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REGISTERED NUMBER: 07558365 (England and Wales)















Financial Statements for the Year Ended 31 March 2023

for

Newquay Plastics Limited

Newquay Plastics Limited (Registered number: 07558365)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Newquay Plastics Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: K Karrington
Mrs S L Karrington





REGISTERED OFFICE: Units 6a & 6b
St Columb Industrial Estate
St Columb
Cornwall
TR9 6SF





REGISTERED NUMBER: 07558365 (England and Wales)





ACCOUNTANTS: Sovereign Accounting Solutions
Chartered Accountants and Business Advisers
Unit 9
Moorland Road Industrial Park
Moorland Road, Indian Queens
St Columb
Cornwall
TR9 6FB

Newquay Plastics Limited (Registered number: 07558365)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 36,000 40,500
Tangible assets 5 144,434 149,274
180,434 189,774

CURRENT ASSETS
Stocks 86,273 82,117
Debtors 6 98,970 94,643
Cash at bank 11,197 137,438
196,440 314,198
CREDITORS
Amounts falling due within one year 7 127,339 255,158
NET CURRENT ASSETS 69,101 59,040
TOTAL ASSETS LESS CURRENT
LIABILITIES

249,535

248,814

CREDITORS
Amounts falling due after more than one
year

8

(87,630

)

(97,768

)

PROVISIONS FOR LIABILITIES (17,316 ) (17,590 )
NET ASSETS 144,589 133,456

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 144,489 133,356
SHAREHOLDERS' FUNDS 144,589 133,456

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.

Newquay Plastics Limited (Registered number: 07558365)

Balance Sheet - continued
31 March 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2023 and were signed on its behalf by:





Mrs S L Karrington - Director


Newquay Plastics Limited (Registered number: 07558365)

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

1. STATUTORY INFORMATION

Newquay 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of twenty years.

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.

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.
Land and buildings - Straight line over the life of the lease
Plant and machinery etc - 20% on reducing balance and 15% 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 Income Statement, 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.

Newquay Plastics Limited (Registered number: 07558365)

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

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 90,000
AMORTISATION
At 1 April 2022 49,500
Charge for year 4,500
At 31 March 2023 54,000
NET BOOK VALUE
At 31 March 2023 36,000
At 31 March 2022 40,500

Newquay Plastics Limited (Registered number: 07558365)

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

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 9,900 347,803 357,703
Additions - 29,864 29,864
Disposals - (16,619 ) (16,619 )
At 31 March 2023 9,900 361,048 370,948
DEPRECIATION
At 1 April 2022 9,900 198,529 208,429
Charge for year - 32,474 32,474
Eliminated on disposal - (14,389 ) (14,389 )
At 31 March 2023 9,900 216,614 226,514
NET BOOK VALUE
At 31 March 2023 - 144,434 144,434
At 31 March 2022 - 149,274 149,274

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 120,443
Additions 27,452
Transfer to ownership (18,801 )
At 31 March 2023 129,094
DEPRECIATION
At 1 April 2022 29,549
Charge for year 20,530
Transfer to ownership (11,100 )
At 31 March 2023 38,979
NET BOOK VALUE
At 31 March 2023 90,115
At 31 March 2022 90,894

Newquay Plastics Limited (Registered number: 07558365)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 96,128 92,194
Other debtors 2,842 2,449
98,970 94,643

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 19,241 10,000
Hire purchase contracts 21,860 19,591
Trade creditors 8,611 120,904
Taxation and social security 37,709 47,870
Other creditors 39,918 56,793
127,339 255,158

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 21,667 31,667
Hire purchase contracts 65,963 66,101
87,630 97,768

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 87,823 85,692