Company registration number 03217577 (England and Wales)
PHILIP TYLER PLASTICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PHILIP TYLER PLASTICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
PHILIP TYLER PLASTICS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
214,702
201,273
Current assets
Debtors
5
14,000
14,000
Net current assets
14,000
14,000
Net assets
228,702
215,273
Capital and reserves
Called up share capital
40,374
40,374
Capital redemption reserve
27,160
27,160
Other reserves
13,429
-
0
Profit and loss reserves
147,739
147,739
Total equity
228,702
215,273

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 20 November 2023 and are signed on its behalf by:
Mr R J Baynham
Director
Company Registration No. 03217577
PHILIP TYLER PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Philip Tyler Plastics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Globe House, Love Lane, Cirencester, Gloucestershire, United Kingdom, GL7 1YG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

At the time of approving the financial statements , the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PHILIP TYLER PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PHILIP TYLER PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

 

Any expense in relation to options over the company's shares granted to employees of the subsidiary company is recognised by the company as a capital contribution, and presented as an increase in the company's investment in the subsidiary.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PHILIP TYLER PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
214,702
201,273
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2022
201,273
Additions
13,429
At 31 March 2023
214,702
Carrying amount
At 31 March 2023
214,702
At 31 March 2022
201,273

The movement in fixed asset investments represent a captial contribution to a subsidary company in respect of equity settled share-based payments to employees of the subsidary company.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
14,000
14,000
PHILIP TYLER PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Share-based payment transactions
Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 April 2022
-
0
-
0
-
0
-
0
Granted
13,200
-
0
3.18
-
0
Outstanding at 31 March 2023
13,200
-
0
3.18
-
0
Exercisable at 31 March 2023
13,200
-
0
3.18
-
0

On 27 October 2022, the company granted share options over 13,200 A ordinary £0.01 shares under an Enterprise Management Incentive Scheme to certain employees of Philip Tyler Polymers Limited, a subsidiary company. At 31 March 2023 none of the share options were exercised however in April 2023 2,000 of the options were exercised. The options are dependent upon certain future events.

 

Share-based payments relate entirely to equity-settled options. These are valued in line with the Black-Scholes methodology using a historical volatility of 35% (2022: N/A) a risk free rate of 5.00% (2022: N/A), and a vesting period of 5 to 9 years. The underlying price of the associated class of shares has been reviewed at the date of issue for all option agreements, with a weighted average exercise price of £3.18.

 

7
Share option reserve
2023
2022
£
£
At the beginning of the year
-
-
Additions
13,429
-
At the end of the year
13,429
-

The share option reserve relates to a capital contribution made in resepct of equity settled share-based payments to certain employees of a subsidiary company.

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Robert Hull
Statutory Auditor:
Azets Audit Services
PHILIP TYLER PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Financial commitments, guarantees and contingent liabilities

There were no guarantees, contingencies and other financial commitments at 31 March 2023 (2022: £Nil).

10
Related party transactions

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.

2023-03-312022-04-01false20 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr K W BrooksMr J N Campbell-PugheMr R J BaynhamMr Christopher Livingston-CampbellOxford Corporate Services Ltdfalse032175772022-04-012023-03-31032175772023-03-31032175772022-03-3103217577core:ShareCapital2023-03-3103217577core:ShareCapital2022-03-3103217577core:CapitalRedemptionReserve2023-03-3103217577core:CapitalRedemptionReserve2022-03-3103217577core:OtherMiscellaneousReserve2023-03-3103217577core:OtherMiscellaneousReserve2022-03-3103217577core:RetainedEarningsAccumulatedLosses2023-03-3103217577core:RetainedEarningsAccumulatedLosses2022-03-3103217577bus:Director32022-04-012023-03-31032175772021-04-012022-03-3103217577core:CurrentFinancialInstruments2022-03-31032175772022-03-31032175772021-03-3103217577bus:PrivateLimitedCompanyLtd2022-04-012023-03-3103217577bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3103217577bus:FRS1022022-04-012023-03-3103217577bus:Audited2022-04-012023-03-3103217577bus:Director12022-04-012023-03-3103217577bus:Director22022-04-012023-03-3103217577bus:Director42022-04-012023-03-3103217577bus:CompanySecretary12022-04-012023-03-3103217577bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP