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REGISTERED NUMBER: 11777585 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2022

for

New Horizon Plastics Co Ltd

New Horizon Plastics Co Ltd (Registered number: 11777585)






Contents of the Financial Statements
for the Year Ended 31 January 2022




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3 to 4

Notes to the Financial Statements 5 to 9


New Horizon Plastics Co Ltd

Company Information
for the Year Ended 31 January 2022







DIRECTOR: Mr P R Thomas





REGISTERED OFFICE: 91 Soho Hill
Hockley
Birmingham
West Midlands
B19 1AY





BUSINESS ADDRESS: Unit 27
Castle Park Industrial Estate
Flint
North Wales
CH6 5XA





REGISTERED NUMBER: 11777585 (England and Wales)





ACCOUNTANTS: Anil K Bhagi Chartered Accountants
and Registered Auditors
91 Soho Hill
Hockley
Birmingham
West Midlands
B19 1AY

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
New Horizon Plastics Co Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of New Horizon Plastics Co Ltd for the year ended 31 January 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of New Horizon Plastics Co Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of New Horizon Plastics Co Ltd and state those matters that we have agreed to state to the director of New Horizon Plastics Co Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than New Horizon Plastics Co Ltd and its director for our work or for this report.

It is your duty to ensure that New Horizon Plastics Co Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of New Horizon Plastics Co Ltd. You consider that New Horizon Plastics Co Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of New Horizon Plastics Co Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Anil K Bhagi Chartered Accountants
and Registered Auditors
91 Soho Hill
Hockley
Birmingham
West Midlands
B19 1AY


28 June 2022

New Horizon Plastics Co Ltd (Registered number: 11777585)

Balance Sheet
31 January 2022

31.1.22 31.1.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,336,554 3,723,819

CURRENT ASSETS
Stocks 5 105,000 55,000
Debtors 6 721,296 485,659
Cash at bank and in hand 269,792 82,316
1,096,088 622,975
CREDITORS
Amounts falling due within one year 7 2,570,956 1,709,913
NET CURRENT LIABILITIES (1,474,868 ) (1,086,938 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,861,686

2,636,881

CREDITORS
Amounts falling due after more than one year 8 (1,550,651 ) (760,279 )

PROVISIONS FOR LIABILITIES (394,124 ) (305,618 )
NET ASSETS 916,911 1,570,984

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 916,811 1,570,884
SHAREHOLDERS' FUNDS 916,911 1,570,984

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

New Horizon Plastics Co Ltd (Registered number: 11777585)

Balance Sheet - continued
31 January 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 June 2022 and were signed by:





Mr P R Thomas - Director


New Horizon Plastics Co Ltd (Registered number: 11777585)

Notes to the Financial Statements
for the Year Ended 31 January 2022

1. STATUTORY INFORMATION

New Horizon Plastics Co Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

New Horizon Plastics Co Ltd (Registered number: 11777585)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2021 - 10 ) .

4. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 February 2021 6,269 4,471,922 159,275 4,637,466
Additions - 1,356,453 230,000 1,586,453
Disposals - (167,569 ) (110,775 ) (278,344 )
At 31 January 2022 6,269 5,660,806 278,500 5,945,575
DEPRECIATION
At 1 February 2021 1,254 856,959 55,434 913,647
Charge for year 502 727,552 62,285 790,339
Eliminated on disposal - (46,501 ) (48,464 ) (94,965 )
At 31 January 2022 1,756 1,538,010 69,255 1,609,021
NET BOOK VALUE
At 31 January 2022 4,513 4,122,796 209,245 4,336,554
At 31 January 2021 5,015 3,614,963 103,841 3,723,819

New Horizon Plastics Co Ltd (Registered number: 11777585)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2021 1,292,781 148,775 1,441,556
Additions 1,347,595 230,000 1,577,595
Disposals - (110,775 ) (110,775 )
At 31 January 2022 2,640,376 268,000 2,908,376
DEPRECIATION
At 1 February 2021 193,917 56,437 250,354
Charge for year 366,969 60,809 427,778
Eliminated on disposal - (48,464 ) (48,464 )
At 31 January 2022 560,886 68,782 629,668
NET BOOK VALUE
At 31 January 2022 2,079,490 199,218 2,278,708
At 31 January 2021 1,098,864 92,338 1,191,202

5. STOCKS
31.1.22 31.1.21
£    £   
Stocks 105,000 55,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Trade debtors 61,990 1,942
Other debtors 659,306 483,717
721,296 485,659

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.22 31.1.21
£    £   
Bank loans and overdrafts 23,104 81,208
Hire purchase contracts 554,279 299,523
Trade creditors 489,036 464,062
Taxation and social security 611,668 538,405
Other creditors 892,869 326,715
2,570,956 1,709,913

New Horizon Plastics Co Ltd (Registered number: 11777585)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.22 31.1.21
£    £   
Bank loans 37,500 -
Hire purchase contracts 1,513,151 760,279
1,550,651 760,279

9. SECURED DEBTS

The following secured debts are included within creditors:

31.1.22 31.1.21
£    £   
Bank overdraft 13,104 -
Hire purchase contracts 2,067,430 1,059,802
2,080,534 1,059,802

10. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.1.22 31.1.21
value: £    £   
100 Ordinary £1 100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 January 2022 and 31 January 2021:

31.1.22 31.1.21
£    £   
Mr L Yang
Balance outstanding at start of year 119,109 -
Amounts advanced - 119,109
Amounts repaid (119,109 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 119,109

New Horizon Plastics Co Ltd (Registered number: 11777585)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2022

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mr P R Thomas
Balance outstanding at start of year 125,045 -
Amounts advanced - 125,045
Amounts repaid (125,045 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 125,045

The loan advanced is repayable within 1 year and no interest is chargeable.

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £880,000 (2021 - £400,000) were paid to the directors .

Included in other creditors is an amount owed to New Horizon Biofuel & Animal Beddings Co Ltd of £795,259 (2021- £122,198). Included in other debtors is an amount owed by P & T Group Ltd of £613,187 (2021 - £126,212), both companies with common shareholders and directors.