adopted at an early stage in order minimise any risk.  Cash management is key and detailed forecasts are prepared to ensure working capital can be robustly managed. 

Page 1

 
Rotational Moulding Group Limited
 

Group strategic report (continued)
For the year ended 31 December 2024

Financial key performance indicators
 
We report the following with regards to our financial key performance indicators:
Sales have decreased by £1,620,608 due to key customers not performing as well as they have in previous years.
Gross profit margin increased by 2.5% to 38% due to improved efficiencies in the production processes.
Operating margins receded from 6.95% to 4.71% due to increased cost of overheads.
For the above reasons, EBITDA for the year to 31 December 2024 was £1,092,373 (
2023: £1,427,341).
Stock turnover, based on year-end figures and excluding wages through cost of sales, increased to 76 days (
2023: 69 days) due to timing in order to beat lead times and/or ensure the best price of materials.
Debtor days ratio increased to 62 days (
2023: 54 days) and Creditor days ratio, excluding wages, was 66 days (2023: 56 days) due to changes in customer and supplier profiles.


This report was approved by the board and signed on its behalf.





J Rowbotham
Director

Date: 28 August 2025

Page 2

 
Rotational Moulding Group Limited
 
 
 
Directors' report
For the year ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Group's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £408,020 (2023 - £735,358).

Dividends of £722,753 (2023: £705,321) were paid during the year.

Directors

The directors who served during the year were:

PG Knowles 
J Rowbotham 
L Webber 
D White (resigned 30 May 2025)

Future developments

Work continues in fostering a culture of continuous improvement across the business. A number of initiatives are underway to improve the use of automation and data capture. Our venture into additional plastic processes is set to grow as we move through the year.

Research and development activities

During the year, the group undertook some research and development activities relating to various customer projects. 

Page 3

 
Rotational Moulding Group Limited
 
 
 
Directors' report (continued)
For the year ended 31 December 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsHurst Accountants Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





J Rowbotham
Director

Date: 28 August 2025

Page 4

 
Rotational Moulding Group Limited
 
 
 
Independent Auditors' Report to the Members of Rotational Moulding Group Limited
 

Opinion


We have audited the financial statements of Rotational Moulding Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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's affairs as at 31 December 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 United Kingdom, including the Financial Reporting Council'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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


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


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
Rotational Moulding Group Limited
 
 
 
Independent Auditors' Report to the Members of Rotational Moulding Group Limited (continued)


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 
Rotational Moulding Group Limited
 
 
 
Independent Auditors' Report to the Members of Rotational Moulding Group Limited (continued)


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 an Auditors' report 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 Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
 
Identifying and assessing potential risks related to irregularities
 
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
 
The nature of the industry and sector, control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
Enquiring of local management, including obtaining and reviewing supporting documentation, concerning the Company's policies and procedures relating to:
°Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected of alleged fraud;
The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud;
Obtaining an understanding of the legal and regulatory frameworks that the Company operates in, focusing on those laws and regulations that had a direct effect on the financial statements,  such as the Companies Act 2006, pensions and tax legislation, or that had a fundamental effect on the operations of the Company, including General Data Protection requirements, Anti-bribery and corruption policy, and Health & Safety.
 
Audit response to risks identified
 
Our procedures to respond to risk identified included the following:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;
Evaluation of management’s controls designed to prevent and detect irregularities;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reading minutes of meetings of those charged with governance, reviewing internal audit reports and correspondence with regulators.
 
Page 7

 
Rotational Moulding Group Limited
 
 
 
Independent Auditors' Report to the Members of Rotational Moulding Group Limited (continued)


We have also considered the risks noted above in addressing the risk of fraud through management override of controls:
 
Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify
accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
 
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' report.


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 2006Our 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 an Auditors' report 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.





Chris Stewardson (Senior Statutory Auditor)
for and on behalf of
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG

 
Date: 
29 August 2025
Page 8

 
Rotational Moulding Group Limited
 
 
Consolidated statement of comprehensive income
For the year ended 31 December 2024

2024
2023
Note
£
£

  

Turnover
 4 
13,396,450
15,017,058

Cost of sales
  
(8,311,435)
(9,690,819)

Gross profit
  
5,085,015
5,326,239

Administrative expenses
  
(4,454,465)
(4,282,484)

Operating profit
 5 
630,550
1,043,755

Interest receivable and similar income
 9 
1,451
2,895

Interest payable and similar expenses
 10 
(60,493)
(92,552)

Profit before taxation
  
571,508
954,098

Tax on profit
 11 
(163,488)
(218,740)

Profit for the financial year
  
408,020
735,358

Profit for the year attributable to:
  

Owners of the parent Company
  
408,020
735,358

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 35 form part of these financial statements.

Page 9

 
Rotational Moulding Group Limited
Registered number: 06705878

Consolidated balance sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 13 
-
123,286

Tangible assets
 14 
1,350,836
1,356,942

  
1,350,836
1,480,228

Current assets
  

Stocks
 16 
1,231,081
1,334,692

Debtors: amounts falling due within one year
 17 
2,913,947
2,653,731

Cash at bank and in hand
 18 
198,685
214,110

  
4,343,713
4,202,533

Creditors: amounts falling due within one year
 19 
(3,741,769)
(3,449,881)

Net current assets
  
 
 
601,944
 
 
752,652

Total assets less current liabilities
  
1,952,780
2,232,880

Creditors: amounts falling due after more than one year
 20 
(365,720)
(286,973)

Provisions for liabilities
  

Deferred taxation
 23 
(228,763)
(272,877)

Net assets
  
1,358,297
1,673,030


Capital and reserves
  

Called up share capital 
 24 
1,960
1,960

Capital redemption reserve
 25 
2,040
2,040

Profit and loss account
 25 
1,354,297
1,669,030

  
1,358,297
1,673,030


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Rowbotham
Director

Date: 28 August 2025

The notes on pages 16 to 35 form part of these financial statements.

Page 10

 
Rotational Moulding Group Limited
Registered number: 06705878

Company balance sheet
As at 31 December 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 15 
2,746,596
2,746,596

  

Creditors: amounts falling due within one year
 19 
(2,744,612)
(2,744,613)

Net current liabilities
  
 
 
(2,744,612)
 
 
(2,744,613)

Total assets less current liabilities
  
1,984
1,983

  

  

Net assets
  
1,984
1,983


Capital and reserves
  

Called up share capital 
 24 
1,960
1,960

Profit and loss account
 25 
24
23

  
1,984
1,983


The profit for the parent company for the period was £722,754 (2023 - £705,321).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J Rowbotham
Director

Date: 28 August 2025

The notes on pages 16 to 35 form part of these financial statements.

Page 11

 
Rotational Moulding Group Limited
 

Consolidated statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
1,960
2,040
1,638,993
1,642,993


Comprehensive income for the year

Profit for the year
-
-
735,358
735,358


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(705,321)
(705,321)



At 1 January 2024
1,960
2,040
1,669,030
1,673,030


Comprehensive income for the year

Profit for the year
-
-
408,020
408,020


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(722,753)
(722,753)


At 31 December 2024
1,960
2,040
1,354,297
1,358,297


The notes on pages 16 to 35 form part of these financial statements.

Page 12

 
Rotational Moulding Group Limited
 

Company statement of changes in equity
For the year ended 31 December 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2023
1,960
23
1,983


Comprehensive income for the year

Profit for the year
-
705,321
705,321


Contributions by and distributions to owners

Dividends: Equity capital
-
(705,321)
(705,321)



At 1 January 2024
1,960
23
1,983


Comprehensive income for the year

Profit for the year
-
722,754
722,754


Contributions by and distributions to owners

Dividends: Equity capital
-
(722,753)
(722,753)


At 31 December 2024
1,960
24
1,984


The notes on pages 16 to 35 form part of these financial statements.

Page 13

 
Rotational Moulding Group Limited
 

Consolidated statement of cash flows
For the year ended 31 December 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
408,020
735,358

Adjustments for:

Amortisation of intangible assets
123,286
123,287

Depreciation of tangible assets
338,537
260,613

Loss on disposal of tangible assets
25,870
3,914

Interest paid
60,493
92,552

Interest received
(1,451)
(2,895)

Taxation charge
163,488
218,740

Decrease in stocks
103,611
81,237

(Increase)/decrease in debtors
(260,216)
860,450

Increase/(decrease) in creditors
330,966
(947,332)

Corporation tax (paid)
(282,964)
(29,969)

Net cash generated from operating activities

1,009,640
1,395,955


Cash flows from investing activities

Purchase of tangible fixed assets
(358,301)
(163,811)

Sale of tangible fixed assets
-
64,514

Interest received
1,451
2,895

HP interest paid
(9,895)
(21,030)

Net cash from investing activities

(366,745)
(117,432)

Cash flows from financing activities

New secured loans
300,000
-

Repayment of loans
(150,000)
(150,000)

Repayment of/new finance leases
(36,215)
(307,375)

Dividends paid
(722,753)
(705,321)

Interest paid
(50,598)
(71,522)

Net cash used in financing activities
(659,566)
(1,234,218)

Net (decrease)/increase in cash and cash equivalents
(16,671)
44,305
Page 14

 
Rotational Moulding Group Limited
 

Consolidated statement of cash flows (continued)
For the year ended 31 December 2024


2024
2023

£
£



Cash and cash equivalents at beginning of year
214,110
169,805

Cash and cash equivalents at the end of year
197,439
214,110


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
198,685
214,110

Bank overdrafts
(1,246)
-

197,439
214,110



Consolidated Analysis of Net Debt
For the year ended 31 December 2024





At 1 January 2024
Cash flows
Other non-cash changes
At 31 December 2024
£

£

£

£

Cash at bank and in hand

214,110

(15,425)

-

198,685

Bank overdrafts

-

(1,246)

-

(1,246)

Debt due after 1 year

(225,000)

(247,841)

150,000

(322,841)

Debt due within 1 year

(150,000)

97,841

(150,000)

(202,159)

Finance leases

(98,188)

36,215

-

(61,973)


(259,078)
(130,456)
-
(389,534)

The notes on pages 16 to 35 form part of these financial statements.

Page 15

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

1.


General information

Rotational Moulding Group Limited is a private company limited by members' capital and is incorporated in England and Wales, company number 06705878. The address of its registered office is Knowles Industrial Estate, Buxton Road, Furness Vale, High Peak, Derbyshire, SK23 7PH. 
The nature of the company's operations and its principal activity is that of a holding company. The nature of the operations and the principal activity of the group of which it heads is that of the manufacture of plastic rotational moulding products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 28 November 2014.

  
2.3

Parent company- cash flow exemption

The company has taken advantage of the exemption available under FRS 102 not to disclose its own Statement of Cash Flows, as this is included within the Consolidated Statement of Cash Flows presented within these Consolidated Financial Statements.

Page 16

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Operating leases

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

 
2.7

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 17

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Purchased goodwill
-
5
years
Goodwill arising on consolidation
-
10
years

Page 19

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight-line and reducing balance methods.

Depreciation is provided on the following basis. Some assets within the same categories have different useful economic lives:

Leasehold improvements
-
20% straight-line
Plant and machinery
-
15-20% straight-line and reducing balance
Motor vehicles
-
25% reducing balance and straight-line
Fixtures and fittings
-
15% reducing balance and straight-line
Computer equipment
-
25% reducing balance and straight-line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.15

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

Page 20

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.20

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

 
2.21

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.22

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. 

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

Page 21

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

2.Accounting policies (continued)

 
2.23

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates that
affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Group as at 31 December 2024 are discussed below:
Recoverable value of trade debtors
The Group has recognised trade debtors with a carrying value of £2,264,296 (2023: £2,242,097). The recoverability of trade debtors is regularly reviewed in the light of the available economic information specific to each debtor and specific provisions are recognised for balances considered to be at risk or irrecoverable. No provision has been recognised in 2024 or 2023.
Stock valuation
The Group exercises judgement in estimating the obsolescence of stock and making impairments to reflect the difference between cost and estimated net realisable value. The value of stock at the year end totalled £1,231,081 (2023: £1,334,692). No provision has been recognised in 2024 or 2023.


4.


Turnover

The whole of the turnover is attributable to the principal activity of the group, as described in note 1.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
12,762,390
14,600,672

Rest of Europe
397,740
152,630

Rest of the world
236,320
263,756

13,396,450
15,017,058


Page 22

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

5.


Operating profit

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

2024
2023
£
£

Exchange differences
5,723
16,462

Operating lease rentals
629,957
632,702


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated financial statements
18,075
21,600

Other Services

Tax
10,065
5,450

Accounts preparation
6,710
7,900

16,775
13,350


Page 23

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,847,290
4,152,867
-
-

Social security costs
269,922
300,492
-
-

Cost of defined contribution scheme
196,747
134,312
-
-

4,313,959
4,587,671
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
6
6



Administrative staff
28
24



Production staff
71
88

105
118


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
313,313
427,551

Group contributions to defined contribution pension schemes
1,321
1,321

314,634
428,872


During the year retirement benefits were accruing to 1 director (2023 - 1) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £237,124 (2023 - £244,756).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).

Page 24

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
1,451
2,895


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
21,139
32,470

Finance leases and hire purchase contracts
9,895
21,030

Other interest payable
29,459
39,052

60,493
92,552


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
219,656
306,020

Adjustments in respect of previous periods
(12,054)
(51,985)


Total current tax
207,602
254,035

Deferred tax


Origination and reversal of timing differences
(44,114)
(35,295)

Total deferred tax
(44,114)
(35,295)


Taxation on profit on ordinary activities
163,488
218,740
Page 25

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
571,508
954,098


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
142,877
224,404

Effects of:


Non-tax deductible amortisation of goodwill and impairment
30,822
30,822

Expenses not deductible for tax purposes
747
883

Ineligible asset depreciation
4,564
15,587

Adjustments to tax charge in respect of prior periods
(12,053)
(51,985)

Short term timing difference leading to an increase in taxation
(3,469)
4,834

Super-deduction
-
(855)

Increase in 2023 tax rates leading to an increase (decrease) in the tax charge
-
(4,950)

Total tax charge for the year
163,488
218,740


Factors that may affect future tax charges

There are currently no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


Dividends paid on equity capital
722,753
705,321

Page 26

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

13.


Intangible assets

Group





Goodwill

£



Cost


At 1 January 2024
1,828,635



At 31 December 2024

1,828,635



Amortisation


At 1 January 2024
1,705,349


Charge for the year
123,286



At 31 December 2024

1,828,635



Net book value



At 31 December 2024
-



At 31 December 2023
123,286

Goodwill is being amortised over its remaining useful economic life, deemed to be 10 years.



Page 27

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

14.


Tangible fixed assets

Group






Leasehold Improvements
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
341,397
4,163,986
113,685
391,048
2,219
5,012,335


Additions
25,877
283,238
-
49,186
-
358,301


Disposals
-
(93,847)
(19,102)
-
-
(112,949)



At 31 December 2024

367,274
4,353,377
94,583
440,234
2,219
5,257,687



Depreciation


At 1 January 2024
221,903
3,123,107
26,635
282,700
1,048
3,655,393


Charge for the year
28,978
260,550
20,154
28,562
293
338,537


Disposals
-
(67,948)
(19,131)
-
-
(87,079)



At 31 December 2024

250,881
3,315,709
27,658
311,262
1,341
3,906,851



Net book value



At 31 December 2024
116,393
1,037,668
66,925
128,972
878
1,350,836



At 31 December 2023
119,494
1,040,879
87,050
108,348
1,171
1,356,942

There are no tangible fixed assets in the Company.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
-
336,901

Motor vehicles
66,924
87,050

66,924
423,951

Page 28

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
2,746,596



At 31 December 2024
2,746,596





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Rotational Mouldings Limited
Ordinary
100%
Haywood Group Limited
Ordinary
100%
Haywood Roto Moulding Limited *
Ordinary
100%
Associated Roto Plastics Limited *
Ordinary
100%
Haldo Developments Limited
Ordinary
100%

* Direct subsidiaries of Haywood Group Limited.
The registered office of all subsidiaries is Knowles Industrial Estate, Buxton Road, Furness Vale, High Peak, Derbyshire, SK23 7PH.
The results of all subsidiaries are included in the Consolidated Financial Statements.


16.


Stocks

Group
Group
2024
2023
£
£

Raw materials and consumables
975,686
1,024,449

Work in progress (goods to be sold)
18,780
16,178

Finished goods and goods for resale
236,615
294,065

1,231,081
1,334,692


The difference between purchase price or production cost of stocks and their replacement cost is not material.

Page 29

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

17.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
2,264,296
2,242,097

Other debtors
186,533
9,008

Prepayments and accrued income
463,118
402,626

2,913,947
2,653,731



18.


Cash

Group
Group
2024
2023
£
£

Cash at bank and in hand
198,685
214,110

Less: bank overdrafts
(1,246)
-

197,439
214,110


Page 30

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

19.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
1,246
-
-
-

Bank loans
202,159
150,000
-
-

Trade creditors
1,523,575
1,440,479
-
-

Amounts owed to group undertakings
-
-
2,258,973
2,422,785

Corporation tax
219,656
295,018
-
-

Other taxation and social security
422,637
443,399
-
-

Obligations under finance lease and hire purchase contracts
19,094
36,215
-
-

Other creditors
980,911
650,370
485,639
321,828

Accruals and deferred income
372,491
434,400
-
-

3,741,769
3,449,881
2,744,612
2,744,613


Secured liabilities
Bank overdrafts are secured by means of fixed and floating charges over the assets of the company.
Included within other creditors are amounts of £447,872
 (2023: £282,130) which are secured by means of fixed and floating charges over the assets of the group and company.
Amounts due under finance lease and hire purchase contracts are secured over the assets to which they relate.
Included in creditors are amounts owed to group undertakings that are payable on demand, unsecured and bear no interest.


20.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
322,841
225,000

Net obligations under finance leases and hire purchase contracts
42,879
61,973

365,720
286,973


Secured liabilities
Amounts due under finance lease and hire purchase contracts are secured over the assets to which they relate.

Page 31

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

21.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
202,159
150,000

Amounts falling due 1-2 years

Bank loans
131,033
150,000

Amounts falling due 2-5 years

Bank loans
191,808
75,000


525,000
375,000


Bank loans relate to loans taken out under the Coronavirus Business Interruption Loan Scheme ''CBILS'' which is secured by means for a fixed and floating charge covering all the property and undertaking of the company. Interest due in the first 12 months is payable by the UK Government under the terms of the Scheme. After the first 12 months, interest is payable by the Company at a rate of 2.63% above the base rate, and is repayable 60 months after the loan is drawn. Repayments of £150,000 (2023: £150,000) have been made during the year.
An additional loan of £300,000 was taken during the year secured by any existing security held by the bank in respect of the company's liabilities. Interest is payable by the Company at a rate of 2.45% above the base rate, and is repayable over 60 months. Repayments of £NIL have been made during the year.


22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2024
2023
£
£

Within one year
19,094
36,215

Between 1-5 years
42,879
61,973

61,973
98,188

Page 32

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

23.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
(272,877)
(308,172)


Charged to profit or loss
44,114
35,295



At end of year
(228,763)
(272,877)







The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(254,420)
(272,877)

Other timing differences
25,657
-


24.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,274 (2023 - 1,274) Ordinary shares of £1.00 each
1,274
1,274
98 (2023 - 588) Ordinary A shares of £1.00 each
98
588
490 (2023 - 98) Ordinary B shares of £1.00 each
490
98
98 (2023 - ) Ordinary C shares of £1.00 each
98
-

1,960

1,960

On 17 December 2024, 490 Ordinary A shares were re-designated as 392 Ordinary B shares, and 98 Ordinary C shares.
Shares rank pari-passu in all respects.


Page 33

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

25.


Reserves

Other reserves
Other reserves relate to the nominal value of shares that have been redeemed.
Profit and loss account
Profit and loss account includes all current and prior period profits and losses.


26.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group during the year and amounted to £196,747 (2023: £134,312). Contributions totalling £11,284 (2023: £10,399) were payable to the fund at the balance sheet date and are included in creditors.


27.


Commitments under operating leases

At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Land and buildings

Not later than 1 year
266,223
265,723

Later than 1 year and not later than 5 years
73,186
339,409

339,409
605,132

Group
Group
2024
2023
£
£

Plant and machinery

Not later than 1 year
70,255
45,369

Later than 1 year and not later than 5 years
103,585
51,813

173,840
97,182

Page 34

 
Rotational Moulding Group Limited
 
 
 
Notes to the financial statements
For the year ended 31 December 2024

28.


Related party transactions

The Group and Company has taken advantage of the provision under FRS 102 section 33.1a not to disclose transactions between companies which are wholly owned within the Group.
Directors received dividends of £722,753 
(2023: £705,321).
At 1 January 2024, the Group owed its shareholders £321,828 
(2023: £133,490). The Group received new advances of £277,862 (2023: £278,444), and made repayments of £114,050 (2023: £90,106). At 31 December 2024, the group owed £485,639 (2023: £321,828) to its shareholders. No interest has been charged on this balance, which is repayable on demand and included within other creditors.


29.


Controlling party

The Group and company is under the ultimate control of P G Knowles by virtue of his 75% (2023: 95%) interest in the voting share capital of the company.

 
Page 35