Wydale Plastics Limited

Strategic Report for the Year Ended 31 January 2026

The directors present their strategic report for the year ended 31 January 2026.

Principal activity

The principal activity of the company is the moulding of plastic products.

Fair review of the business

The company continued to concentrate on its core activity of manufacturing own brand products and contract mouldings at its factory in Crewkerne. Its focus remains on the manufacture of high quality plastic products for the agricultural, leisure and industrial sectors. The company is proud to sell its own brand products to a variety of retailers both nationally and for the export market.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2026	2025
Turnover	£	10,783,983	9,637,485
Gross profit margin	%	35.26	33.89
Profit before tax	£	2,387,843	1,955,322

Moulding production output increased by 9.3% year on year, supported by sustained customer demand, particularly across the Wydale product range. The Wydale share of total sales output rose from 59% to 61%.

Staff turnover of 23% was 9% lower than the prior year, reflecting continued investment in recruitment, training and induction processes. Staff absence averaged 2.7%, a 92% increase year on year, primarily due to the impact of a small number of non‑work‑related long‑term absences.

Wydale Plastics Limited

Strategic Report for the Year Ended 31 January 2026

Principal risks and uncertainties

Expected sales volumes and prices
A change in end user behaviour or a deterioration to the UK economy could lead to a fall in demand for moulded plastic products. To mitigate this risk the company works closely with its customers and is able to adapt its product range and mix to align with market trends. With a diversified contract moulding base products can be manufactured to a wide range of bespoke designs where required to reflect demand trends.

Raw Materials and labour costs
Rotational moulding grade polymer availability and prices are impacted by the wider oil-based commodity markets and supply chain trends. The company uses a diversified portfolio of polymer suppliers to mitigate availability issues although the market is concentrated around a small number of base material manufacturers in Europe. Recent restructuring in the market may lead to short term supply issues and the company has increased powder stocks due to uncertainty on lead times and pricing on some polymer grades.

Labour costs continue to rise due to wage inflation and increases in national insurance costs.

Energy Prices
The company historically purchases LPG at prices linked to the wholesale LPG market and is therefore subject to a degree of cost uncertainty as a result. In view of recent price uncertainty, the company has entered into a 12 month fixed price LPG supply contract to mitigate the expected short-term price volatility. The company continues to hedge electricity prices through a series of fixed price contracts and use of onsite solar generation.

Other Input Costs and Availability
The company has a variety of input costs include single use plastic packaging and cardboard. Global demand could again impact the price and availability of these products, and the company is working with its customers to minimise the usage and waste of its packaging where possible.

Business disruption from digital or cyber security threats
The company has made significant investment in cyber security mitigation measures together with systems redundancy and backup procedures to mitigate this risk. The company meets the requirements of the UK Cyber Essential certification.

Approved and authorised by the Board on 29 April 2026 and signed on its behalf by:
 

......................................... Mr J H Down Company secretary and director

Wydale Plastics Limited

Directors' Report for the Year Ended 31 January 2026

The directors present their report and the financial statements for the year ended 31 January 2026.

Directors of the company

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

Mr A P Murnaghan

Mr J H Down - Company secretary and director

Mr R Fitzgerald

Mrs B J Wyatt

Mrs E A Murnaghan - Chairman

Dividends

The directors do not recommend the payment of a final dividend for the year ended 31 January 2026.

Financial instruments

Objectives and policies

The company's activities expose it to a number of financial risks as set out below.

Price risk, credit risk, liquidity risk and cash flow risk

The company's principal financial instruments comprise bank balances (including short-term deposits), trade creditors and trade debtors. The main purpose of these instruments is to raise funds for the company's operations and to finance the company's operations.

Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.

In respect of bank balances the liquidity risk is managed by maintaining sufficient cash reserves in the business to fund day-to-day working capital requirements, including the repayment of trade creditors. The company also ensures that term deposits are only invested for short periods of time, with staggered notice periods.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

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.

Wydale Plastics Limited

Directors' Report for the Year Ended 31 January 2026

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Mitchams Accountants Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 29 April 2026 and signed on its behalf by:
 

......................................... Mr J H Down Company secretary and director

Wydale Plastics 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:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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.

Wydale Plastics Limited

Independent Auditor's Report to the Members of Wydale Plastics Limited

Opinion

We have audited the financial statements of Wydale Plastics Limited (the 'company') for the year ended 31 January 2026, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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:

•	give a true and fair view of the state of the company's affairs as at 31 January 2026 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 director's 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.

Wydale Plastics Limited

Independent Auditor's Report to the Members of Wydale Plastics Limited

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:

•	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

•	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:

•	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
•	the financial statements are not in agreement with the accounting records and returns; or
•	certain disclosures of directors' remuneration specified by law are not made; or
•	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], 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.

Wydale Plastics Limited

Independent Auditor's Report to the Members of Wydale Plastics Limited

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud, we have obtained an understanding of the nature of the industry, the control environment and the legal and regulatory frameworks that the company operates in.

We determinded that the most significant applicable legal and regulatory frameworks are those directly relevant to the reporting framework and preparation of the financial statements (FRS102, Companies Act 2006 and UK tax legislation). We considered the extent to which non-compliance might have material effect on the financial statements.

We determinded the principle risks which could lead to material misstatement of the financial statements to be related to posting inappropriate journal entries and accounting estimates.

Audit procedures performed by the engagement team included:

- Enquiries with management to understand managements' approach to ensuring compliance with laws and regulations, and to obtain knowledge of any non-compliance or potential non-compliance with laws and regulations that could affect the financial statements;

- Testing journal entries to identify any unusual transactions, or those outside the normal course of business, which may indicate risks of material misstatement due to fraud;

- Testing of balances and transaction that are subject to estimation uncertainty by review of evidence supporting the assumptions and judgements used, and determining whether those judegments used indicate potential bias;

- Reading minutes of meetings of those charged with governance;

- Review of legal expense accounts to identify spend which may be indicative of breaches of laws and regulations;

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with the provisions of laws and regulations described above.

The engagement team also remained aware of the need for professional scepticism to identify any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and 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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Wydale Plastics Limited

Independent Auditor's Report to the Members of Wydale Plastics Limited

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 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.

......................................
Timothy Maclellan (Senior Statutory Auditor)
For and on behalf of Mitchams Accountants Limited, Statutory Auditor
 1 Cornhill
Ilminster
Somerset
TA19 0AD

5 May 2026

Wydale Plastics Limited

Profit and Loss Account for the Year Ended 31 January 2026

	Note	2026 £	2025 £
Turnover	3	10,783,983	9,637,485
Cost of sales		(6,981,364)	(6,370,904)
Gross profit		3,802,619	3,266,581
Administrative expenses		(1,621,073)	(1,508,224)
Other operating income	4	64,581	54,430
Operating profit	5	2,246,127	1,812,787
Other interest receivable and similar income	6	141,716	142,535
Profit before tax		2,387,843	1,955,322
Tax on profit	10	(601,317)	(505,700)
Profit for the financial year		1,786,526	1,449,622

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Wydale Plastics Limited

Statement of Comprehensive Income for the Year Ended 31 January 2026

	2026 £	2025 £
Profit for the year	1,786,526	1,449,622
Total comprehensive income for the year	1,786,526	1,449,622

Wydale Plastics Limited

(Registration number: 02823704)
Balance Sheet as at 31 January 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	11	1,138,121	1,146,771
Current assets
Stocks	12	893,099	918,481
Debtors	13	1,772,509	1,345,349
Cash at bank and in hand		5,703,366	4,687,771
		8,368,974	6,951,601
Creditors: Amounts falling due within one year	15	(1,123,581)	(1,126,638)
Net current assets		7,245,393	5,824,963
Total assets less current liabilities		8,383,514	6,971,734
Provisions for liabilities	16	(88,417)	(87,163)
Net assets		8,295,097	6,884,571
Capital and reserves
Called up share capital		8,100	8,100
Retained earnings		8,286,997	6,876,471
Shareholders' funds		8,295,097	6,884,571

Approved and authorised by the Board on 29 April 2026 and signed on its behalf by:
 

......................................... Mrs E A Murnaghan Chairman

Wydale Plastics Limited

Statement of Changes in Equity for the Year Ended 31 January 2026

	Share capital £	Retained earnings £	Total £
At 1 February 2025	8,100	6,876,471	6,884,571
Profit for the year	-	1,786,526	1,786,526
Dividends	-	(376,000)	(376,000)
At 31 January 2026	8,100	8,286,997	8,295,097