Company registration number 01885505 (England and Wales)
REDIWELD RUBBER & PLASTICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
REDIWELD RUBBER & PLASTICS LIMITED
CONTENTS
Page
Company information
1
Notes to the financial statements
3 - 10
REDIWELD RUBBER & PLASTICS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr D. R. O. How
Mr J. Bradley
Mr P. Norman
Mrs J.M. Holder
(Appointed 1 January 2022)
Secretary
Mr J Bradley
Company number
01885505
Registered office
High March
Daventry
Northants
United Kingdom
NN11 4QE
Auditor
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
Business address
6-10 Newman Lane
Alton
Hampshire
GU34 2QR
REDIWELD RUBBER & PLASTICS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
750,111
597,881
Current assets
Stocks
1,288,425
1,192,076
Debtors
6
1,330,532
1,032,442
Cash at bank and in hand
887,590
923,400
3,506,547
3,147,918
Creditors: amounts falling due within one year
7
(891,896)
(618,443)
Net current assets
2,614,651
2,529,475
Total assets less current liabilities
3,364,762
3,127,356
Provisions for liabilities
(120,183)
(95,159)
Net assets
3,244,579
3,032,197
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
3,243,579
3,031,197
Total equity
3,244,579
3,032,197
The directors of the company have 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 by the board of directors and authorised for issue on 25 July 2023 and are signed on its behalf by:
Mr D. R. O. How
Director
Company Registration No. 01885505
REDIWELD RUBBER & PLASTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022
31 December 2022
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
2
Accounting policies
Company information
Rediweld Rubber & Plastics Limited is a private company limited by shares incorporated in England and Wales. The registered office is High March, Daventry, Northants, United Kingdom, NN11 4QE.
2.1
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.
2.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value for the consideration received, net of VAT. 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 and it is probable that the economic benefits associated with the transaction will flow to the entity.
REDIWELD RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Accounting policies
(Continued)
- 4 -
2.4
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:
Plant and machinery
10% straight line
Fixtures, fittings and equipment
10-33% straight line
Motor vehicles
25% straight line
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.
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
2.6
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.
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.
2.7
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
REDIWELD RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Accounting policies
(Continued)
- 5 -
2.8
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 and loans from fellow group companies 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 receipts 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.
2.9
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.
2.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
REDIWELD RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Accounting policies
(Continued)
- 6 -
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.
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.
2.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
2.12
Retirement benefits
The company operates a defined contribution pension scheme. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2.13
Leases
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.
2.14
Foreign exchange
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
REDIWELD RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Accounting policies
(Continued)
- 7 -
2.15
Research and development expenditure
Research and development expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
58
57
4
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
84,763
225,681
Adjustments in respect of prior periods
46,472
(27,250)
Total current tax
131,235
198,431
Deferred tax
Origination and reversal of timing differences
25,024
8,757
Total tax charge
156,259
207,188
REDIWELD RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022
1,908,354
505,642
123,130
2,537,126
Additions
133,858
170,106
22,992
326,956
Disposals
(43,200)
(25,075)
(68,275)
At 31 December 2022
1,999,012
675,748
121,047
2,795,807
Depreciation and impairment
At 1 January 2022
1,506,488
380,195
52,562
1,939,245
Depreciation charged in the year
83,951
60,276
25,445
169,672
Eliminated in respect of disposals
(38,146)
(25,075)
(63,221)
At 31 December 2022
1,552,293
440,471
52,932
2,045,696
Carrying amount
At 31 December 2022
446,719
235,277
68,115
750,111
At 31 December 2021
401,866
125,447
70,568
597,881
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,126,460
866,779
Other debtors
5
5
Prepayments and accrued income
204,067
165,658
1,330,532
1,032,442
REDIWELD RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 9 -
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
459,342
149,487
Corporation tax
84,763
69,340
Other taxation and social security
219,218
184,809
Other creditors
128,573
214,807
891,896
618,443
8
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated Capital Allowances
120,183
95,159
2022
Movements in the year:
£
Liability at 1 January 2022
95,159
Charge to profit or loss
25,024
Liability at 31 December 2022
120,183
9
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:
Philip Clark FCCA
Statutory Auditor:
TC Group
10
Operating lease commitments
Lessee
REDIWELD RUBBER & PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
10
Operating lease commitments
(Continued)
- 10 -
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
Within one year
184,419
161,367
Between two and five years
122,946
307,365
307,365
468,732
11
Events after the reporting date
On the 1st January 2023, the assets and liabilities of the Traffic Products division in Rediweld Rubber and Plastics Limited were transferred to a new company, Rediweld Traffic Products Limited. No gain or loss was recognised from this transaction in the books of Rediweld Rubber and Plastics Limited. Rediweld Traffic Products Limited and Rediweld Rubber and Plastics Limited are both 100% subsidiaries of Rediweld Holdings Limited.
12
Parent company
The directors consider the ultimate parent company to be Rediweld Holdings Limited, a company registered in England and Wales.
Rediweld Holdings Limited is the only company within the group which prepares consolidated accounts. Those consolidated accounts can be obtained from the Company Directors, High March, High March Industrial Estate, Daventry, Northamptonshire, NN11 4QE.
13
Related party transactions
The company has taken advantage of the exemption under section 33.1A of FRS102 from the requirement to disclose transactions with group companies on the grounds that consolidated financial statements are prepared by the ultimate parent company, which are publicly available.
2022-12-312022-01-01false25 July 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedMr D. R. O. HowMr D. J. CartwrightMr P. NormanMrs J.M. HolderMrs J.M. HolderMr J Bradley018855052022-01-012022-12-3101885505bus:Director12022-01-012022-12-3101885505bus:CompanySecretaryDirector12022-01-012022-12-3101885505bus:Director32022-01-012022-12-3101885505bus:Director42022-01-012022-12-3101885505bus:CompanySecretary12022-01-012022-12-3101885505bus:Director22022-01-012022-12-3101885505bus:Director52022-01-012022-12-3101885505bus:RegisteredOffice2022-01-012022-12-31018855052022-12-31018855052021-12-3101885505core:PlantMachinery2022-12-3101885505core:FurnitureFittings2022-12-3101885505core:MotorVehicles2022-12-3101885505core:PlantMachinery2021-12-3101885505core:FurnitureFittings2021-12-3101885505core:MotorVehicles2021-12-3101885505core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3101885505core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3101885505core:CurrentFinancialInstruments2022-12-3101885505core:CurrentFinancialInstruments2021-12-3101885505core:ShareCapital2022-12-3101885505core:ShareCapital2021-12-3101885505core:RetainedEarningsAccumulatedLosses2022-12-3101885505core:RetainedEarningsAccumulatedLosses2021-12-3101885505core:PlantMachinery2022-01-012022-12-3101885505core:FurnitureFittings2022-01-012022-12-3101885505core:MotorVehicles2022-01-012022-12-31018855052021-01-012021-12-3101885505core:UKTax2022-01-012022-12-3101885505core:UKTax2021-01-012021-12-3101885505core:PlantMachinery2021-12-3101885505core:FurnitureFittings2021-12-3101885505core:MotorVehicles2021-12-31018855052021-12-3101885505core:WithinOneYear2022-12-3101885505core:WithinOneYear2021-12-3101885505core:BetweenTwoFiveYears2022-12-3101885505core:BetweenTwoFiveYears2021-12-3101885505bus:PrivateLimitedCompanyLtd2022-01-012022-12-3101885505bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3101885505bus:FRS1022022-01-012022-12-3101885505bus:Audited2022-01-012022-12-3101885505bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP