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Registration number: 3004055

Plastech Control Systems Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Plastech Control Systems Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Plastech Control Systems Ltd

Company Information

Directors

Mr J Devereux

Mr A Box

Mr J Box

Company secretary

Ms F Scott

Registered office

Unit 10 Ketterer Court
St Helens
WA9 3AH

Accountants

Devereux & Hunt Ltd
Certified Accountants
51 Basepoint Business Centre
Oakfield Close
Tewkesbury
Glos
GL20 8SD

 

Plastech Control Systems Ltd

(Registration number: 3004055)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

291,772

325,073

Current assets

 

Stocks

5

5,500

39,104

Debtors

6

305,783

177,807

Cash at bank and in hand

 

618,199

429,220

 

929,482

646,131

Creditors: Amounts falling due within one year

7

(225,325)

(178,965)

Net current assets

 

704,157

467,166

Total assets less current liabilities

 

995,929

792,239

Provisions for liabilities

(20,414)

(26,741)

Net assets

 

975,515

765,498

Capital and reserves

 

Called up share capital

201

202

Retained earnings

975,314

765,296

Shareholders' funds

 

975,515

765,498

For the financial year ending 31 December 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

.........................................
Mr J Devereux
Director

 

Plastech Control Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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:
Unit 10 Ketterer Court
St Helens
WA9 3AH

These financial statements were authorised for issue by the Board on 29 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 and deferred 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.

 

Plastech Control Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

25% reducing balance

Office equipment

25% 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.

 

Plastech Control Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 7).

 

Plastech Control Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

154,632

50,851

195,455

13,307

414,245

Additions

-

-

-

1,000

1,000

At 31 December 2022

154,632

50,851

195,455

14,307

415,245

Depreciation

At 1 January 2022

-

49,125

28,280

11,768

89,173

Charge for the year

-

259

33,435

606

34,300

At 31 December 2022

-

49,384

61,715

12,374

123,473

Carrying amount

At 31 December 2022

154,632

1,467

133,740

1,933

291,772

At 31 December 2021

154,632

1,726

167,176

1,539

325,073

Included within the net book value of land and buildings above is £154,632 (2021 - £154,632) in respect of freehold land and buildings.
 

 

Plastech Control Systems Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

5

Stocks

2022
£

2021
£

Other inventories

5,500

39,104

6

Debtors

Current

2022
£

2021
£

Trade debtors

288,819

160,685

Other debtors

16,964

17,122

 

305,783

177,807

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Trade creditors

 

9,248

46,986

Taxation and social security

 

18,842

-

Other creditors

 

197,235

131,979

 

225,325

178,965