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COMPANY REGISTRATION NUMBER: NI040814
CARN PLASTICS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2023
CARN PLASTICS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
CONTENTS
PAGE
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
CARN PLASTICS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CARN PLASTICS LIMITED
YEAR ENDED 31 MAY 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HENRY MURRAY & CO LTD. Chartered Accountants
23 Church Place Lurgan Co Armagh BT66 6EY
1 November 2023
CARN PLASTICS LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
8
20,905
CURRENT ASSETS
Stocks
852
Debtors
9
17,564
24,906
Cash at bank and in hand
149,091
183,458
---------
---------
166,655
209,216
CREDITORS: amounts falling due within one year
10
144,866
133,095
---------
---------
NET CURRENT ASSETS
21,789
76,121
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
21,789
97,026
--------
--------
NET ASSETS
21,789
97,026
--------
--------
CAPITAL AND RESERVES
Called up share capital
11
1,000
1,000
Profit and loss account
20,789
96,026
--------
--------
SHAREHOLDERS FUNDS
21,789
97,026
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CARN PLASTICS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 1 November 2023 , and are signed on behalf of the board by:
Mr J Lavery
Mrs P McManus
Director
Director
Company registration number: NI040814
CARN PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Parkside Industrial Estate, Victoria Street, LURGAN, Co Armagh, BT67 9DH.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
Website Development
-
6% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% straight line
Fixtures and Fittings
-
20% straight line
Motor Vehicles
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to Nil (2022: 11 ).
5. TAX ON LOSS
Major components of tax income
2023
2022
£
£
Current tax:
UK current tax income
( 170)
( 22,284)
Deferred tax:
Origination and reversal of timing differences
( 2,164)
----
--------
Tax on loss
( 170)
( 24,448)
----
--------
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Loss on ordinary activities before taxation
( 19,407)
( 137,606)
--------
---------
Adjustment to tax charge in respect of prior periods
( 170)
5
Deferred Tax
( 2,164)
Terminal loss tax refund claim
( 22,289)
--------
---------
Tax on loss
( 170)
( 24,448)
--------
---------
6. DIVIDENDS
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Equity dividends on ordinary shares
56,000
46,100
--------
--------
7. INTANGIBLE ASSETS
Goodwill
Development costs
Total
£
£
£
Cost
At 1 June 2022
140,000
2,470
142,470
Additions
Disposals
( 140,000)
( 2,470)
( 142,470)
---------
-------
---------
At 31 May 2023
---------
-------
---------
Amortisation
At 1 June 2022
140,000
2,470
142,470
Charge for the year
Disposals
( 140,000)
( 2,470)
( 142,470)
---------
-------
---------
At 31 May 2023
---------
-------
---------
Carrying amount
At 31 May 2023
---------
-------
---------
At 31 May 2022
---------
-------
---------
8. TANGIBLE ASSETS
Building improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 June 2022
20,905
29,720
16,322
66,947
Disposals
( 20,905)
( 29,720)
( 16,322)
( 66,947)
--------
--------
--------
--------
At 31 May 2023
--------
--------
--------
--------
Depreciation
At 1 June 2022
29,720
16,322
46,042
Disposals
( 29,720)
( 16,322)
( 46,042)
--------
--------
--------
--------
At 31 May 2023
--------
--------
--------
--------
Carrying amount
At 31 May 2023
--------
--------
--------
--------
At 31 May 2022
20,905
20,905
--------
--------
--------
--------
9. DEBTORS
2023
2022
£
£
Trade debtors
2,694
Other debtors
17,564
22,212
--------
--------
17,564
24,906
--------
--------
10. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
124
Trade creditors
( 2,325)
( 106)
Social security and other taxes
623
13,792
Employee Pension Scheme
140
Other creditors
146,568
119,145
---------
---------
144,866
133,095
---------
---------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A Shares shares of £ 1 each
800
800
800
800
Ordinary B Shares shares of £ 1 each
200
200
200
200
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
12. RELATED PARTY TRANSACTIONS
At the year end an amount of £7,784.12 was owed from Portlee Limited, a company controlled by the directors.