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REGISTERED NUMBER: SC059993 (Scotland)















Financial Statements For The Year Ended 31 May 2023

for

North Sea Plastics Limited

North Sea Plastics Limited (Registered number: SC059993)






Contents of the Financial Statements
For The Year Ended 31 May 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


North Sea Plastics Limited

Company Information
For The Year Ended 31 May 2023







DIRECTORS: C Tullis Deceased
D M Tullis





REGISTERED OFFICE: Unit 2
5 Campsie Road
Kirkintilloch
G66 1SL





REGISTERED NUMBER: SC059993 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

North Sea Plastics Limited (Registered number: SC059993)

Abridged Statement of Financial Position
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 328,778 304,514

CURRENT ASSETS
Stocks 320,668 277,001
Debtors 441,262 543,521
Cash at bank and in hand 301,511 238,159
1,063,441 1,058,681
CREDITORS
Amounts falling due within one year 635,002 653,341
NET CURRENT ASSETS 428,439 405,340
TOTAL ASSETS LESS CURRENT
LIABILITIES

757,217

709,854

CREDITORS
Amounts falling due after more than one
year

(76,272

)

(35,000

)

PROVISIONS FOR LIABILITIES (16,521 ) (14,614 )
NET ASSETS 664,424 660,240

CAPITAL AND RESERVES
Called up share capital 750 750
Revaluation reserve 39,992 43,325
Capital redemption reserve 750 750
Retained earnings 622,932 615,415
SHAREHOLDERS' FUNDS 664,424 660,240

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

North Sea Plastics Limited (Registered number: SC059993)

Abridged Statement of Financial Position - continued
31 May 2023


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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 February 2024 and were signed on its behalf by:





D M Tullis - Director


North Sea Plastics Limited (Registered number: SC059993)

Notes to the Financial Statements
For The Year Ended 31 May 2023

1. STATUTORY INFORMATION

North Sea Plastics Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on valuation
Plant & machinery - 50% on cost, 33.33% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% 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.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in statement of comprehensive income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the statement of comprehensive income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

North Sea Plastics Limited (Registered number: SC059993)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the statement of comprehensive income in the period to which they relate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 June 2022 591,303
Additions 97,961
Disposals (85,514 )
At 31 May 2023 603,750
DEPRECIATION
At 1 June 2022 286,789
Charge for year 40,656
Eliminated on disposal (52,473 )
At 31 May 2023 274,972
NET BOOK VALUE
At 31 May 2023 328,778
At 31 May 2022 304,514

Cost or valuation at 31 May 2023 is represented by:

Totals
£   
Valuation in 2014 285,000
Cost 318,750
603,750

North Sea Plastics Limited (Registered number: SC059993)

Notes to the Financial Statements - continued
For The Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS - continued

If the property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 312,171 312,171
Aggregate depreciation 141,026 141,026

The property was valued on an open market basis on 24 September 2014 by D M Hall .

5. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 17,507 43,047
Between one and five years 51,272 -
68,779 43,047

Non-cancellable operating leases
2023 2022
£    £   
Within one year 6,019 260
Between one and five years 6,521 -
12,540 260

6. SECURED DEBTS

The National Westminster Bank Plc hold a standard security over the freehold property of the company and a bond and floating charge over the assets of the company.

7. ULTIMATE PARENT COMPANY

The company is owned 100% by North Sea Plastics (Holdings) Ltd.