Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.true2022-04-01falsethe construction and fitting of sheet plastic structures77false 01915800 2022-04-01 2023-03-31 01915800 2021-04-01 2022-03-31 01915800 2023-03-31 01915800 2022-03-31 01915800 2021-04-01 01915800 c:Director1 2022-04-01 2023-03-31 01915800 d:PlantMachinery 2022-04-01 2023-03-31 01915800 d:MotorVehicles 2022-04-01 2023-03-31 01915800 d:MotorVehicles 2023-03-31 01915800 d:MotorVehicles 2022-03-31 01915800 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 01915800 d:FurnitureFittings 2022-04-01 2023-03-31 01915800 d:OfficeEquipment 2022-04-01 2023-03-31 01915800 d:CurrentFinancialInstruments 2023-03-31 01915800 d:CurrentFinancialInstruments 2022-03-31 01915800 d:Non-currentFinancialInstruments 2023-03-31 01915800 d:Non-currentFinancialInstruments 2022-03-31 01915800 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01915800 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 01915800 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01915800 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 01915800 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 01915800 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 01915800 d:ShareCapital 2023-03-31 01915800 d:ShareCapital 2022-03-31 01915800 d:RetainedEarningsAccumulatedLosses 2023-03-31 01915800 d:RetainedEarningsAccumulatedLosses 2022-03-31 01915800 c:OrdinaryShareClass1 2022-04-01 2023-03-31 01915800 c:OrdinaryShareClass1 2023-03-31 01915800 c:OrdinaryShareClass1 2022-03-31 01915800 c:FRS102 2022-04-01 2023-03-31 01915800 c:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 01915800 c:FullAccounts 2022-04-01 2023-03-31 01915800 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01915800 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01915800 d:AcceleratedTaxDepreciationDeferredTax 2022-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01915800









MEDALLION PLASTICS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
MEDALLION PLASTICS LIMITED
REGISTERED NUMBER: 01915800

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
44,982
59,975

  
44,982
59,975

Current assets
  

Stocks
 5 
4,960
8,010

Debtors: amounts falling due within one year
 6 
286,425
301,377

Cash at bank and in hand
 7 
132,978
100,650

  
424,363
410,037

Creditors: amounts falling due within one year
 8 
(138,820)
(184,456)

Net current assets
  
 
 
285,543
 
 
225,581

Total assets less current liabilities
  
330,525
285,556

Creditors: amounts falling due after more than one year
 9 
(34,172)
(32,901)

Provisions for liabilities
  

Deferred tax
 11 
(11,246)
(7,321)

Net assets
  
285,107
245,334


Capital and reserves
  

Called up share capital 
 12 
100
100

Profit and loss account
  
285,007
245,234

  
285,107
245,334


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
Page 1

 
MEDALLION PLASTICS LIMITED
REGISTERED NUMBER: 01915800
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023


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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 March 2024.




S P Watson Esq
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MEDALLION PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Medallion Plastics Limited is a private company limited by shares, incorporated in England and Wales. The address of the registered office is Unit No 10, Europa Trading Estate, Fraser Road, Erith, DA8 1QL. 
The principal activity of the company during the year has been the construction and fitting of sheet plastic structures.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
MEDALLION PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
MEDALLION PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant & Machinery
-
15%
Reducing balance
Motor Vehicles
-
25%
Reducing balance
Fixtures & Fittings
-
25%
Reducing balance
Office Equipment
-
25%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is 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. 

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
MEDALLION PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).


4.


Tangible fixed assets





Motor Vehicles

£



Cost or valuation


At 1 April 2022
188,165



At 31 March 2023

188,165



Depreciation


At 1 April 2022
128,190


Charge for the year on owned assets
14,993



At 31 March 2023

143,183



Net book value



At 31 March 2023
44,982



At 31 March 2022
59,975

Page 6

 
MEDALLION PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Stocks

2023
2022
£
£

Raw materials and consumables
3,460
6,510

Work in progress
1,500
1,500

4,960
8,010


Page 7

 
MEDALLION PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Debtors

2023
2022
£
£


Trade debtors
92,201
150,003

Amount owed by connected compaines
194,224
146,193

Prepayments and accrued income
-
5,181

286,425
301,377



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
132,978
100,650



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
8,518
-

Trade creditors
45,869
75,038

Corporation tax
14,015
7,937

Other taxation and social security
9,991
1,568

Obligations under finance lease and hire purchase contracts
12,062
44,013

Other creditors
42,790
50,325

Accruals and deferred income
5,575
5,575

138,820
184,456



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,864
32,901

Net obligations under finance leases and hire purchase contracts
18,308
-

34,172
32,901


Page 8

 
MEDALLION PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
8,518
-

Amounts falling due 2-5 years

Bank loans
15,864
32,901

24,382
32,901



11.


Deferred taxation




2023
2022


£

£






At beginning of year
(7,321)
5,857


Charged to profit or loss
(3,925)
(13,178)



At end of year
(11,246)
(7,321)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(11,246)
(7,321)

(11,246)
(7,321)


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Page 9

 
MEDALLION PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £16,000 (2022: £13,051)

Page 10