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REGISTERED NUMBER: 05606556 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

LEE TAYLOR PLASTICS LIMITED

LEE TAYLOR PLASTICS LIMITED (REGISTERED NUMBER: 05606556)






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


LEE TAYLOR PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTOR: C D Bower





REGISTERED OFFICE: Unit A10 Barton Industrial Estate
Faldo Road
Barton-Le-Clay
Bedfordshire
MK45 4RP





REGISTERED NUMBER: 05606556 (England and Wales)





ACCOUNTANTS: MDG Business Associates Limited
Room 73
Wrest House
Wrest Park
Silsoe
Bedfordshire
MK45 4HR

LEE TAYLOR PLASTICS LIMITED (REGISTERED NUMBER: 05606556)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 9,401 12,535
9,401 12,535

CURRENT ASSETS
Stocks 4,325 4,100
Debtors 7 96,520 113,448
Cash at bank and in hand 4,106 2,599
104,951 120,147
CREDITORS
Amounts falling due within one year 8 168,789 213,596
NET CURRENT LIABILITIES (63,838 ) (93,449 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(54,437

)

(80,914

)

CREDITORS
Amounts falling due after more than one year 9 25,118 25,856
NET LIABILITIES (79,555 ) (106,770 )

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings (79,655 ) (106,870 )
SHAREHOLDERS' FUNDS (79,555 ) (106,770 )

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 director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 1 November 2023 and were signed by:





C D Bower - Director


LEE TAYLOR PLASTICS LIMITED (REGISTERED NUMBER: 05606556)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Lee Taylor 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

During the year the company made of a profit after tax of £27,216 and had a net deficiency in reserves of £79,554 at the balance sheet date.

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied or services rendered, stated net of discounts and Value Added Tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of four 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.
Plant and machinery - 25% on reducing balance
Computer equipment - 25% 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.

LEE TAYLOR PLASTICS LIMITED (REGISTERED NUMBER: 05606556)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. 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.

The bounce back loan scheme
The Bounce Back Loan Scheme (BBLS) enables smaller businesses to access finance more quickly during the coronavirus outbreak. The scheme helps small and medium-sized businesses to borrow between £2,000 and up to 25% of their turnover. The maximum loan available is £50,000. The government guarantees 100% of the loan and there are no fees or interest to pay for the first 12 months. After 12 months the interest rate will be 2.5% per annum.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 April 2022
and 31 March 2023 38,500
Amortisation
At 1 April 2022
and 31 March 2023 38,500
Net book value
At 31 March 2023 -
At 31 March 2022 -

6. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
Cost
At 1 April 2022
and 31 March 2023 59,131 1,091 60,222
Depreciation
At 1 April 2022 47,114 573 47,687
Charge for year 3,005 129 3,134
At 31 March 2023 50,119 702 50,821
Net book value
At 31 March 2023 9,012 389 9,401
At 31 March 2022 12,017 518 12,535

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 90,424 107,352
Prepayments 6,096 6,096
96,520 113,448

LEE TAYLOR PLASTICS LIMITED (REGISTERED NUMBER: 05606556)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 28,247 59,482
Trade creditors 70,853 85,912
Corporation tax 1 -
Social security and other taxes 4,229 4,255
VAT 9,530 10,527
Other creditors 956 1,288
Director's loan account 52,573 50,732
Accrued expenses 2,400 1,400
168,789 213,596

The bank loan is due for part repayment in less than one year from the balance sheet date and part repayment in more than one year from the balance sheet date. Interest is being charged at 0% in year one and 2.5% per annum thereafter.

The loan is 100% guaranteed by the government in line with the COVID scheme rules.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 25,118 25,856

The bank loan is due for part repayment in less than one year from the balance sheet date and part repayment in more than one year from the balance sheet date. Interest is being charged at 0% in year one and 2.5% per annum thereafter.

The loan is 100% guaranteed by the government in line with the COVID scheme rules.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

Included within creditors is an amount of £52,573 (2022: £50,732) due to the director, C D Bower. No interest has been charged on this balance during the year (2022: £Nil) and there are no set repayment terms.