REGISTERED NUMBER: 05936799 (England and Wales)

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

BRITPLAS COMMERCIAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J A Blackwell

K Gorman

R O Lincoln

SECRETARY:

R O Lincoln

REGISTERED OFFICE:

Unit 18 Kingsland Grange

Woolston

Warrington

Cheshire

WA1 4RW

REGISTERED NUMBER:

05936799 (England and Wales)

AUDITORS:

D.R.E. & Co. (Audit) Limited

7 Lower Brook Street

Oswestry

Shropshire

SY11 2HG

FIXED ASSETS

Tangible assets

5

54,308

99,809

CURRENT ASSETS

Debtors

6

2,552,828

3,423,045

Cash at bank and in hand

263,823

535,976

2,816,651

3,959,021

CREDITORS

Amounts falling due within one year

7

2,817,125

3,881,454

NET CURRENT (LIABILITIES)/ASSETS

(474

)

77,567

TOTAL ASSETS LESS CURRENT LIABILITIES

53,834

177,376

CREDITORS

Amounts falling due after more than one year

8

(26,994

)

(53,078

)

PROVISIONS FOR LIABILITIES

(13,577

)

(24,953

)

NET ASSETS

13,263

99,345

CAPITAL AND RESERVES

Called up share capital

11

337

337

Retained earnings

12

12,926

99,008

SHAREHOLDERS' FUNDS

13,263

99,345

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 September 2025 and were signed on its behalf by:

R O Lincoln - Director

1.	STATUTORY INFORMATION

Britplas Commercial Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered number and registered office can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency is sterling (£) rounded to the nearest £1.

The financial statements are for the individual entity.

Significant judgements and estimates

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

The company makes an estimate of the amount of deferred income to ensure that income is recognised in the same period at the cost, and sales is recognised by reference to the stage of completion. When assessing the amount of income to be deferred, management considers factors including the costs incurred to date, the total estimated contract costs and estimated gross profit margins. See note 8 for the net carrying amount of accruals and deferred income.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue comprises the fair value of the consideration received or receivable, net of value added tax.

Contract revenue is recognised over time whereby the benefit transfers to the customer. The percentage of completion is measured using cost incurred to date as a proportion of the estimated full costs of the completed contract. This is viewed in conjunction with the expected revenue to determine the revenue to be recognised in the reporting period.

Estimated total costs of the contract include cost contingencies for risks identified at the start of the contract, these are reviewed regularly throughout the contract and adjusted where necessary.

Retention amounts are contractually withheld by customers in accordance with the terms of the contract.

Retentions are held as security to ensure satisfactory completion of works and are usually released after an specified time in agreement with the terms of the contract.

Retentions are recognised when the company has a contractual right to receive the amounts, usually in conjunction with the percentage of works completed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost

Financial instruments

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, and then subsequently measured at amortised cost. Financial assets classified as receivable within one year are not amortised. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including creditors and loans, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 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. Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

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.

Hire purchase and leasing commitments

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

A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Amounts recoverable on contracts

Contracts have been accounted for as long term contracts where contract activity falls into different accounting periods. The amount recorded as turnover is ascertained by reference to the value of the work carried out to date, as described in the turnover accounting policy. The amount by which recorded turnover is in excess of payments on account is classified as amounts recoverable on contract.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 42 ).

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2024

and 31 December 2024

433,013

DEPRECIATION

At 1 January 2024

333,204

Charge for year

45,501

At 31 December 2024

378,705

NET BOOK VALUE

At 31 December 2024

54,308

At 31 December 2023

99,809

Included within the above are assets held under hire purchase agreements.

Assets held on such agreements include motor vehicles with a carrying value of £49,478 (2023:

£77,736) and depreciation charges for the year of £28,258 (2023: £28,258).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Trade debtors

107,103

2,933,501

Amounts recoverable on contract

435,227

-

Other debtors

30,517

186,456

Amounts owed by group

undertakings

1,941,063

-

VAT

12,138

-

Prepayments and accrued income

26,780

303,088

2,552,828

3,423,045

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Hire purchase contracts (see note 9)

24,876

27,853

Trade creditors

105,842

674,286

Tax

305,765

757,729

Social security and other taxes

11,550

51,234

Amounts owed to group undertakings

1,892,630

2,080,000

Accruals and deferred income

476,462

290,352

2,817,125

3,881,454

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

(Unaudited)

£

£

Hire purchase contracts (see note 9)

26,994

53,078

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

(Unaudited

£

£

Net obligations repayable:

Within one year

24,876

27,853

Between one and five years

26,994

53,078

51,870

80,931

Non-cancellable

operating leases

31.12.24

31.12.23

(Unaudited)

£

£

Within one year

254,234

246,570

Between one and five years

1,008,000

65,000

In more than five years

798,000

-

2,060,234

311,570

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

(Unaudited)

£

£

Hire purchase contracts

51,870

80,931

Hire purchase liabilities are secured against the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Alloted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

33727

Ordinary

0.01

337

337

1

Ordinary A

0.01

-

-

1

Ordinary B

0.01

-

-

1

Ordinary C

0.01

-

-

1

Ordinary D

0.01

-

-

1

Ordinary E

0.01

-

-

1

Ordinary F

0.01

-

-

1

Ordinary G

0.01

-

-

337

337

12.

RESERVES

Retained

earnings

£

At 1 January 2024

99,008

Profit for the year

1,029,918

Dividends

(1,116,000

)

At 31 December 2024

12,926

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Francis Nock FCCA (Senior Statutory Auditor)

for and on behalf of D.R.E. & Co. (Audit) Limited

14.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The ultimate controlling party is Safevent Employee Ownership Trust. Safevent Holdings Limited is the parent of the largest and smallest group for which consolidated financial statements are prepared which include Britplas Commercial Limited. The registered office of the immediate and ultimate parent company is the same as that of Britplas Commercial Limited. Group accounts are freely available from Companies House.

During the year to 31 December 2024, the parent entity, Safevent Holdings Limited underwent a restructure. As part of this restructure, the shares in Glaine Limited were sold via a share for share exchange to Safevent Holdings Limited. Glaine Limited and all of its associates are now wholly owned subsidiaries within the group. The shareholding of Britplas Commercial Limited has not changed, and is still owned 100% by Britplas Holdings Limited, an associate of Glaine Limited.

During the year, the company made total purchases of £2,359,666 from related parties. The balance owed to the related parties at the year-end totalled £997,886.

During the year, the company made total sales of £634,412 to related parties. The balance owed from the related parties at the year-end totalled £1,941,057.

15.	ULTIMATE CONTROLLING PARTY

The parent company is Safevent Holdings Limited, registered in England and Wales, by virtue of their 100% shareholding. The registered office is at Unit 18 Kingsland Grange, Woolston, Warrington, England, WA1 4RW.

The ultimate controlling party is Safevent Employee Ownership Trust after they acquired 100% of the shares of Safevent Holdings Limited. The company is registered at Unit 18 Kingsland Grange, Woolston, Warrington, England, WA1 4RW.