Registered number
00768332
H Smith Plastics Limited
Report and Accounts
31 July 2023
H Smith Plastics Limited
Registered number: 00768332
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 242,007 251,625
Current assets
Stocks 453,422 440,293
Debtors 5 46,620 61,837
Cash at bank and in hand 573,995 522,750
1,074,037 1,024,880
Creditors: amounts falling due within one year 6 (109,501) (70,755)
Net current assets 964,536 954,125
Total assets less current liabilities 1,206,543 1,205,750
Provisions for liabilities - deferred tax (8,885) (7,915)
Net assets 1,197,658 1,197,835
Capital and reserves
Called up share capital 4,505 4,506
Profit and loss account 1,193,153 1,193,329
Shareholders' funds 1,197,658 1,197,835
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
………………………………. ……………………………….
B J Smith D L Mansell
Director Director
Approved by the board on 8 December 2023
H Smith Plastics Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% straight line basis
Plant and machinery 15% reducing balance basis
Motor vehicles 25% reducing balance basis
Freehold land is not depreciated
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Turnover 2023 2022
£ £
Turnover attributable to geographical markets outside the UK 6,077 12,626
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 309,682 615,749 6,500 931,931
Additions 1,043 - - 1,043
At 31 July 2023 310,725 615,749 6,500 932,974
Depreciation
At 1 August 2022 105,327 568,594 6,385 680,306
Charge for the year 3,561 7,070 30 10,661
At 31 July 2023 108,888 575,664 6,415 690,967
Net book value
At 31 July 2023 201,837 40,085 85 242,007
At 31 July 2022 204,355 47,155 115 251,625
Freehold land and buildings: 2023 2022
£ £
Historical cost 310,725 309,682
Cumulative depreciation based on historical cost 108,888 105,327
201,837 204,355
5 Debtors 2023 2022
£ £
Trade debtors 37,382 33,487
Other debtors 9,238 28,350
46,620 61,837
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 19,503 18,123
Corporation tax 31,408 38,417
Directors' loan accounts 1,455 1,455
Other taxes and social security costs 36,311 -
Other creditors 20,824 12,760
109,501 70,755
7 Pension commitments
The company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held seperately from those of the Company in an independently administered fund.
8 Contingent liabilities
The company had no liabilities or guarantees other than those arising in the ordinary course of the company's business and, of those, no material losses are anticipated (2022 : Nil).
9 Related party transactions
2023 2022
Mr J Smith £ £
Director
Mr J Smith is also a director and shareholder in M D Smith and Son.
Rent for storage paid to M D Smith and Son 11,400 10,900
10 Controlling party
No one individual has control of the company. At least three shareholders would have to combine their ownership of the issued ordinary share capital to gain control of the company.
11 Other information
H Smith Plastics Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Mayphil Industrial Area
Chelmsford Road
Battlesbridge
Essex
SS11 7RJ
H Smith Plastics Limited 00768332 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts April 2022 B J Smith No description of principal activity 00768332 2021-08-01 2022-07-31 00768332 core:WithinOneYear 2022-07-31 00768332 core:ShareCapital 2022-07-31 00768332 core:RetainedEarningsAccumulatedLosses 2022-07-31 00768332 2022-08-01 2023-07-31 00768332 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 00768332 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 00768332 bus:Director40 2022-08-01 2023-07-31 00768332 1 2022-08-01 2023-07-31 00768332 2 2022-08-01 2023-07-31 00768332 core:LandBuildings 2022-08-01 2023-07-31 00768332 core:PlantMachinery 2022-08-01 2023-07-31 00768332 core:Vehicles 2022-08-01 2023-07-31 00768332 countries:England 2022-08-01 2023-07-31 00768332 bus:FRS102 2022-08-01 2023-07-31 00768332 bus:FullAccounts 2022-08-01 2023-07-31 00768332 2023-07-31 00768332 core:WithinOneYear 2023-07-31 00768332 core:ShareCapital 2023-07-31 00768332 core:RetainedEarningsAccumulatedLosses 2023-07-31 00768332 core:LandBuildings 2023-07-31 00768332 core:PlantMachinery 2023-07-31 00768332 core:Vehicles 2023-07-31 00768332 2022-07-31 00768332 core:LandBuildings 2022-07-31 00768332 core:PlantMachinery 2022-07-31 00768332 core:Vehicles 2022-07-31 iso4217:GBP xbrli:pure