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REGISTERED NUMBER: 05339421 (England and Wales)




















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Protomax Plastics Limited

Protomax Plastics Limited (Registered number: 05339421)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Protomax Plastics Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: N J Stillwell - Chief Executive
C D Nicholson - Chairman





SECRETARY: M I Stillwell





REGISTERED OFFICE: Snarlton Farm
Wingfield
Trowbridge
Wiltshire
BA14 9LH





REGISTERED NUMBER: 05339421 (England and Wales)

Protomax Plastics Limited (Registered number: 05339421)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,838 19,492
Investments 5 1 1
9,839 19,493

CURRENT ASSETS
Stocks 10,141 -
Debtors 6 460,705 516,522
Cash at bank 59 235
470,905 516,757
CREDITORS
Amounts falling due within one year 7 210,542 221,454
NET CURRENT ASSETS 260,363 295,303
TOTAL ASSETS LESS CURRENT
LIABILITIES

270,202

314,796

CREDITORS
Amounts falling due after more than one
year

8

419,377

419,377
NET LIABILITIES (149,175 ) (104,581 )

CAPITAL AND RESERVES
Called up share capital 56,252 56,252
Share premium 272,769 272,769
Retained earnings (478,196 ) (433,602 )
SHAREHOLDERS' FUNDS (149,175 ) (104,581 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 October 2023 and were signed on its behalf by:



N J Stillwell - Chief Executive - Director


Protomax Plastics Limited (Registered number: 05339421)

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

1. STATUTORY INFORMATION

Protomax 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to receive adequate financial support from its shareholders to enable it to continue its normal operations for the foreseeable future.

Turnover
Turnover represents the net invoiced value of sales of goods and services, including commissions receivable, excluding applicable Value Added Tax. Revenue is recognised on the basis of the contractual terms in place with customers.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on straight line basis
Motor vehicles - 33% on straight line basis
Computer equipment - 33% on straight line basis

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 25,569 2,500 5,081 33,150
Disposals - (2,500 ) - (2,500 )
At 31 March 2023 25,569 - 5,081 30,650
DEPRECIATION
At 1 April 2022 10,784 556 2,318 13,658
Charge for year 6,030 544 1,680 8,254
Eliminated on disposal - (1,100 ) - (1,100 )
At 31 March 2023 16,814 - 3,998 20,812
NET BOOK VALUE
At 31 March 2023 8,755 - 1,083 9,838
At 31 March 2022 14,785 1,944 2,763 19,492

Protomax Plastics Limited (Registered number: 05339421)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022
and 31 March 2023 1
NET BOOK VALUE
At 31 March 2023 1
At 31 March 2022 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 123,734 155,162
Other debtors 335,982 359,848
VAT - 767
Prepayments 989 745
460,705 516,522

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,890 9,328
Trade creditors 2,232 58
Social security and other taxes 205 306
VAT 473 -
Other creditors 162,814 184,753
Director's current account 24,125 24,126
Deferred income 12,805 -
Accrued expenses 1,998 2,883
210,542 221,454

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other loans 119,377 119,377
Director's loan account 300,000 300,000
419,377 419,377

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Creditors: Amounts falling due within one year include £24,126 (2022: £23,598) due to NJ Stillwell. There are no formal terms for repayment of this loan which is unsecured and interest-free.

Creditors: Amounts falling due after more than one year include £300,000 (2022: £300,000) due to NJ Stillwell. This balance was subordinated in favour of all other creditors of the company with effect from 27 July 2011. There are no formal terms for repayment of this loan, which is unsecured and interest-free, other than that it is not repayable within twelve months of the balance sheet date.

Protomax Plastics Limited (Registered number: 05339421)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. RELATED PARTY DISCLOSURES

Mrs S Stillwell

Wife of MI Stillwell and NJ Stilwell's mother


Amounts advanced to the company by Mrs S Stillwell are unsecured and interest-free and no repayment will be required within at least twelve months from the balance sheet date.

With effect from 27 July 2011 £100,000 of this loan was subordinated in favour of all other creditors of the company.

2023 2022
£    £   
Amount due to related party at the balance sheet date 119,377 119,377

MI Stillwell

NJ Stillwell's father


Amounts advanced to the company by MI Stillwell are unsecured and interest-free and have no fixed date for repayment.

2023 2022
£    £   
Amount due to related party at the balance sheet date 152,643 139,887

Upcycle Holdings Limited ("UH")


UH is a company registered in Ireland of which NJ Stillwell and CD Nicholson are shareholders.

2023 2022
£    £   
Amount due from related party at the balance sheet date 120,486 120,468

Storm Board LLP ("SB")

CD Nicholson and MI Stillwell are the designated members of SB


2023 2022
£    £   
Amount due from related party at the balance sheet date 335,040 358,906

11. ULTIMATE CONTROLLING PARTY

There is no single overall controlling party.