Principal activities and business review
The principal activity of the Group during the financial year has been that of the manufacture and distribution of industrial fastenings and category 'C' components.
A review of the business activity and future prospects of the Group are covered in the Chairman's & CEO's Statement and the Directors' Business Review.
A balanced and comprehensive review of the development and performance of the Group and its position at the year end is given in the Chairman's & CEO's statement.
A description of the principal risks and uncertainties facing the Group is discussed under How the business manages risk.
A description of the main trends and factors likely to affect future development is given under How the business manages risk.
Information on environmental and social issues is provided under Corporate social responsibility.
The key assumptions underlying the going concern basis of preparation are included under 1 Accounting policies.
Policy and practice on payment of creditors
The Group does not follow any code or standard on payment practice as it is the Group's policy to settle creditors promptly on mutually agreed terms. The terms will vary from supplier to supplier and suppliers will be aware of the terms of payment.
For smaller suppliers where no terms are agreed, payment will normally be made in the month following receipt of goods or services.
The number of days purchases in trade payables at the end of the financial year for the Company was 55 (2013: 56) and 56 (2013: 61) for the Group.
Information in respect of the Group's policies on financial risk management objectives including policies to manage credit risk, liquidity risk and foreign currency risk are given in note 26 to the financial statements.
By order of the Board
Company registered number: 1919797