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Registered Number:
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The Directors present their Strategic Report and the financial statements for the year ended 31 January 2025.
Broadwater Moulding Ltd is an innovative British design engineering and composites manufacturing company, specialising in moulding high quality Fibre Reinforced Plastics (FRP) thermo-forming sheet material and fabricating finished assembled components of either FRP, thermo-formings or in combination, for a diverse portfolio of worldwide customers. Teams of experienced and highly skilled production and design personnel provide re-engineering and value engineering solutions to customers needing medium to large sized gel coated or painted FRP parts. These parts are typically fabricated from composite materials via a variety of moulding techniques including: Hand Layup, Spray Layup, LPPM (Low Pressure Press Moulding), RTM (Resin Transfer Moulding), RTML (Resin Transfer Moulding-Light), RI (Resin Infusion), and Polyurethane Low-Density Foam (foam cores for RTM, RTML, and LPPM). Closed Mould moulding processes (LPPM, RTM, RTML) produce an engineered ‘B’ surface. Many of our customers prefer this, particularly where the end user will see the ‘B’ surface of the moulding. The five main moulding processes are similar in that they all produce a composite of a polymer matrix and glass fibres. The most commonly used resin type is Polyester, and for particular applications, it can be formulated whilst in its liquid state to give specific properties, such as reduced shrinkage or flame retardancy. Phenolic or epoxy resins may also be used to achieve specific properties, such as low smoke emission or high strength composites. During the moulding process, the resin is converted from a liquid into a solid polymer, encapsulating the glass fibres to form a composite structure. Most mouldings produced have a polyester gel coat surface, which may be high gloss, matt, or readied for paint preparation. Depending on geometry, gel coats can be textured to enhance the aesthetics of the moulding. Post moulding operations include trimming and drilling (either manual or robotic), assembly, and in some cases painting. By offering such a wide range of moulding techniques with the addition of the newly introduced thermo-forming capability, the company can provide the most appropriate solution, at a competitive price, in regular volumes ranging from a few to several thousand units per year. Suppling a number of high profile customers, including key operators in the automotive, medical and industrial sectors, the company’s principal activity remained that of composite engineered solutions during the year under review.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
Although turnover for the first six months of the year looked set to make the overall result a record year, turnover decreased in the second half of the year. The resulting £18,432,690 was down £553,000 or 2.9% compared to the previous year. The decrease was due to reduced demand from the medical sector, which itself is facing increased worldwide competition.
Demand for the Company’s thermo-forming facility has gained momentum, with the potential to provide a valuable further diversification of the business’ core skills. The Company continued to experience rising costs of raw materials: resin, glass and gelcoats. Fixed cost rises such as business rates and insurance again put pressure on the business, as did another substantial increase in staff salaries necessitated to remain ahead of the National Living Wage. The Company was forced to reduce headcount to compensate for the lower turnover and increased costs but continues to monitor salary levels to attract and retain the best possible workforce. Despite the increases in costs, the Company has generated a pre-tax profit for the financial year amounting to £635,990 (2024 - £1,205,006) and increased its net assets by £223,990 to £8,764,332 (2024 - £8,540,342). Quality The Company is dedicated to its high quality standards. The entire team is united in being proud of the products and services the Company offers. The Company remains committed to Quality Assurance and continues to be fully compliant with ISO 9001. Furthermore, the Company holds its own UL (Underwriters Laboratories) Certification for the manufacture of fire-resistant polyester-based mouldings. The Company is also fully AEO (Authorised Economic Operator) authorised. Environmental The Company continues to be ISO 14001 accredited and recognises that its operations have an effect on the local, regional and global environment. The Company regards the proper management of the environmental aspects of its activities as mutually beneficial to all interested parties and it is committed to continuously improve its environmental performance and prevent pollution. The Company defines its environmental objectives and targets annually, monitoring progress regularly. Health & Safety The Company’s number one focus is conducting its operations in a safe environment, where the risk of incidents and accidents occurring is minimised. It is proud to have been awarded the ISO 45001 Safety Management System Standard accreditation which is an accreditation developed by leading trade and international standard bodies. ISO 45001 provides a framework for organisations to instigate efficient and effective management of health and safety. The Occupational Health and Safety Assessment Specification (OHSAS), sets out the requirements for occupational Health and Safety management for best practise in the workplace. It is internationally accepted as a recognised standard of assessing and auditing occupational Health and Safety management systems. The Company’s incident and accident levels remain low and at levels lower than industry norms. Following a 2 year period of no RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) reportable incidents, three were recorded in the year. However, this increase in incidents was attributed largely to a company wide campaign where staff were encouraged to report incidents, however minor.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
Research and Development
A substantial part of the Company’s activities remains devoted to advancing moulding techniques and components and investigating ways of working with new materials. The Company constantly strives for innovation and creativity in order to meet its customers' demands for new and improved products and processes. It undertakes a continuous program of Research and Development to ensure the Company remains a market leading manufacturer. Despite the challenges presented, this year being no exception: the Company has continued its development work, selecting particular projects for focus as it explores and challenges different elements of the manufacturing process. This year the Company has continued to experiment with new materials and new processing methods. It also continues to research and trial suitable replacements for products and chemicals that are no longer available. With ever-tightening legislation, products that the Company has used successfully for many years are becoming less available. When this happens, the Company undertakes to investigate, source and trial alternatives, or manufacture suitable compounds with available materials. During the year the Company has continued to investigate methods of successfully integrating composite moulding and vacuum forming techniques.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
The Company's principal financial instruments are its bank balances, trade debtors and trade creditors. The purpose of these instruments is to fund the Company’s ongoing operations. Due to the nature of the financial instruments used by the Company and the way they are managed, the Directors consider the liquidity risk to be low.
The credit risk associated with the cash and bank balances is limited as the counterparties have high credit ratings assigned by international credit agencies. The principal credit risk arises from the Company’s trade debtors. In order to manage the credit risk the Directors set limits for new and existing customers based on a combination of payment history and third party credit references, along with maintaining good relationships with contacts at the highest level of those organisations. The Company has not experienced payment issues for many years, and expects that to continue in the foreseeable future. Trade creditors are managed by ensuring that there are sufficient funds available to meet amounts due. The Company's bank facilities and the overall debt management of customers ensures that funds are always available to enable the Company to meet its liabilities as they fall due. Furthermore, the Company produces monthly management accounts which are reviewed by management against budget and used to monitor cash flow. The Company is exposed to price risk from its suppliers. Whilst the Company has absorbed some of these increases, hitting profitability, the Company has had no choice but to renegotiate with customers to ensure rising costs are covered, particularly where it must use directed suppliers as required by its customers. The Company follows a continuous improvement program to ensure that the latest developments are employed, including recommendations for cost savings as appropriate. The Company recognises its competitors both in the UK market and the wider global market. The Directors have considered the market risks associated with higher material prices combined with the Company’s ability to remain competitive in a global market place. The Directors continually monitor fluctuating economic trends, including exchange rate, inflation and interest rate predictions, and consider the interest rate risk to the Company to be minimal. As we navigate a new period of global economic volatility, the Directors remain confident that the monitoring processes that the Company has in place will allow it to successfully navigate the next 12 months and beyond.
This report was approved by the Board on 23 October 2025 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
The Directors present their report and the financial statements for the year ended 31 January 2025.
The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 to 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 profit for the year, after taxation, amounted to £646,819 (2024 - £1,080,058).
The particulars of dividends can be found in note 12.
The Directors who served during the year and to the date of this report, were:
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BROADWATER MOULDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
Details of the Company's risk management objective and policies, including its use of financial instruments and key risks to which it is exposed, are included in the Strategic Report.
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
- so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and - the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
There have been no significant events affecting the Company since the year end.
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board on
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED
We have audited the financial statements of Broadwater Mouldings Limited (the 'Company') for the year ended 31 January 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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's 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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.
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BROADWATER MOULDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED (CONTINUED)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the 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.
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BROADWATER MOULDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED (CONTINUED)
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BROADWATER MOULDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED (CONTINUED)
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:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of the Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Company. The following laws and regulations were identified as being of significance to the Company: • Those laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, UK Company Law and taxation legislation; and • Those laws and regulations considered to have an indirect effect on the financial statements including The Health & Safety Act 1974, COSHH regulations, GDPR, anti-bribery and corruption, human rights and Employment law. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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BROADWATER MOULDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BROADWATER MOULDINGS LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Audit
Fitzroy House
Crown Street
Suffolk
IP1 3LG
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
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BALANCE SHEET
AS AT 31 JANUARY 2025
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on
The notes on pages 15 to 32 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Broadwater Mouldings Limited (the "Company") is a private company limited by shares, domiciled and incorporated in England and Wales. The address of the registered office is Broadwater Road, Framlingham, Suffolk IP13 9LL.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of P. H. Betts (Holdings) Limited as at 31 January 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
The Company's business activities together with the factors likely to affect its future development, its financial position and principal risks and uncertainties are set out in the Strategic Report. The Directors and management have prepared detailed forecasts that indicate that the Company will be able continue to meet its liabilities as they fall due and will continue to trade for the foreseeable future, being at least 12 months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on a going concern basis.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'Finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'Administrative expenses'. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer. This is usually at the point the goods are dispatched. Turnover from amounts recoverable on long term contracts is recognised on completion of the Company's contracted obligations.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
The Company operates a defined contribution pension scheme for its employees. A defined contribution pension scheme is a pension scheme 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 Other Creditors as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either the straight-line or reducing balance method.
Land is not depreciated. Depreciation on other assets is charged so value over their estimated useful lives, on the following basis:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
2.Accounting policies (continued)
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Useful economic life of tangible fixed assets The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Useful economic lives of intangible fixed assets The annual amortisation charge for intangible fixed assets is sensitive to changes in the useful economic life of the asset. The computer software costs is currently being amortised on a straight-line basis of 3 years from the date of acquisition, being the Directors' estimate of the useful economic life of the software acquired. This economic life is re-assessed annually and revised when necessary to reflect current estimates, based on recoverability, technological changes and expected future economic inflows to the Company. Recoverability of trade debtors A provision for bad and doubtful debts is made where it is identified that a trade debtor may potentially not be recoverable in full by the Company. The bad and doubtful debt provision is made on a specific basis against customer balances where they are not considered recoverable based upon payment history and aging profile. Valuation of stock Stock is held at the lower of cost and net realisable value. Management reviews the stock holdings and make a provision for slow moving and obsolete stock where the recoverable amount on a stock item has fallen below its cost. Certain elements of work in progress are valued at 85% of selling price, this is based on the average stage of completion. In addition the value of some finished goods held at an overseas customer site are included in Amounts Recoverable on Contracts and valued at 100% of cost due to the product being complete and the goods delivered. Recoverability of amounts due from fellow group undertakings At 31 January 2025 the Company was owed £970,037 by fellow group undertakings. The Directors have assessed the recoverability of the balances compared to the net asset positions of the other parties and their profit forecasts.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Analysis of turnover by country of destination:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
11.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
Capital Redemption Reserve
Profit and Loss Account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
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 £113,952 (2024 - £168,178). Contributions amounting to £Nil (2024 - £Nil) were payable to the fund at the balance sheet date and included within other creditors.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
The immediate and ultimate parent undertaking and ultimate controlling party is P.H. Betts (Holdings) Limited.
The smallest and largest group for which the Company's results are included is headed by P.H. Betts (Holdings) Limited. Copies of the consolidated financial statements of P.H. Betts (Holdings) Limited are publicly available from Companies House, Crown Way, Cardiff CF14 3UZ.
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