REGISTERED NUMBER: 05635001 (England and Wales) |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MAY 2023 |
REGISTERED NUMBER: 05635001 (England and Wales) |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MAY 2023 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MAY 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Statement of Directors' Responsibilities | 6 |
Report of the Independent Auditors | 7 |
Consolidated Statement of Comprehensive Income | 11 |
Consolidated Statement of Financial Position | 12 |
Company Statement of Financial Position | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Statement of Cash Flows | 16 |
Notes to the Consolidated Statement of Cash Flows | 17 |
Notes to the Consolidated Financial Statements | 18 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 28 MAY 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
Shorrock House |
1 Faraday Court |
Fulwood |
Preston |
Lancashire |
PR2 9NB |
SOLICITORS: |
First Floor, The Edge |
Crown Street |
Manchester |
M3 5NA |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28 MAY 2023 |
The directors present their strategic report of the company and the group for the year ended 28 May 2023. |
PRINCIPAL ACTIVITIES |
The company operates as the group's holding company and has not traded during either year. The principal activity of the group is the manufacture distribution of PVCu building products together with the manufacture and distribution of composite doors under the "Rockdoor" brand and the manufacture and distribution of PVCu Windows. |
REVIEW OF BUSINESS |
The year ended 31 May 2023 has seen turnover stay at a level consistent with 2022 (2022: 19% increase). The sector saw post COVID growth in years 2021 and 2022 however 2023 has returned to pre-COVID levels of demand and levels of competitiveness around pricing and profit margins. |
During 2023 there has been continual pressures across the supply chain and this has resulted in increases in material prices which has put pressure on the obtainable margin. However, measures have been put in place to minimise the impact on profitability. |
The profit for the year, after taxation, amounted to £7,256,768 (2022: £15,269,900). |
This increased demand seen since June 2021 has allowed the company to strengthen its balance sheet and cash position throughout the year which has enabled investment in all areas of the business which will facilitate growth in all markets. |
The directors have declared a dividend of £5,955,557 (2022: £715,000). |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company manages its financial risk in five broad categories: |
Market conditions |
General All Purpose Plastics Group Limited ("GAP Group") products are targeted at an array of applications within the building sector as well as all business and consumer types. As a result, demand is dependent on activity levels in these respective segments, which vary geographically and are subject to the usual drivers of economic activity (i.e. general economic conditions and volatility, interest rates, business/consumer confidence levels, unemployment, construction levels etc.). While these drivers are inherently cyclical, the exposure to the cyclicality of any market is partially mitigated by the company's diversification, both geographically and by product. |
Competitive pressures |
GAP continually faces competition in each of the markets in which it has a presence. The competitive environment in any one market is a function of a number of factors including the number of competitors, production capacity, the economic/demand characteristics of that market, the ease of imports from third countries and the availability of substitute products. This is mitigated by continual focus on quality and looking to increase production capacity via our large investment in fixed assets. |
Customer credit risk |
As part of the overall service package, GAP provides credit to customers and as a result there is an associated risk that the customer may not be able to pay outstanding balances. GAP has established procedures and credit control policies around managing its receivables and takes action where necessary. All major outstanding and overdue balances together with significant potential exposures are reviewed regularly by senior management. |
Human Resources |
People, teams and talent management are an integral part of GAP's business and are key to continuing progress at the company. The company attracts and retains its people through provision of on-going opportunity for career progress, training initiatives and continually identifying emerging managers and leaders within the group. |
Funding and liquidity risks |
To manage the working capital needs of the business and to finance the group's expansion plans, the group is reliant on being able to arrange and maintain sufficient financing and to comply with their conditions once established which are currently being easily met by the group's positive operating cash flows. Management will carefully monitor the impact of Brexit and of decisions that might be taken going forward, on expected cash flows, interest rates and covenant compliance. |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 28 MAY 2023 |
SECTION 172(1) STATEMENT |
The board of Directors at GAP Group Ltd consider that they have acted in a way they consider in good faith, would be most likely to promote the success of the group for the benefit of its members and shareholders. These duties are set out in section 172 of the UK Companies Act 2006. |
The Directors have regard to the following matters: |
- The likely consequence of any decisions in the long term |
- The interests of the group's employees |
- The need to foster the group's business relationships with suppliers, customers and others |
- The impact of the group's operations on the community and environment |
- The desirability of the group maintaining a reputation for high standards of business conduct |
- The need to act fairly between shareholders of the group. |
The following summarises how the Directors fulfil their duties: |
Employees |
People are at the centre of our business and to be a success, we need to manage performance and develop our employees. We share common values that inform our people and guide behaviour, so our goals can be achieved. We aim to be a responsible employer in our approach to pay and benefits our employees receive. The health and safety of our employees is one key factor when making business decisions. |
Business Relationships |
Our strategy is to grow our business by increasing sales to existing customers and bringing new customers to the group. For this to be successful we need to create and maintain strong customer relationships. We have strong relationships with our suppliers and many have contracts in place to ensure supply and prices are maintained. |
KEY PERFORMANCE INDICATORS |
The principle key performance indicators ("KPIs") which are monitored by the directors include rate of growth, profitability and cash flow derived from operating activities. These have been discussed in the Business Review above. |
Alongside financial KPIs the directors also monitor the following in relations to employees and the environment: |
- Waste management |
- Energy consumption |
- Legal compliance |
- Employee turnover |
- Absence (short and long term) |
FUTURE DEVELOPMENTS |
Further expansion of the business will continue with the investment in production capacity and will look to expand the in-house manufacturing capabilities alongside expanding the depot network throughout the UK. |
The directors have agreed a strategic plan for the business which is updated annually and discussed at regular meetings during the year. The management team have been party to this plan and incentivised to ensure the strategy is executed in a timely manner. |
The directors are satisfied at the date of this report with the progress made and that management are in a suitable position to support the proposed growth. The financial performance is considered to be in line with the proposed strategy. |
ON BEHALF OF THE BOARD: |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 MAY 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 28 May 2023. |
DIVIDENDS |
The profit for the year, after taxation, amounted to £7,256,768 (2022: £15,269,900). |
The directors have declared a dividend of £5,955,557 (2022: £715,000) in the year. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 29 May 2022 to the date of this report. |
GOING CONCERN |
After making enquiries, the directors are satisfied that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. See note 1 Accounting Policies for details on the going concern basis of preparation of the financial statements. |
GREEN HOUSE GAS EMISSIONS |
The group activities resulted in the consumption of 3,085 tonnes (2022: 2,750) of carbon dioxide during the year in the delivery of products. |
In addition, 20,051,462kWh of electricity and gas (2022: 17,175,361 kWh) of electricity and gas for its own use, primarily for purchasing goods and providing heating and lighting to its premises. The directors continue to monitor the usage of energy and look for opportunities to reduce the carbon footprint where possible. |
Taking into account the usage, the directors have calculated an average intensity ration of 51 (2022: 45) based on tonnes of CO2 per £m of sales. |
ENGAGEMENT WITH EMPLOYEES |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
During the year, the policy of providing employees with information about the group has been continued through internal media methods in which employees have also been encouraged to present their suggestions and views on the group's performance. Regular meetings are held between local management and employees to allow a free flow of information and ideas. |
DISABLED EMPLOYEES |
The group gives full consideration to applications for employment from disabled persons where the requirements of the job can be adequately fulfilled by a handicapped or disabled person. Where existing employees become disabled, it is the group's policy wherever practicable to provide continuing employment under normal terms and conditions and to provide training, career development and promotion to disabled employees wherever appropriate. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 28 MAY 2023 |
AUDITORS |
In the case of each of the persons who are directors of the company at the date when the report is approved: |
- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and |
- the directors have taken all the steps that they ought to have taken as directors to make themselves aware of any relevant information and to establish that the company's auditor is aware of that information. |
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. |
REAPPOINTMENT OF AUDITOR |
Rushtons Chartered Accountants & Business Advisers expressed their willingness to continue in office as auditor of the company. |
ON BEHALF OF THE BOARD: |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE YEAR ENDED 28 MAY 2023 |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED |
Opinion |
We have audited the financial statements of General All Purpose Plastics Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 28 May 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 group's and of the parent company affairs as at 28 May 2023 and of the group's 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 Auditors' 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 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 group's and 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors 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 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. |
Opinions on other matters 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED |
Matters on which we are required to report by exception |
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 Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company 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 six, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED |
Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
- The nature of the industry and sector, control environment and business performance. |
- Enquiring of management, including obtaining and reviewing supporting documentation, concerning the group's policies and procedures relating to: |
- Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
- Discussing among the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud, and; |
- Obtaining an understanding of the legal and regulatory frameworks that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements, such as provisions of the UK Companies Act, pensions legislation and tax legislation or that had a fundamental effect on the operations of the group, including the General Data Protection requirements, Anti-bribery and corruption policies and Environmental laws and regulations pertaining to this industry. |
In addition to the above, our procedures to respond to risks identified included the following: |
- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- Enquiring of management concerning actual and potential litigation and claims; |
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- Reading available minutes of meetings of those charged with governance; and |
- Testing journal entries to identify unusual transactions. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 |
Chartered Accountants |
Statutory Auditors |
Shorrock House |
1 Faraday Court |
Fulwood |
Preston |
Lancashire |
PR2 9NB |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
CONSOLIDATED |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 28 MAY 2023 |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
Notes | £ | £ |
TURNOVER | 3 | 143,250,524 | 143,057,243 |
Cost of sales | 82,434,645 | 76,757,766 |
GROSS PROFIT | 60,815,879 | 66,299,477 |
Administrative expenses | 51,728,443 | 47,905,744 |
9,087,436 | 18,393,733 |
Other operating income | 293,936 | 838,715 |
OPERATING PROFIT | 5 | 9,381,372 | 19,232,448 |
Interest payable and similar expenses | 7 | 304,310 | 376,567 |
PROFIT BEFORE TAXATION | 9,077,062 | 18,855,881 |
Tax on profit | 8 | 1,820,294 | 3,585,981 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
7,256,768 |
15,269,900 |
Profit attributable to: |
Owners of the parent | 7,256,768 | 15,269,900 |
Total comprehensive income attributable to: |
Owners of the parent | 7,256,768 | 15,269,900 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
28 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 | 10,239,556 | 10,962,348 |
Tangible assets | 12 | 12,416,178 | 11,570,414 |
Investments | 13 | - | - |
22,655,734 | 22,532,762 |
CURRENT ASSETS |
Stocks | 14 | 21,973,907 | 22,844,030 |
Debtors | 15 | 12,846,269 | 13,364,019 |
Cash at bank and in hand | 10,849,492 | 11,001,512 |
45,669,668 | 47,209,561 |
CREDITORS |
Amounts falling due within one year | 16 | 34,884,021 | 34,086,899 |
NET CURRENT ASSETS | 10,785,647 | 13,122,662 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
33,441,381 |
35,655,424 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(2,673,862 |
) |
(6,082,735 |
) |
PROVISIONS FOR LIABILITIES | 21 | (1,927,795 | ) | (2,034,176 | ) |
NET ASSETS | 28,839,724 | 27,538,513 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 4,628,125 | 4,628,125 |
Retained earnings | 23 | 24,211,599 | 22,910,388 |
28,839,724 | 27,538,513 |
The financial statements were approved by the Board of Directors and authorised for issue on 23 February 2024 and were signed on its behalf by: |
A D Greensmith - Director |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
COMPANY STATEMENT OF FINANCIAL POSITION |
28 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
Tangible assets | 12 |
Investments | 13 |
CURRENT ASSETS |
Debtors | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Retained earnings | 23 |
Company's profit for the financial year | 5,960,000 | 715,500 |
The financial statements were approved by the Board of Directors and authorised for issue on |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 MAY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 30 May 2021 | 4,628,125 | 8,355,488 | 12,983,613 |
Changes in equity |
Dividends | - | (715,000 | ) | (715,000 | ) |
Total comprehensive income | - | 15,269,900 | 15,269,900 |
Balance at 28 May 2022 | 4,628,125 | 22,910,388 | 27,538,513 |
Changes in equity |
Dividends | - | (5,955,557 | ) | (5,955,557 | ) |
Total comprehensive income | - | 7,256,768 | 7,256,768 |
Balance at 28 May 2023 | 4,628,125 | 24,211,599 | 28,839,724 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 28 MAY 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 30 May 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28 May 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 28 May 2023 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 28 MAY 2023 |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 11,379,518 | 10,519,018 |
Interest paid | (304,310 | ) | (376,567 | ) |
Tax paid | (3,290,946 | ) | (3,643,922 | ) |
Net cash from operating activities | 7,784,262 | 6,498,529 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (4,070,123 | ) | (4,045,383 | ) |
Sale of tangible fixed assets | 112,861 | 207,252 |
Net cash from investing activities | (3,957,262 | ) | (3,838,131 | ) |
Cash flows from financing activities |
New loans in year | 1,082,064 | 474,512 |
Loan repayments in year | (660,000 | ) | (380,000 | ) |
Interest on finance leases | (102,038 | ) | (95,649 | ) |
Capital repayments on finance leases | (844,197 | ) | (733,468 | ) |
Amount withdrawn by directors | 2,808,408 | (1,302,070 | ) |
Introduced by associated companies | (307,700 | ) | 185,025 |
Equity dividends paid | (5,955,557 | ) | (715,000 | ) |
Net cash from financing activities | (3,979,020 | ) | (2,566,650 | ) |
(Decrease)/increase in cash and cash equivalents | (152,020 | ) | 93,748 |
Cash and cash equivalents at beginning of year |
2 |
11,001,512 |
10,907,764 |
Cash and cash equivalents at end of year | 2 | 10,849,492 | 11,001,512 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 28 MAY 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
£ | £ |
Profit before taxation | 9,077,062 | 18,855,881 |
Depreciation charges | 3,852,543 | 3,310,634 |
Profit on disposal of fixed assets | (18,251 | ) | (118,775 | ) |
Increase/(decrease) in provisions | (106,381 | ) | 223,557 |
Finance costs | 304,310 | 376,567 |
13,109,283 | 22,647,864 |
Decrease/(increase) in stocks | 870,123 | (5,750,575 | ) |
Decrease/(increase) in trade and other debtors | 517,750 | (2,157,619 | ) |
Decrease in trade and other creditors | (3,117,638 | ) | (4,220,652 | ) |
Cash generated from operations | 11,379,518 | 10,519,018 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 28 May 2023 |
28.5.23 | 29.5.22 |
£ | £ |
Cash and cash equivalents | 10,849,492 | 11,001,512 |
Period ended 28 May 2022 |
28.5.22 | 30.5.21 |
£ | £ |
Cash and cash equivalents | 11,001,512 | 10,907,764 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 29.5.22 | Cash flow | At 28.5.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 11,001,512 | (152,020 | ) | 10,849,492 |
11,001,512 | (152,020 | ) | 10,849,492 |
Debt |
Finance leases | (1,643,082 | ) | (135,829 | ) | (1,778,911 | ) |
Debts falling due within 1 year | (380,000 | ) | 100,000 | (280,000 | ) |
Debts falling due after 1 year | (1,140,000 | ) | 560,000 | (580,000 | ) |
(3,163,082 | ) | 524,171 | (2,638,911 | ) |
Total | 7,838,430 | 372,151 | 8,210,581 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 MAY 2023 |
1. | STATUTORY INFORMATION |
General All Purpose Plastics Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The functional currency of General All Purpose Plastics Limited is considered to be Pounds Sterling because that is the currency of the primary economic environment in which the company operates. The financial statements are rounded to the nearest £1. |
Basis of consolidation |
The Group financial statements consolidate those of the company and of its subsidiary undertakings drawn up to 28 May 2023. Profit or losses on intra-group transactions are eliminated in full. |
Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS102, Section 19 has not been applied in these financial statements in respect of business combinations effected prior to the date of transition. More information can be found in the notes to these financial statements. |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the Company's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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. Details of critical accounting judgements are detailed below. |
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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
Key source of estimation uncertainty |
Warranty Provision |
The sale of doors manufactured by the company are covered by a 10 year warranty from the date of sale. Therefore the provision for the warranty requires the entity to estimate the future warranty claims expected to arise from sales made pre year end. This estimate is based on the percentage of doors remade over a 10 year period with any exceptional items removed. This percentage is then applied to the number of doors made in the year and an average cost is applied. The calculation is performed on an annual basis and the provision adjusted accordingly. The carrying amount of the warranty provision as at the balance sheet date was £1,048,207 (2022: £1,001,465). This basis has been considered appropriate and is always consistent. |
Dilapidation Provision |
As part of the group's property leasing arrangements there is an obligation to repair damages which incur during the life of the lease, such as wear and tear. The cost is charged to profit and loss once a commitment to leave the property has been made and the estimated dilapidations costs have been provided by a surveyor. The provision as at the balance sheet date was £35,000 (2022: £188,122). |
Credit Note Provision |
A provision for credit notes is accounted for based on looking at monthly sales invoices and credit notes raised, then calculating an average percentage of credit notes against revenue. This percentage is then applied to the average monthly sales. This calculation is performed on an annual basis and the provision adjusted accordingly. It is felt this is the most simplistic basis on which to calculate the provision. The carrying amount of the credit note provision as at the balance sheet date was £381,861 (2022: £365,867). |
Stock Provision |
Due to the nature of stock holding policy and the requirements to hold a large and complementary range at each depot, there is an element of slow moving stock within the group. The stock within the network is reviewed and a judgement based on product knowledge and historic data is used to calculate the percentage of slow moving stock held. The carrying amount of the slow moving stock provision as at the balance sheet date was £1,305,469 (2022: £1,296,653). |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is the revenue arising from the sale of goods and is stated at the fair value of the consideration receivable, net of Value Added Tax, rebates and discounts. |
Revenue from the sale of goods is recognised when the significant risks and benefits of ownership of the product have transferred to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms. |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Intangible fixed assets and amortisation |
Positive purchased goodwill arising on acquisition is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its estimated useful life of between 5- 20 years. The reason for choosing a period of 20 years for Rockdoor Limited is that this is a premium brand with forecasted growth. This brand has had significant investment made into it and continues to be a brand leader for GAP, notwithstanding the fact that it has been part of their product range for nearly 10 years. The reason for choosing a period of 20 years for GAP 2 is that this business can still be individually measured as part of the overall GAP Group and it continues to thrive in spite of the current economic climate. |
Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be recoverable. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less depreciation and impairment. Depreciation is not charged on freehold land. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases: |
Improvements to property | - | over term of the lease |
Plant and machinery | - | 10% straight line |
Motor vehicles | - | 25% straight line |
Fixtures and fittings | - | 15% straight line |
Computer equipment | - | 10%, 15% & 33% straight line |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are stated at the lower of cost and net realisable value, after making allowance for obsolete and slow- moving items. |
Cost of manufactured goods includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Net realisable value is based on estimated selling price, less further costs expected to be incurred to completion and disposal. |
Raw materials - purchase cost on a first-in, first-out basis. |
Goods purchased for resale/finished goods - cost of direct materials and labour. |
Taxation |
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions (other than deferred taxation) are recognised when the company has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be estimated reliably. |
Provisions for the estimated cost of repairing or replacing products which may be returned under warranty are based upon historical warranty data and are recognised when the underlying products are sold. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
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. |
(i) Financial assets and liabilities |
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Financial assets and liabilities are only offset in the balance sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. |
Debt instruments which meet the following conditions are subsequently measured at amortised cost using a fixed interest rate (notwithstanding changes in LIBOR or Bank of England base rate). |
(a) The contractual return to the holder is (i) a fixed amount; (ii) a positive fixed rate or a positive variable rate; or (iii) a combination of a positive or a negative fixed rate and a positive variable rate. |
(b) The contract may provide for repayments of the principal or the return to the holder (but not both) to be linked to a single relevant observable index of general price inflation of the currency in which the debt instrument is denominated, provided such links are not leveraged. |
(c) The contract may provide for a determinable variation of the return to the holder during the life of the instrument, provided that (i) the new rate satisfies condition (a) and the variation is not contingent on future events other than (1) a change of a contractual variable rate; (2) to protect the holder against credit deterioration of the issuer; (3) changes in levies applied by a central bank or arising from changes in relevant taxation or law; or (ii) the new rate is a market rate of interest and satisfies condition (a). |
(d) There is no contractual provision that could, by its terms, result in the holder losing the principal amount or any interest attributable to the current period or prior periods. |
(e) Contractual provisions that permit the issuer to prepay a debt instrument or permit the holder to put it back to the issuer before maturity are not contingent on future events, other than to protect the holder against the credit deterioration of the issuer or a change in control of the issuer, or to protect the holder or issuer against changes in levies applied by a central bank or arising from changes in relevant taxation or law. |
(f) Contractual provisions may permit the extension of the term of the debt instrument, provided that the return to the holder and any other contractual provisions applicable during the extended term satisfy the conditions of paragraphs (a) to (c). |
Debt instruments that are classified as payable or receivable within one year on initial recognition and which meet the above conditions are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment. |
With the exception of some hedging instruments, other debt instruments not meeting these conditions are measured at fair value through profit or loss. |
Commitments to make and receive loans which meet the conditions mentioned above are measured at cost (which may be nil) less impairment. |
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. |
(ii) Investments |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
2. | ACCOUNTING POLICIES - continued |
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. |
In the Company balance sheet, investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. |
Investments |
Investments are stated at cost less any provision for impairment, which is assessed on an annual basis. |
Other income |
Other income is stated net of taxes and relates to income from the small business rates grant, other grant income and the kickstart scheme. |
Going concern |
The group is still in a strong position with demand from customers exceeding expectations. |
Overall, there are no issues with going concern and the group is still able to continue trading. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
4. | EMPLOYEES AND DIRECTORS |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
£ | £ |
Wages and salaries | 32,921,673 | 31,565,610 |
Social security costs | 2,716,475 | 2,254,602 |
Other pension costs | 922,767 | 789,842 |
36,560,915 | 34,610,054 |
The average number of employees during the year was as follows: |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
Administrative | 357 | 328 |
Production, selling and distribution | 708 | 585 |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
£ | £ |
Directors' remuneration | 931,963 | 1,084,973 |
Directors' pension contributions to money purchase schemes | 3,892 | 4,424 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
Information regarding the highest paid director is as follows: |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
£ | £ |
Emoluments etc | 641,695 | 674,685 |
Pension contributions to money purchase schemes | 4,781 | 4,424 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
£ | £ |
Other operating leases | 6,315,315 | 5,999,454 |
Depreciation - owned assets | 3,129,749 | 2,587,841 |
Profit on disposal of fixed assets | (18,251 | ) | (118,775 | ) |
Goodwill amortisation | 722,792 | 722,793 |
Foreign exchange differences | 14,254 | (98,607 | ) |
Release of grant | (150,000 | ) | (150,000 | ) |
6. | AUDITORS' REMUNERATION |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
£ | £ |
Fees payable to the company's auditors and their associates for the audit of the company's financial statements |
40,000 |
40,000 |
Non-audit fees: company secretarial services | 4,000 | 4,263 |
Non-audit fees: taxation | 10,000 | 9,750 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
£ | £ |
Bank interest | 258,472 | 263,252 |
Bank loan interest | 37,621 | 98,962 |
Finance charges | 8,217 | 14,353 |
304,310 | 376,567 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
30.5.21 |
Year Ended | to |
28.5.23 | 28.5.22 |
£ | £ |
Current tax: |
UK corporation tax | 1,820,294 | 3,417,364 |
Deferred tax: |
Timing | - | 168,617 |
Tax on profit | 1,820,294 | 3,585,981 |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
20,000 B Ordinary shares of £1 each | 2,680,000 | 321,600 |
11,113 D Ordinary shares of £1 each | 3,275,557 | 393,400 |
5,955,557 | 715,000 |
11. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 29 May 2022 |
and 28 May 2023 | 15,387,493 |
AMORTISATION |
At 29 May 2022 | 4,425,145 |
Amortisation for year | 722,792 |
At 28 May 2023 | 5,147,937 |
NET BOOK VALUE |
At 28 May 2023 | 10,239,556 |
At 28 May 2022 | 10,962,348 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
12. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 29 May 2022 | 4,046,995 | 18,100,545 | 1,430,428 |
Additions | 847,036 | 1,125,033 | 155,235 |
Disposals | (10,266 | ) | (33,475 | ) | - |
Reclassification/transfer | 18,497 | (18,497 | ) | - |
At 28 May 2023 | 4,902,262 | 19,173,606 | 1,585,663 |
DEPRECIATION |
At 29 May 2022 | 3,090,060 | 10,799,650 | 1,232,566 |
Charge for year | 329,989 | 1,452,031 | 80,090 |
Eliminated on disposal | (9,838 | ) | (3,508 | ) | - |
At 28 May 2023 | 3,410,211 | 12,248,173 | 1,312,656 |
NET BOOK VALUE |
At 28 May 2023 | 1,492,051 | 6,925,433 | 273,007 |
At 28 May 2022 | 956,935 | 7,300,895 | 197,862 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 29 May 2022 | 5,235,830 | 2,930,222 | 31,744,020 |
Additions | 1,673,324 | 269,495 | 4,070,123 |
Disposals | (241,392 | ) | - | (285,133 | ) |
Reclassification/transfer | - | - | - |
At 28 May 2023 | 6,667,762 | 3,199,717 | 35,529,010 |
DEPRECIATION |
At 29 May 2022 | 3,580,622 | 1,470,708 | 20,173,606 |
Charge for year | 855,470 | 412,169 | 3,129,749 |
Eliminated on disposal | (177,177 | ) | - | (190,523 | ) |
At 28 May 2023 | 4,258,915 | 1,882,877 | 23,112,832 |
NET BOOK VALUE |
At 28 May 2023 | 2,408,847 | 1,316,840 | 12,416,178 |
At 28 May 2022 | 1,655,208 | 1,459,514 | 11,570,414 |
Included within the net book value of £12,416,178 is £2,205,023 (2022: £1,096,777) relating to assets held under finance leases. The depreciation charged to the financial statements in the year in respect of such assets amounted to £666,981 (2022: £1,322,349). |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
13. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 29 May 2022 |
and 28 May 2023 |
NET BOOK VALUE |
At 28 May 2023 |
At 28 May 2022 |
The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Subsidiaries |
General All Purpose Plastics Holdings Limited |
Registered office: |
Nature of business: Holding Company |
% |
Class of shares: | holding |
"A" Ordinary | 100.00 |
"B" Ordinary | 100.00 |
G.A.P. Scotland Limited |
Registered office: |
Nature of business: Dormant |
% |
Class of shares: | holding |
"A", "B" & "C" Ordinary shares | 100.00 |
General All Purpose Plastics Limited |
Registered office: |
Nature of business: Distribution of PVCu products |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Rockdoor Limited * |
Registered office: |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 90.00 |
Homeline Building Products Limited * |
Registered office: |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Highline Building Plastics (Gateshead) Limited * |
Registered office: |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
13. | FIXED ASSET INVESTMENTS - continued |
North Wales Building Plastics Limited * |
Registered office: |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Weatherseal Insulation Limited * |
Registered office: |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
GAP Products Limited* |
Registered office: |
Nature of business: Distribution of PVCu products |
% |
Class of shares: | holding |
Ordinary | 100.00 |
GAP 2 Limited* |
Registered office: |
Nature of business: Dormant |
% |
Class of shares: | holding |
Ordinary | 100.00 |
All subsidiary undertakings were incorporated in the United Kingdom. All subsidiary undertakings have the same registered address as General All Purpose Plastics Group Limited, which is found on page 1. |
* These companies are not directly owned by General All Purpose Plastics Group Limited, but are held by other parent undertakings within the group. |
14. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Raw materials | 6,857,388 | 7,459,504 |
Finished goods | 15,116,519 | 15,384,526 |
21,973,907 | 22,844,030 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 8,566,353 | 9,168,072 |
Amounts owed by group undertakings | - | - |
Other debtors | 255,413 | 676,931 |
Prepayments | 4,024,503 | 3,519,016 |
12,846,269 | 13,364,019 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 18) | 280,000 | 380,000 |
Finance leases (see note 19) | 813,254 | 707,732 |
Trade creditors | 16,581,655 | 15,074,737 |
Amounts owed to associates | 57,708 | 365,406 |
Tax | 522,314 | 1,992,966 |
Social security and other taxes | 3,668,202 | 3,592,320 |
Other creditors | 1,124,301 | 1,943,742 |
Directors' current accounts | 3,028,479 | 220,071 |
Accrued expenses | 8,808,108 | 9,809,925 |
34,884,021 | 34,086,899 |
Amounts due under finance leases are secured upon the assets to which they relate. |
Amounts owed to group and related parties are interest free, unsecured and repayable on demand. |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 18) | 580,000 | 1,140,000 |
Finance leases (see note 19) | 965,657 | 935,350 |
Other creditors | 1,128,205 | 4,007,385 |
2,673,862 | 6,082,735 |
The bank loan is made up of an initial borrowing from Barclays Bank PLC of £10,000,000. The loans included within other creditors are made up of an initial borrowing of £12,155,925 from Crown Oil Treasury Limited. |
The Barclays Bank PLC Loan is repayable in quarterly instalments and is secured by fixed charge over the assets of the company and subject to an interest rate of 3.85% plus LIBOR. |
The Crown Oil Treasury Limited loans are unsecured, repayable on demand and subject to an interest rate of 7.45% above the Bank of England base rate. |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 280,000 | 380,000 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 580,000 | 1,140,000 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Finance leases |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 813,254 | 707,732 |
Between one and five years | 965,657 | 935,350 |
1,778,911 | 1,643,082 |
20. | FINANCIAL INSTRUMENTS |
The carrying values of the company's financial assets and liabilities are summarised by category below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
Financial Assets |
Measured at undiscounted amount receivable |
Trade and other debtors (see note 15) | 8,821,766 | 9,845,003 | 244 | 244 |
Amounts owed by group undertakings (see note 15) |
- |
- |
940,523 |
936,080 |
Amounts owed by related parties (see note 15) |
- |
- |
- |
- |
Cash | 10,849,492 | 11,001,512 | - | - |
Financial Liabilities |
Measured at undiscounted amount payable | - | - |
Trade and other payables (see note 16) | 18,834,161 | 21,025,864 | - | - |
Bank loan due within one year (see note 16) |
280,000 |
380,000 |
- |
- |
Bank loan due greater than one year (see note 17) |
580,000 |
1,140,000 |
- |
- |
Measured at amortised cost |
Obligations under finance leases due within one year (see note 16) |
813,254 |
707,732 |
- |
- |
Obligations under finance leases due after more than one year (see note 17) |
965,657 |
935,350 |
- |
- |
Amounts owed to related parties (see note 16) |
57,708 |
365,406 |
- |
- |
21. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 844,588 | 844,588 |
Other provisions |
Warranty provision | 1,048,207 | 1,001,466 |
Dilapidations provision | 35,000 | 188,122 |
1,083,207 | 1,189,588 |
Aggregate amounts | 1,927,795 | 2,034,176 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
21. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 29 May 2022 | 844,588 | 1,189,587 |
Unused amounts reversed during year | - | (106,380 | ) |
Balance at 28 May 2023 | 844,588 | 1,083,207 |
22. | CALLED UP SHARE CAPITAL |
2023 | 2022 |
£ | £ |
Allotted, called up and fully paid |
13,331 "A" Ordinary shares of £0.01 each | 133 | 133 |
20,000 "B" Ordinary shares of £0.01 each | 200 | 200 |
11,113 "D" Ordinary shares of £0.01 each | 111 | 67 |
4,627,681 Redeemable preference shares of £1 each | 4,627,681 | 4,627,681 |
4,628,125 | 4,628,125 |
The "A", "B" and "D" Ordinary shares carry the respective voting rights to appoint and remove directors and be subject to the restrictions on transfer as provided in the Articles of Association but rank pari passu in all other respects. |
The rights attached to the Preference shares are set out below.The "A", "B" and "D" Ordinary shares carry the respective voting rights to appoint and remove directors and be subject to the restrictions on transfer as provided in the Articles of Association but rank pari passu in all other respects. |
The rights attached to the Preference shares are set out below. |
Income |
The holders of the Preference shares shall not be entitled to receive any preferential dividend. |
Capital |
On a return of assets the assets and retained profits of the company available for distribution amongst the members shall be applied first in paying to each of the holders of Preference shares the total Issue Price of the Preference shares held by them respectively, with any balance paid to the holders of the Ordinary shares in proportion to the number of Ordinary shares held by them respectively. |
Voting |
The holders of the Preference shares shall have no right to receive notice of or to attend and vote at any general meeting of the company or in writing up any resolution of the company. |
Redemption |
The company may at any time redeem the preference shares either in their entirety or in part, subject to giving notice in writing to the members holding the Preference shares, and the company shall pay on each preference share redeemed an amount equal to its Issue Price. In the case of a post redemption, the company shall redeem the same proportion for each member's registered holding of the Preference shares. |
Profit and loss reserve |
This reserve records retained earnings and accumulated losses. |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
23. | RESERVES |
Group |
Retained |
earnings |
£ |
At 29 May 2022 | 22,910,388 |
Profit for the year | 7,256,768 |
Dividends | (5,955,557 | ) |
At 28 May 2023 | 24,211,599 |
Company |
Retained |
earnings |
£ |
At 29 May 2022 |
Profit for the year |
Dividends | ( |
) |
At 28 May 2023 |
24. | PENSION COMMITMENTS |
The group contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered scheme. The pension charge represents contributions payable by the company to the scheme and amounted to £895,707 (2022: £765,309). |
Included within accruals is £77,349 (2022: £61,311) in relation to outstanding contributions. |
25. | CONTINGENT LIABILITIES |
The group's CID facility and loan facilities are secured by a cross guarantee and debenture in place between GAP 2 Limited, GAP Products Limited, General All Purpose Plastics Limited and General All Purpose Plastics Holdings Limited. |
This is secured on all plant and machinery, rental and other income, securities, insurance and assurance contracts, goodwill, uncalled share capital, intellectual property and trade debts. |
No liability is expected to arise under this guarantee. The maximum liability at 31 May 2023 is £860,000 (2022: £1,520,000). |
26. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | 334,300 | 556,090 |
GENERAL ALL PURPOSE PLASTICS GROUP |
LIMITED (REGISTERED NUMBER: 05635001) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 MAY 2023 |
27. | RELATED PARTY DISCLOSURES |
The company has taken advantage of the exemptions within FRS 102 Section 33 Paragraph 1a not to disclose transactions with wholly owned group companies. |
Details of outstanding balances with related parties can be found in notes 14 and 15. |
A D Greensmith and S D Bird, directors of the company, are also designated members in Bridgemere Properties LLP. Purchases from Bridgemere Properties LLP amounted to £208,926 (2022: £225,000). During the year the company paid expenses on behalf of Bridgemere Properties LLP amounting to £31,989 (2022: £174,303). During the year, balances amounting to £nil (2022: £nil) were written off as owing to Bridgemere Properties LLP. As a result of this, the amount owing at 31 May 2023 is a creditor owing to Bridgemere Properties LLP of £57,708 (2022: £337,608). This has been included in amounts owed to related parties. |
A D Greensmith is a trustee in GAP Limited No.1 FURBS and GAP Limited No.3 FURBS. At 31 May 2023 GAP Limited No.1 FURBS owed the company £nil (2022: £31,908) and GAP Limited No.3 FURBS owed the company £nil (2022: £62,345). |
S D Bird is a trustee in GAP Limited No.2 FURBS, GAP Limited No.4 FURBS and GAP Limited No.5 FURBS. At 31 May 2023 GAP Limited No.2 FURBS owed the company £nil (2022: £56,662). GAP Limited No.4 FURBS owed the company £nil (2022: £7,627) and GAP Limited No.5 FURBS owed the company £nil (2022: £55,193). |
A D Greensmith is a director of Crown Oil Limited. The company made sales to Crown Oil Limited in the year amounting to £16,296 (2022: £23,432) and purchases amounting to £629,725 (2022: £417,786). At 31 May 2023 the company owed Crown Oil Limited £51,281 (2022: £28,673). As at 31 May 2023, the company also had loans from Crown Oil Limited, which were to fund the purchase of GAP 2 Limited and for working capital requirements. These loans were renegotiated during the year, and at the year end, the company owed Crown Oil Limited £1,743,590 (2022: £5,665,591). The security pertaining to these loans is detailed in notes 14 and 15. |
A D Greensmith is a trustee of the Crown Oil Executive Pension Fund. The company made purchases from this fund amounting to £399,167 (2022: £386,850). |
Loans due (to)/from directors are as follows: |
2023 | 2022 |
£ | £ |
A D Greensmith | (1,627,982 | ) | (70,608 | ) |
S D Bird | (1,400,496 | ) | (149,462 | ) |
No interest has been charged in the year. Loans are repayable on demand. |
28. | ULTIMATE CONTROLLING PARTY |
The group is under the common control of the directors. |