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REGISTERED NUMBER: 02107371 (England and Wales)


















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: R J Anderson
C J Pearson





REGISTERED OFFICE: 28 Standard Way
Fareham Industrial Park
Fareham
Hampshire
PO16 8XG





REGISTERED NUMBER: 02107371 (England and Wales)





AUDITORS: Smailes Goldie
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 4 266,601 302,588

CURRENT ASSETS
Stocks 215,593 192,621
Debtors 5 1,507,852 1,621,500
Cash at bank and in hand 315,150 408,538
2,038,595 2,222,659
CREDITORS
Amounts falling due within one year 6 715,227 1,065,240
NET CURRENT ASSETS 1,323,368 1,157,419
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,589,969

1,460,007

CREDITORS
Amounts falling due after more than one
year

7

(78,126

)

(106,689

)

PROVISIONS FOR LIABILITIES (65,945 ) (74,871 )
NET ASSETS 1,445,898 1,278,447

CAPITAL AND RESERVES
Called up share capital 9 10,000 10,000
Retained earnings 10 1,435,898 1,268,447
SHAREHOLDERS' FUNDS 1,445,898 1,278,447

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 26th September 2023 and were signed on its behalf by:




R J Anderson - Director



C J Pearson - Director


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 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.

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 30 (2022 - 26 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st July 2022 20,154 1,651,956 1,672,110
Additions - 7,188 7,188
At 31st December 2022 20,154 1,659,144 1,679,298
DEPRECIATION
At 1st July 2022 20,154 1,349,368 1,369,522
Charge for period - 43,175 43,175
At 31st December 2022 20,154 1,392,543 1,412,697
NET BOOK VALUE
At 31st December 2022 - 266,601 266,601
At 30th June 2022 - 302,588 302,588

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 727,696 1,139,246
Amounts owed by group undertakings 716,532 431,032
Other debtors 63,624 51,222
1,507,852 1,621,500

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2022
£    £   
Hire purchase contracts (see note 8) 54,020 67,162
Trade creditors 257,967 661,208
Amounts owed to group undertakings 174,197 -
Taxation and social security 164,196 232,640
Other creditors 64,847 104,230
715,227 1,065,240

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2022
£    £   
Hire purchase contracts (see note 8) 78,126 106,689

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2022
£    £   
Net obligations repayable:
Within one year 54,020 67,162
Between one and five years 78,126 106,689
132,146 173,851

Non-cancellable operating leases
2022 2022
£    £   
Within one year 67,266 76,781
Between one and five years 10,229 77,495
77,495 154,276

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: £    £   
10,000 Ordinary £1 10,000 10,000

10. RESERVES
Retained
earnings
£   

At 1st July 2022 1,268,447
Profit for the period 167,451
At 31st December 2022 1,435,898

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Bramall BSc FCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie

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.