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REGISTERED NUMBER: 07437517 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Bag It Plastics Ltd

Bag It Plastics Ltd (Registered number: 07437517)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Report of the Accountants 6

Bag It Plastics Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Ms AS Hayward
TJ Bowman





REGISTERED OFFICE: 26 Bell Street
Sawbridgeworth
Hertfordshire
CM21 9AN





REGISTERED NUMBER: 07437517 (England and Wales)





ACCOUNTANTS: Lawrence & Company
Chartered Certified Accountants
26 Bell Street
Sawbridgeworth
Hertfordshire
CM21 9AN

Bag It Plastics Ltd (Registered number: 07437517)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 22,443 29,652

CURRENT ASSETS
Stocks 5 68,786 63,674
Debtors 6 6,043 28,831
Cash at bank 87,626 71,914
162,455 164,419
CREDITORS
Amounts falling due within one year 7 91,745 91,215
NET CURRENT ASSETS 70,710 73,204
TOTAL ASSETS LESS CURRENT
LIABILITIES

93,153

102,856

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 93,053 102,756
SHAREHOLDERS' FUNDS 93,153 102,856

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 16 January 2024 and were signed on its behalf by:





Ms AS Hayward - Director


Bag It Plastics Ltd (Registered number: 07437517)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Bag It Plastics Ltd 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.

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.

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.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 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.

Bag It Plastics Ltd (Registered number: 07437517)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 3,500 22,030 44,507 23,773 93,810
Additions - - - 8,464 8,464
At 30 November 2023 3,500 22,030 44,507 32,237 102,274
DEPRECIATION
At 1 December 2022 3,500 15,794 22,254 22,610 64,158
Charge for year - 1,559 11,127 2,987 15,673
At 30 November 2023 3,500 17,353 33,381 25,597 79,831
NET BOOK VALUE
At 30 November 2023 - 4,677 11,126 6,640 22,443
At 30 November 2022 - 6,236 22,253 1,163 29,652

5. STOCKS
30.11.23 30.11.22
£    £   
Finished goods 68,786 63,674

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 6,043 28,831

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade creditors 70,121 58,021
Taxation 2,634 6,666
Social security and other taxes 15,434 22,972
Directors' current accounts 1,756 1,756
Accrued expenses 1,800 1,800
91,745 91,215

Bag It Plastics Ltd (Registered number: 07437517)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. RESERVES
Retained
earnings
£   

At 1 December 2022 102,756
Profit for the year 2,697
Dividends (12,400 )
At 30 November 2023 93,053

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £12,400 (2022 - £38,000) were paid to the directors .

The directors control the company by virtue of a direct controlling interest of 100% of the issued ordinary share capital.

Bag It Plastics Ltd

Report of the Accountants to the Directors of
Bag It Plastics Ltd

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.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 November 2023 set out on pages three to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Lawrence & Company
Chartered Certified Accountants
26 Bell Street
Sawbridgeworth
Hertfordshire
CM21 9AN


16 January 2024