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COMPANY REGISTRATION NUMBER: 01553309
Amber Plastics Limited
Filleted Unaudited Financial Statements
31 March 2023
Amber Plastics Limited
Financial Statements
Year Ended 31 March 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Amber Plastics Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed Assets
Tangible assets
5
137,292
127,676
Current Assets
Stocks
375,317
305,893
Debtors
6
630,608
500,751
Cash at bank and in hand
44
269
------------
---------
1,005,969
806,913
Creditors: amounts falling due within one year
7
983,704
718,178
------------
---------
Net Current Assets
22,265
88,735
---------
---------
Total Assets Less Current Liabilities
159,557
216,411
Creditors: amounts falling due after more than one year
8
98,986
175,000
Provisions
Taxation including deferred tax
25,007
16,262
---------
---------
Net Assets
35,564
25,149
---------
---------
Capital and Reserves
Called up share capital
9
5,000
5,000
Capital redemption reserve
5,000
5,000
Profit and loss account
25,564
15,149
--------
--------
Shareholders Funds
35,564
25,149
--------
--------
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 March 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 .
Amber Plastics Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr A Bunting
Director
Company registration number: 01553309
Amber Plastics Limited
Notes to the Financial Statements
Year Ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broombank Road, Chesterfield Industrial Estate, Sheepbridge, Chesterfield, Derbyshire, S41 9QJ.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents amounts earned during the year, exclusive of value added tax.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Land and buildings
-
10% reducing balance
Plant and machinery
-
15% reducing balance
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
20% straight line
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.
Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 28 (2022: 39 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
228,471
886,490
79,051
63,373
39,595
1,296,980
Additions
33,569
1,270
717
35,556
Disposals
( 30,721)
( 30,721)
---------
---------
--------
--------
--------
------------
At 31 Mar 2023
228,471
920,059
80,321
63,373
9,591
1,301,815
---------
---------
--------
--------
--------
------------
Depreciation
At 1 Apr 2022
195,778
815,923
73,676
49,638
34,289
1,169,304
Charge for the year
3,268
15,620
1,661
3,433
1,938
25,920
Disposals
( 30,701)
( 30,701)
---------
---------
--------
--------
--------
------------
At 31 Mar 2023
199,046
831,543
75,337
53,071
5,526
1,164,523
---------
---------
--------
--------
--------
------------
Carrying amount
At 31 Mar 2023
29,425
88,516
4,984
10,302
4,065
137,292
---------
---------
--------
--------
--------
------------
At 31 Mar 2022
32,693
70,567
5,375
13,735
5,306
127,676
---------
---------
--------
--------
--------
------------
6. Debtors
2023
2022
£
£
Trade debtors
569,397
432,454
Amounts owed by group undertakings and undertakings in which the company has a participating interest
3,697
3,697
Other debtors
57,514
64,600
---------
---------
630,608
500,751
---------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
447,719
368,401
Trade creditors
324,979
251,857
Social security and other taxes
108,480
53,187
Net wages
10,224
Other creditors
92,302
44,733
---------
---------
983,704
718,178
---------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
91,000
175,000
Other creditors
7,986
--------
---------
98,986
175,000
--------
---------
9. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
5,000
5,000
5,000
5,000
-------
-------
-------
-------
10. Controlling party
The ultimate parent company is Amber Plastics Holdings Limited, a company incorporated in England and Wales.