Registration number: 01546036

International Plywood PLC

Contents

International Plywood PLC

Company Information

International Plywood PLC

Strategic Report for the Year Ended 30 April 2025

The directors present their strategic report of the company and the group year ended 30 April 2025.

Principal activity

The principal activity of the group is that of timber merchants.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £196,860,922 (2024 - £176,622,822) and an operating profit of £12,494,959 (2024 - £5,015,846). At 30 April 2025 the group had net assets of £55,057,362 (2024 - £54,474,270).

The group’s trading has increased this year after last year’s consolidation. The turnover of the group increased by 11.5%, with greater gross margin from a large customer contract secured last year, and excluding the effect of currency fluctuations, the gross margin on operating activities increased to 11.8% from 8.3% 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 £1,144,859 from last year’s £6,850,765. The provision has since moved favourably.

All of the directors / shareholders attend quarterly meetings where the progress of the group is discussed and they are fully aware of the other financial aspects of the group.

The group's key financial performance indicators during the year were as follows:

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 group 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 group to plan and budget such charges on an ongoing basis.

The group’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 group 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.

International Plywood PLC

Strategic Report for the Year Ended 30 April 2025

Engagement with employees

The group’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 group 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.

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 group and its customers and suppliers to be best-placed to thrive in the economic environment.

Key Stakeholders
The group’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 group have ramifications, be they at Board or any other level, but by considering the group’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 Group’s Operations on the Community and the Environment
The group’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 group’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 group’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 Group 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 group’s positive profile in both the wider business and general environments. The group benefits from ethical business conduct; stakeholders across the board have a better disposition to the group, 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 Group
The group 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 group’s position in the marketplace; the group 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 group’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 group’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 group 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
 

International Plywood PLC

Strategic Report for the Year Ended 30 April 2025

High Standards of Business Conduct
The group 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.
 

Environmental Policy
The group 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 group ensures relevant due diligence is completed on our supply chain.

The group;
- 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; and
- Monitors and reviews the objectives of this policy.
 

Social, Community and Human Rights
The group 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.
 

Environmental report

Streamlined Energy and Carbon Reporting
The report is presented for the largest of the subsidiaries, International Plywood (Importers) Limited within the group. The other subsidiaries in the group are exempt from reporting within the group's SECR due to their size.

Streamlined Energy and Carbon Report
International Plywood (Importers) Ltd acknowledges both the importance of the natural environment and International Plywood (Importers) Limited’s responsibility to it. Recognising this, we will endeavour to conduct business in the most environmentally friendly way possible.

Being both FSC and PEFC certified allows us to offer certified products made from raw materials sourced from sustainably managed forests.
 

Reporting period
The annual reporting period is 1 May 2024 to 30 April 2025 and the energy and carbon emissions reported are those falling within this period.

Reporting boundaries
The reporting boundary was set to scope 1 and 2 and limited scope 3 emissions over which International Plywood (Importers) Ltd has operational control. This includes the premises at Innsworth Technology Park and Javelin Park, alongside the current fleet of cars, HGVs and forklifts owned and operated by International Plywood (Importers) Ltd. International Plywood (Importers) Ltd exists within a larger International Plywood Group; this SECR only pertains to the operations of International Plywood (Importers) Ltd as the largest subsidiary of this group.
 

International Plywood PLC

Strategic Report for the Year Ended 30 April 2025

Reporting methodology
Our scope 1 and 2 and limited scope 3 energy use and greenhouse gas emissions reporting has been independently produced by IEMA certified external consultancy Enistic Limited, who have expertise in carbon audits and wider climate change and sustainability services.

Greenhouse Gas (GHG) emissions are calculated in line with the GHG reporting protocol’s corporate standard, as recommended by the UK government in their SECR guidance. The reporting boundary was set to scope 1 and 2 and limited scope 3 emissions over which International Plywood (Importers) Ltd has operational control.

To facilitate the calculation of energy use and carbon emissions International Plywood (Importers) Ltd supplied Enistic Limited with the required organisational data for fuel and energy use originating from the most accurate and internal records. In the case of electricity and gas consumption, data was taken directly from supplier invoices pertaining to the reporting period. HGV, forklift and minibus usage was calculated directly from recorded fuel invoices and company car emissions were calculated using submitted and approved mileage claims.

The table overleaf presents International Plywood (Importers) Ltd’s scope 1 and 2 and limited scope 3 emissions broken down by category, alongside total energy usage and clean energy sold back to the grid from solar generation in kWh. Emissions are presented in tonnes of CO2 equivalent and calculated using conversion factors taken from the UK government’s greenhouse gas conversion factors 2025.
 

Emissions and energy consumption

Summary of greenhouse gas emissions and energy consumption for the year ended 30 April 2025:

International Plywood PLC

Strategic Report for the Year Ended 30 April 2025

Energy efficiency actions taken

The programme for replacing our fleet of company cars with electric or plug in hybrid vehicles in an effort to reduce CO2e emissions resulting from mobile combustion continues to progress and is further supported by electric charging infrastructure installed and located at our head office at Javelin Park.

As part of our energy strategy, the solar panels installed on the roof of Javelin Park have been active for the entire year; allowing for the generation of a significant amount of renewable energy that is sold back to the grid.
Furthermore, we no longer use natural gas heating at the Innsworth site, this is reflected in a lower emission figure for heating when compared to the previous reporting period ending April 2024.

Additionally, we have focused on building a fuller understanding of our carbon impact through the completion of a carbon audit covering Scope 1, 2 and 3 greenhouse gas emissions. Scope 3 carbon emissions that do not require engagement up and down the value chain, namely waste, business travel, commuting & homeworking and energy supply, were measured for the first time. In the year ahead, the findings from the carbon audit will be used to continue the development of our strategic roadmap and begin the process of setting targets and long term strategy for carbon reduction supporting a net zero pathway.
 

Approved by the Board on 30 October 2025 and signed on its behalf by:

D G Attwood
Director

International Plywood PLC

Directors' Report for the Year Ended 30 April 2025

The directors present their report and the for the year ended 30 April 2025.

Matters of a General Nature
There were no political contributions during the year or the preceding year.

Dividends
Preference dividends totalling £255,000 (2024 - £278,464) were distributed and paid for the year ended 30 April 2025. The dividend has been recognised as a finance cost in the accounts.

Future developments
The directors are confident that the group will continue to report strong earnings and will identify opportunities to generate future growth.

Directors of the company

The directors who held office during the year were as follows:

D J Attwood

D G Attwood

I D Attwood

R C Attwood

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 group benefits from ethical business conduct; stakeholders across the board have a better disposition to the group, as do other external parties. From moral and business perspectives high quality corporate conduct is desirable, being of greater net benefit to the group.

Going concern

The group 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

Disclosure of information to the auditor

Reappointment of auditors

The auditors Hazlewoods LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved by the Board on 30 October 2025 and signed on its behalf by:

D G Attwood
Director

International Plywood PLC

Statement of Directors' Responsibilities

International Plywood PLC

Independent Auditor's Report to the Members of International Plywood PLC

Opinion

We have audited the financial statements of International Plywood PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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:

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 group 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 group'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.

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:

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.

International Plywood PLC

Independent Auditor's Report to the Members of International Plywood PLC

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 8, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 group’s industry and its control environment and reviewed the group’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 group 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 group’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.

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.

International Plywood PLC

Independent Auditor's Report to the Members of International Plywood PLC

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

James Morter (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

31 October 2025

International Plywood PLC

Consolidated Profit and Loss Account for the Year Ended 30 April 2025

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

International Plywood PLC

(Registration number: 01546036)
Consolidated Balance Sheet as at 30 April 2025

Approved and authorised by the Board on 30 October 2025 and signed on its behalf by:
 

D G Attwood
Director

International Plywood PLC

(Registration number: 01546036)
Balance Sheet as at 30 April 2025

The company made a profit after tax for the financial year of £44,591 (2024 - profit of £302,190).

Approved and authorised by the Board on 30 October 2025 and signed on its behalf by:
 

D G Attwood
Director