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Registered Number:
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2026
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2026
The Directors present their Strategic Report and the financial statements for the year ended 31 January 2026.
The principal activity of the Company during the year was that of an investment holding company. The principal activities of the trading subsidiaries during the year were that of a design engineering and composites manufacturing company, specialising in moulding high quality Fibre Reinforced Plastics (FRP) thermo-forming sheet material and fabricating finished assembled components of either FRP, thermo-formings or in combination; and the design and development of air management kits, cab conversions and extensions focussed on enhancing the aerodynamic performance of commercial vehicles, reducing CO² emissions and fuel consumption.
Trading and costs During the year, turnover decreased by £619,871 (-2.84%) year on year, down from £21,805,657 for year ending January 2025 to £21,185,786 for year ending January 2026. The loss of turnover is mostly attributed to our main customer in the medical sector, them having taken the decision to move an amount of work that we have been successfully doing for many years to organisations in China. New projects are gaining momentum, and we expect that turnover will increase again in the coming year. Demand for the Company’s thermo-forming facility has steadied, with the potential to provide a valuable further diversification of the business’ core skills. The Group continued to experience rising fixed cost rises such as business rates and insurance. These again put pressure on the business, as did another substantial increase in staff salaries necessitated to remain ahead of the National Living Wage. The Group was forced to reduce headcount to compensate for the lower turnover and increased costs but continues to monitor salary levels to attract and retain the best possible workforce. Despite the increases in costs, the Group has generated a pre-tax profit for the financial year amounting to £216,988 (2025 - £364,444 loss) and increased its net assets by £169,697 to £9,852,553 (2025 - £9,682,856). Quality The group is dedicated to its high quality standards. The entire team is united in being proud of the products and services offered. The group remains committed to Quality Assurance and continues to be fully compliant with ISO 9001. Furthermore, Broadwater holds its own UL (Underwriters Laboratories) Certification for the manufacture of fire-resistant polyester-based mouldings. Environmental Broadwater continues to be ISO 14001 accredited and recognises that its operations have an effect on the local, regional and global environment. The Company regards the proper management of the environmental aspects of its activities as mutually beneficial to all interested parties and it is committed to continuously improve its environmental performance and prevent pollution. The Group defines its environmental objectives and targets annually, monitoring progress regularly.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
Health & Safety
The Company’s number one focus is conducting its operations in a safe environment, where the risk of incidents and accidents occurring is minimised. It is proud to have been awarded the ISO 45001 Safety Management System Standard accreditation which is an accreditation developed by leading trade and international standard bodies. ISO 45001 provides a framework for organisations to instigate efficient and effective management of health and safety. The Occupational Health and Safety Assessment Specification (OHSAS), sets out the requirements for occupational Health and Safety management for best practise in the workplace. It is internationally accepted as a recognised standard of assessing and auditing occupational Health and Safety management systems. The Group’s incident and accident levels remain at levels lower than industry norms. Only one RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) reportable incidents was recorded in the year.
A substantial part of the group’s activities remains devoted to advancing moulding techniques and components and investigating ways of working with new materials. The group constantly strives for innovation and creativity in order to meet its customers' demands for new and improved products and processes.
It undertakes a continuous program of Research and Development to ensure it remains a market leading manufacturer. Despite the challenges presented, this year being no exception: the group has continued its development work, selecting particular projects for focus as it explores and challenges different elements of the manufacturing process. This year, each Company has continued to experiment with new materials and new processing methods. It also continues to research and trial suitable replacements for products and chemicals that are no longer available. With ever-tightening legislation, products that the Group has used successfully for many years are becoming less available. When this happens, the Group undertakes to investigate, source and trial alternatives, or manufacture suitable compounds with available materials. During the year the Group has continued to investigate methods of successfully integrating composite moulding and vacuum forming techniques.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
The Group's principal financial instruments are its bank balances, trade debtors and trade creditors. The purpose of these instruments is to fund the group’s ongoing operations. Due to the nature of the financial instruments used by the group and the way they are managed, the Directors consider the liquidity risk to be low.
The credit risk associated with the cash and bank balances is limited as the counterparties have high credit ratings assigned by international credit agencies. The principal credit risk arises from the group’s trade debtors. In order to manage the credit risk the Directors set limits for new and existing customers based on a combination of payment history and third party credit references, along with maintaining good relationships with contacts at the highest level of those organisations. The group has not experienced payment issues for many years, and expects that to continue in the foreseeable future. Trade creditors are managed by ensuring that there are sufficient funds available to meet amounts due. The group's bank facilities and the overall debt management of customers ensures that funds are always available to enable the group to meet its liabilities as they fall due. Furthermore, the Companies produces monthly management accounts which are reviewed by management against budget and used to monitor cash flow . The Companies are exposed to price risk from its suppliers. Whilst they have absorbed some of these increases, hitting profitability, the Companies have had no choice but to renegotiate with customers to ensure rising costs are covered, particularly where it must use directed suppliers as required by its customers. The group follows a continuous improvement program to ensure that the latest developments are employed, including recommendations for cost savings as appropriate. The Companies recognise their competitors both in the UK market and the wider global market. The Directors have considered the market risks associated with higher material prices combined with the Companies’ ability to remain competitive in a global market place. The Directors continually monitor fluctuating economic trends, including exchange rate, inflation and interest rate predictions, and consider the interest rate risk to the group to be minimal. As we navigate a new period of global economic volatility, the Directors remain confident that the monitoring processes that the group has in place will allow it to successfully navigate the next 12 months and beyond.
This report was approved by the Board on 8 July 2026 and signed on its behalf.
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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.
The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation and minority interests, amounted to £155,566 (2025 - loss £288,183).
During the period, the Company declared and paid interim dividends amounting to £Nil (2025 - £612,000). The Directors do not recommend the payment of a final dividend (2025 - £Nil).
The Directors who served during the year, and up to the date of this report, were:
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P.H. BETTS (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2026
Details of the Group's risk management objective and policies, including its use of financial instruments and key risks to which it is exposed, are included in the Strategic Report.
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
• so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and • the Director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company’s auditor is aware of that information.
The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the Board on
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P.H. BETTS (HOLDINGS) LIMITED
We have audited the financial statements of P. H. Betts (Holdings) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2026, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet and Company Balance Sheet, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
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P.H. BETTS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P.H. BETTS (HOLDINGS) LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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P.H. BETTS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P.H. BETTS (HOLDINGS) LIMITED (CONTINUED)
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P.H. BETTS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P.H. BETTS (HOLDINGS) LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of the Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Group. The following laws and regulations were identified as being of significance to the Group. • Those laws and regulations considered to have a direct effect on the consolidated financial statements including UK financial reporting standards, UK Company Law and taxation legislation; and • Those laws and regulations considered to have a indirect effect on the consolidated financial statements including The Health & Safety Act 1974, Control of Substances Hazardous to Health regulations, GDPR, anti bribery and corruption, human rights and Employment law. Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the Group complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, testing the appropriateness of journal entries and the performance of analytical review procedures to identify any unexpected movements in account balances which may be indicative of fraud. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
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P.H. BETTS (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF P.H. BETTS (HOLDINGS) LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditor
Fitzroy House
Crown Street
Ipswich
IP1 3LG
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2026
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CONSOLIDATED BALANCE SHEET
AS AT 31 JANUARY 2026
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CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2026
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on
The notes on pages 21 to 42 form part of these financial statements.
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COMPANY BALANCE SHEET
AS AT 31 JANUARY 2026
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COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2026
The financial statements were approved and authorised for issue by the Board and were signed on its behalf on
The notes on pages 21 to 42 form part of these financial statements.
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