Registration number:
Century Plastics Limited
for the Year Ended 31 December 2024
Century Plastics Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Statement of Comprehensive Income |
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Statement of Financial Position |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Century Plastics Limited
Company Information
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Directors |
S Michael O Jakobovitz J A S Armitage H Sharon |
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Company secretary |
C L Strydom |
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Registered office |
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Auditors |
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Century Plastics Limited
Strategic Report for the Year Ended 31 December 2024
The Directors present their strategic report for the year ended 31 December 2024.
Business review
During the year the company continued with its activities as a plastic sheeting supplier. Management continued its focus to develop its sales markets during 2024 leading to an increase in revenue from £7.9m in 2023 to £8.8m in 2024. Gross profit also decreased from 17% in 2023 to 14% due to cost pressures. Profit before tax at £3.8m is 43% of turnover, this is an increase of £3.9m from that of 2023.
The management of Century Plastics and the wider Palram Group continue to view the company as an integral and strategic part of the Palram Group.
Key performance indicators
The Directors consider a range of KPIs to measure the business. The range of KPIs may include, but is not limited to, performance levels, quality, health and safety, and a range of financial measures. The directors believe that because of the nature of the business, disclosing further KPIs is not necessary for an understanding of the company's development, performance or position.
Environment
The company's environmental strategy continues to be reviewed and amended to take account of changing requirements in terms of legislation.
The Directors' continued focus remains the strategies in place in relation to product range, sales market, improve process efficiencies, cost control initiatives and material purchases.
Principal risks and uncertainties
The principal risks and uncertainties facing the business can be described broadly as competitive risks and the impact of the economic market.
The company operates in a competitive environment in the UK. The company manages the risk from competitive pressures by providing innovative products and a quality and reliable service.
The Directors and Group Management also continue to closely monitor the UK's relationship with the European Union following the UK's exit from the EU. In particular, management is monitoring the foreign exchange markets, updates in the Single Market Trade agreement with Europe and other political developments.
Financial risk management
The company's operations expose it to a variety of financial risks that include credit and liquidity. The company has a risk management programme in place that seeks to limit adverse effects on the financial performance of the business.
Given the size of the company, the Directors have not delegated responsibility for monitoring financial risk to a sub-committee of the board. Instead, the Directors follow the policies set out by the ultimate parent company.
Credit risk - The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by management.
Century Plastics Limited
Strategic Report for the Year Ended 31 December 2024 (continued)
The Directors present their strategic report for the year ended 31 December 2024.
Business review
During the year the company continued with its activities as a plastic sheeting supplier. Management continued its focus to develop its sales markets during 2024 leading to an increase in revenue from £7.9m in 2023 to £8.8m in 2024. Gross profit also decreased from 17% in 2023 to 14% due to cost pressures. Profit before tax at £3.8m is 43% of turnover, this is an increase of £3.9m from that of 2023.
The management of Century Plastics and the wider Palram Group continue to view the company as an integral and strategic part of the Palram Group.
Key performance indicators
The Directors consider a range of KPIs to measure the business. The range of KPIs may include, but is not limited to, performance levels, quality, health and safety, and a range of financial measures. The directors believe that because of the nature of the business, disclosing further KPIs is not necessary for an understanding of the company's development, performance or position.
Environment
The company's environmental strategy continues to be reviewed and amended to take account of changing requirements in terms of legislation.
The Directors' continued focus remains the strategies in place in relation to product range, sales market, improve process efficiencies, cost control initiatives and material purchases.
Principal risks and uncertainties
The principal risks and uncertainties facing the business can be described broadly as competitive risks and the impact of the economic market.
The company operates in a competitive environment in the UK. The company manages the risk from competitive pressures by providing innovative products and a quality and reliable service.
The Directors and Group Management also continue to closely monitor the UK's relationship with the European Union following the UK's exit from the EU. In particular, management is monitoring the foreign exchange markets, updates in the Single Market Trade agreement with Europe and other political developments.
Financial risk management
The company's operations expose it to a variety of financial risks that include credit and liquidity. The company has a risk management programme in place that seeks to limit adverse effects on the financial performance of the business.
Given the size of the company, the Directors have not delegated responsibility for monitoring financial risk to a sub-committee of the board. Instead, the Directors follow the policies set out by the ultimate parent company.
Credit risk - The company has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to individual customers is subject to a limit, which is reassessed regularly by management.
Approved and authorised by the
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Century Plastics Limited
Directors' Report for the Year Ended 31 December 2024
The Directors present their report and the audited financial statements of the company for the year ended 31 December 2024.
Detailed information in respect of principal activities, future developments, review of the business performance, going concern and principal risks and uncertainties and KPIs can be found in the Strategic Report and form part of this report by cross reference.
Directors
The Directors who held office during the year under review were:
S Michael
O Jakobovitz
J A S Armitage
A Zamir (resigned 28 December 2024)
The Directors who held were appointed after the year under review were:
H Sharon (appointed 1 January 2025)
None of the above has a beneficial interest in the company's issued ordinary share capital.
Dividend
The Directors do not recommend a distribution of a dividend.
Political donations
No political donations were made during the year (2023: £nil).
Going concern
The company has the support of its parent company, Palram Industries (1990) Limited, and after making suitable enquires, the Directors have a reasonable expectation that the company and the Palram Group, of which the company is a member, have adequate internal and external funding to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis in preparing these financial statements.
Directors' responsibilities
The Directors acknowledge their responsibilities for preparing the Annual Report 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 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; and
• 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.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Century Plastics Limited
Directors' Report for the Year Ended 31 December 2024 (continued)
The Directors present their report and the audited financial statements of the company for the year ended 31 December 2024.
Detailed information in respect of principal activities, future developments, review of the business performance, going concern and principal risks and uncertainties and KPIs can be found in the Strategic Report and form part of this report by cross reference.
Directors
The Directors who held office during the year under review were:
S Michael
O Jakobovitz
J A S Armitage
A Zamir (resigned 28 December 2024)
The Directors who held were appointed after the year under review were:
H Sharon (appointed 1 January 2025)
None of the above has a beneficial interest in the company's issued ordinary share capital.
Dividend
The Directors do not recommend a distribution of a dividend.
Political donations
No political donations were made during the year (2023: £nil).
Going concern
The company has the support of its parent company, Palram Industries (1990) Limited, and after making suitable enquires, the Directors have a reasonable expectation that the company and the Palram Group, of which the company is a member, have adequate internal and external funding to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis in preparing these financial statements.
Directors' responsibilities
The Directors acknowledge their responsibilities for preparing the Annual Report 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 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; and
• 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.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' liabilities
The company has made qualifying third party indemnity provisions for the benefits of its directors which were made during the year and remain in force at the date of this report.
Disclosure of information to the auditors
Each director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as they are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• they have taken all the steps they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Reappointment of auditors
The auditors Hawsons Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Century Plastics Limited
Independent Auditor's Report to the Members of Century Plastics Limited
Opinion
We have audited the financial statements of Century Plastics Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the , the Statement of Changes in Equity, and the notes to the financial statements, including 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 31 December 2024 and of its 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 Auditor 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.
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.
Century Plastics Limited
Independent Auditor's Report to the Members of Century Plastics Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 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, 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. |
Responsibilities of directors
As explained more fully in the set out on page 4, 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 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.
Auditor 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 auditor’s 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 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:
Century Plastics Limited
Independent Auditor's Report to the Members of Century Plastics Limited (continued)
The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006 and Health and Safety regulations. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.
Audit procedures performed by the engagement team included:
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Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
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Reviewing minutes of Board meetings; |
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations; |
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Challenging assumptions and judgements made by management in their significant accounting estimates; |
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management. |
There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to 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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Century Plastics Limited
Independent Auditor's Report to the Members of Century Plastics Limited (continued)
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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.
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For and on behalf of
5 Sidings Court
White Rose Way
South Yorkshire
DN4 5NU
Century Plastics Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
8,791,881 |
7,865,727 |
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Cost of sales |
(7,527,887) |
(6,532,877) |
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Gross profit |
|
1,332,850 |
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|
Net operating expenses |
(1,313,553) |
(1,267,041) |
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|
Other net gains/(losses) |
(13,192) |
(368) |
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Operating (loss)/profit |
( |
65,441 |
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|
Dividends from shares in subsidiaries |
4,000,000 |
- |
|
|
Net financial cost |
(161,633) |
(214,763) |
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Profit/(loss) before tax |
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(149,322) |
|
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Taxation |
40,373 |
(13,953) |
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Profit/(loss) for the financial year |
3,815,989 |
(163,275) |
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Total comprehensive income/(loss) for the year |
3,815,989 |
(163,275) |
The above results were derived from continuing operations.
Century Plastics Limited
(Registration number: 02558642)
Statement of Financial Position as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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11,116 |
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Tangible assets |
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18,314 |
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Investments |
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13,936,633 |
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14,772,318 |
13,966,063 |
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Current assets |
|||
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Stocks |
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35,273 |
|
|
Debtors |
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1,005,752 |
|
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Cash at bank and in hand |
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161,450 |
|
|
1,074,999 |
1,202,475 |
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Creditors: Amounts falling due within one year |
(7,425,962) |
(10,697,920) |
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Net current liabilities |
( |
(9,495,445) |
|
|
Total assets less current liabilities |
|
4,470,618 |
|
|
Creditors: Amounts falling due after more than one year |
(134,748) |
- |
|
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Net assets |
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4,470,618 |
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Capital and reserves |
|||
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Called up share capital |
|
127 |
|
|
Share premium reserve |
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3,158,750 |
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Profit and loss account |
|
1,311,741 |
|
|
Total equity |
|
4,470,618 |
These financial statements were approved and authorised for issue by the
.........................................
J A S Armitage
Director
Century Plastics Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 January 2024 |
|
|
|
|
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Profit for the year |
- |
- |
|
|
|
Total comprehensive loss |
- |
- |
|
|
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Share premium |
Profit and loss account |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
Loss for the year |
- |
- |
(163,275) |
(163,275) |
|
Total comprehensive income |
- |
- |
(163,275) |
(163,275) |
|
At 31 December 2023 |
127 |
3,158,750 |
1,311,741 |
4,470,618 |
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Accounting policies |
Statutory information
Century Plastics Limited is a private company, limited by shares, domiciled in England and Wales, company number 02558642. The registered office is at 5.2 Central House, 1 Ballards Lane, London, N3 1LQ.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Early adoption of amendments
The company has early adopted the following sections of the FRS 102 amendments:
(i) Section 23: Revenue
Section 23: Revenue - applying the five-step model for revenue recognition based on IFRS 15 principles.
Section 20: Leases - recognising right-of-use assets and lease liabilities in accordance with IFRS 16 principles.
Transition approach
For revenue recognition, the company has applied the amendments retrospectively with the cumulative effect of initial application recognised at the date of transition (1 January 2024). Comparative figures have not been restated.
For leases, the company has elected to measure lease liabilities at the present value of remaining lease payments and right-of-use assets at an amount equal to the lease liability, adjusted for any prepaid or accrued lease payments.
Impact of adoption
There has been no material impact on retained earnings as at 1 January 2024. The company believes early adoption provides more relevant and reliable information to users of the financial statements and aligns with group reporting requirements.
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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1 |
Accounting policies (continued) |
Summary of disclosure exemptions
Statement of cash flows:
The exemption of Section 7 Statement of Cash Flows and Section 3 Financial Statement Presentation paragraph 3.17(d) to produce Statement of Cash Flows.
Group accounts:
The company is exempt from the requirement to prepare group accounts in accordance with CA 2006 S401 (non EEA parent) as the company itself is a subsidiary undertaking and the company and its subsidiary undertaking are included in the consolidated financial statements of its ultimate parent company, Palram industries (1990) Limited. Their consolidated financial statements are publicly available and are drawn up in accordance with the EEC 7th directive..
Going concern
The company has the support of its parent company, Palram Industries (1990) Limited, and after making suitable enquiries, the Directors have a reasonable expectation that the company and the Palram Group, of which the company is a member, have adequate internal and external funding to continue in operational existence for the forseeable future. Consequently, they continue to adopt the going concern in preparing these accounts.
Revenue recognition
The company has early adopted the revised Section 23 of FRS 102, Revenue from Contracts with Customers, issued as part of the Financial Reporting Council’s 2024 periodic review. This section introduces a comprehensive five-step model for revenue recognition, aligned with IFRS 15 principles, and is effective for accounting periods beginning on or after 1 January 2026. Early adoption is permitted and has been applied in full.
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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1 |
Accounting policies (continued) |
Revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The company applies the following five-step model:
Identify the Contract with a Customer
A contract is an agreement that creates enforceable rights and obligations. Contracts may be written, oral, or implied by customary business practices.
Identify the Performance Obligations
Performance obligations are distinct goods or services promised in the contract. A good or service is distinct if it is separately identifiable and the customer can benefit from it on its own or with other readily available resources.
Determine the Transaction Price
The transaction price is the amount of consideration the company expects to receive, including variable consideration, which is included only if it is highly probable that a significant reversal will not occur.
Allocate the Transaction Price to the Performance Obligations
The transaction price is allocated to each performance obligation based on relative standalone selling prices.
Recognise Revenue When (or As) Performance Obligations Are Satisfied
Revenue is recognised when control of the good or service transfers to the customer, either over time or at a point in time, depending on the nature of the performance obligation.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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1 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Plant and machinery |
10% - 15% straight line |
|
Motor vehicles |
20% straight line |
|
Fixtures, fittings and computer equipment |
10% - 33% straight line |
|
Leasehold improvements |
10% straight line |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Website |
33% straight line |
|
Software |
33% straight line |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
1 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption, being recognised as a charge to the Statement of Comprehensive Income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
1 |
Accounting policies (continued) |
Employee benefits
The company provides a range of benefits to employees, including annual bonus arrangements, paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits are recognised as an expense in the period in which the service is required.
(ii) Defined contribution pension plans
The company operated under a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in the accruals in the balance sheet. The assets of the plan are held separately from the compnay in independently amdministered funds.
(iii) Bonus plan
The company operates an annual bonus plan for employees and expenses are recognised in the profit and loss account when the company has a legal or constructive obligation to make payment under the plan as result of past events and reliable estimation of the obligation can be made.
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
UK |
8,778,881 |
7,863,644 |
|
Europe |
13,000 |
5,675 |
|
Rest of world |
- |
(3,592) |
|
8,791,881 |
7,865,727 |
All sales relate to the company's principal trading activity.
|
Operating (loss)/profit |
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Distribution expenses |
1,028,452 |
1,027,080 |
|
Administrative expenses |
285,101 |
239,961 |
|
1,313,553 |
1,267,041 |
|
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
3 |
Operating profit (continued) |
|
Expense by nature |
||
|
Operating profit is stated after charging: |
||
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Depreciation and amortisation expense |
6,270 |
8,330 |
|
Employee benefit expense |
240,840 |
285,135 |
|
Auditors remuneration |
6,300 |
5,985 |
|
Operating lease expense |
(204) |
16,050 |
|
Operating lease expense - property |
- |
28,260 |
|
Other expenses |
1,060,347 |
923,281 |
|
1,313,553 |
1,267,041 |
|
Net financial cost |
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Interest paid to group company |
161,633 |
196,001 |
|
Amortisation of present value of intercompany loan |
- |
18,762 |
|
161,633 |
214,763 |
|
2024 |
2023 |
||
|
£ |
£ |
||
|
Income from subsidiary undertakings |
- |
1,628,219 |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Sales |
|
|
|
|
|
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Other net (losses)/gains |
The analysis of the company's other gains and (losses) for the year is as follows:
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Exchange rates |
(13,192) |
(368) |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
(41,517) |
14,599 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax (receipt)/expense in the income statement |
( |
|
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
8 |
Taxation (continued) |
Deferred tax
The movement in deferred tax asset during the year was as follows:
|
£ |
||
|
At 1 January 2024 |
5,694 |
|
|
Origination and reversal of timing differences |
(1,144) |
|
|
At 31 December 2024 |
4,550 |
The deferred tax asset consists of the tax effect of timing differences in respect of:
|
2024 |
2023 |
|
|
£ |
£ |
|
|
Accelerated capital allowances |
4,550 |
5,694 |
|
4,550 |
5,694 |
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Intangible assets |
|
Software |
Website |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2024 |
|
|
|
|
Disposals |
( |
- |
( |
|
At 31 December 2024 |
- |
|
|
|
Amortisation |
|||
|
At 1 January 2024 |
|
|
|
|
Amortisation charge |
|
|
|
|
Amortisation eliminated on disposals |
( |
- |
( |
|
At 31 December 2024 |
- |
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
- |
|
|
|
At 31 December 2023 |
|
|
|
|
Tangible assets |
|
Leasehold Improvements |
Fixtures, fittings and computer equipment |
Total |
|
|
Cost |
|||
|
At 1 January 2024 |
|
|
|
|
Disposals |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2024 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2024 |
|
|
|
|
At 31 December 2023 |
|
|
|
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Investments |
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Additions |
|
|
At 31 December 2024 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Country of incorporation |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Germany |
Ordinary shares |
|
|
|
|
England |
Ordinary shares |
|
|
|
|
England |
Ordinary shares |
|
|
|
|
England |
Ordinary shares |
|
|
|
|
England |
Ordinary shares |
|
|
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
11 |
Investments (continued) |
The results and reserves for Palram DE GmbH are as follows:
The principal activity of Palram DE Gmbh is the distribution of products to DIY chain stores. The shareholding is direct.
The principal activity of Molan (UK) Limited is the manufacture and distribution of roofline products to the UK building and construction sector. The shareholding is indirect.
The principal activity of Molan UK (Holdings) Limited is acting as a head office. The shareholding is direct.
The principal activity of Roofing Bars Limited is a non-trading company. The shareholding is indirect.
The principal activity of Varico Limited is the supply of building plastics, roofing and construction products. The shareholding is direct.
|
2024 |
2024 |
2023 |
2023 |
|
|
Profit / (loss) |
Capital and reserves |
Profit / (loss) |
Capital and reserves |
|
|
€ |
€ |
€ |
€ |
|
|
Palram DE GmbH |
74,567 |
1,596,857 |
148,536 |
1,522,289 |
|
£ |
£ |
£ |
£ |
|
|
Molan (UK) Limited |
2,331,370 |
7,187,750 |
2,337,775 |
9,247,237 |
|
Molan UK (Holdings) Limited |
- |
142,685 |
- |
142,685 |
|
Roofing Bars Limited |
- |
1 |
- |
1 |
|
Varico Ltd |
14,091 |
137,569 |
(62,863) |
123,478 |
The results of Palram DE GmbH are given in Euros, being the functional currency of Palram DE GmbH.
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by group companies |
|
|
|
Prepayments |
|
|
|
Deferred tax assets |
|
|
|
|
|
The deferred tax asset relates to timing differences in excess of capital allowances.
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Creditors |
|
2024 |
2023 |
|
|
Due within one year |
||
|
Short term conditional liability |
|
|
|
Trade creditors |
|
|
|
Amounts owed to group companies |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
18,010 |
16,706 |
|
|
|
|
|
Due after one year |
||
|
Long term conditional liability |
|
- |
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £Nil (2023: £1,358) were payable to the scheme at the end of the year and are included in creditors.
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
127 |
|
127 |
|
Related party transactions |
The company is exempt from disclosing transactions with related parties that are wholly owned within the Palram Industries (1990) Limited group in accordance with FRS102 Section 33.
|
2024 |
2023 |
|
|
Amounts owed to: |
£ |
£ |
|
Palram Polycarb Limited |
94,702 |
115,230 |
|
94,702 |
115,230 |
Outstanding trading balances with entities are unsecured, interest free and cash settlement is expected within normal trading terms. During the year ended 31 December 2024, the company has not made any provision for doubtful debts relating to amounts owed by related parties (2023: £Nil).
Transactions
Transactions between related parties are mainly made up of the sales and purchases of polycarbonate and PVC sheeting. The prices for these sales and purchases are dictated by transfer pricing agreements made at group level.
Century Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
18 |
Related party transactions (continued) |
|
Sales |
Purchases |
|
|
2024 |
£ |
£ |
|
Palram Polycarb Limited |
6,911 |
352,979 |
|
6,911 |
352,979 |
|
|
Sales |
Purchases |
|
|
2023 |
£ |
£ |
|
Palram Polycarb Limited |
9,511 |
209,487 |
|
9,511 |
209,487 |
19 Parent and ultimate parent undertaking
The company is a wholly owned subsidiary of Palram Industries (1990) Limited, a public incorporated and registered in Israel, and listed on the Tel Aviv Stock Exchange.
The most senior parent entity producing publicly available financial statements is Palram Industries (1990) Limited. These financial statements are available upon request from Palram Industries (1990) Limited, Ramat-Yohanan 30035, Israel.