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COMPANY REGISTRATION NUMBER: 04378508
Premier Plastics Thetford Ltd.
Unaudited financial statements
30 November 2023
Premier Plastics Thetford Ltd.
Statement of financial position
30 November 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
183,824
160,820
Current assets
Stocks
5,500
5,800
Debtors
6
130,683
150,959
Cash at bank and in hand
89,762
82,423
---------
---------
225,945
239,182
Creditors: Amounts falling due within one year
7
( 110,105)
( 97,885)
---------
---------
Net current assets
115,840
141,297
---------
---------
Total assets less current liabilities
299,664
302,117
Creditors: Amounts falling due after more than one year
8
( 56,639)
( 49,355)
Provisions
Taxation including deferred tax
( 36,903)
( 30,556)
---------
---------
Net assets
206,122
222,206
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
206,022
222,106
---------
---------
Shareholders funds
206,122
222,206
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Premier Plastics Thetford Ltd.
Statement of financial position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
B W Green
Director
Company registration number: 04378508
Premier Plastics Thetford Ltd.
Notes to the financial statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Saint Helens Court, Fison Way Industrial Estate, Thetford, Norfolk, IP24 1HG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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 measured at fair value through the income statement. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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
-
25% reducing balance & 10% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of employees during the year was 8 (2022: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 December 2022
323,352
26,121
19,945
4,320
373,738
Additions
13,864
41,310
55,174
Disposals
( 19,945)
( 19,945)
---------
-------
-------
------
---------
At 30 November 2023
337,216
26,121
41,310
4,320
408,967
---------
-------
-------
------
---------
Depreciation
At 1 December 2022
169,954
24,274
16,009
2,681
212,918
Charge for the year
21,529
461
5,164
1,080
28,234
Disposals
( 16,009)
( 16,009)
---------
-------
-------
------
---------
At 30 November 2023
191,483
24,735
5,164
3,761
225,143
---------
-------
-------
------
---------
Carrying amount
At 30 November 2023
145,733
1,386
36,146
559
183,824
---------
-------
-------
------
---------
At 30 November 2022
153,398
1,847
3,936
1,639
160,820
---------
-------
-------
------
---------
6. Debtors
2023
2022
£
£
Trade debtors
96,750
103,251
Other debtors
33,933
47,708
---------
---------
130,683
150,959
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
41,769
42,666
Social security and other taxes
39,274
26,625
Other creditors
29,062
28,594
---------
-------
110,105
97,885
---------
-------
Included in creditors is a hire purchase liability of £27,896 (2022: £27,184) which is secured on the assets involved.
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Other creditors
56,639
49,355
-------
-------
Included in creditors is a hire purchase liability of £56,639 (2022: £49,355) which is secured on the assets involved.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
7,380
7,380
Later than 1 year and not later than 5 years
880
1,480
------
------
8,260
8,860
------
------
10. Director's advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £20,910 (2022: £33,077). The maximum overdrawn balance during the year was £46,974. Interest of £171 was charged at the official rate.