Registration number:
Amclad Limited
for the Year Ended 31 December 2024
Amclad 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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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Amclad Limited
Company Information
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Directors |
J A S Armitage O Jakobovitz S Michael 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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Amclad Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is as a distributor and installer of hygienic PVC wall cladding and ceiling systems.
Fair review of the business
On 14 June 2023, the company was acquired by Palram DPL Limited, a UK company and subsidiary of Palram Industries (1990) Limited, based in Israel. Palram DPL Limited is a manufacturer of PVC sheeting. The directors consider the acquisition to strengthen the company’s market position whilst providing strategic gains and efficiencies.
On 1 January 2025, the company's trade, assets and liabilities were transferred to another wholly owned subsidiary undertaking.
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 is reviewed and amended to take account of changing requirements in terms of legislation.
Principal objectives
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, both in the UK and overseas.. The company manages the risk from competitive pressures by providing innovative products and a quality and reliable service.
Raw material shortage and price movement is a potential risk to the business. The directors mitigate this risk by being able to order, stock and maintain larger than normal stock levels. The change of ownership and by now being part of a larger group also mitigates this risk, as the group companies are part of the supply chain.
The Directors also 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.
Future developments
On the 1st January 2025 the trading activities of the company, along with the assets and liabilities of the company at that date, were transferred to another group undertaking, Hygienik Systems Limited.
Amclad Limited
Strategic Report for the Year Ended 31 December 2024 (continued)
Financial risk management
The company's operations expose it to a variety of financial risks that include credit, liquidity and foreign exchange risk. 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.
Liquidity risk - The company actively maintains a mixture of debt finance that is designed to ensure the company has sufficient available funds for its operations and planned expansions.
Foreign exchange risk - The operations of the company are mainly in the United Kingdom and the Euro zone, and as a result it is primarily exposed to foreign exchange risk with respect to the Euro.
Approved and authorised by the
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Amclad Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the audited financial statements for the year ended 31 December 2024.
Detailed information in respect of principal activities, future developments, review of the business performance, principal risks and uncertainties and KPIs can be found in the Strategic Report and form
part of this report by cross-reference.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Dividend
The directors do not recommend a distribution of a final dividend.
Political donations
No political donations were made during the year (2023: £nil).
Going concern
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.
On 1st January 2025 the trading activities of the company, along with the assets and liabilities of the company were transferred to another group undertaking, Hygienik Systems Limited.
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.
Amclad Limited
Directors' Report for the Year Ended 31 December 2024 (continued)
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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Amclad Limited
Independent Auditor's Report to the Members of Amclad Limited
Opinion
We have audited the financial statements of Amclad Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, the Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 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.
Amclad Limited
Independent Auditor's Report to the Members of Amclad 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 , 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:
Amclad Limited
Independent Auditor's Report to the Members of Amclad 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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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.
Amclad Limited
Independent Auditor's Report to the Members of Amclad 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
Amclad Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
- |
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|
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Operating profit |
105,840 |
147,215 |
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Other interest receivable and similar income |
- |
|
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
|
|
|
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Amclad Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
2023 |
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Profit for the year |
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Total comprehensive income for the year |
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Amclad Limited
(Registration number: 10160313)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
110 |
110 |
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Retained earnings |
141,885 |
41,343 |
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Shareholders' funds |
141,995 |
41,453 |
These financial statements were approved and authorised for issue by the
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Amclad Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Retained earnings |
Total |
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At 1 January 2024 |
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|
|
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Profit and total comprehensive income for the year |
- |
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|
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At 31 December 2024 |
|
|
|
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Share capital |
Retained earnings |
Total |
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|
At 1 September 2022 |
|
( |
( |
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Profit and total comprehensive income for the year |
- |
|
|
|
At 31 December 2023 |
110 |
41,343 |
41,453 |
Amclad Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Accounting policies |
Statutory information
Amclad Limited is a private company, limited by shares, domiciled in England and Wales, company number 10160313. 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
The financial statements have been prepared in accordance with FRS 102. The Financial Reporting Standard applicable in the UK and Republic of Ireland, as issued by the Financial Reporting council (FRC). The company has elected to early adopt certain amendments introduced in the FRS 102 Triennial Review 2024, which are effective for accounting periods beginning on or after 1 January 2026.
Early adoption of amendments
The company has early adopted the following sections of the FRS 102 amendments:
(i) Section 23: Revenue
Applying the five-step model for revenue recognition based on IFRS 15 principles.
Transition approach
For revenue recognition, the company has applied the amendments retrospectively with the cumulative effect of initial application recognized at the date of transition (1 January 2024). Comparative figures have not been restated.
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.
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..
Amclad Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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1 |
Accounting policies (continued) |
Going concern
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.
On the 1st January 2025 the trading activities of the company, along with the assets and liabilities of the company at that date, were transferred to another group undertaking, Hygienik Systems Limited.
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.
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 the 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 settled.
Revenue is recognized 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 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.
Amclad Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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1 |
Accounting policies (continued) |
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.
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.
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
Classification
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Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
Amclad Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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2 |
Turnover (continued) |
|
2024 |
2023 |
|
|
UK |
- |
22,101 |
|
Europe |
59,313 |
80,712 |
|
Rest of the world |
740,054 |
659,178 |
|
|
|
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
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Miscellaneous other operating income |
- |
|
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Loss on disposal of tangible assets |
- |
( |
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
- |
|
|
Loss on disposal of property, plant and equipment |
- |
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Other finance income |
- |
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
- |
|
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Interest expense on other finance liabilities |
|
|
|
|
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Amclad Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
- |
|
Pension costs, defined contribution scheme |
|
|
|
|
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The average number of persons employed by the company during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
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 |
( |
- |
|
3,855 |
32,433 |
Amclad Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
11 |
Taxation (continued) |
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Tax increase (decrease) from effect of capital allowances and depreciation |
- |
42 |
|
Tax increase (decrease) from effect of unrelieved tax losses carried forward |
- |
(915) |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
2,953 |
|
Increase (decrease) in UK and foreign current tax from adjustment for prior periods |
(23,426) |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
1,182 |
553 |
|
Total tax charge |
|
|
Amclad Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
Tangible assets |
|
Cost or valuation |
|
Depreciation |
|
Carrying amount |
|
At 31 December 2024 |
|
Stocks |
|
2024 |
2023 |
|
|
Other inventories |
|
- |
|
Debtors |
|
Current |
2024 |
2023 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
- |
|
|
Other debtors |
|
|
|
Prepayments |
- |
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash at bank |
|
|
|
Creditors |
Amclad Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
|
16 |
Creditors (continued) |
|
2024 |
2023 |
|
|
Due within one year |
||
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Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
- |
|
|
Accruals |
|
|
|
Income tax liability |
3,855 |
11,355 |
|
|
|
|
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 £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
110 |
|
110 |
|
Dividends |
|
Related party transactions |
The company has taken advantage of the exemption, permitted by FRS 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.
Amclad Limited
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
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Parent and ultimate parent undertaking |
The company's immediate parent is Palram DPL Limited, incorporated in the United Kingdom.
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.
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Non adjusting events after the financial period |
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