Registration number: 01537086 (England and Wales)

International Plywood (Importers) Limited

Contents

Company Information	1
Strategic Report	2 to 4
Directors' Report	5 to 6
Statement of Directors' Responsibilities	7
Independent Auditor's Report	8 to 10
Profit and Loss Account	11
Balance Sheet	12
Statement of Changes in Equity	13
Notes to the Financial Statements	14 to 23

International Plywood (Importers) Limited

Company Information

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

Company secretary

M C Walker

Registered office

Unit 5 Javelin Park Halpern Way Haresfield Stonehouse Gloucestershire GL10 3WT

Auditors

Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

International Plywood (Importers) Limited

Strategic Report for the Year Ended 30 April 2026

The directors present their strategic report for the year ended 30 April 2026.

Principal activity

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

Fair review of the business

The company’s trading has decreased this year after last year’s consolidation. The turnover of the company decreased by 5.5% (£173,848,011 in 2026, from £184,042,905 in 2025), and excluding the effect of currency fluctuations, the gross margin on operating activities decreased to 7.6% from 10.3% in 2025. However, with a favourable movement in the foreign exchange derivatives fair value provision this year, the company achieved a pre-tax profit of £11,669,996 from last year’s £1,016,032. The provision has since continued to move 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	2026	2025
Turnover	£	173,848,011	184,042,905
Gross profit	£	13,297,698	18,985,038
Net profit before tax	£	11,669,996	1,016,032

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 cash flow 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 2026

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 group's key stakeholders are its employees, customers, suppliers and shareholders. The directors recognise that maintaining strong relationships with these stakeholders is fundamental to the long-term success of the group. During the year, the board considered the interests of stakeholders when making decisions and continued to engage with key stakeholder groups through regular communication and consultation.

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 2026

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 Board on 23 October 2026 and signed on its behalf by:

I D Attwood
Director

International Plywood (Importers) Limited

Directors' Report for the Year Ended 30 April 2026

The directors present their report and the financial statements for the year ended 30 April 2026.

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:

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 (appointed 1 May 2025)

Going concern

The company assesses its basis as a going concern according to several key indicators, primarily that the company will have adequate working capital facilities and sufficient financial resources to meet its liabilities as they fall due. Budgets, profit & loss, balance sheet and cash flow forecasts are produced, spanning daily, monthly, quarterly, annual and further durations. These are monitored, reviewed and adjusted on an ongoing basis to support effective financial planning and to regularly review and maintain the going concern basis assumption.

The directors therefore have a reasonable expectation that the company 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.

2026 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 2026

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 23 October 2026 and signed on its behalf by:

I D Attwood
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:

•	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.

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 2026, 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 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 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:

•	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:

International Plywood (Importers) Limited

Independent Auditor's Report to the Members of International Plywood (Importers) Limited

•	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 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:

•	identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

•	understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

•	challenging assumptions and judgements made by management in its significant accounting estimates; and

•	identifying and testing journal entries, in particular any journal entries with unusual characteristics.

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.

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

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

23 October 2026

International Plywood (Importers) Limited

Profit and Loss Account for the Year Ended 30 April 2026

	Note	2026 £	2025 £
Turnover	3	173,848,011	184,042,905
Cost of sales		(160,550,313)	(165,057,867)
Gross profit		13,297,698	18,985,038
Administrative expenses		(7,153,002)	(7,031,342)
Operating profit	4	6,144,696	11,953,696
Other interest receivable and similar income	5	7,121,166	-
Interest payable and similar expenses	6	(1,595,866)	(10,937,664)
Profit before tax		11,669,996	1,016,032
Tax on profit	9	(2,847,473)	(243,726)
Profit for the financial year		8,822,523	772,306

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 2026

	Note	2026  £	2025  £
Fixed assets
Tangible assets	10	791,752	1,085,048
Investments	11	149,260	121,130
		941,012	1,206,178
Current assets
Stocks	12	71,743,636	69,627,208
Debtors	13	38,570,561	40,690,268
Cash at bank and in hand	14	18,377,443	4,804,278
		128,691,640	115,121,754
Creditors: Amounts falling due within one year	15	(96,603,869)	(91,641,153)
Net current assets		32,087,771	23,480,601
Total assets less current liabilities		33,028,783	24,686,779
Creditors: Amounts falling due after more than one year	15	(2,776,318)	(3,200,830)
Provisions for liabilities	9	(189,275)	(245,282)
Net assets		30,063,190	21,240,667
Capital and reserves
Called up share capital	17	9,000,000	9,000,000
Profit and loss account	18	21,063,190	12,240,667
Total equity		30,063,190	21,240,667

Approved and authorised by the Board on 23 October 2026 and signed on its behalf by:
 

I D Attwood
Director

International Plywood (Importers) Limited

Statement of Changes in Equity for the Year Ended 30 April 2026

	Share capital £	Profit and loss account £	Total £
At 1 May 2025	9,000,000	12,240,667	21,240,667
Profit for the year	-	8,822,523	8,822,523
At 30 April 2026	9,000,000	21,063,190	30,063,190