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Registration number: 01539730

Nene Rubber & Plastics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Nene Rubber & Plastics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Nene Rubber & Plastics Limited

Company Information

Directors

Mrs Louise Jacobs

Wayne Paul Emery

Company secretary

Mrs Louise Jacobs

Registered office

43 North Street
Stanground
Peterborough
Cambs
PE2 8HR

 

Nene Rubber & Plastics Limited

(Registration number: 01539730)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

13,089

16,447

Current assets

 

Stocks

5

20,320

18,641

Debtors

6

87,089

93,416

Cash at bank and in hand

 

57,958

37,035

 

165,367

149,092

Creditors: Amounts falling due within one year

7

(102,211)

(139,776)

Net current assets

 

63,156

9,316

Total assets less current liabilities

 

76,245

25,763

Provisions for liabilities

(1,714)

(3,758)

Net assets

 

74,531

22,005

Capital and reserves

 

Called up share capital

8

12,000

12,000

Profit and loss account

62,531

10,005

Shareholders' funds

 

74,531

22,005

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 June 2022 and signed on its behalf by:
 

 

Nene Rubber & Plastics Limited

(Registration number: 01539730)
Balance Sheet as at 31 December 2021

.........................................
Mrs Louise Jacobs
Company secretary and director

.........................................
Wayne Paul Emery
Director

 

Nene Rubber & Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
43 North Street
Stanground
Peterborough
Cambs
PE2 8HR

These financial statements were authorised for issue by the Board on 16 June 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Nene Rubber & Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Nene Rubber & Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2020 - 11).

 

Nene Rubber & Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

18,578

345,223

49,009

412,810

Additions

1,054

-

-

1,054

Disposals

-

-

(49,009)

(49,009)

At 31 December 2021

19,632

345,223

-

364,855

Depreciation

At 1 January 2021

16,726

331,950

47,686

396,362

Charge for the year

436

2,654

331

3,421

Eliminated on disposal

-

-

(48,017)

(48,017)

At 31 December 2021

17,162

334,604

-

351,766

Carrying amount

At 31 December 2021

2,470

10,619

-

13,089

At 31 December 2020

1,852

13,273

1,322

16,447

5

Stocks

2021
£

2020
£

Other inventories

20,320

18,641

6

Debtors

2021
£

2020
£

Trade debtors

50,043

56,074

Other debtors

37,046

37,342

87,089

93,416

7

Creditors

Creditors: amounts falling due within one year

 

Nene Rubber & Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

9

17,827

33,608

Trade creditors

 

19,445

21,776

Taxation and social security

 

14,562

47,314

Accruals and deferred income

 

650

650

Other creditors

 

49,727

36,428

 

102,211

139,776

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

12,000

12,000

12,000

12,000

         

9

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Other borrowings

17,827

33,608