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Registered number: 10932196
B & D PLASTICS GROUP LIMITED
(FORMERLY B & D PLASTICS (MIDLANDS) LIMITED)
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2024
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B & D PLASTICS GROUP LIMITED
REGISTERED NUMBER: 10932196
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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B & D PLASTICS GROUP LIMITED
REGISTERED NUMBER: 10932196
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 4 to 16 form part of these financial statements.
Page 2
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B & D PLASTICS GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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At 1 January 2024 (as previously stated)
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Prior year adjustment - correction of error (see note 17)
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At 1 January 2024 (as restated)
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Dividends: Equity capital
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Shares issued during the year
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The notes on pages 4 to 16 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Dividends: Equity capital
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The notes on pages 4 to 16 form part of these financial statements.
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Page 3
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
B & D Plastics (Midlands) Limited is a private limited company incorporated and domiciled in the
United Kingdom. The address of the registered office is Office 2.3 Design Hub, Coventry University
Technology Park, Puma Way, Coventry, CV1 2TT. The principal activity is that of the supply of
pipework systems .
The Company's trading address is Unit 93-94 Empire Industrial Park, Brickyard Road, Aldridge, Walsall, WS9 8SX.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.
Information on the impact of first-time adoption of FRS 101 is given in note 19.
The financial statements are rounded to the nearest whole pounding sterling.
The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Page 4
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Financial Reporting Standard 101 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
- paragraph 118(e) of IAS 38 Intangible Assets;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 74A(b) of IAS 16
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of Flowmax Limited as at 31 December 2024 and these financial statements may be obtained from Registrar of Companies.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised on the satisfaction of performance obligations, such as the transfer of a promised good, identified in the contract between the Company and the customer.
A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due.
Interest income is recognised in profit or loss using the effective interest method.
Page 5
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease
agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the
lease unless another systematic basis is more representative of the time pattern in which economic
benefits from the leased asset are consumed.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be
readily determined, the Company uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
∙fixed lease payments (including in-substance fixed payments), less any lease incentives;
∙variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date;
The lease liability is included in the 'Creditor' line in balance sheet.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on
the lease liability (using the effective interest method) and by reducing the carrying amount to reflect
the lease payments made.
The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease
payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use
asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset
is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.
The right-of-use assets are included in the 'Other Fixed Assets', as applicable, in the
Statement of Financial Position.
The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for
any identified impairment loss as described in note 2.11.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is
a change in the Company's estimate of the amount expected to be payable under a residual value
guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option.
Page 6
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in the Statement of Profit or Loss if the carrying amount of the right-of-use asset has been reduced to zero.
As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and
instead account for any lease and associated non-lease components as a single arrangement. The
Company has used this practical expedient.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates 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 in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Page 7
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Over the life of the lease
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 8
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
Increases in provisions are generally charged as an expense to profit or loss.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Cost of defined contribution scheme
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The average monthly number of employees, including the directors, during the year was as follows:
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Page 9
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Charge for the year on owned assets
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Charge for the year on right-of-use assets
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The net book value of owned and leased assets included as "Tangible fixed assets" in the Balance Sheet is as follows:
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Tangible fixed assets owned
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Right-of-use tangible fixed assets
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Page 10
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
4.Tangible fixed assets (continued)
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Information about right-of-use assets is summarised below:
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Depreciation charge for the year ended
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Investments in subsidiary companies
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Page 11
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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The following was a subsidiary undertaking of the Company:
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Finished goods and goods for resale
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Inventories above include a provision of £33,128 (2023: £42,530) for slow moving and obsolete stock.
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Amounts owed by group undertakings
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Prepayments and accrued income
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Amounts owed by group undertakings are unsecured, non-interest bearing and repayable on demand.
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Cash and cash equivalents
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Page 12
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group undertakings are unsecured, non-interest bearing and repayable on demand.
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Creditors: Amounts falling due after more than one year
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The company leases its principal place of trading. The periodic rent is fixed over the lease term.
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Lease liabilities are due as follows:
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Between one year and five years
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The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:
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Interest expense on lease liabilities
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Page 13
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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At 1 January 2024 (as restated)
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The provision for dilapidations is based on estimated costs of restoring the property to its original condition at the end of the lease in March 2030.
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Allotted, called up and fully paid
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0 (2023 - 300) Ordinary shares of £1.00 each
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344 (2023 - 0) F Ordinary shares of £1.00 each
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74 (2023 - 0) A Ordinary shares of £1.00 each
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74 (2023 - 0) B Ordinary shares of £1.00 each
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On 21 October 2024, the Company issued 192 Ordinary shares for £13,147 each. As part of this transaction, a share-for-share exchange was carried out between Flowmax Limited and B & D Plastics Group Limited for 192 Ordinary shares in B & D Plastics Group Limited, in consideration for 100% shares held in B & D Plastics Limited. The fair value of the consideration was £2,524,387.
On 25 October 2024, a redesignation of the share class ocurred resulting in 492 Ordinary shares being redesignated as 344 F Ordinary shares, 74 A Ordinary shares, and 74 B Ordinary shares.
Share premium account
The share premium reserve includes all amounts paid in excess of the nominal value of ordinary shares
issued.
Profit and loss account
The profit and loss account is the Company's accumulated retained profits and losses as at the year end.
Page 14
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company has made the following adjustments in respect of the year ended 31 December 2023:
A prior year adjustment has been made of £151,707 to increase other debtors and decrease cost of sales. This related incorrectly recorded stock valuation. This resulted in an increase in profit of £151,707.
A prior year adjustment has been made of £25,000 to increase the dilapidations provision and increase administrative expenses. This related to incorrectly recorded dilapidations provision. This resulted in a decrease in profit of £25,000.
A prior year adjustment has been made of £42,219 to decrease the stock and increase cost of sales. This related to incorrectly recorded stock provision. This resulted in a decrease in profit of £42,219.
A priot year adjustment has been made of £47,409 to decrease the stock and increase other debtors. This related incorrectly recorded stock valuation. This had no effect on profit.
A prior year adjustment has been made of £25,730 to increase tax on profit and decrease the corporation tax creditor. This related to a restatement of corporation tax. This resulted in an decrease in profit of £25,730.
The Company operates a defined contributions pension scheme. The assets of the scheme are held
separately from those of the Company in an independently administered fund. The pension cost charge
represents contributions payable by the Company to the fund and amounted to £95,970 (2023: £121,744).
Contributions totalling £Nil (2023: £Nil) were payable to the fund at the balance sheet date.
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Post balance sheet events
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On 30 June 2025, the Company acquired the business, including the trade and assets of B & D Plastics Limited for consideration of £375,639. This resulted in an increase in fixed assets of £23,696, current assets of £600,047, current liabilities of £201,671 and non-current liabilities of £46,433, with a corresponding increase in amounts owed to group undertakings falling due within one year of £375,639.
The initial accounting for the business combination is incomplete as at the date of approval of the financial statements.
The Company is a subsidiary undertaking of Flowmax Limited, incorporated in England and Wales.
The Directors regard Flowmax Limited as the smallest group and SA Bias Industries (Pty) Limited, a
company registered in South Africa, as the largest group within which the subsidiary belongs and for which group accounts are prepared. Flowmax Limited's registered office is Office 2.3 Design Hub, Coventry
University Technology Park, Puma way, Coventry, CV1 2TT. Copies of the Flowmax Limited group
accounts are available from the Registrar of Companies.
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First time adoption of FRS 101
The policies applied under the entity's previous accounting framework are not materially different to FRS 101 and have not impacted on equity or profit or loss.
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Page 15
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B & D PLASTICS GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors' report on the financial statements for the year ended 31 December 2024 was qualified.
The qualification in the audit report was as follows:
We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of the stock at the end of the period. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023, which are included in the balance sheet at £88,667, by using other audit procedures. As a result, we were unable to obtain sufficient and appropriate audit evidence regarding the cost of sales of £1,689,344 for the year ended 31 December 2024. Consequently, we were unable to determine whether any adjustment to this amount was necessary.
The audit report was signed on 7 August 2025 by James Pitt BA (Hons) BFP FCA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.
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