REGISTERED NUMBER: |
Protool Plastic Components Limited |
Financial Statements for the Period 1st July 2022 to 31st December 2022 |
REGISTERED NUMBER: |
Protool Plastic Components Limited |
Financial Statements for the Period 1st July 2022 to 31st December 2022 |
Protool Plastic Components Limited (Registered number: 02107371) |
Contents of the Financial Statements |
for the period 1st July 2022 to 31st December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Protool Plastic Components Limited |
Company Information |
for the period 1st July 2022 to 31st December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
Regent's Court |
Princess Street |
Hull |
East Yorkshire |
HU2 8BA |
Protool Plastic Components Limited (Registered number: 02107371) |
Balance Sheet |
31st December 2022 |
2022 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS |
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 |
Protool Plastic Components Limited (Registered number: 02107371) |
Notes to the Financial Statements |
for the period 1st July 2022 to 31st December 2022 |
1. | STATUTORY INFORMATION |
Protool Plastic Components Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Leasehold Property | - | 10% on cost |
Plant and machinery | - | 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 period 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 period 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. |
Protool Plastic Components Limited (Registered number: 02107371) |
Notes to the Financial Statements - continued |
for the period 1st July 2022 to 31st December 2022 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
The Directors have reviewed the financial position of Protool Plastic Components including consideration of the uncertainties arising from varying export economic conditions and any consequential impact of this upon trading and financing. |
The Directors recognise the 'risk' posed by an uncertain, volatile global supply chain and commodity pricing but believe this has reduced vs prior years. |
The Directors are confident that the resilience the business developed over the last few years as a result of the global issues has strengthened its ability to adapt and mitigate these risks, therefore do not consider it to affect the Companies ability to operate as a going concern. |
Based on the current order book, existing contracts, cost structure, current Balance Sheet, growth initiatives and increased investment plans, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. |
Accordingly, they continue to adopt the going concern basis in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st July 2022 |
Additions |
At 31st December 2022 |
DEPRECIATION |
At 1st July 2022 |
Charge for period |
At 31st December 2022 |
NET BOOK VALUE |
At 31st December 2022 |
At 30th June 2022 |
Included within plant and machinery are assets held under hire purchase. The Net Book Value of these assets are £212,530 (30 June 2022 - £256,120) and depreciation charged to the Profit and Loss Accounts is £43,590 (30 June 2022 - £63,401). |
Protool Plastic Components Limited (Registered number: 02107371) |
Notes to the Financial Statements - continued |
for the period 1st July 2022 to 31st December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2022 |
£ | £ |
Hire purchase contracts (see note 8) |
8. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2022 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2022 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Protool Plastic Components Limited (Registered number: 02107371) |
Notes to the Financial Statements - continued |
for the period 1st July 2022 to 31st December 2022 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
10. | RESERVES |
Retained |
earnings |
£ |
At 1st July 2022 |
Profit for the period |
At 31st December 2022 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | ULTIMATE PARENT COMPANY |
The company's parent company is Protool Plastics Group Limited. |
The company's ultimate parent company is Advanced Plastics Group Limited, within whose group accounts the results of the company are consolidated. |
The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ. |