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REGISTERED NUMBER: 11736799 (England and Wales)















Poseidon Plastics Limited

Abridged Financial Statements for the Year Ended 31st December 2021






Poseidon Plastics Limited (Registered number: 11736799)






Contents of the Financial Statements
for the year ended 31st December 2021




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Poseidon Plastics Limited

Company Information
for the year ended 31st December 2021







Directors: E O Gillespie
M Shields
M L Atkins
J Gasik
J R McGoldrick
S A Thompson
L Wagene





Registered office: North Lab Annexe 1
Technical Development Area
The Wilton Centre
Redcar
TS10 4RF





Registered number: 11736799 (England and Wales)





Accountants: Walters & Company
Certified Practising Accountants
1-3 High Street
Great Dunmow
Essex
CM6 1UU

Poseidon Plastics Limited (Registered number: 11736799)

Abridged Balance Sheet
31st December 2021

31/12/21 31/12/20
Notes £    £    £    £   
Fixed assets
Intangible assets 4 41,019 25,148
Tangible assets 5 82,316 70,135
Investments 6 472,730 -
596,065 95,283

Current assets
Debtors 387,226 250,823
Cash at bank and in hand 26,372 237,311
413,598 488,134
Creditors
Amounts falling due within one year 583,126 475,160
Net current (liabilities)/assets (169,528 ) 12,974
Total assets less current liabilities 426,537 108,257

Capital and reserves
Called up share capital 7 1,000 1,000
Share premium 2,650,620 1,268,548
Retained earnings (2,225,083 ) (1,161,291 )
Shareholders' funds 426,537 108,257

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Poseidon Plastics Limited (Registered number: 11736799)

Abridged Balance Sheet - continued
31st December 2021


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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Balance Sheet for the year ended 31st December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 Board of Directors and authorised for issue on 13th September 2022 and were signed on its behalf by:





M L Atkins - Director


Poseidon Plastics Limited (Registered number: 11736799)

Notes to the Financial Statements
for the year ended 31st December 2021

1. Statutory information

Poseidon Plastics Limited 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - straight line over the term of the lease
Plant and machinery - 25% on cost

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.


Poseidon Plastics Limited (Registered number: 11736799)

Notes to the Financial Statements - continued
for the year ended 31st December 2021

2. Accounting policies - continued
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.

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

Adoption of new financial reporting standards (frs 102)
During the year, the Company changed its standard, from International Financial Reporting Standards (IFRS) as adopted by the EU and adopted Financial Reporting Standard 102, The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

3. Employees and directors

The average number of employees during the year was NIL (2020 - NIL).

4. Intangible fixed assets
Totals
£   
Cost
At 1st January 2021 25,244
Additions 18,035
At 31st December 2021 43,279
Amortisation
At 1st January 2021 96
Amortisation for year 2,164
At 31st December 2021 2,260
Net book value

At 31st December 2021 41,019
At 31st December 2020 25,148

Poseidon Plastics Limited (Registered number: 11736799)

Notes to the Financial Statements - continued
for the year ended 31st December 2021

5. Tangible fixed assets
Totals
£   
Cost
At 1st January 2021 90,706
Additions 51,335
At 31st December 2021 142,041
Depreciation
At 1st January 2021 20,571
Charge for year 39,154
At 31st December 2021 59,725
Net book value
At 31st December 2021 82,316
At 31st December 2020 70,135

6. Fixed asset investments

Information on investments other than loans is as follows:
Totals
£   
Cost
Additions 472,730
At 31st December 2021 472,730
Net book value
At 31st December 2021 472,730

7. Called up share capital


Allotted, issued and fully paid:
Number: Class: Nominal 31/12/21 31/12/20
value: £    £   
100,000 Ordinary 1 1,000 1,000