Registration number:
for the
Year Ended 30 April 2025
International Plywood (Importers) Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
International Plywood (Importers) Limited
Company Information
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Directors |
D J Attwood D G Attwood I D Attwood R C Attwood K A Bayliss N L Brinsford S Bryan A J Draper J Vincent S I Watts G Spencer |
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Company secretary |
M C Walker |
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Registered office |
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Auditors |
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International Plywood (Importers) Limited
Strategic Report for the Year Ended 30 April 2025
The directors present their strategic report for the year ended 30 April 2025.
Principal activity
The principal activity of the company is that of timber merchants.
Fair review of the business
The company’s trading has increased this year after last year’s consolidation. The turnover of the company increased by 12.5% (£184,042,905 in 2025, from £163,590,026 in 2024), with the anticipated greater gross margin from the large customer contract secured last year; and excluding the effect of currency fluctuations, the gross margin on operating activities increased to 10.3% from 6.5% in 2024. However, with an adverse movement in the foreign exchange derivatives fair value provision this year, the company achieved a pre-tax profit of £1,016,032 from last year’s £6,670,755. The provision has since moved favourably.
All of the directors / shareholders attend quarterly meetings where the progress of the company is discussed and they are fully aware of the other financial aspects of the company.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
184,042,905 |
163,590,026 |
|
Gross profit |
£ |
18,985,038 |
10,646,256 |
|
Net profit before tax |
£ |
1,016,032 |
6,670,755 |
Principal risks and uncertainties
The principal risks and uncertainties of the business are the variation in currency values, and the sourcing of product at competitive prices.
The directors adopt a policy of hedging arrangements for currency movements, reviewed and adjusted last year in light of the unique economic environment which moved largely against the company in the previous year.
There are uncertainties over the tax charges on imports and exports, and if these increase, there is added pressure of passing them onto customers. The agreements reached between the UK and the EU on Duty costs, though partially interim, have enabled the company to plan and budget such charges on an ongoing basis.
The company’s audits of buying and selling environmentally-sustainably-sourced wood conducted each year ensure standards are kept, but a fall in these could result in large fines. The company has fostered close business relationships with its key suppliers over many years, helping to ensure that they maintain compliance with environmental legislative requirements including through Chain Of Custody management.
The company has comprehensive general insurance policies in place to mitigate normal business risks, and its bank facilities help to mitigate short-term cashflow variations.
Section 172(1) statement
The below statements describe how the directors regard the matters set out in the Companies Act 2006 s172(1) (a) to (f);
- The interests of the company’s employees
- The need to foster the company’s business relationships with suppliers, customers and others
- The likely consequences of any decision in the long term
- The consideration of key stakeholders
- The impact of the company’s operations on the community and the environment
- The desirability of the company maintaining a reputation for high standards of business conduct
- The need to act fairly between members of the company.
In discharging section 172(1) duties of directors, consideration of all relevant factors is made when making decisions.
Engagement with employees
The company’s success has been built on the high calibre, capability, integrity, dedication and loyalty of our people. We recruit our staff members with a view to enjoying a long-term career with the group where at all possible; we have a traditional and well-proven policy of developing employees usually at an early point in their career across a variety of disciplines, so that their potential is realised for both personal and corporate success. The company encourages employees’ feedback and discussion of any concerns they may have with management in a secure and confidential environment, and their safety and welfare is of utmost importance to us.
International Plywood (Importers) Limited
Strategic Report for the Year Ended 30 April 2025
Engagement with suppliers, customers and other relationships
Our business turns on the long-term relationships forged with our principal customers and suppliers, most of whom we have dealt with and looked after / been looked after by for 25 years or more. Our industry is quite traditional, and as such the importance of fostering and maintaining close business relationships within it is crucial. The mutual trust this engenders helps the company and its customers and suppliers to be best-placed to thrive in the economic environment.
Key Stakeholders
The company’s key stakeholders are its employees, customers, suppliers, and shareholders. Our business turns on the long-term relationships forged with our principal customers and suppliers, most of whom we have dealt with and looked after / been looked after by for 25 years or more. Our industry is quite traditional, and as such the importance of fostering and maintaining close business relationships within it is crucial. The mutual trust this engenders helps the group and its customers and suppliers to be best-placed to thrive in the economic environment.
Long Term Decisions
In consideration of long term decisions we include the interests and views of our shareholders, other group companies, and other stakeholders. All decisions taken by the company have ramifications, be they at Board or any other level, but by considering the company’s purpose, intended direction, values and strategic priorities we do our best to ensure our decisions are consistent and of optimum overall long-term benefit to stakeholders.
The Impact of the Company’s Operations on the Community and the Environment
The company’s impact on the local community is largely positive, most visibly by providing gainful, secure, long-term and lucrative employment to employees living in the locality. The company’s operational headquarters is located on a bespoke industrial site well away from any significant residential areas, so any direct negative environmental impact on the locality is minimal. In terms of the company’s products, the majority of stock is sourced under FSC (Forest Stewardship Council) regulations - meaning they originate from well-managed forests and/or recycled materials - so positive environmental impact is maximised.
The Desirability of the Company maintaining a Reputation for High Standards
In tandem with close business relationships with customers and suppliers, maintaining high standards of business conduct and dealings is crucial in establishing and keeping the company’s positive profile in both the wider business and general environments. The company benefits from ethical business conduct; stakeholders across the board have a better disposition to the company, as do other external parties. From moral and business perspectives high quality corporate conduct is desirable, being of greater net benefit to the group.
The Need to Act Fairly between Members of the Company
The company is private and family-owned; all shareholders are members of the same immediate family, and as such there is no conflict or issue of inequitable treatment between the members.
Development and Performance
The directors are generally satisfied with the company’s position in the marketplace; the company has always been a leader in the industry and, despite last year’s difficulties, it strives to maintain this status. The benefits of the move to the company’s new bespoke business premises last year have started to be realised; strategic location, business efficiencies, continued investment in technology and minimisation of environmental impact of operations are contributing to the company’s improvement, which with the future of potential growth have helped to secure a major nationwide customer contract this year.
Operational performance is assisted by continual monitoring of regulatory and compliance requirements through quality management processes, and cashflow is managed on both short-term and long-term bases by the finance team to ensure orderly settlement of all liabilities and other required outflows.
Policy on Payment of Creditors
The company agrees terms and conditions with its suppliers which include payment details. Payment is made in accordance with these terms and conditions, provided the supplier has complied with them
High Standards of Business Conduct
The company recognises the important role that our trading partners and customers play, and developing trusting long-term business relationships is an integral corporate value. We are proud to have many key customers who have been with us for many years.
International Plywood (Importers) Limited
Strategic Report for the Year Ended 30 April 2025
Environmental Policy
The company takes its responsibilities to helping safeguard the environment very seriously, aiming to make a positive contribution to minimise the impact of its activities thereon. We are fully committed to upholding the principles of Chain Of Custody, with full compliance to FSC (Forest Stewardship Council) and TTF (Timber Trade Federation) standards where applicable, and aligns itself with suppliers who meet these criteria, obtaining their product from sustainable sources that are audit-traceable. The company ensures relevant due diligence is completed on our supply chain.
The company;
- Is committed to meeting or exceeding environmental legislation relating to its activities
- Endeavours to engage environmentally-sustainable suppliers wherever practicable
- Strives towards continual reduction of air, water and land waste streams where feasible
- Recycles and re-uses any materials that would otherwise be disposed-of
- Regularly monitors energy usage to reduce overall consumption
- Monitors and reviews the objectives of this policy.
Social, Community and Human Rights
The company has a zero-tolerance position to any form of modern-day slavery. We are committed to acting ethically with integrity and transparency in all business dealings, to safeguard against any form of modern slavery taking place within the business or our supply chain. Our full Modern Day Slavery policy can be found on our website.
Approved by the
Director
International Plywood (Importers) Limited
Directors' Report for the Year Ended 30 April 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
Matters of a General Nature
There were no political contributions during the year or the preceding year.
Directors of the company
The directors who held office during the year were as follows:
The following director was appointed after the year end:
Going concern
The company assesses its basis as a going concern according to several key indicators, primarily the ability to meet its day-to-day financial obligations, and its ability to do-so for the foreseeable future. Budgets, profit & loss, balance sheet and cashflow forecasts are produced, spanning daily, monthly, quarterly, annual and further durations. These are monitored, reviewed and adjusted ongoing, for effective financial planning, and to regularly review and maintain the going concern basis assumption.
The directors therefore have a reasonable expectation that the group has adequate resources to continue to operate for the foreseeable future, and for this reason they continue to adopt the going concern basis in preparing the financial statements.
Future developments
The directors are confident that the company will continue to report strong earnings and will identify opportunities to generate future growth.
Corporate governance
In tandem with close business relationships with customers and suppliers we maintain high standards of business conduct and dealings, which is crucial in establishing and keeping the group’s positive profile in both the wider business and general environments. The company benefits from ethical business conduct; stakeholders across the board have a better disposition to the company, as do other external parties. From moral and business perspectives high quality corporate conduct is desirable, being of greater net benefit to the company.
2025 Streamlined Energy and Carbon report
Information concerning carbon and energy matters, including emissions, energy consumption and intensity metrics relating to the Company are disclosed on a group basis in the directors; report contained in the annual report and consolidated financial statements of International Plywood PLC, the most senior parent preparing consolidated financial statements.
Disclosure of information to the auditors
Each director has taken steps that 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 auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
International Plywood (Importers) Limited
Directors' Report for the Year Ended 30 April 2025
Reappointment of auditors
The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
Director
International Plywood (Importers) Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
International Plywood (Importers) Limited
Independent Auditor's Report to the Members of International Plywood (Importers) Limited
Opinion
We have audited the financial statements of International Plywood (Importers) Limited (the 'company') for the year ended 30 April 2025, which comprise the Profit and Loss Account, 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 30 April 2025 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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 and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
International Plywood (Importers) Limited
Independent Auditor's Report to the Members of International Plywood (Importers) Limited
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
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the financial statements are not in agreement with the accounting records and returns; or |
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certain disclosures of directors' remuneration specified by law are not made; or |
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we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 7, 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’s 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.
Extent to which the audit was capable of detecting irregularities, including fraud
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 considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of its policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.
We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.
In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.
In addition to the above, our procedures to respond to the risks identified included the following:
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reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud; |
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enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and |
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reading minutes of meetings of those charged with governance. |
International Plywood (Importers) Limited
Independent Auditor's Report to the Members of International Plywood (Importers) Limited
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed 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 are to become aware of it.
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.
Use of this 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.
For and on behalf of
Windsor House
Bayshill Road
GL50 3AT
International Plywood (Importers) Limited
Profit and Loss Account for the Year Ended 30 April 2025
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Note |
2025 |
2024 |
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Turnover |
|
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|
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Operating profit |
11,953,696 |
4,354,777 |
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Other interest receivable and similar income |
- |
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
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|
The above results were derived from continuing operations.
The company has no other comprehensive income for the year.
International Plywood (Importers) Limited
(Registration number: 01537086)
Balance Sheet as at 30 April 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Tangible assets |
|
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Investments |
121,130 |
96,130 |
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||
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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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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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
Director
International Plywood (Importers) Limited
Statement of Changes in Equity for the Year Ended 30 April 2025
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Share capital |
Retained earnings |
Total |
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At 1 May 2024 |
|
|
|
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Profit for the year |
- |
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At 30 April 2025 |
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|
|
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Share capital |
Retained earnings |
Total |
|
|
At 1 May 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
At 30 April 2024 |
9,000,000 |
11,468,361 |
20,468,361 |
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
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 United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Summary of disclosure exemptions
International Plywood (Importers) Limited meets the definition of a qualifying entity under FRS 102 and therefore has taken advantage of the disclosure exemptions available to it in respect of its financial statements. Exemptions have been taken in relation to financial instruments and the presentation of a statement of cash flows.
Name of parent of group
These financial statements are consolidated in the financial statements of International Plywood PLC.
The financial statements of International Plywood PLC may be obtained from Unit 5 Javelin Park, Halpern Way, Haresfield, Stonehouse, GL10 3WT.
Going concern
The company assesses its basis as a going concern according to several key indicators, primarily the ability to meet its day-to-day financial obligations, and its ability to do-so for the foreseeable future. Budgets, profit & loss, balance sheet and cashflow forecasts are produced, spanning daily, monthly, quarterly, annual and further durations. These are monitored, reviewed and adjusted ongoing, for effective financial planning, and to regularly review and maintain the going concern basis assumption.
The directors therefore have a reasonable expectation that the group has adequate resources to continue to operate for the foreseeable future, and for this reason they continue to adopt the going concern basis in preparing the financial statements.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
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The amount of revenue can be reliably measured; |
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It is probable that future economic benefits will flow to the entity; and |
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Specific criteria have been met for each of the company's activities. |
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Asset class |
Depreciation method and rate |
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Land and buildings |
Buildings 2% on cost, land is not depreciated |
|
Fixtures, fittings and equipment |
20% on reducing balance |
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Motor vehicles |
25% on reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Sale of goods |
|
|
The analysis of the company's Turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
|
Europe |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - property |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
- |
|
|
Gain on foreign currency derivatives |
- |
|
|
- |
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Expense on foreign currency derivatives |
|
- |
|
|
|
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Staff costs |
The staff are not directly employed by the company. Staff costs are recharged from other members of the group who are the primary employer of the staff.
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other non-audit services |
|
|
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
- |
|
299,305 |
1,678,129 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
- |
|
Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period |
- |
( |
|
Total tax charge |
|
|
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Fixed asset timing differences |
|
|
|
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
|
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 May 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
Disposals |
- |
- |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 May 2024 |
|
|
|
|
|
Charge for the year |
- |
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 April 2025 |
|
|
|
|
|
At 30 April 2024 |
|
|
|
|
Included within the net book value of land and buildings above is £66,870 (2024 - £66,870) in respect of freehold land and buildings.
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Investments |
|
Unlisted investments |
|
|
Fixed asset investment |
|
|
Cost or valuation |
|
|
At 1 May 2024 |
259,630 |
|
Additions |
25,000 |
|
At 30 April 2025 |
284,630 |
|
Provisions |
|
|
At 1 May 2024 |
163,500 |
|
At 30 April 2025 |
163,500 |
|
Carrying amount |
|
|
At 30 April 2025 |
|
|
At 30 April 2024 |
|
|
Stocks |
|
2025 |
2024 |
|
|
Stocks |
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Amounts owed by group undertakings |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Directors loan accounts |
161,711 |
100,785 |
|
Corporation tax asset |
|
- |
|
|
|
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
16,628,393 |
16,237,781 |
|
|
Amounts due to related parties |
|
|
|
|
Accrued expenses |
|
|
|
|
Corporation tax liability |
- |
|
|
|
Short term foreign exchange derivatives fair value |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Long term foreign exchange derivatives fair value |
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
2024 |
|
|
Bank borrowings |
|
|
Securities and charges
Bank borrowings comprise a working capital facility which has a fixed and floating charge over the assets of the group and there are inter group set off arrangements in place.
The company is party to a cross-guarantee arrangement with other companies within the group in respect of group-wide banking facilities. Under the terms of the agreement, each company is jointly and severally liable for the full amount of the facility. No amounts have been called under the guarantee during the year. The directors consider the likelihood of any liability arising to be remote.
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
500,000 |
|
500,000 |
|
|
|
8,500,000 |
|
8,500,000 |
|
|
|
|
|
|
Preference shares do not hold any voting rights and are redeemable at the option of the company. The entitlement of a fixed cumulative dividend was waived in a prior year by the holders.
International Plywood (Importers) Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
|
Reserves |
Called up share capital
Represents the issued equity share capital of the company.
Profit and loss account
Represents cumulative profits or losses, net of dividends paid and other adjustments.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Related party transactions |
The company has taken advantage of section 33 of FRS 102 to not disclose transactions and balances with fellow group companies who are 100% owned.
Companies under common control
At the balance sheet date the amount owed to companies under common control totalled £3,321,563 (2024 - £4,396,333). During the year repayments of £1,074,770 (2024 - advances £25,298) were made to companies under common control.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Unit 5 Javelin Park, Halpern Way, Haresfield, Stonehouse, Gloucestershire, GL10 3WT.
The ultimate controlling party up to 8 July 2025 was D J Attwood. From this date, following post year-end share transfers in the parent company, the Group is not considered to have an ultimate controlling party.