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Company registration number: 04988642
Plexstar Limited
Unaudited filleted financial statements
30 March 2023
Plexstar Limited
Contents
Directors and other information
Accountant's report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Plexstar Limited
Directors and other information
Directors Mr Andrew Michael Baxter
Mr Graham David Froggatt
Secretary Graham David Froggatt
Company number 04988642
Registered office 749A
Ormskirk Road
Wigan
England
WN5 8AT
Business address Unit B Enterprise Court
Seaman Way, Ince
Wigan
Lancashire
WN2 2AG
Accountant Practical Business Solutions (NW) Limited
749A Ormskirk Road
Pemberton
Wigan
Lancashire
WN5 8AT
Plexstar Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Plexstar Limited
Year ended 30 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Plexstar Limited for the year ended 30 March 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Chartered Institute of Management Accountants , I am subject to its ethical and other professional requirements which are detailed at www.cimaglobal.com.
This report is made solely to the board of directors of Plexstar Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Plexstar Limited and state those matters that we have agreed to state to the board of directors of Plexstar Limited as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at www.cimaglobal.com. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Plexstar Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Plexstar Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Plexstar Limited. You consider that Plexstar Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Plexstar Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Practical Business Solutions (NW) Limited
Chartered Global Management Accountants
749A Ormskirk Road
Pemberton
Wigan
Lancashire
WN5 8AT
29 February 2024
Plexstar Limited
Statement of financial position
30 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 16,943 -
Tangible assets 6 73,323 94,971
_______ _______
90,266 94,971
Current assets
Stocks 167,500 187,500
Debtors 7 778,082 610,275
Cash at bank and in hand 17 2,807
_______ _______
945,599 800,582
Creditors: amounts falling due
within one year 8 ( 728,928) ( 526,789)
_______ _______
Net current assets 216,671 273,793
_______ _______
Total assets less current liabilities 306,937 368,764
Creditors: amounts falling due
after more than one year 9 ( 108,868) ( 157,169)
Provisions for liabilities ( 17,151) ( 18,044)
_______ _______
Net assets 180,918 193,551
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 179,918 192,551
_______ _______
Shareholders funds 180,918 193,551
_______ _______
For the year ending 30 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:
Mr Andrew Michael Baxter Mr Graham David Froggatt
Director Director
Company registration number: 04988642
Plexstar Limited
Statement of changes in equity
Year ended 30 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 31 March 2021 1,000 176,549 177,549
Profit for the year 52,002 52,002
_______ _______ _______
Total comprehensive income for the year - 52,002 52,002
Dividends paid and payable ( 36,000) ( 36,000)
_______ _______ _______
Total investments by and distributions to owners - ( 36,000) ( 36,000)
_______ _______ _______
At 30 March 2022 and 31 March 2022 1,000 192,551 193,551
Profit for the year 33,767 33,767
_______ _______ _______
Total comprehensive income for the year - 33,767 33,767
Dividends paid and payable ( 46,400) ( 46,400)
_______ _______ _______
Total investments by and distributions to owners - ( 46,400) ( 46,400)
_______ _______ _______
At 30 March 2023 1,000 179,918 180,918
_______ _______ _______
Plexstar Limited
Notes to the financial statements
Year ended 30 March 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 749A, Ormskirk Road, Wigan, England, WN5 8AT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website - 25 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % straight line
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 20 % straight line
User defined asset - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 15 (2022: 13 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 248,910 235,046
Social security costs 11,840 11,364
Other pension costs 3,198 3,249
_______ _______
263,948 249,659
_______ _______
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 31 March 2022 - -
Additions 18,200 18,200
_______ _______
At 30 March 2023 18,200 18,200
_______ _______
Amortisation
At 31 March 2022 - -
Charge for the year 1,257 1,257
_______ _______
At 30 March 2023 1,257 1,257
_______ _______
Carrying amount
At 30 March 2023 16,943 16,943
_______ _______
At 30 March 2022 - -
_______ _______
6. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 31 March 2022 21,175 61,685 33,066 79,099 195,025
Additions - 3,980 - 4,000 7,980
_______ _______ _______ _______ _______
At 30 March 2023 21,175 65,665 33,066 83,099 203,005
_______ _______ _______ _______ _______
Depreciation
At 31 March 2022 5,363 43,389 16,747 34,555 100,054
Charge for the year 2,089 7,341 6,613 13,585 29,628
_______ _______ _______ _______ _______
At 30 March 2023 7,452 50,730 23,360 48,140 129,682
_______ _______ _______ _______ _______
Carrying amount
At 30 March 2023 13,723 14,935 9,706 34,959 73,323
_______ _______ _______ _______ _______
At 30 March 2022 15,812 18,296 16,319 44,544 94,971
_______ _______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 43,810 540
Amounts owed by group undertakings and undertakings in which the company has a participating interest 734,272 609,735
_______ _______
778,082 610,275
_______ _______
Included within Debtors is an amount due from AG Bar Solutions Limited, a connected party, of £689,402.40 (2022: £578,629.94). There is also an amount due from AG Electronics Limited, a connected party of £44,870.05 (2022: £31,104.93). These loans are interest free with no fixed term of repayment nor repayment amount .
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 81,951 90,875
Trade creditors 59,118 22,501
Corporation tax 16,886 10,565
Social security and other taxes 52,192 102,309
Other creditors 518,781 300,539
_______ _______
728,928 526,789
_______ _______
Included within creditors: amounts falling due within one year is a Bounce Back loan due for £9,127.99 (2022: £9,127.99) and Funding Circle Loans for £42,087.03 (2022: £63,428.23) for which the directors have pledged personal guarantees.
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 91,139 127,221
Other creditors 17,729 29,948
_______ _______
108,868 157,169
_______ _______
Included within creditors: amounts falling due after one year is a Bounce Back loan due for £24,072.90(2022: £32,538.68) and Funding Circle Loans for£67,065.72 (2022: £109,152.75) for which the directors have pledged personal guarantees.
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
AG Bar Solutions Limited 110,772 130,134 689,402 578,630
Mexcourt Properties Limited - ( 3,366) - -
AG Electronics Limited 13,765 139,841 44,870 31,104
_______ _______ _______ _______
AG Bar Solutions Limited: A company under common control, received loans during the financial period. AG Electronics Limited: A company under common control, received loans from the Company during the financial period.
11. Controlling party
The Company is controlled by the Directors by virtue of them holding the entire share capital.