Registered number
02147062
A T B Plastics Limited
Filleted Accounts
31 August 2023
A T B Plastics Limited
Registered number: 02147062
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 7,126 6,152
Current assets
Stocks 38,000 85,658
Debtors 5 84,341 81,522
Cash at bank and in hand - 52
122,341 167,232
Creditors: amounts falling due within one year 6 (211,346) (188,168)
Net current liabilities (89,005) (20,936)
Total assets less current liabilities (81,879) (14,784)
Creditors: amounts falling due after more than one year 7 (55,333) (63,333)
Net liabilities (137,212) (78,117)
Capital and reserves
Called up share capital 100 100
Profit and loss account (137,312) (78,217)
Shareholders' funds (137,212) (78,117)
The director is 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 director acknowledges his 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.
T C Baron
Director
Approved by the board on 30 January 2024
A T B Plastics Limited
Notes to the Accounts
for the year ended 31 August 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:
Leasehold land and buildings 20% straight line
Plant and equipment 30% reducing balance
Moulds 20% straight line
Furniture and equipment 15% reducing balance
Motor vehicles 20% straight line
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 September 2022 1,000
At 31 August 2023 1,000
Amortisation
At 1 September 2022 1,000
At 31 August 2023 1,000
Net book value
At 31 August 2023 -
Goodwill has been written off in equal annual instalments over its estimated economic life of four years.
4 Tangible fixed assets
Leasehold Land & buildings Plant and machinery etc Total
£ £ £
Cost
At 1 September 2022 7,565 210,291 217,856
Additions 3,525 - 3,525
At 31 August 2023 11,090 210,291 221,381
Depreciation
At 1 September 2022 7,565 204,139 211,704
Charge for the year 705 1,846 2,551
At 31 August 2023 8,270 205,985 214,255
Net book value
At 31 August 2023 2,820 4,306 7,126
At 31 August 2022 - 6,152 6,152
5 Debtors 2023 2022
£ £
Trade debtors 75,180 65,870
Prepayments and accrued income 9,161 15,652
84,341 81,522
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 26,655 30,494
Trade creditors 81,957 72,260
Taxation and social security costs 20,018 15,488
Accruals and deferred income 6,600 6,600
Director's loan account 17,430 13,139
Other creditors 58,686 50,187
211,346 188,168
Bank loans and overdrafts are secured by fixed and floating charge over the assets of the
Company.
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 15,333 23,333
Director's loan account 40,000 40,000
55,333 63,333
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