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Registration number: 02932736

Blackwater Plastics Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Blackwater Plastics Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Profit and Loss Account and Statement of Retained Earnings

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 15

 

Blackwater Plastics Ltd

Company Information

Director

Mr Colin Thame

Company secretary

Mrs Denise Thame

Registered office

Unit 11A
Mayfair Industrial Estate
Latchingdon
Chelmsford
Essex
CM3 6LF

Accountants

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

 

Blackwater Plastics Ltd

Director's Report for the Year Ended 31 May 2023

The director presents his report and the financial statements for the year ended 31 May 2023.

Director of the company

The director who held office during the year was as follows:

Mr Colin Thame

Principal activity

The principal activity of the company is Plastic Welding & Fabrication

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 21 February 2024
 

.........................................
Mr Colin Thame
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Blackwater Plastics Ltd
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Blackwater Plastics Ltd for the year ended 31 May 2023 as set out on pages 4 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Blackwater Plastics Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of the Company and state those matters that we have agreed to state to the Board of Directors of the Company, as a body, in this report in accordance with
the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/october/factsheet
-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Blackwater Plastics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of the Company. You consider that Blackwater Plastics Ltd 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 accounts of the Company. 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 accounts.

......................................

Brian Nuttgens Accountants Ltd
Chartered Certified Accountants
1007 London Road
Leigh-On-Sea
Essex
SS9 3JY

21 February 2024

 

Blackwater Plastics Ltd

Profit and Loss Account for the Year Ended 31 May 2023

The company has no recognised gains or losses for the year other than the results above.

 

Blackwater Plastics Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 May 2023

Note

2023
£

2022
£

Turnover

 

67,762

78,419

Cost of sales

 

(28,518)

(26,107)

Gross profit

 

39,244

52,312

Administrative expenses

 

(40,424)

(42,954)

Operating (loss)/profit

 

(1,180)

9,358

Interest payable and similar charges

 

(928)

(960)

 

(928)

(960)

(Loss)/profit before tax

(2,108)

8,398

(Loss)/profit for the financial year

 

(2,108)

8,398

Retained earnings brought forward

 

6,672

16,274

Dividends paid

 

(4,000)

(18,000)

Retained earnings carried forward

 

564

6,672

 

Blackwater Plastics Ltd

(Registration number: 02932736)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

20,595

25,245

Current assets

 

Stocks

5

1,135

1,310

Debtors

6

12,194

4,489

Cash at bank and in hand

 

22,128

48,826

 

35,457

54,625

Creditors: Amounts falling due within one year

7

(9,972)

(12,521)

Net current assets

 

25,485

42,104

Total assets less current liabilities

 

46,080

67,349

Creditors: Amounts falling due after more than one year

7

(45,514)

(60,675)

Net assets

 

566

6,674

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

564

6,672

Shareholders' funds

 

566

6,674

For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 February 2024
 

 

Blackwater Plastics Ltd

(Registration number: 02932736)
Balance Sheet as at 31 May 2023

.........................................
Mr Colin Thame
Director

 

Blackwater Plastics Ltd

Statement of Changes in Equity for the Year Ended 31 May 2023

Share capital
£

Retained earnings
£

Total
£

At 1 June 2022

2

6,672

6,674

Loss for the year

-

(2,108)

(2,108)

Dividends

-

(4,000)

(4,000)

At 31 May 2023

2

564

566

Share capital
£

Retained earnings
£

Total
£

At 1 June 2021

2

16,274

16,276

Profit for the year

-

8,398

8,398

Dividends

-

(18,000)

(18,000)

At 31 May 2022

2

6,672

6,674

 

Blackwater Plastics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 11A
Mayfair Industrial Estate
Latchingdon
Chelmsford
Essex
CM3 6LF

These financial statements were authorised for issue by the director on 21 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Blackwater Plastics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

20% reducing balance

Motor Vehicles

20% reducing balance

Furniture and Fittings

20% reducing balance

Office Equipment

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Blackwater Plastics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Blackwater Plastics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2022

500

30,220

44,155

74,875

Additions

498

-

-

498

At 31 May 2023

998

30,220

44,155

75,373

Depreciation

At 1 June 2022

100

6,044

43,486

49,630

Charge for the year

179

4,835

134

5,148

At 31 May 2023

279

10,879

43,620

54,778

Carrying amount

At 31 May 2023

719

19,341

535

20,595

At 31 May 2022

400

24,176

669

25,245

5

Stocks

2023
£

2022
£

Work in progress

685

725

Other inventories

450

585

1,135

1,310

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,065

4,364

Other debtors

10,129

125

 

12,194

4,489

7

Creditors

Creditors: amounts falling due within one year

 

Blackwater Plastics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

5,161

5,161

Trade creditors

 

609

2,237

Other creditors

 

4,202

5,123

 

9,972

12,521

 

Blackwater Plastics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

45,514

60,675

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

31,667

41,667

Hire purchase contracts

13,847

19,008

45,514

60,675

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

5,161

5,161

10

Dividends

   

2023

 

2022

   

£

 

£

Final dividend of £2,000.00 (2022 - £9,000.00) per ordinary share

 

4,000

 

18,000

         

11

Related party transactions

 

Blackwater Plastics Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

8,380

7,920