Company Registration No. 08861699 (England and Wales)
EUROPLAS PVCU LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EUROPLAS PVCU LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
EUROPLAS PVCU LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
475
Tangible assets
5
115,817
75,225
115,817
75,700
Current assets
Stocks
638,884
526,281
Debtors
6
517,192
379,931
Cash at bank and in hand
1,033,266
766,679
2,189,342
1,672,891
Creditors: amounts falling due within one year
7
(1,429,798)
(1,019,387)
Net current assets
759,544
653,504
Total assets less current liabilities
875,361
729,204
Creditors: amounts falling due after more than one year
8
(15,072)
Provisions for liabilities
(26,466)
(17,008)
Net assets
848,895
697,124
Capital and reserves
Called up share capital
9
100
100
Profit and loss reserves
848,795
697,024
Total equity
848,895
697,124
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 April 2024
Mr K M McClure
Director
Company registration number 08861699 (England and Wales)
EUROPLAS PVCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
Europlas PVCU Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units 2 & 3, Catheralls Industrial Estate, Pinfold Lane, Buckley, Flintshire, CH7 3PS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Vista Holdco Limited. These consolidated financial statements are available from its registered office Unit 3, Catheralls Industrial Estate, Pinfold Lane, Buckley, CH7 3PS.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Industry specific stock control and point of sale software is recognised as an intangible asset.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
5 years straight line
EUROPLAS PVCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
33.33% reducing balance
Plant and equipment
33.33% reducing balance
Motor vehicles
33.33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
EUROPLAS PVCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
EUROPLAS PVCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
EUROPLAS PVCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valaution of work in progress
Work in progress in the accounts is valued the percentage of an order's completion in comparison to is projected costs. Variations to a order's completion progress could result in under or over expenditure recognition.
3
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
27
28
4
Intangible fixed assets
Other
£
Cost
At 1 October 2022 and 30 September 2023
28,500
Amortisation and impairment
At 1 October 2022
28,025
Amortisation charged for the year
475
At 30 September 2023
28,500
Carrying amount
At 30 September 2023
At 30 September 2022
475
EUROPLAS PVCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
5
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
5,822
129,757
135,579
Additions
77,975
77,975
Disposals
(11,400)
(11,400)
At 30 September 2023
77,975
5,822
118,357
202,154
Depreciation and impairment
At 1 October 2022
1,920
58,434
60,354
Depreciation charged in the year
13,659
1,110
20,182
34,951
Eliminated in respect of disposals
(8,968)
(8,968)
At 30 September 2023
13,659
3,030
69,648
86,337
Carrying amount
At 30 September 2023
64,316
2,792
48,709
115,817
At 30 September 2022
3,902
71,323
75,225
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
406,980
351,721
Prepayments and accrued income
110,212
28,210
517,192
379,931
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
14,688
20,912
Trade creditors
565,382
433,235
Amounts owed to group undertakings
581,982
355,263
Corporation tax
5,189
13,624
Other taxation and social security
116,072
97,491
Deferred income
110,090
70,358
Other creditors
4,963
1,959
Accruals and deferred income
31,432
26,545
1,429,798
1,019,387
EUROPLAS PVCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 8 -
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
15,072
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Issued and alloted of £1 each
100
100
100
100
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Alastair Jeffcott BA FCA
Statutory Auditor:
Xeinadin Audit Limited
11
Financial commitments, guarantees and contingent liabilities
On the 28 April 2022 the fixed and floating charges held by Clydesdale Bank PLC were satisfied in full. This charge was against all assets and property of Rooms & Views Manufacturing Limited. The charge also included a cross company guarantee with all companies in the Rooms & Views Group including: Rooms & Views Manufacturing (South Wales & West) Limited, Rooms & Views Installations Limited, Rooms & Views (Retail) Limited and Europlas PVCU Limited.
On the 9 May 2022 Barclays Bank PLC registered fixed and floating charges at Companies House against all assets and property of Vista Holdco Limited. The charge also includes a cross company guarantee with all companies in the Vista Holdco Group including: Rooms & Views Manufacturing Limited, Rooms & Views Manufacturing (South Wales & West) Limited, Rooms & Views Installations Limited, Rooms & Views (Retail) Limited and Europlas PVCU Limited.
On the 11 May 2022 Foresight Regional Investment III LP registered fixed and floating charges at Companies House against all future property acquired and intellectual property of Vista Holdco Limited. The charge also included a cross company guarantee with all companies in the Vista Holdco Group including: Rooms & Views Manufacturing Limited, Rooms & Views Manufacturing (South Wales & West) Limited, Rooms & Views Installations Limited, Rooms & Views (Retail) Limited and Europlas PVCU Limited.
EUROPLAS PVCU LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 9 -
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
404,451
233,554
13
Related party transactions
During the year Europlas PVCU Limited generated income of £196,222 (2022: £189,545) derived from group undertakings.
The company incurred direct costs from group companies of £1,568,261 (2022: £1,338,402) during the year.
The company incurred management charges from group companies of £90,441 (2022: £63,240) during the year.
The company incurred other costs and recharges from group companies of £126,250 (2022: £119,451) during the year.
During the year the company paid dividends of £nil (2022: £22,000) to Rooms & Views Manufacturing Limited.
Amounts due to group companies at the end of the year totalled £581,982 (2022: £355,263) as disclosed in creditors.
14
Directors' transactions
During the year Europlas PVCU Limited voted dividends of £nil (2022: £5,500), to directors of the company.
15
Parent company
The immediate parent company of Europlas PVCU Limited is Rooms & Views Manufacturing Limited (CRN: 03545030).
On 11 May 2022, Rooms & Views Manufacturing Limited acquired the additional 20% share capital of Europlas PVCU Limited. At 30 September 2023 Rooms & Views Manufacturing Limited owned 100% of the share capital of Europlas PVCU Limited.
On 11 May 2022, Vista Holdco Limited (CRN: 13767896) acquired 100% of the share capital of Rooms & Views Manufacturing Limited. Prior to 11 May 2022 Mr K McClure owned 100% of the share capital of Rooms & Views Manufacturing Limited.
Foresight Regional Investment III LP (CRN: LP021669) is the ultimate controlling party of Vista Holdco Limited by virtue of its holding of more than 75% of the share capital and voting rights in the company.