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REGISTERED NUMBER: 01188570 (Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

LINEAR PLASTICS LIMITED

LINEAR PLASTICS LIMITED (REGISTERED NUMBER: 01188570)






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

Chartered Accountants' Report 7

LINEAR PLASTICS LIMITED

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mrs J Bassett
G R Bassett
Mrs R J Bassett-Farrell





SECRETARY: Mrs J Bassett





REGISTERED OFFICE: Unit UB2
Off Tonteg Road
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5UA





REGISTERED NUMBER: 01188570 (Wales)





ACCOUNTANTS: James de Frias
Chartered Accountants
Llanover House
Llanover Road
Pontypridd
Rhondda Cynon Taff
CF37 4DY

LINEAR PLASTICS LIMITED (REGISTERED NUMBER: 01188570)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,037,565 3,525,407

CURRENT ASSETS
Stocks 603,909 668,531
Debtors 5 2,635,517 2,484,816
Cash at bank and in hand 635,235 393,974
3,874,661 3,547,321
CREDITORS
Amounts falling due within one year 6 1,518,784 1,336,459
NET CURRENT ASSETS 2,355,877 2,210,862
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,393,442

5,736,269

CREDITORS
Amounts falling due after more than one year 7 (33,775 ) (67,937 )

PROVISIONS FOR LIABILITIES (54,540 ) (92,601 )
NET ASSETS 5,305,127 5,575,731

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 5,305,027 5,575,631
SHAREHOLDERS' FUNDS 5,305,127 5,575,731

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.

LINEAR PLASTICS LIMITED (REGISTERED NUMBER: 01188570)

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 9 November 2023 and were signed on its behalf by:





G R Bassett - Director


LINEAR PLASTICS LIMITED (REGISTERED NUMBER: 01188570)

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

1. STATUTORY INFORMATION

Linear Plastics Limited is a private company, limited by shares , registered in 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 as modified by the revaluation of certain assets.

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.
Freehold property - 2% on cost
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

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.

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.

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.

Government grants
Government grants received are amortised over 5 years in line with the depreciation policy of the assets they relate to.

LINEAR PLASTICS LIMITED (REGISTERED NUMBER: 01188570)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 38 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2022 2,713,319 4,424,431 184,349 361,240 7,683,339
Additions - 74,087 8,947 - 83,034
Disposals - (3,389 ) - (106,605 ) (109,994 )
At 31 March 2023 2,713,319 4,495,129 193,296 254,635 7,656,379
DEPRECIATION
At 1 April 2022 325,023 3,487,498 173,220 172,191 4,157,932
Charge for year 54,266 369,263 10,315 57,593 491,437
Eliminated on disposal - (1,640 ) - (28,915 ) (30,555 )
At 31 March 2023 379,289 3,855,121 183,535 200,869 4,618,814
NET BOOK VALUE
At 31 March 2023 2,334,030 640,008 9,761 53,766 3,037,565
At 31 March 2022 2,388,296 936,933 11,129 189,049 3,525,407

Cost or valuation at 31 March 2023 is represented by:

Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2015 1,900,393 2,203,394 100,908 138,477 4,343,172
Valuation in 2016 349,607 647,745 11,615 (18,587 ) 990,380
Valuation in 2017 66,192 436,325 4,976 - 507,493
Valuation in 2018 7,360 142,680 62,770 (1,000 ) 211,810
Valuation in 2019 24,767 684,356 - 113,110 822,233
Valuation in 2020 - 194,878 1,620 (54,132 ) 142,366
Valuation in 2021 - 5,088 - 4,209 9,297
Valuation in 2022 365,000 109,965 2,460 179,163 656,588
Valuation in 2023 - 70,698 8,947 (106,605 ) (26,960 )
2,713,319 4,495,129 193,296 254,635 7,656,379

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 1,900,393 1,900,393
Aggregate depreciation 325,022 325,022

Freehold land and buildings were valued on an open market basis on 31 March 2023 by Mr G Bassett, Company Director .

LINEAR PLASTICS LIMITED (REGISTERED NUMBER: 01188570)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 2,596,891 2,393,938
Other debtors 38,626 90,878
2,635,517 2,484,816

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 24,000 24,000
Trade creditors 532,874 827,877
Taxation and social security 272,701 96,244
Other creditors 679,209 378,338
1,518,784 1,336,459

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 27,500 37,500
Hire purchase contracts 6,275 30,437
33,775 67,937

8. RESERVES
Retained
earnings
£   

At 1 April 2022 5,575,631
Deficit for the year (270,604 )
At 31 March 2023 5,305,027

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
G R Bassett
Balance outstanding at start of year - (2,669 )
Amounts advanced - 380,000
Amounts repaid - (377,331 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R Bassett.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Linear Plastics Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Linear Plastics Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Linear Plastics Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Linear Plastics Limited and state those matters that we have agreed to state to the Board of Directors of Linear Plastics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Linear Plastics Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Linear Plastics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Linear Plastics Limited. You consider that Linear Plastics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Linear Plastics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






James de Frias
Chartered Accountants
Llanover House
Llanover Road
Pontypridd
Rhondda Cynon Taff
CF37 4DY


9 November 2023