Registration number:
Foam Techniques Limited
for the Year Ended 31 March 2021
Foam Techniques Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Foam Techniques Limited
Company Information
Directors |
M A Rushin S A Thomas A R Patel M J Lewis R J Norman |
Company secretary |
A R Patel |
Registered office |
|
Solicitors |
|
Bankers |
|
Auditors |
|
Foam Techniques Limited
Strategic Report
Year Ended 31 March 2021
The directors present their strategic report for the year ended 31 March 2021.
Principal activity
The principal activity of the company is to produce flexible foam and rubber components for a vast range of applications across a wide section of industrial sectors.
Fair review of the business
Since joining the Avon Group, the company has enjoyed significant investment. The company has also expanded the main customer base and has been successful in winning new contracts.
Results and key performance indicators
The company's key financial and other performance indicators during the year were as follows:
The directors and senior managers maintain a policy of regular review and tight control of the business using key performance indicators which include all key financial and non-financial measures.
With a very strong underpinning of cash control, benchmarking and analysis of all key budgetary data including monitoring of potential environmental impacts the company ensures a clear and fundamental understanding of its business at all stages of the year.
Foam Techniques Limited
Strategic Report
Year Ended 31 March 2021
Principal risks and uncertainties
The Company operates in a challenging, global environment which has a range of risks and uncertainties. Some of these are highlighted below:
New rules and regulations around Brexit, as well as currency fluctuations have continued to have an impact on the business and its operations.
To continue to have a strong market share demands that the operation continues to invest in new machinery to allow for new product mixes to be able to meet the demands of existing and attracting new, customers.
With ongoing market pressures it is becoming ever harder to achieve strong margins within the industry.
Supply chain disruption and machine efficiencies can reduce ability to supply on time in full and also affect the ability to win new business and achieve operational results.
Product performance that does not meet expectations can cause reliability and safety issues. One therefore has to ensure all standards are maintained across the whole process of design, manufacture and delivery. To do otherwise could potentially have severe, long term consequences.
Risk Management
Risk management is reviewed regularly by both directors and senior management.
Specific mitigation against principal risks include:
The ability to minimize fluctuations with support from the Groups banking facility
The Company, in line with the Group ethos, constantly strives to improve by investing in training and quality improvements. Liaising with key customers & suppliers on quality and performance improvement, the Company ensures the next generation products, materials and capital equipment all possess world leading qualities.
In its trading history, the Company has proved itself in maintaining long term relationships with critical suppliers. Operating within a constantly changing business environment however, alternative sources of material supply and services need to be regularly reviewed ensuring the company has plans in place to meet any possible breakdowns in supply from key suppliers.
With its strong environmental awareness coupled with the open market higher price of plastic, the company has striven to minimise wastage and looked for ways to move away from plastic packaging. With its ethos of maximising recycling these drives have helped in protecting margins.
Foam Techniques Limited
Strategic Report
Year Ended 31 March 2021
Coronavirus C19 Statement
The outbreak and continued spread of the coronavirus pandemic have brought about a rapidly changing developments to our business.
We are safely managing all aspects of our operations to ensure continuity and support to our customers. Although we had no changes to our supply chain so far during the pandemic we did have to reduce operations and diversify our product range to meet the needs of our customers.
We recognize that our primary concern is for the health and safety of our work colleagues and our stakeholders including customer and supply partners.
We have implemented additional cleaning and installed hygiene and sanitization procedures throughout our facility; issued appropriate PPE; while also adopting the government guidelines of social distancing and work at home protocols. Although the country is limiting the regulations in place, we as a business continue to maintain the high standards we have initialized throughout the pandemic.
Although this pandemic was completely unexpected and has continued longer than hoped, we have been able to maintain a strong financial position and it is pleasing to note that we now operate at pre pandemic levels.
Approved by the Board on
M A Rushin
Director
Foam Techniques Limited
Directors' Report
Year Ended 31 March 2021
The directors present their report and the financial statements for the year ended 31 March 2021.
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Burton Sweet Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the Board on
M A Rushin
Director
Foam Techniques Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Foam Techniques Limited
Independent Auditor's Report to the Members of Foam Techniques Limited
Opinion
We have audited the financial statements of Foam Techniques Limited (the 'company') for the year ended 31 March 2021, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• |
give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its profit for the year then ended; |
• |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• |
have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the companys 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.
Foam Techniques Limited
Independent Auditor's Report to the Members of Foam Techniques Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• |
the financial statements are not in agreement with the accounting records and returns; or |
• |
certain disclosures of directors’ remuneration specified by law are not made; or |
• |
we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Foam Techniques Limited
Independent Auditor's Report to the Members of Foam Techniques Limited
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• |
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
• |
we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience of the sector; |
• |
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; |
• |
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
• |
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance through the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• |
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; |
• |
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and |
• |
understanding the design of the company’s remuneration policies. |
To address the risk of fraud through management bias and override of controls, we:
Foam Techniques Limited
Independent Auditor's Report to the Members of Foam Techniques Limited
• |
performed analytical procedures to identify any unusual or unexpected relationships; |
• |
tested journal entries to identify unusual transactions; |
• |
assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias; and |
• |
investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• |
agreeing financial statement disclosures to underlying supporting documentation; |
• |
reading the minutes of meetings of those charged with governance; |
• |
enquiring of management as to actual and potential litigation and claims; and |
• |
reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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 an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Foam Techniques Limited
Independent Auditor's Report to the Members of Foam Techniques Limited
......................................
For and on behalf of
Cooper House
Lower Charlton Estate
Somerset
BA4 5QE
Foam Techniques Limited
Profit and Loss Account
Year Ended 31 March 2021
Note |
2021 |
2020 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Distribution costs |
( |
( |
|
Administrative expenses |
( |
( |
|
Other operating income |
|
- |
|
Operating profit |
930,403 |
1,281,075 |
|
Interest payable and similar expenses |
( |
|
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Foam Techniques Limited
(Registration number: 02078810)
Balance Sheet
31 March 2021
Note |
2021 |
2020 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Approved and authorised by the
.........................................
Director
Foam Techniques Limited
Statement of Changes in Equity
Year Ended 31 March 2021
Share capital |
Profit and loss account |
Total |
|
At 1 April 2020 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 March 2021 |
|
|
|
Share capital |
Profit and loss account |
Total |
|
At 1 April 2019 |
|
|
|
Profit for the year |
- |
|
|
Total comprehensive income |
- |
|
|
At 31 March 2020 |
|
|
|
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
Booth Drive
Park Farm South
Wellingborough
NN8 6GR
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
The Directors consider there to be no material uncertainties affecting going concern due to the confidence in the Group’s funding position, no net debt and unencumbered assets. This has been considered in the context of the Covid-19 pandemic, please see the strategic report for more details.
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
5&-25% per annum straight line |
Plant and machinery |
10%-25% per annum straight line and 15% per annum reducing balance |
Motor vehicles |
10%-25% per annum straight line and 15% per annum reducing balance |
Fixtures and fittings |
10%-33% per annum straight line and 15% per annum reducing balance |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight line over 10 years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2021 |
2020 |
|
Sale of goods |
|
|
The analysis of the company's turnover for the year by market is as follows:
2021 |
2020 |
|
UK |
|
|
Rest of world |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2021 |
2020 |
|
Government grants |
|
- |
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2021 |
2020 |
|
Gain (loss) on disposal of property, plant and equipment |
|
( |
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Operating profit |
Arrived at after charging/(crediting)
2021 |
2020 |
|
Depreciation expense |
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
Interest payable and similar expenses |
2021 |
2020 |
|
Interest on bank overdrafts and borrowings |
|
|
Foreign exchange (gains) / losses |
( |
( |
|
( |
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2021 |
2020 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Redundancy costs |
- |
( |
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2021 |
2020 |
|
Production |
|
|
Administration and support |
|
|
|
|
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Directors' remuneration |
The directors' remuneration for the year was as follows:
2021 |
2020 |
|
Remuneration |
|
|
Auditors' remuneration |
2021 |
2020 |
|
Audit of the financial statements |
|
|
Taxation |
Tax charged/(credited) in the income statement
2021 |
2020 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
|
( |
166,284 |
228,104 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
( |
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2020 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
2021 |
2020 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Deferred tax expense/(credit) relating to changes in tax rates or laws |
|
( |
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
( |
Total tax charge |
|
|
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Deferred tax
Deferred tax assets and liabilities
2021 |
Liability |
Accelerated tax depreciation |
|
2020 |
Liability |
Accelerated tax depreciation |
|
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2020 |
|
|
At 31 March 2021 |
|
|
Amortisation |
||
Carrying amount |
||
At 31 March 2021 |
|
|
At 31 March 2020 |
|
|
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Tangible assets |
Long leasehold land and buildings |
Plant and machinery |
Office equipment |
Motor vehicles |
||
Cost or valuation |
|||||
At 1 April 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
- |
- |
- |
( |
|
At 31 March 2021 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2020 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
- |
( |
|
At 31 March 2021 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2021 |
|
|
|
|
|
At 31 March 2020 |
|
|
|
|
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Total |
|||||
Cost or valuation |
|||||
At 1 April 2020 |
|
||||
Additions |
|
||||
Disposals |
( |
||||
At 31 March 2021 |
|
||||
Depreciation |
|||||
At 1 April 2020 |
|
||||
Charge for the year |
|
||||
Eliminated on disposal |
( |
||||
At 31 March 2021 |
|
||||
Carrying amount |
|||||
At 31 March 2021 |
|
||||
At 31 March 2020 |
|
Included within the net book value of land and buildings above is £211,278 (2020 - £217,845) in respect of long leasehold land and buildings.
Stocks |
2021 |
2020 |
|
Other inventories |
|
|
Debtors |
Note |
2021 |
2020 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Prepayments |
|
|
|
|
|
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Cash and cash equivalents |
2021 |
2020 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
Note |
2021 |
2020 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts due to related parties |
|
- |
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
|
|
Included in other payables is £915,835 (2020 - £1,060,294) relating to a confidential invoice discount agreement with Barclays Bank Plc, this balance is secured on the trade debts of the company.
Barclays Bank Plc hold a fixed charge on purchased debts which fail to vest and a floating charge on proceeds of other debts.
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 April 2020 |
|
|
Additional provisions |
|
|
At 31 March 2021 |
|
|
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
|
|
10,000 |
|
10,000 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Foam Techniques Limited
Notes to the Financial Statements
Year Ended 31 March 2021
The parent of the largest group in which these financial statements are consolidated is Avon Group Manufacturing (Holdings) Limited, incorporated in England.
The address of Avon Group Manufacturing (Holding) Limited is:
The Avon Building
Units 137 - 145
South Liberty Lane
Bedminster
Bristol
BS3 2TL
Related party transactions |
Where the company has trading transactions and debtor and creditor balances with other 100% wholly owned subsidiaries within the group the company has taken advantage of the exemption from disclosure as consolidated accounts are available. Although no detail is given the total balances can be seen in the debtor and creditor notes to the accounts. All group balances are considered fully recoverable and are reviewed on a group level and each company is fully supported within the group.