Rubber Products - Merlin Scott Associates

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Rubber Products
January 2015 Edition
Printed Using Financial Analysis Software
By Merlin Scott Associates Limited
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Table of Contents
Chapter One
Executive Summary
5
Chapter Two
Introduction
13
Chapter Three
Company Rankings
17
Chapter Four
Company Accounts
103
Chapter Five
Terms & Ratios
707
Appendix
Additional Companies
713
Table of Contents | 2
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Chapter One Executive Summary
Industry Averages
The industry averages presented in this review have been calculated using the latest company accounts filed.
When calculating the industry averages, we have been careful to exclude unusually high or low figures (ie plus
or minus two standard deviations from the mean). Guarding against spurious figures ensures that our averages
remain a truer representation of the industry. Chapter Four presents the latest five years of accounts available
for each company. Using a series of seven graphs, company performance figures are presented alongside the
following industry averages making it easy to compare individual companies with the industry.
2009
2010
2011
2012
2013
2014
24.63
26.25
18.22
18.01
18.59
24.39
Operating Profit Margin (%)
5.16
1.06
5.56
4.92
4.91
5.42
Profit Before Interest & Tax Margin (%)
5.81
10.16
6.38
5.52
6.15
5.75
Gross Profit Margin (%)
Pre-tax Profit Margin (%)
4.22
9.17
5.57
4.66
5.36
5.17
Return on Total Assets (%)
-0.24
2.71
1.80
2.17
2.23
0.79
Return on Capital Employed (%)
-1.02
7.51
8.18
9.86
9.84
2.64
-24.22
12.12
7.46
9.01
9.85
1.23
Current Ratio
0.31
0.32
0.30
0.28
0.32
0.18
Quick Ratio
0.26
0.28
0.25
0.24
0.27
0.15
Debt Ratio
0.86
0.83
0.85
0.85
0.84
0.90
Return on Equity (%)
Click here
latest results65
76 to order the
61 full report52and all the 53
Credit Given (Days)
61
Credit Taken (Days)
37
42
32
29
30
53
Times Interest Earned
3.80
9.29
6.72
7.23
8.39
10.02
Fixed Asset Turnover
3.10
5.02
4.38
4.25
4.22
4.33
Stock Turnover
9.27
12.76
9.65
9.55
9.90
9.01
Debtor Turnover
6.01
7.89
6.58
7.12
6.87
5.82
188,623
273,749
264,208
248,395
252,575
195,040
31,401
45,175
37,494
37,161
39,597
38,492
Turnover Growth (% of 2012)
98.34
90.91
101.86
100.00
99.62
103.27
Operating Profit Growth (% of 2012)
94.75
76.37
96.15
100.00
104.27
102.94
Turnover per Employee (£)
Average Wage (£)
The Best Practice averages show what is achieveable for a well managed firm and the averages for Big Companies
and Small Companies show whether investment in scale is likely to be rewarded. The difference between the
various series of averages on each graph gives a measure of the variability of the results in a sector.
All Companies - These averages provide a benchmark for any company in the sector. Chapter Four shows these
averages as a direct comparison in the Ratio Analysis area. The trends in these averages can be thought of as
indicating industry trends. So the graphs in Chapter Four are providing a benchmark of the industry performance
over time against which each company can be measured.
Big Companies - Calculated using the data available for the largest companies (based on Total Assets). The
attractions of consolidation within the industry can be seen by considering these averages and comparing them
to the averages for All Companies.
Small Companies - Calculated using the data available for the smallest companies (based on Total Assets). The
averages for smaller companies indicate their attractiveness for potential take-overs ie if the average performance
of smaller companies exceeds that for larger companies then they become attractive acquisition targets.
Best Practice - Calculated using the data for companies that are both financially strong and have been consistently
profitable over previous years. Irregardless of size some companies are quite simply better managed or better
placed to take advantage of industry changes than others so these averages show the potential for firms within
this sector.
Chapter One Executive Summary | 3
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35
The industry average gross margin for all
companies in the period is 21.68%. The average
for big companies
in the
period
Click here
to order
theisfull20.41%. The
average gross
margin
for
small
in the
report and all the latestcompanies
results
period is 20.43%. The best practice companies had
an average of 26.50% during the period.
30
25
20
15
10
5
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
24.63%
26.25%
18.22%
18.01%
18.59%
24.39%
Large Companies
33.98%
35.72%
15.02%
14.82%
16.92%
6.02%
Small Companies
19.40%
20.66%
19.35%
19.14%
19.20%
24.85%
Best Practice
26.42%
27.75%
25.95%
26.30%
26.98%
25.57%
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10
8
The industry average operating margin for all
companies in the period is 4.50%. The average for
big companies
in the
is 2.74%.
Click
hereperiod
to order
the full The average
operating margin
for small
in the period
report and
all thecompanies
latest results
is 5.04%. The best practice companies had an
average of 8.18% during the period.
6
4
2
0
-2
-4
2009
10
9
8
7
6
5
4
3
2
1
0
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
5.16%
1.06%
5.56%
4.92%
4.91%
5.42%
Large Companies
7.11%
-4.11%
3.57%
3.26%
5.28%
1.33%
Small Companies
4.10%
4.05%
6.23%
5.45%
4.79%
5.64%
Best Practice
6.33%
7.75%
8.29%
8.74%
9.68%
8.30%
The industry average profit before interest & tax
margin for all companies in the period is 6.63%. The
average for big
companies
in the
Click
here to order
theperiod
full is 5.03%.
The average
profit
before
interest
& tax margin
report and all the latest results
for small companies in the period is 6.89%. The
best practice companies had an average of 8.40%
during the period.
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
5.81%
10.16%
6.38%
5.52%
6.15%
5.75%
Large Companies
8.26%
9.60%
3.87%
2.28%
5.27%
0.93%
Small Companies
4.54%
10.46%
7.19%
6.53%
6.44%
6.16%
Best Practice
6.63%
8.04%
8.47%
9.10%
9.58%
8.58%
4 | Chapter One Executive Summary
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10
9
8
7
6
5
4
3
2
1
0
The industry average pre tax profit for all companies
in the period is 5.69%. The average for big
companies in
thehere
period
is 4.43%.
Click
to order
the fullThe average
pre tax profit
for
small
companies
in the period
is 5.89%. The best practice companies had an
average of 7.79% during the period.
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
4.22%
9.17%
5.57%
4.66%
5.36%
5.17%
Large Companies
6.05%
8.27%
3.83%
2.27%
5.26%
0.92%
Small Companies
3.28%
9.65%
6.12%
5.41%
5.39%
5.47%
Best Practice
5.62%
7.27%
8.00%
8.58%
9.13%
8.14%
16
14
The industry average return on total assets for all
big companies
in the
is 0.03%.
Click
hereperiod
to order
return on report
total assets
in the
and allfor
thesmall
latestcompanies
results
period is 8.52%. The best practice companies had
an average of 13.73% during the period.
12
10
8
6
4
2
0
-2
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
-0.24%
2.71%
1.80%
2.17%
2.23%
0.79%
Large Companies
-1.51%
0.56%
-0.04%
0.57%
0.74%
-0.13%
Small Companies
5.12%
11.66%
9.17%
8.43%
7.82%
8.89%
12.24%
14.00%
16.02%
15.52%
13.91%
Best Practice
10.67%
25
The industry average return on capital employed
for all companies in the period is 6.17%. The
average for big
companies
in the
period
Click
here to order
the
full is -0.92%.
The average
return
on
capital
employed
report and all the latest results for small
companies in the period is 13.21%. The best
practice companies had an average of 23.76%
during the period.
20
15
10
5
0
-5
- 10
2009
2010
All Companies
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
-1.02%
7.51%
8.18%
9.86%
9.84%
2.64%
Large Companies
-10.11%
0.82%
-0.32%
4.87%
6.37%
-7.15%
Small Companies
8.20%
15.09%
15.03%
13.62%
12.16%
15.15%
21.50%
27.75%
27.19%
24.73%
24.95%
Best Practice
16.42%
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20
The industry average return on equity for all
big companies
in the
period
is -9.67%.
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here
to order
return on shareholder
funds
for
small
companies in
report and all the latest
results
the period is 13.59%. The best practice companies
had an average of 19.94% during the period.
10
0
- 10
- 20
- 30
- 40
- 50
- 60
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
-24.22%
12.12%
7.46%
9.01%
9.85%
1.23%
Large Companies
-61.01%
-0.80%
-1.52%
5.34%
6.96%
-6.99%
23.01%
14.53%
11.52%
11.59%
13.38%
16.23%
22.70%
22.15%
20.48%
20.93%
Small Companies
7.49%
Best Practice
17.16%
Current Ratio
2 .0 0
The industry average current ratio for all companies
in the period is 0.28. The average for big companies
in the periodClick
is 0.13.
average
ratio for
hereThe
to order
the current
full
small companies
in the
period
1.69. The best
report and
all the
latestisresults
practice companies had an average of 1.71 during
the period.
1 .7 5
1 .5 0
1 .2 5
1 .0 0
0 .7 5
0 .5 0
0 .2 5
0 .0 0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
0.31
0.32
0.30
0.28
0.32
0.18
Large Companies
0.16
0.18
0.13
0.10
0.12
0.08
Small Companies
1.57
1.63
1.63
1.75
1.93
1.63
Best Practice
1.43
1.46
1.56
1.87
2.12
1.80
1 .7 5
Quick Ratio
1 .5 0
The industry average quick ratio for all companies in
the period is 0.24. The average for big companies
in the periodClick
is 0.11.
average
quick ratio for
here The
to order
the full
small companies
in
the
period
is
1.39.
report and all the latest results The best
practice companies had an average of 1.33 during
the period.
1 .2 5
1 .0 0
0 .7 5
0 .5 0
0 .2 5
0 .0 0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
0.26
0.28
0.25
0.24
0.27
0.15
Large Companies
0.14
0.15
0.11
0.09
0.11
0.08
Small Companies
1.31
1.37
1.33
1.44
1.63
1.28
Best Practice
1.10
1.12
1.19
1.45
1.69
1.44
0 .9
0 .8
0 .7
0 .6
0 .5
0 .4
0 .3
0 .2
0 .1
0 .0
90
80
70
60
50
40
30
20
10
0
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Debt Ratio
The industry average debt ratio for all companies in
the period is 0.86. The average for big companies
in the periodClick
is 0.92.
average
return on total
here The
to order
the full
assets forreport
small and
companies
in
the
period
all the latest results is 0.59.
The best practice companies had an average of
0.49 during the period.
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
0.86
0.83
0.85
0.85
0.84
0.90
Large Companies
0.92
0.90
0.92
0.93
0.93
0.95
Small Companies
0.64
0.59
0.60
0.59
0.56
0.54
Best Practice
0.55
0.54
0.52
0.45
0.41
0.47
Credit Given (Days)
The industry average days credit given for all
companies in the period is 61.43 days. The average
for big companies
in to
theorder
period
is 38.00 days.
Click here
the full
The average
daysand
credit
given
for results
small companies
report
all the
latest
in the period is 66.81 days. The best practice
companies had an average of 69.04 days during
the period.
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
61
76
61
52
53
65
Large Companies
57
94
24
20
24
8
Small Companies
64
70
74
61
63
69
Best Practice
69
70
72
65
66
73
Credit Taken (Days)
60
The industry average days credit taken for all
companies in the period is 36.93 days. The average
for big companies
in to
theorder
period
is 28.62 days.
Click here
the full
The average
days
credit
taken
for
small
report and all the latest resultscompanies
in the period is 37.35 days. The best practice
companies had an average of 60.68 days during
the period.
50
40
30
20
10
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
37
42
32
29
30
53
Large Companies
44
57
21
22
19
9
Small Companies
33
36
36
31
34
54
Best Practice
61
61
64
55
58
65
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16
14
The industry average interest cover for all
companies in the period is 7.57. The average for
big companies
in here
the period
is the
7.81.
Click
to order
fullThe average
interest cover
for
small
companies
in the period is
7.88. The best practice companies had an average
of 12.20 during the period.
12
10
8
6
4
2
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
3.80
9.29
6.72
7.23
8.39
10.02
Large Companies
3.61
6.24
7.87
15.48
7.38
6.29
Small Companies
4.01
Best Practice
5.99
12.48
6.54
5.96
8.80
9.50
8.42
14.53
15.54
16.20
12.52
9
8
The industry average fixed asset turnover for all
companies in the period is 4.22. The average for big
companies inClick
the period
5.09.the
The
here toisorder
fullaverage fixed
asset turnover
small
companies
in the period is
reportforand
all the
latest results
7
6
5
4
3
2
1
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
3.10
5.02
4.38
4.25
4.22
4.33
Large Companies
3.14
8.70
5.75
5.34
5.43
2.17
Small Companies
3.07
4.09
4.07
4.00
3.94
4.23
Best Practice
4.94
4.85
6.07
6.95
6.65
6.42
Stock Turnover
14
The industry average stock turnover for all
big companies
in here
the period
is the
8.13.
Click
to order
fullThe average
stock turnover
for
small
companies
in the period
is 10.59. The best practice companies had an
average of 10.13 during the period.
12
10
8
6
4
2
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
9.27
12.76
9.65
9.55
9.90
9.01
Large Companies
7.10
14.15
7.91
8.10
8.21
3.29
Small Companies
11.02
12.10
10.40
10.13
10.62
9.24
Best Practice
10.64
9.48
9.30
10.26
10.67
10.41
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Debtor Turnover
25
The industry average debtor turnover for all
big companies
in the
is 14.46.
Click
hereperiod
to order
debtor turnover
for
small
companies
in the period is
20
15
10
5
0
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
6.01
7.89
6.58
7.12
6.87
5.82
Large Companies
6.38
24.47
15.00
18.25
15.26
7.42
Small Companies
5.84
5.76
5.57
5.97
5.81
5.35
Best Practice
5.95
5.25
5.08
5.59
5.56
5.07
5 0 0 ,0 0 0
4 5 0 ,0 0 0
4 0 0 ,0 0 0
3 5 0 ,0 0 0
3 0 0 ,0 0 0
2 5 0 ,0 0 0
2 0 0 ,0 0 0
1 5 0 ,0 0 0
1 0 0 ,0 0 0
5 0 ,0 0 0
0
Turnover per Employee (£)
The industry average sales per employee for all
companies in the period is £237098. The average
for big companies
in the
period
£302790. The
Click here
to order
theis full
average sales
employee
for small
reportper
and
all the latest
resultscompanies
in the period is £218886. The best practice
companies had an average of £180646 during the
period.
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
2014
All Companies
188,623
273,749
264,208
248,395
252,575
195,040
Large Companies
176,724
504,689
339,775
321,601
343,246
130,705
Small Companies
195,479
219,077
246,470
231,656
232,399
188,237
Best Practice
154,343
163,725
189,305
189,676
186,343
200,487
1 0 0 ,0 0 0
9 0 ,0 0 0
8 0 ,0 0 0
7 0 ,0 0 0
6 0 ,0 0 0
5 0 ,0 0 0
4 0 ,0 0 0
3 0 ,0 0 0
2 0 ,0 0 0
1 0 ,0 0 0
0
Average Wage (£)
The industry average wage per employee for all
companies in the period is £38220. The average
for big companies
in the
period
Click here
to order
theisfull£62216. The
average wage
per
employee
for
small
companies in
report and all the latest
results
the period is £34448. The best practice companies
had an average of £29836 during the period.
2009
2010
2011
2012
2013
2014
2009
2010
2011
2012
2013
All Companies
31,401
45,175
37,494
37,161
39,597
38,492
Large Companies
30,687
88,628
50,682
47,506
52,732
103,064
Small Companies
31,816
34,379
34,157
34,633
36,499
35,203
Best Practice
30,437
29,362
29,383
29,681
30,486
29,668
2014
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110
100
90
80
70
60
50
40
30
20
10
0
2009
2010
2011
2012
2013
2014
The market size represented by the companies
in this report was £5141M in the year 2012. The
market size in
2014
is estimated
at £5309M.
Since
Click
here
to order the
full
most companies
have
reported
figures
for
this
year
it is a good base year. In 2014 fewer companies
have filed information. Our estimate of market size
uses the growth rate for the companies that have
filed and the assumption that this growth rate
applies to the whole sector.
2009
2010
2011
2012
2013
2014
All Companies
98.34%
90.91%
101.86%
100.00%
99.62%
103.27%
Large Companies
99.63%
91.27%
105.46%
100.00%
101.76%
40.64%
Small Companies
97.94%
90.80%
100.67%
100.00%
98.91%
103.27%
Best Practice
92.64%
75.62%
93.91%
100.00%
98.79%
99.20%
Operating Profit Growth (% of 2012)
160
Operating profit can of course be both negative
and positive. This means that the series will be
likely to haveClick
considerable
variance.
here to order
the fullHowever the
series is provided
to all
trythe
an latest
capture
the increasing
report and
results
of decreasing profitability within the sector.
140
120
100
80
60
40
20
0
2009
2010
2011
All Companies
2012
2013
2014
2009
2010
2011
2012
2013
2014
94.75%
76.37%
96.15%
100.00%
104.27%
102.94%
117.84%
115.45%
100.00%
164.63%
40.64%
68.82%
92.75%
100.00%
93.79%
102.94%
66.69%
91.76%
100.00%
109.77%
104.33%
Large Companies
124.62%
Small Companies
89.71%
Best Practice
93.27%
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Chapter Two Introduction
Chapter Three: Company Rankings
Chapter Three presents a series of company rankings spanning the latest three fiscal years. Companies have
been ranked according to turnover, gross profit, operating profit, profit before interest & tax, pre tax profit,
shareholder funds, number of employees, gross profit margin, operating profit margin, profit before interest & tax
margin, pre tax profit margin, return on total assets, return on capital employed, return on equity, current ratio,
quick ratio, debt ratio, credit given, credit taken, times interest earned, fixed asset turnover, stock turnover,
debtor turnover, sales per employee, average wage, growth in turnover, growth in operating profit, growth in
pre tax profit, growth in employees. To facilitate easy comparison of company size and financial performance,
rankings have been provided in columns of descending order.
Chapter Four: Company Accounts
Chapter Four presents the company accounts for all of the firms listed in the report. For easier comparison
between firms, the layout and presentation of company accounts has been standardised. Accompanying each
set of accounts are two types of analysis. The first of which is a ratio analysis and the second is a graphical trend
analysis. Please keep in mind that ratio and trend analyses are meaningless unless some type of comparative
value is provided. It is for this reason that we have provided industry averages wherever possible. Our industry
averages provide the reader with a benchmark against which individual companies can be compared. When
reading company accounts, it is important to keep in mind that limited companies have nine months after their
yearend to file their accounts with Companies House and public limited companies have six months after their
yearend.
Ratio Analysis
The ratio analysis is located at the bottom of the page for each company. The ratios are calculated using figures
taken from the balance sheet and the profit and loss statement. Using the ratios, it is possible to chart a firm's
financial history and evaluate it's current position. The ratios presented in our review can be divided into five
categories. Further explanation of these ratio categories can be found in Chapter Five
1) Profitability ratios illustrate the return generated on sales and investments. Return on total assets
(ROTA) for example is a key indication of management effectiveness.
2) Liquidity ratios measure a firm's ability to meet maturing short term obligations.
3) Gearing ratios measure the extent to which a firm has been financed by debt.
4) Activity ratios measure how effectively a firm is utilising its resources.
5) Growth ratios measure a firm's ability to maintain its financial position given the recent economic
climate.
Trend Analysis or Graph Analysis
The trend analysis can be seen in up to seven graph illustrations which accompany each set of company accounts.
Using the trend analysis, one can see company and industry changes over time. More specifically, it is possible to
see whether or not a firm's financial position is improving or deteriorating. The following graph illustrations listed
one through seven are provided for each company.
1)
2)
3)
4)
5)
6)
7)
Credit Worthiness
Credit Control
Debt Ratio & Current Ratio
Annual Sales (% of 2013)
Turnover Analysis
Sales Per Employee
Profit Margins
Chapter Two Introduction | 13
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Example Trend Graph
140
120
100
80
60
40
20
0
2011
2012
2013
2014
2015
Widgets Limited Values
Industry Average Values
The example graph is typical of the trend analysis provided for each company. Keeping in mind that both the
absolute values and the slope of the trendlines are significant, such a graph can tell an important story concerning
a firm's financial history. Assuming that our example graph is illustrating sales generated by Widgets Limited in
comparison with those generated by the industry (ie the industry average), here are a few possible interpretations.
Please note that the annual industry average equals total sales for a given year divided by total sales in 2013. Firms
without a sales value for each consecutive year following 2013 have been excluded from the summation of the
divisor. Industry sales fell from 105 to 100 between the years 2012 and 2013, whereas sales generated by Widgets
Limited increased during this period. In spite of a shrinking market, sales for Widgets Limited increased from 70
to 100 resulting in a gain in market share. Sales continued to increase between 2013 and 2015 as illustrated by
the firm's positive trendline slope. At this point in time, however, the industry began to gain some ground. The
industry and Widgets Limited were generating sales at the same rate and as a result, no market share was gained
on this occasion. Between 2014 and 2015, although the company had an increase in sales by 23% (ie 110 to
135), Widgets Limited lost its market share due to industry sales increasing at a greater rate.
Making Sense of Modified Accounts
Please be aware that figures are not always as they appear to be in company accounts. There are a couple
of reasons for this. Many firms employ very skilful accountants who massage annual figures in an attempt to
disguise a company's full or otherwise considered private financial position. Then there are those legal reporting
requirements which allow small and medium sized firms to file partial or modified accounts. A small firm may
choose to disclose its annual balance sheet figures only. Whereas, a medium sized firm may choose to file a
modified profit and loss statement omitting its details on sales. In some cases, however, if annual figures reflect
exceptionally well upon the company's operations, a small or medium sized firm may decide to file a complete
set of accounts.
A small company may file modified accounts with Companies House (ie a shortened balance sheet and
abbreviated notes) as long as it meets two out of the three following criteria:
1) The firm's annual turnover is less than £6,500,000.
2) The firm's average balance sheet total does not exceed £3,260,000.
3) The firm's average number of employees does not exceed 50 persons.
A medium sized company may file modified accounts with Companies House (ie a complete balance sheet, a
director's report and a modified profit and loss statement omitting the annual turnover figure) as long as it meets
two out of the three following criteria:
1) The firm's annual turnover is less than £25,900,000.
2) The firm's average balance sheet total does not exceed £12,900,000.
3) The firm's average number of employees does not exceed 250 persons.
14 | Chapter Two Introduction
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Although modified accounts are more open to interpretation errors, there is still a great deal of information which
can be extracted. For example, all companies are required to file a balance sheet providing the figures necessary
to calculate a firm's current ratio, quick ratio, debt ratio and two trend charts.
Companies filing modified accounts are not required to file a turnover figure. However, it is possible to calculate
an approximate turnover figure using the following ratios. The stock turnover ratio can be very accurate when
reviewing wholesale industries. The fixed asset turnover ratio can be very accurate when reviewing manufacturing
industries. The debtor turnover ratio can be very accurate when reviewing contracting industries, particularly local
government agencies. Ratio analysis is not an exact method and you will need to use your judgement when
choosing the best ratio to use. Example calculations are provided below for each ratio. Annual figures for Industry
Averages can be found on page three in the Executive Summary. Annual figures for stock, total fixed assets and
debtors for respective companies can be found in Chapter Five.
Approximate Turnover for 2015 for Widget Limited
= Industry Average Stock Turnover for 2015 x Stock for 2015 for Widget Limited
= Industry Average Fixed Asset Turnover for 2015 x Total Fixed Assets for 2015 for Widget Limited
= Industry Average Debtor Turnover for 2015 x Debtors for 2015 for Widget Limited
The stability of these ratios is stated in the Executive Summary. This should indicate the degree of confidence
that is safe to apply to your approximate turnover figures.
Chapter Five: Terms & Ratios
We have always found it useful to provide our readers with a chapter explaining the terminology and formulas as
we have used them in our review. For the reader to better understand the data and analyses provided throughout
the review, it is useful to know how the various terms and ratios have been applied.
Chapter Two Introduction | 15
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Chapter Three Company Rankings
Companies Ranked By...
Turnover
19
Gross Profit
22
Operating Profit
25
Profit Before Interest & Tax
28
Pre-tax Profit
31
Shareholder Funds
34
Number of Employees
37
Gross Profit Margin
40
Operating Profit Margin
43
Profit Before Interest & Tax Margin
46
Pre-tax Profit Margin
49
Return on Total Assets
52
Return on Capital Employed
55
Return on Equity
58
Current Ratio
61
Quick Ratio
64
Debt Ratio
67
Credit Given
70
Credit Taken
73
76
Stock Turnover
79
Debtor Turnover
82
Sales Per Employee
85
Average Wage
88
Growth in Turnover
91
Growth in Operating Profit
94
Growth in Pre-tax Profit
97
Growth in Employees
100
Chapter Three Company Rankings | 17
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Companies Ranked By Return on Equity
Company Name
Bandvulc Tyres Ltd
Gti Corporation Limited
E3g Limited
Colorplas Limited
Tremco Illbruck Limited
Pal Group (Operations) Limit..
Viking Extrusions Limited
Tiflex Limited
Arco Limited
Spc Europe Limited
Rosehill Polymers Ltd
Melba Products Limited
Apollo Vredestein (Uk) Ltd
Greenwoods Stock Boxes Ltd
Ensor Holdings P L C
Camberley Group Plc
Polytech International Limit..
Swp Group Plc
Vip-Polymers Limited
Linatex Limited
K3 Business Technology Group..
Camberley Rubber Mouldings L..
Stemaco (Raw Materials) Limi..
James Walker & Co. Limited
Btr Industries Limited
18 | Chapter Three Company Rankings
2014(%)
49.86
47.97
44.61
34.66
33.46
33.44
30.22
26.19
25.26
22.66
16.66
15.32
13.83
13.74
13.38
9.84
9.04
7.90
7.10
6.48
4.87
3.52
2.38
-3.08
-15.43
Company Name
Pexion Limited
Hutchinson (U.K.) Limited
Polymer Holdings Limited
Drc Polymer Products Limited
Precision Polymer Engineerin..
Comfortex Limited
Flexible Connections Limited
Michelin Tyre Public Limited..
Fast Gaskets And Parts Limit..
Dunlop Oil & Marine Limited
Silicone Engineering Limited
Armacell Uk Limited
Limbs & Things Limited
P.J. Industrial Supplies Lim..
Icon Polymer Limited
Whitchem Limited
E3g Limited
Inter Mediate Group Limited
Avon Rubber P.L.C.
Bandvulc Tyres Ltd
Berwin Industrial Polymers L..
Duflex Foam Limited
Rubberatkins Limited
Bridgestone Industrial Limit..
Pamargan Products Limited
Fibrax Limited
Avon Polymer Products Limited
Bertam Consolidated Rubber C..
Northern Engineering (Sheffi..
Colorplas Limited
Continental U.K. Group Holdi..
Continental Tyre Group Ltd.
Farrel Limited
Abco Seals Limited
Nmc (Uk) Limited
Berwin Group Limited
Contitech United Kingdom Lim..
Industrial Rubber Limited
Amnitec Limited
Elastomerics Limited
Safic-Alcan Uk Limited
Silentbloc Uk Limited
Cooper Tire & Rubber Company..
Trelleborg Sealing Solutions..
Trodat (Uk) Limited
Plysolene Limited
Primasil Silicones Limited
Trelleborg Ppl Limited
Camberley Group Plc
Just Rollers Plc
Optibelt (Uk) Limited
Tiflex Limited
Berwin Rubber Company Limited
Trelleborg Engineered Produc..
Just Holdings Limited
Arco Limited
Clwyd Compounders Limited
Corrie Maccoll & Son Limited
Metflex Precision Mouldings..
Smiley Monroe Limited
Laird Holdings Limited
Dunlop Aircraft Tyres Limited
British Seals & Rubber Mould..
West Pharmaceutical Services..
Gates (U.K.) Limited
Thornhill Heat Exchangers Li..
2013(%)
691.00
176.52
171.87
125.29
123.10
113.88
103.58
93.31
85.06
80.34
77.64
77.07
69.32
61.46
60.37
54.47
50.17
50.00
49.59
47.24
46.52
44.13
42.01
40.19
39.97
39.91
38.81
38.73
37.02
35.60
35.01
34.80
34.58
34.24
33.38
33.16
32.87
32.64
31.72
30.65
30.60
30.49
30.03
28.82
28.82
28.20
26.62
26.49
26.17
25.74
24.06
23.60
23.00
22.79
22.62
22.40
22.05
20.24
19.62
18.89
18.48
18.38
18.00
17.02
16.86
16.56
16.53
16.46
16.38
16.12
16.06
15.79
Company Name
2012(%)
Cresta Seals And Mouldings L..
Fast Gaskets And Parts Limit..
Comfortex Limited
Trelleborg Engineered Produc..
Scott-Matrix Limited
Farrel Limited
E3g Limited
P.J. Industrial Supplies Lim..
Bandvulc Tyres Ltd
Blade Rubber Stamps Ltd
Duflex Foam Limited
Northern Engineering (Sheffi..
Spc Europe Limited
Contitech United Kingdom Lim..
Whitchem Limited
Berwin Industrial Polymers L..
Cooper Tire & Rubber Company..
British Tyre Manufacturers'..
Nmc (Uk) Limited
Avon Rubber P.L.C.
Kleen-Tex Industries Limited
Plysolene Limited
Polyformes Limited
Trelleborg Sealing Solutions..
Savatech Trade Limited
Temple Fields 515 Limited
Precision Polymer Engineerin..
Metflex Precision Mouldings..
Colorplas Limited
Kampong Kuantan Rubber Compa..
Amnitec Limited
Nora Flooring Systems Uk Lim..
Semperit Industrial Products..
Just Rollers Plc
Camberley Group Plc
Bertam Consolidated Rubber C..
Flex-Seal Couplings Limited
British Seals & Rubber Mould..
Kromachem Holdings Limited
Trodat (Uk) Limited
Abco Seals Limited
Arco Limited
Hyperlast Limited
Teledyne Impulse-Pdm Ltd.
Pirelli Uk Tyres Limited
Trp Sealing Systems Limited
153.23
107.38
102.78
93.73
80.02
79.62
76.04
71.49
64.39
63.76
62.63
59.88
58.94
58.49
57.94
56.98
54.66
49.95
49.70
48.59
48.52
46.94
46.87
45.93
44.89
41.76
38.86
37.43
34.90
34.32
33.94
32.89
32.76
31.65
31.52
31.37
30.92
30.67
30.45
28.52
28.11
27.57
27.56
27.24
26.57
25.57
25.39
24.62
23.14
23.02
22.75
21.98
21.64
21.36
21.14
21.10
19.76
19.44
19.37
18.90
18.79
18.68
18.60
18.46
18.44
18.21
17.72
17.41
17.28
17.02
16.28
15.57
Company Name
Nora Flooring Systems Uk Lim..
Superior Seals Limited
Colorite Europe Limited
Silflex Limited
Bridgestone Uk Limited
Superior Specials Limited
Day International (U.K.) Lim..
Ferrabyrne Limited
Metaldyne International (Uk)..
Dantec Limited
Pluss-Staufer Limited
Harboro' Rubber Company Limi..
Interfoam Limited
Polyformes Limited
Spc Europe Limited
Goodyear Dunlop Tyres Uk Lim..
Currie & Warner (Holdings) L..
Hyperlast Limited
Rema Tip Top Automotive Uk L..
Kraton Polymers Internationa..
Trelleborg Industrial Produc..
Pirelli Uk Limited
Trelleborg Wheel Systems Uk..
Rb Plastic Fabrication Limit..
Kampong Kuantan Rubber Compa..
Cabot Carbon Limited
Trelleborg Industrial Tyres..
Sovereign Rubber Limited
E.M.Richford,limited
Ulva Insulation Systems Ltd
Ssl International Plc
Zeon Chemicals Europe Limited
Swp Group Plc
Day International (Uk) Holdi..
Huntsman Polyurethanes (Uk)..
Baxenden Chemicals Limited
Dunlop Grg Holdings Limited
Symphony Environmental Limit..
Versalis Uk Ltd
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2013(%)
15.29
15.11
14.60
14.54
14.34
14.06
13.79
13.70
13.30
12.35
11.88
11.75
11.45
10.72
10.53
10.37
10.02
9.99
9.88
9.37
8.52
8.36
8.27
8.08
7.69
7.51
6.33
6.14
5.00
4.56
4.15
3.84
3.79
3.62
3.31
2.89
2.43
2.14
0.21
-0.01
-0.02
-0.71
-1.29
-1.57
-1.62
-2.58
-5.26
-5.80
-7.36
-15.89
-22.04
-23.91
-24.27
-57.93
-60.93
-180.66
-211.83
Company Name
Rb Plastic Fabrication Limit..
Merlett Plastics (U.K.) Limi..
Interfoam Limited
Thornhill Heat Exchangers Li..
Tiflex Limited
Linatex Limited
Metaldyne International (Uk)..
Michelin Tyre Public Limited..
Currie & Warner (Holdings) L..
Harboro' Rubber Company Limi..
Day International (Uk) Holdi..
Kraton Polymers Internationa..
Rema Tip Top Automotive Uk L..
Swp Group Plc
Silflex Limited
Continental U.K. Group Holdi..
Trelleborg Wheel Systems Uk..
Pirelli Uk Limited
Ramsay Rubber & Plastics Lim..
Clifton Rubber Company Limit..
Trelleborg Industrial Tyres..
Armacell Uk Limited
Arp-Co. Limited
Fibrax Limited
Bridgestone Industrial Limit..
Trelleborg Industrial Produc..
Huntsman Polyurethanes (Uk)..
Dantec Limited
Lenggeng Rubber Company Limi..
Ferrabyrne Limited
Day International (U.K.) Lim..
Kleen-Tex Holdings (Uk) Limi..
Versalis Uk Ltd
Symphony Environmental Limit..
2012(%)
15.36
14.77
14.14
13.99
13.37
12.81
12.70
12.33
12.20
12.14
12.12
11.86
11.67
11.46
11.40
11.36
11.25
11.04
10.88
10.86
10.76
9.08
8.23
7.88
7.52
6.96
6.62
6.13
6.04
5.28
4.70
4.20
4.10
4.04
4.02
2.44
1.72
1.44
1.34
1.28
1.24
1.04
0.94
0.90
0.23
0.18
0.04
-1.63
-1.85
-2.54
-2.69
-3.05
-3.92
-5.04
-5.73
-6.04
-6.89
-8.50
-8.78
-8.80
-10.94
-13.36
-50.21
-70.46
-182.03
Chapter Three Company Rankings | 19
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Chapter Four Company Accounts
Latest
Company Name
AccountsPage
A.B.G. Rubber & Plastics Limited
31/12/13 108
A.E.Bickel & Co.,limited
31/10/13 109
A.E. Taylor & Co. (Sunderland)..
31/03/14 110
A.K. Rubber & Industrial Suppli..
31/01/14 111
A.S. Rubber & Plastics Limited
31/12/13 112
A.T.H. (Hydraulics) Limited
31/03/14 113
A.V.A.Limited
31/03/14 114
Abco Seals Limited
30/06/13 115
Actionfront Limited
31/03/14 116
Adam Polymer Limited
31/10/13 117
Advanced Materials Ltd.
31/03/14 118
Advanced Mould Tooling Limited
30/09/13 119
Advanced Polymers Limited
31/05/14 120
Advanced Seals And Gaskets Limi..
31/03/14 121
Aegis Rubber Engineering Limited
31/03/14 122
Airhalf Limited
31/03/14 123
Albion Hose Limited
31/12/13 124
Aldona Seals Ltd
31/10/13 125
Alexander Comrie And Sons Limit..
31/03/14 126
A Littlejohn Limited
30/09/13 127
Amarin Rubber And Plastics Limi..
31/03/14 128
Ambrose & Co. Limited
31/10/13 129
Amnitec Limited
31/12/13 130
Andover Rubber Stamp Service Li..
31/05/13 131
Anglia Rubber & Plastics Limited
31/01/13 132
Ansell (U.K.) Limited
30/06/13 133
Anthony Epworth Limited
31/01/14 134
Antivibe (Hull) Limited
31/01/14 135
Anti-Vibration Methods (Rubber)..
30/06/13 136
Apex Gb Limited
31/01/14 137
31/03/14 138
Applied Rubber Linings Limited
30/09/13 139
Aquaseal Rubber Limited
31/03/14 140
Aquatech Rubber Limited
31/03/14 141
Arco Limited
30/06/14 142
Armacell Uk Limited
31/12/13 143
Arp-Co. Limited
31/03/14 144
Atlantic Rubber & Plastic Limit..
30/06/13 145
Atlantic Rubber Limited
31/12/13 146
Atlas 21 Ltd
31/12/13 147
Atlas Seals Limited
31/01/14 148
30/09/13 149
Avon Rubber P.L.C.
30/09/13 150
Avonseal Limited
31/03/14 151
B. A. Thorne (Machinery) Limited
28/02/14 152
B.H.Leake & Sons Limited
31/08/13 153
Bailcast Limited
31/12/13 154
Bandvulc Tyres Ltd
31/03/14 155
Batford Mill Investments Limited
30/09/13 156
Battley Marine Ltd.
31/03/14 157
31/12/13 158
Bd Technical Polymer Limited
30/09/13 159
Beacon Rubber And Plastics Limi..
31/03/14 160
Belpar Rubber Company Limited
30/09/13 161
Bertam Consolidated Rubber Comp..
31/12/13 162
31/07/13 163
Berwin Industrial Polymers Limi..
31/07/13 164
31/07/13 165
Blade Rubber Stamps Ltd
31/03/14 166
Blugilt Holdings Limited
31/12/13 167
Bonaprene Products Limited
30/11/13 168
Boreflex Limited
31/03/14 169
Boynton Bros. & Hallam (Ranskil..
30/09/13 170
Bradford Rubber Services Limited
31/03/14 171
Bridge Rubber & Plastics Limited
31/07/13 172
Bridgestone Aircraft Tire (Uk)..
31/12/13 173
Bridgestone Industrial Limited
31/12/13 174
31/12/13 175
Britannia Hose & Rubber Limited
30/04/14 176
British Rubber And Polyurethane..
31/12/13 177
British Seals & Rubber Moulding..
30/11/13 178
British Tyre Manufacturers' Ass..
31/12/13 179
31/03/14 180
Burton Rubber Co. Limited
31/03/14 181
Latest
Company Name
AccountsPage
Butser Rubber Limited
31/03/14 182
Butyl Products Limited
31/12/13 183
C.B. Construction (Cleveland) L..
31/03/14 184
C.B.Frost & Co Limited
31/07/14 185
C.O.H.Baines Limited
31/12/13 186
30/09/13 187
Camberley Group Plc
30/06/14 188
Camberley Rubber Mouldings Limi..
30/06/14 189
Camthorne Industrial Rubber Ser..
30/09/13 190
Capital Rubber & Plastics Limit..
31/03/14 191
Caswick Limited
31/12/13 192
C B Frost Holdings Limited
31/07/14 193
Cellular Developments Limited
31/03/14 194
Central Conveyor Belting Servic..
30/09/13 195
Central Rubber & Gaskets Limited
30/04/13 196
Chainbond Limited
31/01/14 197
Chas Hunter Limited
30/09/13 198
Classic Marble (Showers) Limited
30/09/14 199
Clifton Rubber Company Limited
31/12/13 200
Clingbrook Limited
31/03/14 201
Clockpress Limited
30/04/14 202
30/11/13 203
Cmt Flexibles Limited
30/09/13 204
30/06/13 205
Colorplas Limited
30/06/14 206
Combmix Limited
31/07/13 207
Comfortex Limited
31/12/13 208
Concours Tyre And Rubber Produc..
31/03/14 209
Conica Ltd
31/12/13 210
Consort Consultants Limited
30/09/13 211
31/12/13 212
Continental U.K. Group Holdings..
31/12/13 213
Contitech United Kingdom Limited
31/12/13 214
Cooper Tire & Rubber Company Eu..
31/12/13 215
31/12/13 216
Couch Uk Ltd
31/03/14 217
Cresta Seals And Mouldings Limi..
30/09/13 218
Crumb Rubber Ltd.
30/06/13 219
Crystal Rubber Limited
31/03/14 220
Currie & Warner (Holdings) Limi..
31/12/13 221
Custom Design Mouldings Limited
31/03/14 222
D.B.T. Medical Limited
31/03/14 223
D.K.L. Technical Rubber Product..
31/03/14 224
D. P. Seals Limited
30/09/13 225
D'orland Keg Limited
31/12/13 226
D & K Europe Limited
30/06/14 227
D & R Bull Limited
31/05/14 228
Dalsouple Direct Limited
30/06/13 229
Dantec Limited
30/04/13 230
Darac Ltd
31/03/14 231
Dataroll Limited
31/03/14 232
Day International (U.K.) Limited
31/12/13 233
Day International (Uk) Holdings
31/12/13 234
Deerness Rubber Company Limited
31/03/14 235
Derby Gaskets Limited
30/09/14 236
Derbyshire Rubber Roofing Limit..
30/04/14 237
Diamond Rubber Company Limited
28/02/14 238
Diptech (Uk) Limited
31/03/14 239
Dli Seals Limited
31/12/13 240
Donnelly Uk Ltd
31/08/14 241
Drc Polymer Products Limited
30/06/13 242
Dsm United Kingdom Limited
31/12/13 243
Duflex Foam Limited
31/12/13 244
31/12/13 245
Dunlop Extrusions Limited
28/02/14 246
31/12/13 247
Dunlop Oil & Marine Limited
31/12/13 248
Dunlop Transcalm Limited
31/03/13 249
31/12/13 250
E3g Limited
29/03/14 251
E-A-P International Limited
31/03/14 252
E Dobson & Company (Gaskets) Li..
31/03/14 253
Elastomer Engineering Limited
30/06/14 254
31/12/13 255
Latest
Company Name
AccountsPage
Engineering & Forensic Technolo..
30/11/13 256
Engineering Dynamics (Southern)..
30/09/13 257
31/03/14 258
Ers Group Limited
30/11/13 259
Escadean Limited
31/12/13 260
Essential Equipment Limited
31/05/13 261
Exalto Uk Limited
31/12/13 262
Farrel Limited
31/12/13 263
Fast Gaskets And Parts Limited
28/02/14 264
Fedanco (Uk) Limited
31/12/13 265
Fenner Advanced Sealing Technol..
31/08/13 266
Fenner Drives Limited
31/08/13 267
Fenner Dunlop Limited
31/08/13 268
Ferrabyrne Limited
30/06/13 269
Fhs Motor Racing Limited
31/08/13 270
Fiberglass Supplies (Leeds) Lim..
31/08/14 271
Fibet Rubber Bonding (U.K.) Lim..
31/12/13 272
Fibrax Limited
31/12/13 273
Fife Engineering Company Limited
31/03/14 274
Fisher Industrial Rubber Limited
31/05/14 275
Flatfree Limited
31/07/13 276
Fleming Bros. Services Ltd
31/03/13 277
Flemings Seals Limited
31/03/14 278
Flexadux Plastics Limited
31/12/13 279
Flexfab Europe Limited
30/09/13 280
31/08/13 281
31/12/13 282
Foam And Rubber Products Llp
31/03/14 283
Foam Techniques Limited
31/03/14 284
Forestcraft Limited
30/09/13 285
Four D Rubber Company Limited
31/12/13 286
G. M. T. Rubber-Metal-Technic L..
31/12/13 287
G.P. Products Limited
31/03/14 288
G4 Systems Limited
30/06/13 289
Garden Europe Limited
31/12/13 290
31/12/13 291
General Rubber And Industrial P..
31/12/13 292
Gka Rubber & Plastics Limited
31/12/13 293
Goodflex Rubber Limited
31/08/13 294
Goodyear Dunlop Tyres Uk Limited
31/12/13 295
Gradko International Limited
31/10/13 296
30/04/14 297
Grommets Limited
31/08/14 298
31/03/14 299
H & S Mouldings (Wales) Limited
31/03/14 300
Hallam Polymer Engineering Limi..
31/03/14 301
Hallite Polytek Limited
31/08/13 302
Hallmark Table Tennis Limited
31/03/14 303
Harboro' Rubber Company Limited..
13/10/13 304
Harefield Limited
30/09/13 305
Harltex Limited
30/04/13 306
Hill's Rubber Company,limited
31/01/14 307
Holmes Hose Limited
31/12/13 308
Honeycrown Limited
31/03/14 309
Hose-Tech Limited
31/07/13 310
Howgate And Lane Limited
31/05/14 311
Huntsman Polyurethanes (Uk) Lim..
31/12/13 312
31/12/13 313
Hygan Products Limited
30/09/13 314
Hyperlast Limited
31/12/13 315
Hytex Mouldings Limited
30/11/13 316
30/09/13 317
Indico (Europe) Limited
31/08/13 318
Indico Rubber Co. Limited
31/08/13 319
30/09/13 320
Inflatable World (Leisure) Limi..
31/08/13 321
Inglecliff Limited
31/03/14 322
Installation & Manufacturing Co..
30/04/14 323
Interbelt Limited
30/04/13 324
Intercede 1919 Limited
31/12/13 325
Interfoam Limited
31/12/13 326
31/12/13 327
Island Leisure Products Limited
30/09/13 328
Isola Manufacturing Co.(Wythens..
31/12/13 329
Chapter Four Company Accounts | 103
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Latest
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AccountsPage
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31/03/14 333
J.Price(Bath)limited
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J.W. Challis & Co. Limited
31/08/13 335
Jamak Fabrication Europe Limited
31/12/13 336
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30/09/13 346
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31/08/13 348
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31/03/14 353
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31/12/13 355
Kirkfield Limited
31/01/14 356
Kleen-Tex Holdings (Uk) Limited
31/05/14 357
Kleen-Tex Industries Limited
31/05/14 358
Kopak Rubber And Plastics Limit..
30/04/14 359
Kraton Polymers International L..
31/12/13 360
31/12/13 361
L.J.A.Miers & Company Limited
30/09/13 362
31/12/13 363
Lancaster Rubber And Industrial..
31/03/14 364
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31/10/13 365
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30/06/13 366
Leyland & Birmingham Rubber Lim..
28/02/14 367
Ley Rubber Limited
30/06/13 368
31/12/13 369
Linatex Limited
03/01/14 370
Lindsay Hydraulics Limited
28/02/14 371
Liquid Rubber Great Britain Lim..
30/09/13 372
Loftlord Limited
31/12/13 373
London & Lancashire Rubber Comp.. 31/12/13 374
Longs Limited
31/12/13 375
Louis France Limited
30/04/14 376
Lvs-Imas Limited
30/04/14 377
M. & G. Rubber Stamps Limited
31/10/13 378
M & M Rubber Rollers Limited
30/09/14 379
Make Your Mark Rubber Stamps Li..
31/12/13 380
Management Advice Southern Ltd
30/08/13 381
Mantek Manufacturing Limited
31/03/14 382
Marbill Developments (Sabden) L..
31/05/14 383
Mari Novelty's Ltd.
31/01/14 384
Marple Polymer Processors Limit..
31/05/13 385
Martin Instrument Company Limit..
31/12/13 386
Martins Rubber Company Limited
31/03/14 387
Meadex Rubber Mouldings Limited
31/10/13 388
31/03/14 389
Mere Engineering Limited
31/12/13 390
Merlett Plastics (U.K.) Limited
31/12/13 391
Metaldyne International (Uk) Ltd
31/12/13 392
Metflex Precision Mouldings Lim..
31/12/13 393
M G Safety Limited
30/04/13 394
Michelin Tyre Public Limited Co..
31/12/13 395
Midland Rubber Co. Limited(The)
31/07/13 396
Millennium Conveyor Services Li..
31/05/13 397
Millennium Rubber International..
31/03/14 398
Miller Graphics (U.K.) Limited
31/12/13 399
Mocap Limited
31/12/13 400
Moonsys Technology Limited
31/10/13 401
Moontown Limited
31/07/13 402
Moorfield Industries Limited
30/09/13 403
104 | Chapter Four Company Accounts
Latest
Company Name
AccountsPage
Mountford Rubber & Plastics Lim..
31/01/14 404
Mra Foam Mouldings Limited
31/03/14 405
Mst (Uk) Limited
31/12/13 406
M T C London Limited
31/05/13 407
N.A. Industries Limited
30/04/13 408
N.L. Rubber Limited
30/09/13 409
N.P. Holdings Limited
31/12/13 410
N C B Marking Equipment Limited
30/04/13 411
Nelson Roller & Rubber Co. Limi..
31/12/13 412
Nene Rubber & Plastics Limited
31/12/13 413
Nene Rubber And Plastics (Sales..
30/06/13 414
New Century Rollers (U.K.) Limi..
31/03/14 415
Nitrotrim Limited
31/08/13 416
Nmc (Uk) Limited
31/12/13 417
Nora Flooring Systems Uk Limited
31/12/13 418
Norlin Compounding Services Lim..
31/03/14 419
Northern Engineering (Sheffield..
31/12/13 420
Nufox Rubber Limited
28/02/14 421
O" Rings Limited
30/04/13 422
Oldham Seals Limited
30/04/13 423
31/12/13 424
P.A.R. (Manchester) Limited
31/07/13 425
P.J. Grieves Limited
31/03/13 426
P.J. Industrial Supplies Limited
30/04/13 427
P.W.W. Limited
30/04/13 428
Padtec Limited
30/04/13 429
Pal Group (Operations) Limited
31/03/14 430
31/12/13 431
Paragon Rapid Technologies Ltd
31/12/13 432
Paragon Rubber Co. Limited
30/06/14 433
Pendle Polymer Engineering Limi..
31/05/13 434
Pentonville (Rubber Products) L..
31/01/14 435
Perriflex Products Limited
31/12/13 436
Pexion Limited
31/12/13 437
Piltec Rubber & Plastics Limited
31/07/14 438
Pioneer (Luminum) Ltd
30/06/13 439
Pirelli Uk Limited
31/12/13 440
31/12/13 441
31/12/13 442
Plymouth Rubber, Hose & Hydraul..
30/09/13 443
Plysolene Limited
31/12/13 444
Pneu-Tread (Humberside) Limited
31/12/13 445
Point Engineering (Uk) Limited
30/09/13 446
Polyformes Limited
31/12/13 447
30/06/13 448
Polymer Products (U.K.) Limited
30/09/13 449
Polymer Systems Technology Limi..
31/12/13 450
Polytech International Limited
31/03/14 451
Polyurethane Progress Limited
28/02/14 452
Portmere Rubber Limited
30/09/13 453
Precision Dippings Manufacturin..
30/09/13 454
Precision Polymer Engineering L..
31/12/13 455
30/04/13 456
Prizetrack Limited
31/03/14 457
Promotional Products Specialtie..
30/11/13 458
Provincial Rubber Agencies Limi..
31/03/14 459
Quality Butyl Services Limited
31/03/14 460
Quattro Products Limited
30/09/13 461
R & S Laser Cutting & Fabricati..
31/03/14 462
Race-Tec Sealing Limited
30/04/14 463
Ramcell Limited
31/03/14 464
Ramplas Limited
31/03/14 465
Ramsay Rubber & Plastics Limited
31/03/14 466
Rayflex Rubber Limited
31/12/13 467
Rb Plastic Fabrication Limited
31/12/13 468
R D Sankey Engineering Limited
30/09/13 469
Reddiplex Limited
30/04/13 470
Rediweld Limited
31/12/13 471
Rediweld Rubber & Plastics Limi..
31/12/13 472
Reevite Industrial Mouldings Li..
30/09/13 473
Reliant Rubber Engineers Limite..
31/03/14 474
Rema Tip Top Automotive Uk Limi..
31/12/13 475
Resin Surfaces Limited
31/12/13 476
Rfi Seals & Gaskets Limited
30/11/13 477
Latest
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30/04/14 478
Rigiflex Extrusions Limited
31/03/14 479
Robant Rollers Limited
31/03/14 480
Roger Needham & Sons Limited
30/11/13 481
Roller Company Limited
31/03/14 482
31/03/14 483
Rotec Industrial Rubber Product..
30/11/13 484
Rovico Limited
31/03/14 485
Rubbarite Limited
31/03/14 486
Rubber & Plastic Products (Ni)..
31/12/13 487
Rubber And Plastic Collection S..
31/12/13 488
30/09/13 489
Rubber Box Co Limited
26/11/13 490
Rubber Dragon Limited
31/10/13 491
Rubberfast Limited
30/04/13 492
Rubber House Limited
31/12/13 493
Rubberlast Group Ltd
31/03/14 494
Rubberman Rubber & Plastics Ltd
30/11/13 495
Rubber Metall Technik (Uk) Ltd
31/07/14 496
Rubber Plant Limited
31/03/14 497
Rubber Products (Leeds) Limited
31/08/13 498
Rubber Roof Systems Ltd
31/05/14 499
Rubber Safety & Hygiene Limited
31/03/14 500
Rubbertech 2000 Limited
31/08/13 501
Russetts Developments Limited
30/09/14 502
Ryburn Rubber Ltd
28/02/14 503
S. C. Heuston & Co. (Rubber) Li..
31/03/14 504
S.M. Goodchild Limited
30/04/13 505
31/12/13 506
31/12/13 507
S B A Ltd.
30/11/13 508
31/12/13 509
Seals + Direct Limited
31/03/14 510
Semperit Industrial Products Li..
31/12/12 511
S G Silicone Products Limited
30/04/14 512
Sherborne Rubber Co.Limited(The)
31/12/13 513
Silclear Limited
30/04/14 514
30/09/13 515
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31/10/13 516
Silflex Limited
31/12/13 517
Silicone-Altimex Limited
30/09/13 518
31/12/13 519
Silicone Extrusions Limited
31/03/14 520
Silteq Limited
31/03/14 521
Skipton Rubber Mouldings Limited
31/10/14 522
Slatebond Limited
30/04/14 523
Smallfish Designs Limited
05/04/14 524
31/12/13 525
Smith Brothers Limited
31/03/14 526
Softcare Silicone Uk Limited
05/04/14 527
Softshock Limited
31/07/13 528
Soft Surfaces Ltd.
31/12/13 529
Sorrel Commercial Properties Li..
30/04/14 530
Southbourne Rubber Company Limi.. 31/03/14 531
31/12/13 532
Spc Europe Limited
31/03/14 533
Specialised Engineering Product..
30/04/13 534
Specialised Polymer Engineering..
31/03/13 535
31/12/13 536
Stampreo (Rubber) Limited
31/03/14 537
Stamps Direct Limited
31/05/14 538
Standard Rubber Grommets Ltd
31/03/13 539
Star Rubber Environmental Limit..
30/09/13 540
Stemaco (Raw Materials) Limited
31/01/14 541
Stephen Cooke Limited
31/03/14 542
Stewart Superior Europe Limited
31/05/14 543
Supercast Limited
28/02/14 544
31/05/13 545
31/05/13 546
Swan Seals (Aberdeen) Limited
31/03/14 547
Swp Group Plc
30/06/14 548
Symphony Environmental Limited
31/12/13 549
Synergy Devices Limited
31/03/14 550
T.Y.M. Seals And Gaskets Limited
30/04/13 551
odd-page-marker
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Latest
Company Name
AccountsPage
T & L Polymers Limited
30/09/13 552
Tag Plastic Extrusions Limited
31/03/14 553
Techneopro Ltd
31/03/14 554
Technetics Group Uk Limited
31/12/13 555
Technix Rubber & Plastics Limit..
30/06/13 556
Teledyne Impulse-Pdm Ltd.
31/12/13 557
31/12/13 558
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30/09/14 559
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31/12/13 560
The Manchester Rubber Stamp Com.. 31/03/14 561
The Moseley Rubber Company Limi..
31/03/14 562
The Schleising Consultancy Limi..
30/04/13 563
Third Millennium Technology Lim..
30/04/13 564
Thornhill Heat Exchangers Limit..
31/12/13 565
Tiflex Limited
31/03/14 566
Tilley Inflatable Design And En..
30/09/14 567
Top Treads Limited
29/11/13 568
Trafford Rubber Products Limited
31/12/13 569
Transam Rubber And Extrusions L..
31/07/13 570
Trelleborg Engineered Products..
31/12/13 571
Trelleborg Industrial Products..
31/12/13 572
Trelleborg Industrial Tyres Uk..
31/12/13 573
31/12/13 574
Trelleborg Sealing Solutions Uk..
31/12/13 575
Trelleborg Wheel Systems Uk Lim..
31/12/13 576
31/05/14 577
Trm & Sons Ltd
31/01/14 578
Trodat (Uk) Limited
31/12/13 579
Trp Polymer Solutions Limited
30/04/13 580
30/04/13 581
Uk Rubber & Plastics Limited
30/09/13 582
30/06/13 583
United Silicones Limited
31/10/13 584
Urchin Limited
31/10/13 585
Velvin Limited
31/03/14 586
Versalis Uk Ltd
31/12/13 587
Vibramoulders Limited
31/03/14 588
Vibra-Technics Automotive Limit..
30/11/13 589
31/08/14 590
31/03/14 591
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31/12/13 592
W. Mannering (London) Limited
31/12/13 593
Walker Rubber & Plastics Limited
28/02/14 594
Wath Rubber & Plastics Limited
30/06/14 595
Wearwell Europe Ltd
30/09/14 596
Wellington Rubber Company Limit..
31/12/13 597
West Midlands Rubber & Plastic..
31/01/14 598
West Pharmaceutical Services Co..
31/12/13 599
West Pharmaceutical Services Gr..
31/12/13 600
Whitby & Chandler Limited
30/06/13 601
Whitchem Limited
31/12/13 602
White Cross Rubber Products Lim..
31/08/13 603
Wilfrid Smith Limited
31/12/13 604
Wilks (Rubber Plastics) Mfgs. C..
30/09/13 605
Willenhall Rubber And Industria..
31/03/14 606
W J Webb And Co Limited
31/03/14 607
Wm.Bryden And Company Limited
31/03/14 608
W R Property Limited
30/11/13 609
Wye Valley Precision Engineerin..
31/12/13 610
Yorkshire Rubber Linings Limited
31/03/13 611
Y-Ryte Limited
31/10/13 612
31/12/13 613
Chapter Four Company Accounts | 105
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Arco Limited
Registered Office
P.O. Box 21, Waverley Street
Hull
North Humberside
HU1 2SJ
01482222522
Trading Address & Tel
Po Box 21
Waverley Street
Hull North Humberside
HU1 2SJ
01482222522
Reg No & Incorp Date
Reg No: 00133804
Incorp Date: 06/02/1914
Auditor: Ernst & Young Llp
Previous Name: Asbestos & Rubber Co.
Limited (The)
Directors & Co Secretary
Mr Jonathan Paul Barrett
Mr David Evison (50)
Mr Nicholas Alexander Cyril Hildyard (60)
Mr Neil Jowsey (50)
Mr Bryan James Ian Lawrie (41)
Ms Joanna Daubney Lloyd (42)
Mr Thomas Gordon Martin (50)
(Plus A Total Of 3 Others)
County Court Judgments In
Shareholders
Last Six Years:
T. Martin 12,939 Ord. £1
TOT NO =
Stephen Martin 12,913 Ord. £1
TOT GBP =
T. Martin No 3 Settlement-Tom's Fund 8,828 Ord. £1
T.G. Martin 5,000 B. £1
Richard Martin & Stephen Martin & James Anthony Richardson & Sarah Kenyon & Sheri SticpewichSuggested
4,414 Credit
Ord.Limit:
£1 £5,200,000
Stephen Martin & Bruce Raper 4,414 Ord. £1
T. Martin Grandchildren's Settlement T. Martin Fund 3,048 Ord. £1
Company Credit Score=87
Credit Worthiness
High credit score numbers denote
more credit worthiness. Please
exercise caution when using this
type of information.
Business Description
A Group Engaged In The Safety, Supplying And Servicing A Wide Range Of Uk Businesses.
Parent & Subsidiaries
Ultimate Parent:
Parent:
Melrite (Industrial Supplies) Limited
Commercial Debt Recovery Services Limited
year end
consolidated
number of months
number of employees
Balance
Sheet
Land & Buildings
Fixtures & Fittings
Plant & Vehicles
Other Tangible Assets
Total Tangible Assets
Intangible Assets
Investments
Total Fixed Assets
Stock
Debtors
Cash & Liquid Assets
Other Current Assets
Total Current Assets
Trade Creditors
Bank Loans & Overdrafts
Other Current Liabilities
Total Current Liabilities
Working Capital
Net Assets
Group Loans
Other Long Term Loans
Long Term Loans
Other Long Term Liabilities
Issued Capital
Retained Earnings
Revaluation Reserve
Other Reserves
Shareholder Funds
Capital Employed
Reg No
Assets
Turnover
40
20
30/06/14
Yes
12
1422
30/06/13
Yes
12
1443
30/06/12
Yes
12
1448
30/06/11
Yes
12
1429
30/06/10
Yes
12
1381
16,722,000
16,722,000
15,597,000
15,597,000
16,582,000
16,582,000
18,422,000
18,422,000
385,000
20,568,000
20,568,000
494,000
16,722,000
38,154,000
49,281,000
8,145,000
3,290,000
98,870,000
40,199,000
15,597,000
34,894,000
44,875,000
5,213,000
3,553,000
88,535,000
36,778,000
91,000
9,857,000
46,726,000
41,809,000
57,406,000
16,582,000
28,182,000
43,054,000
5,365,000
3,240,000
79,841,000
33,371,000
18,807,000
37,251,000
41,444,000
359,000
3,178,000
82,232,000
41,107,000
7,541,000
1,433,000
50,081,000
32,151,000
50,958,000
21,062,000
26,805,000
36,669,000
674,000
2,583,000
66,731,000
29,327,000
11,958,000
52,157,000
46,713,000
63,435,000
10,259,000
43,630,000
36,211,000
52,793,000
10,035,000
39,362,000
27,369,000
48,431,000
2010
2011
2012
Credit Given (Days)
2013
2014
Credit Taken (Days)
1 .7 5
1 .5 0
1 .2 5
1 .0 0
0 .7 5
0 .5 0
0 .2 5
0 .0 0
2010
2011
Company Debt Ratio
Company Current Ratio
2012
2013
2014
Industry Average Debt Ratio
Industry Average Current Ratio
100
80
60
10,151,000
13,851,000
45,423,000
41,942,000
39,348,000
40,543,000
34,316,000
294,000
45,717,000
63,435,000
289,000
42,231,000
57,406,000
289,000
39,637,000
52,793,000
264,000
40,807,000
50,958,000
264,000
34,580,000
48,431,000
268,190,000
202,822,000
65,368,000
50,006,000
15,362,000
249,164,000
191,048,000
58,116,000
46,562,000
11,554,000
243,101,000
187,669,000
55,432,000
44,691,000
10,741,000
228,573,000
175,984,000
52,589,000
43,870,000
8,719,000
215,708,000
167,301,000
48,407,000
42,361,000
6,046,000
-237,000
15,125,000
-2,000
15,123,000
3,577,000
11,546,000
2,619,000
8,927,000
-861,000
10,693,000
-2,000
10,691,000
2,887,000
7,804,000
2,428,000
5,376,000
-260,000
10,481,000
-22,000
10,459,000
3,149,000
7,310,000
2,060,000
5,250,000
-685,000
8,034,000
-22,000
8,012,000
2,764,000
5,248,000
1,421,000
3,827,000
-411,000
5,635,000
-29,000
5,606,000
2,158,000
3,448,000
2,183,000
1,265,000
Notes to Exports
Accounts Director Remuneration
Employee Remuneration
Audit Fee
6,638,000
3,162,000
44,333,000
62,000
5,802,000
2,991,000
44,039,000
60,000
6,113,000
3,451,000
43,623,000
60,000
4,417,000
2,952,000
42,296,000
60,000
3,306,000
1,753,000
40,221,000
60,000
Flow of
Profit Generated
Funds
Depreciation
Statement Change In Debtors
Change In Creditors
Change In Stock
Operating Cash Flow
15,123,000
2,428,000
-4,406,000
3,421,000
-3,260,000
13,306,000
10,691,000
2,376,000
-1,821,000
3,407,000
-6,712,000
7,941,000
10,459,000
2,741,000
-1,610,000
-7,736,000
9,069,000
12,923,000
8,012,000
3,096,000
-4,775,000
11,780,000
-10,446,000
7,667,000
5,606,000
3,456,000
-4,185,000
5,260,000
-798,000
9,339,000
24.37/24.39
5.73/5.42
5.64/5.75
13.08/0.79
23.84/2.64
25.26/1.23
1.90/0.18
1.16/0.15
0.60/0.90
/10.02
67/65
72/53
16.04/4.33
7.03/9.01
5.44/5.82
189/195
31/38
7.64
-1.46
23.32/18.59
4.64/4.92
4.29/6.15
10.27/2.23
18.63/9.84
18.48/9.85
1.89/0.32
1.15/0.27
0.59/0.84
/8.39
66/53
70/30
15.98/4.22
7.14/9.90
5.55/6.87
173/253
31/40
2.49
-0.35
22.80/18.01
4.42/4.92
4.31/5.52
10.87/2.17
19.85/9.86
18.44/9.01
1.83/0.28
1.18/0.24
0.59/0.85
/7.23
65/52
65/29
14.66/4.25
8.63/9.55
5.65/7.12
168/248
30/37
6.36
1.33
23.01/18.22
3.82/5.56
3.52/6.38
7.95/1.81
15.77/8.18
12.86/7.46
1.64/0.30
0.90/0.25
0.60/0.85
/6.72
66/61
85/32
12.15/4.38
6.14/9.65
5.52/6.58
160/264
30/37
5.96
3.48
22.44/26.25
2.80/1.06
2.61/10.16
6.42/2.71
11.64/7.51
9.97/12.12
1.70/0.32
1.01/0.28
0.61/0.83
/9.29
62/76
64/42
10.24/5.02
8.05/12.76
5.88/7.89
156/274
29/45
1.03
-7.87
106 | Chapter Four Company Accounts
0
Debt Ratio & Current Ratio
13,156,000
PBIT Margin (%)
Return On Total Assets (%)
Return On Capital Employed (%)
Return On Equity (%)
Current Ratio
Quick Ratio
Debt Ratio
Credit Given (Days)
Credit Taken (Days)
Stock Turnover
Debtor Turnover
Sales Per Employee (£000's)
Average Wage (£000's)
Growth In Sales (%)
Growth In Employees (%)
80
60
01289982
01906119
15,175,000
Ratio
Analysis
(Co / Ind
Ave)
2015
Industry Average Credit Score=53
Credit Control
17,718,000
Profit
Turnover
& Loss
Cost Of Goods Sold
Statement Gross Profit
Administrative Expenses
Operating Profit
Exceptional Items
Non-trading Income
Interest Paid
Pre-tax Profit
Tax Paid
Profit After Tax
Dividends
Retained Profit
90
80
70
60
50
40
30
20
10
0
40
20
Click here to order the full
0
2010
2011
Company Turnover
2012
2013
2014
Industry Average Turnover
Turnover Analysis (Estimate in £M's)
350
300
250
200
150
100
50
0
2010
2011
Company Turnover
Turnover Analysis Using Stock
2012
2013
2014
Turnover Analysis Using Debtors
Turnover Analysis Using Fixed Assets
Sales Per Employee (£000's)
250
200
150
100
50
0
2010
2011
Company Sales/Employee
2012
2013
2014
Industry Average Sales/Employee
Profit Margins (%)
25
20
15
10
5
0
2010
2011
Company Operating Margin
Company Gross Margin
2012
2013
2014
Industry Average Operating Margin
Industry Average Gross Margin
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Chapter Five Terms & Ratios
Balance Sheet Items
The balance sheet represents a snapshot of a company's assets. It does not however reflect a complete or
otherwise considered "private" financial position of a firm. It is simply a record of the uncharged expenses to
date. The balance sheet is often open to manipulation. Depending upon what sort of public impression is desired,
financial changes occurring within a company may be disclosed or concealed by massaging the balance sheet.
It is consequently important to read the notes to accounts. Failure to do so could lead to misleading conclusions
about a firm's financial position. Full notes to company accounts can be obtained direct from Companies House.
The balance sheet breaks down as follows: total assets = (fixed assets + current assets) - current liabilities, is
equivalent to or otherwise financed by, long term liabilities + shareholder funds.
Fixed assets are generally those assets that a firm does
not intend to trade, but that it may intend to use for
producing goods or marketing services.
Fixed Assets
Total Tangible Assets
Includes land, buildings, industrial plants, machinery, fixtures and
fittings and vehicles, etc.
Tangible assets may be revalued incurring large fluctuations in balance
sheet values. If a company comparison is made using balance
sheet values alone, differing asset valuation dates may lead to
misrepresentation. For example, although there may be no material
difference in value of tangible assets between firm #1 and firm #2,
firm #1 that purchased a building and some machinery five years prior
followed by revaluation of these purchases four years later is likely to
have a greater tangible asset value than identical firm #2 that has not
yet revalued the same new purchases.
Intangible Assets
Intangible assets are generally goodwill payments made by a firm upon
acquisition of a second firm. That is, payments for assets are made in
excess of the recorded book value at the date of acquisition. Intangible
assets also include the value of a brand or trade name, although this is
subject to serious debate in some accounting circles.
Investments
Investments include deposits held in banks, shares of subsidiary
companies held by the parent company and any other long term assets
not described above.
Current assets are generally those assets that are
intended for liquidation sooner rather than later.
Current Assets
Stock
Stock includes raw materials, bought-in components, work in
progress, finished goods, loose tools and consumables (ie stationery,
petrol and packing materials). The recorded value of stock is most often
dependent upon the policies made by management.
Identical stock owned by separate firms may be valued differently
on the balance sheet. This would depend upon whether "last in first
out" (LIFO) or "first in first out" (FIFO) accounting policy is applied.
Unless two companies implement similar valuation policies, it is difficult
to say which out of the two companies possessing different levels of
stock while generating similar levels of turnover is less or more efficient.
However, if the differences in stock held are great between the two
companies, it is likely that a factor other than the firm's accounting
policy is responsible for this difference. Bear in mind that for many
Chapter Five Terms & Ratios | 707
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small firms, the stock value recorded in the balance sheet is determined
by company management and is not necessarily checked by outside
auditors.
Debtors
Debtors are customers owing money to the company for goods or
services supplied as of the balance sheet date. A high level of debt is
clearly bad for the operation of any firm. It not only increases the need
for working capital, it increases the financial risk to company operation.
Cash & Liquid Assets
Cash and liquid assets include monies held in current and short term
deposit accounts.
Other Current Assets
Other current assets include quoted company shares, tax reserve
certificates, other marketable securities, monies owed by group
companies and any other assets not listed separately.
Current liabilities generally include monies owed by
creditors falling due within one year. This includes short
term loans from banks or shareholders, additional bank
overdrafts, advance payments made by the firm, monies
owed by the firm to parent or subsidiary firms (ie group
companies), taxation
Current Liabilities
Trade Creditors
Trade creditors are the firm's trade suppliers which the firm owes
monies to for goods received. These outstanding funds are payable
within one year. This is money owed by the company as of the balance
sheet date.
Bank Loans & Overdrafts
These are short term loans owed by the company falling due within
one year such as bank loans and overdrafts from additional outside
sources.
Other Current Liabilities
Total of all other liabilities falling due within one year including VAT, social
security, etc.
These totals are the result of adding and subtracting the
various sections previously detailed and are measures
of the net financial position of the firm.
Balance Sheet Totals
Working Capital
Working capital is the balance of current assets minus current liabilities.
It is a measure of the short term funds involved in a firm's operation.
Net Assets
Net assets = (total fixed assets + total current assets) - total current
liabilities. Total net assets = the balance sheet total and is equivalent
to capital employed.
Capital Employed
Capital employed = total shareholder funds + long term loans + any
other long term liabilities. Capital employed is the money directly used
to finance the business. Keep in mind that in order for the balance sheet
to "balance," capital employed needs to equal net assets.
Long Term Liabilities
708 | Chapter Five Terms & Ratios
The Company finances its operations over the long term
using a mixture of loans, share capital and retained
earnings.
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Total Long Term Loans
Total of loans from group companies, directors or hire purchase
comitments to the company of a long term nature (ie falling due in
excess of one year).
Other Long Term Liabilities
Any other long term liabilities such as provisions for tax or pensions or
balance sheet minorities.
Issued Capital
Paid up share capital such as preferred and ordinary stock in
circulation.
Retained Earnings
Total of earnings from previous years which have been retained by the
firm.
Revaluation Reserve
Revaluation of assets such as land & buildings may occur. This is the
amount of revaluation is recorded.
Shareholder Funds
Paid up share capital, such as preferred and ordinary stock in
circulation, total of earnings from previous years which have been
retained by the company, plus any revaluation or other reserves.
Profit & Loss Items
Turnover (Sales)
Turnover equals the total revenue earned during the year which has
been generated by normal trading operations, excluding VAT.
Cost Of Goods Sold
Cost of goods sold include the total marginal costs of production such
as raw material costs.
Gross Profit
Gross profit = turnover - cost of goods sold.
Administrative Expenses
Administrative expenses include advertising, distribution and service
costs, sales expenses and other overheads.
Operating Profit
Operating profit = gross profit + other operating income - administrative
expenses - other operating charges.
Exceptional Items
Exceptional items are items of a non-recurring nature. These items are
added or deducted before pre-tax profit has been declared.
Non-trading Income
Non-trading income is financial income such as dividends and interest.
This is the profit generated using all the assets in the business which is
distributed amongst those who have provided the assets.
Interest Paid
Total of all interest payments made by the company in the year.
Pre-tax Profit
Pre-tax profit is the income generated prior to taxation.
Tax Paid
Tax is money payable to the government in the financial year based
upon earnings in the previous year.
Extraordinary Items
Extraordinary items are items of a non-recurring nature. Extraordinary
items are generally larger and less usual than exceptional items. They
are added or deducted after pre-tax profit has been declared.
Minority Interests
This occurs when consolidated group accounts include subsidiaries
which are not wholly owned. This is a payment to equity shareholders
of these other companies.
Dividends
Dividends are monies distributed to shareholders.
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Retained Profit
Retained profit is money available for distribution after all expenses have
been met.
Depreciation
Depreciation is a non-cash allowance made notionally to replace assets
as they are used by the firm in the year.
Exports
Exports comprise sales made abroad.
Director Remuneration
Director remuneration includes salaries, pensions and expenses paid
to the directors. When reading the profit & loss statement for smaller
companies, it is important to be aware of director remuneration since
profit can be taken as wages rather than dividends.
This includes director and employee salary, PAYE and other
withdrawals.
Definition Of Ratios
Profitability Ratios
Profitability ratios measure financial efficiency.
Liquidity Ratios
Gross Profit x 100%
Turnover
Operating Profit x 100%
Turnover
Profit Before Interest & Tax Margin (%) x 100%
Turnover
Pre-tax Profit x 100%
Turnover
Profit Before Interest & Tax X 100%
(Total Fixed Assets + Total Current Assets)
Profit Before Interest & Tax X 100%
Capital Employed
Profit After Tax X 100%
Shareholder Funds
Liquidity ratios measure the degree of financial risk.
Current Ratio
Current Assets
Current Liabilities
The current ratio is the most commonly used measure for short term
solvency. It indicates the extent to which short term claims by creditors
(ie current liabilities) are covered by current assets. Normally, a firm is
expected to collect payment from its customers (ie debtors) and pay
its suppliers (ie creditors) within the same time frame. The current ratio
measures the extent to which this can be accomplished.
Quick Ratio (Acid Test)
Current Assets - Stock
Current Liabilities
The quick ratio measures a firm's ability to pay off its current liabilities.
This is a harsher measure of a firm's liquidity than current ratio. Since
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losses may occur in the event of stock disposal, it is not wise to rely
upon the sale of stock when measuring a firm's liquidity
Gearing ratios measure a firm's debt level. There
are two types. Debt ratios take figures from a firm's
balance sheet. Whereas, times interest earned ratios
take figures from the profit & loss statement.
Gearing Ratios
Debt Ratio
Total Debt
Total Assets
Debt ratio measures the extent to which borrowed funds have been
used to finance a firm's operation (ie the proportion of total funds
provided by creditors). Clearly, creditors prefer lower debt ratios, since
they indicate decreased risk of company liquidation. Please note that
total debt = current liabilities + long term liabilities, and total assets =
current assets + fixed assets.
A debt ratio or gearing of 0.5 would indicate that the shareholder funds
were matched by various forms of loan capital. Similarly, a debt ratio
of 0.8 would indicate that the various creditors were supplying £4 to
every £1 supplied by the shareholders.
Interest Paid
Times interest earned measures the extent to which profits may be
allowed to decrease before a firm is forced to default on its annual
loan interest payments. Keep in mind that taxation does not affect a
company's ability to make its interest payments. All interest payments
are deducted from profits prior to declaration.
Activity Ratios
Activity ratios measure the efficiency of asset use.
Stock Turnover
Turnover
Stocks
Stock turnover measures the amount of stock held by a firm in
relationship to its size. This ratio indicates whether or not the level
of stock held by the firm is reasonable. The significance of the stock
turnover ratio could be increased by replacing the stock value figure
as of the balance sheet date with an average stock value figure for the
year.
Credit Given (Days)
Debtors x 365
Turnover
The credit given ratio measures how long a firm waits before collecting
payment from its customers. Some firms record gross turnover rather
than commission earnings. In such cases, this ratio will be distorted.
Credit Taken (Days)
Trade Creditors x 365
Cost of Goods Sold
The credit taken ratio measures how much credit a firm is receiving
from its suppliers. As with the measure of days credit given distortions
may arise.
Turnover
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Total Fixed Assets
The fixed asset turnover ratio indicates how capital intensive a firm is.
Debtor Turnover
Turnover
Debtors
The debtor turnover ratio is an indication of how well a company
is managing its debtors. The figure tend to be consistent within the
industry.
Average values are a characteristic profile of the
company.
Average Values
Turnover Per Employee (£)
Turnover
Number of Employees
This is a crude measure of productivity.
Average Wage (£)
Number of Employees
This is a crude measure better between years for a given firm than
between firms since it is open to distortions caused by large payments
to directors.
Growth In Turnover (%)
Changes In Turnover x 100%
Base Year Turnover
This ratio measures the extent to which a firm is maintaining its financial
position given the recent economic climate.
Change In Employees (%)
Change In Employees (%)
Base Year Number of Employees
This ratio measures the increase in number of employees in
comparison to previous years.
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Appendix Additional Companies
Company Name
Alliance & Heatshield Engineering (South Wales) Limited
Allmarque Limited
Apex Conveyor Belting Limited
Ash Rubber Stamp Company Limited(The)
Avent Limited
Avon Group Limited
Caledonian Ferguson Timpson Limited
Chase Elastomer (Uk) Limited
Classic Equine Products Limited
Duco International Limited
Equus Polymer Limited
Fabprene Limited
Farnbeck Swanfield Limited
Flexible Ducting, Limited
Flexible Hose Supplies (Northampton) Limited
Flexsys Rubber Chemicals Limited
Goldseal Rubber Roofs Ltd
Goodyear Industrial Rubber Products Limited
Honeycrown (Rubber Seals) Limited
J. & L. Polymers Limited
Jotun Powder Coatings Limited
Just Polymer Compounds Limited
Lenggeng Rubber Company Limited(The)
Linatex Rubber Limited
Linden Group Limited
Magnetic Rubber Limited
Matta Products (Uk) Limited
Millennium Conveyor Services (Scotland) Limited
Moplant Limited
Murfitts Rubber Industries Limited
Pianoforte Supplies Limited
Polymerlatex Limited
Ramsay Rubber Limited
Ramseal Limited
Recycled Polymer Products Limited
Rubber Stamp Company Limited - The
Samco Silicone Products Limited
Seals Packings & Gaskets Limited
Silicone Fabrication Services Limited
Silvertown Uk Limited
Stowe-Woodward (Uk) Limited
Swintex Limited
Trelleborg Building Systems Uk Limited
Trelleborg Stanton Limited
Tube-Tec (Tubular Protection) Limited
Universal Rubber Company Limited
V.P. Rollers Limited
Vita Industrial Polymers Limited
Vitamol Limited
Waterford Rubber Manufacturing Company Limited
Wesco Extrusions Limited
Wyko Bearings & Transmission Limited
Wyko-Ewb Limited
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Appendix Additional Companies | 713

Rubber Products - Merlin Scott Associates

Transcription

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