MIRA INFORM REPORT
|
Report No. : |
342351 |
|
Report Date : |
21.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
DUFLEX FOAM LIMITED |
|
|
|
|
Formerly Known As : |
CASTLEGATE 295 LIMITED |
|
|
|
|
Registered Office : |
C/O Belfield Furnishings Limited Furnace
Road Furnace Road Ilkestonderbyshire
DE7 5EP |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
15.12.2003 |
|
|
|
|
Com. Reg. No.: |
04995362 |
|
|
|
|
Legal Form : |
Private limited with Share Capital |
|
|
|
|
Line of Business : |
|
|
|
|
|
No. of Employee : |
129 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Kingdom |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED KINGDOM ECONOMIC OVERVIEW
The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK has been a net importer of energy since 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output.
In 2008, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financialMARKETS. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated an austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 20% by 2015. However, the deficit still remains one of the highest in the G7, standing at 6.0% in 2014.
In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.7% and in 2014, 2.6%, accelerating unexpectedly because of greater consumer spending and a recovering housing market.
The Bank of England (BoE) implemented an asset purchase program of �375 billion (approximately $586 billion) as of December 2014. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU).
|
Source
: CIA |
Company Name and address
DUFLEX FOAM LIMITED
Company No
04995362
Registered Address
FURNACE ROAD FURNACE ROADILKESTONDERBYSHIREDE7 5EP
Company Summary
|
Registered
Address |
C/O BELFIELD FURNISHINGS
LIMITED FURNACE ROAD FURNACE ROAD ILKESTON DERBYSHIRE DE7 5EP |
Trading
Address |
Furnace Road |
|
Website
Address |
-- |
|
|
|
Telephone
Number |
-- |
Fax Number |
-- |
|
TPS |
-- |
FPS |
No |
|
Incorporation
Date |
15/12/2003 |
|
|
|
Previous
Name |
CASTLEGATE 295 LIMITED |
Type |
Private limited with
Share Capital |
|
FTSE Index |
-- |
Date of
Change |
15/04/2004 |
|
Filing Date
of Accounts |
03/09/2015 |
Currency |
GBP |
|
Share
Capital |
£300,000 |
SIC07 |
31030 |
|
Charity
Number |
-- |
|
|
|
SIC07
Description |
MANUFACTURE OF MATTRESSES |
||
|
Principal
Activity |
Manufacture of bedding
products for the home furnishings market produced primarily from polyurethane
foam. |
||
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder |
Funds Employees |
|
31/12/2014 |
£26,765,000 |
£876,000 |
£2,183,000 |
129 |
|
31/12/2013 |
£25,834,000 |
£809,000 |
£1,508,000 |
118 |
|
31/12/2012 |
£22,918,000 |
£696,000 |
£902,000 |
98 |
Mortgage Summary
Total Mortgage 9
Outstanding 4
Satisfied 5
Trade Debtors / Bad Debt Summary
Total Number of Documented Trade 0
Total Value of Documented Trade £0
Commentary
|
This company has been treated as a Medium
company in respect of the rating/limit generated. |
|
|
This company's ratio of total liabilities to
total assets indicates the presence of moderate equity funding. |
|
|
This company's return on total assets
employed ratio indicates a relatively efficient use of assets. |
|
|
This company has made late payments on a
medium percentage of invoices. |
|
|
The company has more cash than short term
bank borrowings. |
|
|
This company trades in an industry with a
lower level of corporate failures. |
CCJ
|
Total Number of Exact CCJs - |
0 |
Total Value of Exact CCJs - |
|
|
Total Number of Possible CCJs - |
0 |
Total Value of Possible CCJs - |
|
|
Total Number of Satisfied CCJs - |
0 |
Total Value of Satisfied CCJs - |
|
|
Total Number of Writs - |
- |
|
Total Current Directors |
3 |
|
Total Current Secretaries |
0 |
|
Total Previous Directors / Company Secretaries |
11 |
Current Directors
|
Name |
Stephen Raymond Hampton |
Date of Birth |
13/10/1949 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
23/03/2004 |
||
|
Address |
Furnace Road Furnace Road, Ilkeston,
Derbyshire, DE7 5EP |
||
|
Name |
Paul Glynn |
Date of Birth |
21/06/1963 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
1 |
Function |
Director |
|
Appointment Date |
01/06/2008 |
||
|
Address |
Furnace Road Furnace Road, Ilkeston,
Derbyshire, DE7 5EP |
||
|
Name |
Karl Ivor Stevens |
Date of Birth |
07/10/1956 |
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
6 |
Function |
Director |
|
Appointment Date |
08/12/2011 |
||
|
Address |
Furnace Road Furnace Road, Ilkeston,
Derbyshire, DE7 5EP |
||
Current Company Secretary
---
Top 20 Shareholders
|
Currency |
Share Count |
Share Type |
Nominal Value |
% of Total Share Count |
|
|
BELFIELD FURNISHINGS LTD |
GBP |
290,000 |
ORDINARY A |
1 |
96.67 |
|
BELFIELD FURNISHINGS LTD |
GBP |
10,000 |
ORDINARY B |
1 |
3.33 |
Profit & Loss
|
Date Of Accounts |
31/12/14 |
(%) |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
|
Weeks |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
(%) |
52 |
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
Consolidated A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
Turnover |
£26,765,000 |
3.6% |
£25,834,000 |
12.7% |
£22,918,000 |
27% |
£18,040,000 |
14.3% |
£15,785,000 |
|
Export |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cost of Sales |
£22,145,000 |
2.6% |
£21,593,000 |
12.2% |
£19,241,000 |
26.8% |
£15,170,000 |
14.9% |
£13,206,000 |
|
Gross Profit |
£4,620,000 |
8.9% |
£4,241,000 |
15.3% |
£3,677,000 |
28.1% |
£2,870,000 |
11.3% |
£2,579,000 |
|
Wages & Salaries |
£3,250,000 |
6.7% |
£3,046,000 |
13.5% |
£2,684,000 |
39% |
£1,931,000 |
0.8% |
£1,915,000 |
|
Directors Emoluments |
£154,000 |
4.8% |
£147,000 |
3.5% |
£142,000 |
8.4% |
£131,000 |
0.8% |
£130,000 |
|
Operating Profit |
£931,000 |
7.1% |
£869,000 |
12.7% |
£771,000 |
66.5% |
£463,000 |
18.7% |
£390,000 |
|
Depreciation |
£493,000 |
11.8% |
£441,000 |
17.3% |
£376,000 |
13.3% |
£332,000 |
45% |
£229,000 |
|
Audit Fees |
£16,000 |
- |
£16,000 |
- |
£16,000 |
6.7% |
£15,000 |
- |
£15,000 |
|
Interest Payments |
£55,000 |
-8.3% |
£60,000 |
-20% |
£75,000 |
-27.2% |
£103,000 |
-14.9% |
£121,000 |
|
Pre Tax Profit |
£876,000 |
8.3% |
£809,000 |
16.2% |
£696,000 |
93.3% |
£360,000 |
33.8% |
£269,000 |
|
Taxation |
-£201,000 |
1% |
-£203,000 |
-11.5% |
-£182,000 |
-80.2% |
-£101,000 |
-531.3% |
-£16,000 |
|
Profit After Tax |
£675,000 |
11.4% |
£606,000 |
17.9% |
£514,000 |
98.5% |
£259,000 |
2.4% |
£253,000 |
|
Dividends Payable |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Retained Profit |
£675,000 |
11.4% |
£606,000 |
17.9% |
£514,000 |
98.5% |
£259,000 |
2.4% |
£253,000 |
Balance Sheet
|
Date Of Accounts |
31/12/14 |
(%) |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
|
Tangible Assets |
£1,433,000 |
-15.8% |
£1,702,000 |
-13.8% |
£1,975,000 |
-4.7% |
£2,073,000 |
-9.4% |
£2,288,000 |
|
Intangible Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Fixed Assets |
£1,433,000 |
-15.8% |
£1,702,000 |
-13.8% |
£1,975,000 |
-4.7% |
£2,073,000 |
-9.4% |
£2,288,000 |
|
Stock |
£2,330,000 |
2.5% |
£2,273,000 |
38.3% |
£1,643,000 |
9.2% |
£1,504,000 |
22.6% |
£1,227,000 |
|
Trade Debtors |
£2,260,000 |
-8.9% |
£2,480,000 |
23.3% |
£2,012,000 |
29.1% |
£1,559,000 |
56.1% |
£999,000 |
|
Cash |
£993,000 |
6.1% |
£936,000 |
23.2% |
£760,000 |
6.7% |
£712,000 |
-7.3% |
£768,000 |
|
Other Debtors |
£367,000 |
22.3% |
£300,000 |
72.4% |
£174,000 |
-29.6% |
£247,000 |
-81.6% |
£1,346,000 |
|
Miscellaneous Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
£5,950,000 |
-0.7% |
£5,989,000 |
30.5% |
£4,589,000 |
14.1% |
£4,022,000 |
-7.3% |
£4,340,000 |
|
Trade Creditors |
£4,056,000 |
-0.5% |
£4,076,000 |
22.7% |
£3,322,000 |
26.6% |
£2,625,000 |
27.2% |
£2,063,000 |
|
Bank Loans & Overdrafts |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Other Short Term Finance |
£505,000 |
-66.6% |
£1,510,000 |
-0.7% |
£1,521,000 |
-36.7% |
£2,404,000 |
-38.5% |
£3,911,000 |
|
Miscellaneous Current Liabilities |
£582,000 |
16.6% |
£499,000 |
-23.6% |
£653,000 |
33.5% |
£489,000 |
41.7% |
£345,000 |
|
Total Current Liabilities |
£5,143,000 |
-15.5% |
£6,085,000 |
10.7% |
£5,496,000 |
-0.4% |
£5,518,000 |
-12.7% |
£6,319,000 |
|
Bank Loans & Overdrafts and LTL |
£57,000 |
-41.8% |
£98,000 |
-41% |
£166,000 |
-12.2% |
£189,000 |
5% |
£180,000 |
|
Other Long Term Finance |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Long Term Liabilities |
£57,000 |
-41.8% |
£98,000 |
-41% |
£166,000 |
-12.2% |
£189,000 |
5% |
£180,000 |
Capital & Reserves
|
Date Of Accounts |
31/12/14 |
(%) |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
|
Called Up Share Capital |
£300,000 |
- |
£300,000 |
- |
£300,000 |
- |
£300,000 |
- |
£300,000 |
|
P & L Account Reserve |
£1,883,000 |
55.9% |
£1,208,000 |
100.7% |
£602,000 |
584.1% |
£88,000 |
151.5% |
-£171,000 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry Reserves |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shareholder Funds |
£2,183,000 |
44.8% |
£1,508,000 |
67.2% |
£902,000 |
132.5% |
£388,000 |
200.8% |
£129,000 |
Other Financial Items
|
Date Of Accounts |
31/12/14 |
(%) |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
|
Net Worth |
£2,183,000 |
44.8% |
£1,508,000 |
67.2% |
£902,000 |
132.5% |
£388,000 |
200.8% |
£129,000 |
|
Working Capital |
£807,000 |
940.6% |
-£96,000 |
89.4% |
-£907,000 |
39.4% |
-£1,496,000 |
24.4% |
-£1,979,000 |
|
Total Assets |
£7,383,000 |
-4% |
£7,691,000 |
17.2% |
£6,564,000 |
7.7% |
£6,095,000 |
-8% |
£6,628,000 |
|
Total Liabilities |
£5,200,000 |
-15.9% |
£6,183,000 |
9.2% |
£5,662,000 |
-0.8% |
£5,707,000 |
-12.2% |
£6,499,000 |
|
Net Assets |
£2,183,000 |
44.8% |
£1,508,000 |
67.2% |
£902,000 |
132.5% |
£388,000 |
200.8% |
£129,000 |
Cash Flow
|
Date Of Accounts |
31/12/14 |
(%) |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
|
Net Cashflow from Operations |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Cashflow before Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Net Cashflow from Financing |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Increase in Cash |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Miscellaneous
|
Date Of Accounts |
31/12/14 |
(%) |
31/12/13 |
(%) |
31/12/12 |
(%) |
31/12/11 |
(%) |
31/12/10 |
|
Contingent Liability |
NO |
- |
NO |
- |
NO |
- |
NO |
- |
NO |
|
Capital Employed |
£2,240,000 |
39.5% |
£1,606,000 |
50.4% |
£1,068,000 |
85.1% |
£577,000 |
86.7% |
£309,000 |
|
Number of Employees |
129 |
9.3% |
118 |
20.4% |
98 |
6.5% |
92 |
24.3% |
74 |
|
Accountants |
|||||||||
|
Auditors |
BDO LLP |
||||||||
|
Auditor Comments |
The audit report contains no adverse
comments |
||||||||
|
Bankers |
YORKSHIRE & CLYDESDALE BANK |
||||||||
|
Bank Branch Code |
05-06-40 |
||||||||
Ratios
|
Date Of Accounts |
31/12/14 |
31/12/13 |
31/12/12 |
31/12/11 |
31/12/10 |
|
Pre-tax profit margin % |
3.27 |
3.13 |
3.04 |
2 |
1.70 |
|
Current ratio |
1.16 |
0.98 |
0.83 |
0.73 |
0.69 |
|
Sales/Net Working Capital |
33.17 |
-269.10 |
-25.27 |
-12.06 |
-7.98 |
|
Gearing % |
2.60 |
6.50 |
18.40 |
48.70 |
139.50 |
|
Equity in % |
29.60 |
19.60 |
13.70 |
6.40 |
1.90 |
|
Creditor Days |
55.16 |
57.43 |
52.76 |
52.96 |
47.57 |
|
Debtor Days |
30.73 |
34.94 |
31.95 |
31.45 |
23.03 |
|
Liquidity/Acid Test |
0.70 |
0.61 |
0.53 |
0.45 |
0.49 |
|
Return On Capital Employed % |
39.10 |
50.37 |
65.16 |
62.39 |
87.05 |
|
Return On Total Assets Employed % |
11.86 |
10.51 |
10.60 |
5.90 |
4.05 |
|
Current Debt Ratio |
2.35 |
4.03 |
6.09 |
14.22 |
48.98 |
|
Total Debt Ratio |
2.38 |
4.10 |
6.27 |
14.70 |
50.37 |
|
Stock Turnover Ratio % |
8.70 |
8.79 |
7.16 |
8.33 |
7.77 |
|
Return on Net Assets Employed % |
40.12 |
53.64 |
77.16 |
92.78 |
208.52 |
Report Notes
|
There are no notes to display. |
Status History
|
No Status History found |
*Event History
|
Date |
Description |
|
15/09/2015 |
New Accounts Filed |
|
15/09/2015 |
Payment Data Update Recieved |
|
23/03/2015 |
Change in Reg.Office |
|
23/03/2015 |
Change of Company Postcode |
|
23/12/2014 |
Annual Returns |
|
13/09/2014 |
New Accounts Filed |
|
08/01/2014 |
Mr T. Keely has left the board |
|
21/12/2013 |
Annual Returns |
|
24/09/2013 |
New Accounts Filed |
|
24/09/2013 |
New Accounts Filed |
|
21/12/2012 |
Annual Returns |
|
26/09/2012 |
New Accounts Filed |
|
26/09/2012 |
New Accounts Filed |
|
27/01/2012 |
Annual Returns |
|
19/12/2011 |
New Board Member Mr T. Keely appointed |
Previous Company Names
|
Date |
Previous Name |
|
15/04/2004 |
CASTLEGATE 295 LIMITED |
Writ Details
|
No writs found |
Statistics
|
Group |
5 companies |
|
Linkages |
0 companies |
|
Countries |
In 0 countries |
Summary
|
Holding Company |
BELFIELD FURNISHINGS LIMITED |
|
Ownership Status |
Intermediately Owned |
|
Ultimate Holding Company |
BELFIELD FURNISHINGS GROUP LTD |
Group StructureFull
|
Company Name |
Registered Number |
Latest Key Financials |
Consol. Accounts |
Turnover |
|
|
08622086 |
31.12.2014 |
Y |
£118,300,000 |
|
|
04416650 |
31.12.2014 |
Y |
£118,300,000 |
|
|
05089826 |
31.12.2014 |
N |
|
|
|
04995362 |
31.12.2014 |
N |
£26,765,000 |
|
|
05149939 |
31.12.2013 |
N |
£52,630,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.92 |
|
|
1 |
Rs.102.75 |
|
Euro |
1 |
Rs.75.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.