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Registration number: SC449264

Plastech Packaging and Healthcare Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Plastech Packaging and Healthcare Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Plastech Packaging and Healthcare Limited

Company Information

Directors

M Preston

T Stirling

Company secretary

M Preston

Registered office

Unit Q10
Flemington Road
Queensway Industrial Estate
Glenrothes
Fife
KY7 5PZ

Accountants

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Plastech Packaging and Healthcare Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Plastech Packaging and Healthcare Limited for the year ended 31 March 2023 as set out on pages 3 to 8 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 of Scotland, we are subject to its ethical and other professional requirements which are detailed at www.icas.com.

This report is made solely to the Board of Directors of Plastech Packaging and Healthcare Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Plastech Packaging and Healthcare Limited and state those matters that we have agreed to state to the Board of Directors of Plastech Packaging and Healthcare Limited, as a body, in this report in accordance with the requirements of The Institute of Chartered Accountants of Scotland as detailed at www.icas.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plastech Packaging and Healthcare Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Plastech Packaging and Healthcare Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Plastech Packaging and Healthcare Limited. You consider that Plastech Packaging and Healthcare Limited 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 accounts of Plastech Packaging and Healthcare Limited. 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 accounts.

......................................

Mitchell Oswald Chartered Accountants
28 James Young Road
Bathgate
West Lothian
EH48 2UP

3 July 2023

 

Plastech Packaging and Healthcare Limited

(Registration number: SC449264)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

97,991

96,400

Debtors

5

85,961

223,314

Cash at bank and in hand

 

68,286

42,348

 

252,238

362,062

Creditors: Amounts falling due within one year

6

(325,874)

(326,736)

Total assets less current liabilities

 

(73,636)

35,326

Creditors: Amounts falling due after more than one year

6

(35,453)

(40,705)

Net liabilities

 

(109,089)

(5,379)

Capital and reserves

 

Called up share capital

10,000

10,000

Retained earnings

(119,089)

(15,379)

Shareholders' deficit

 

(109,089)

(5,379)

For the financial year ending 31 March 2023 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 3 July 2023 and signed on its behalf by:
 

.........................................
T Stirling
Director

   
     
 

Plastech Packaging and Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Unit Q10
Flemington Road
Queensway Industrial Estate
Glenrothes
Fife
KY7 5PZ

These financial statements were authorised for issue by the Board on 3 July 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

At the reporting date the company had net liabilities of £109,089 (2022: £5,379). The company meets its day to day working capital requirements through loans from it's parent.

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continuing support of the parent company as noted above. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to amend the balance sheet values to their recoverable amounts and to provide for further liabilities which might arise.

The directors believe it is appropriate to prepare the accounts on the 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;
the company has transferred the significant risks and rewards of ownership to the buyer; and
it is probable that future economic benefits will flow to the entity.

 

Plastech Packaging and Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rate on the transaction date.

Foreign exchange gains and losses resulting from the settlement of transactions are recognised in the profit and loss account in the period in which they are incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand 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 at the transaction price 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 at the transaction price.

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.

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. Amounts not paid at the period end are shown within accruals in the balance sheet. The assets of the plan are held in independently administered funds.

 

Plastech Packaging and Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments

Classification

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and director's loans to the company.

 Recognition and measurement

Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice price.

Loans received from a bank at a market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs.

Director's loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

Investments in equity shares which are publicly traded or where the fair value of the shares can be measured reliably are initially measured at fair value. Transaction costs are charged to profit or loss. The investments are subsequently remeasured in the balance sheet at fair value with changes in fair value recognised through profit and loss.


 Impairment

Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 17).

4

Stocks

2023
£

2022
£

Raw materials and consumables

55,267

60,739

Work in progress

3,177

3,647

Finished goods and goods for resale

39,547

32,014

97,991

96,400

 

Plastech Packaging and Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

53,354

147,037

Amounts owed by group undertakings

8

12,535

19,917

Prepayments

 

14,490

10,100

Other debtors

 

5,582

46,260

   

85,961

223,314

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

5,252

5,123

Trade creditors

 

72,777

81,223

Amounts owed to parent undertaking

8

220,697

196,173

Taxation and social security

 

5,906

18,789

Accruals and deferred income

 

21,242

25,154

Other creditors

 

-

274

 

325,874

326,736

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

35,453

40,705

 

Plastech Packaging and Healthcare Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,252

5,123

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

35,453

40,705

Bank borrowings

The bank loan is denominated in sterling with a nominal interest rate of 2.5%, the final instalment is due on 14 May 2030. The carrying amount at year end is £40,705 (2022 - £45,828).

8

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Interest free loan (to)/from director

17,341

3,082

(17,341)

3,082

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Interest free loan (to)/from director

(9,958)

17,341

9,958

17,341

         
       

 

Summary of transactions with parent

As a wholly owned subsidiary of Plastech Group Limited, advantage has been taken of the exemption granted by FRS 102 not to report details of transactions with entities which are 100% controlled by a common parent undertaking.