Silverfin false false 31/12/2023 01/01/2023 31/12/2023 A Holloway 21/09/2000 R Holloway 21/09/2000 D Smith 22/01/2001 08 April 2024 The principal activity of the Company during the financial year is retail and wholesale of plastic raw materials and products. 04075687 2023-12-31 04075687 bus:Director1 2023-12-31 04075687 bus:Director2 2023-12-31 04075687 bus:Director3 2023-12-31 04075687 2022-12-31 04075687 core:CurrentFinancialInstruments 2023-12-31 04075687 core:CurrentFinancialInstruments 2022-12-31 04075687 core:ShareCapital 2023-12-31 04075687 core:ShareCapital 2022-12-31 04075687 core:RetainedEarningsAccumulatedLosses 2023-12-31 04075687 core:RetainedEarningsAccumulatedLosses 2022-12-31 04075687 core:FurnitureFittings 2022-12-31 04075687 core:OfficeEquipment 2022-12-31 04075687 core:FurnitureFittings 2023-12-31 04075687 core:OfficeEquipment 2023-12-31 04075687 2023-01-01 2023-12-31 04075687 bus:FilletedAccounts 2023-01-01 2023-12-31 04075687 bus:SmallEntities 2023-01-01 2023-12-31 04075687 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04075687 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04075687 bus:Director1 2023-01-01 2023-12-31 04075687 bus:Director2 2023-01-01 2023-12-31 04075687 bus:Director3 2023-01-01 2023-12-31 04075687 core:FurnitureFittings 2023-01-01 2023-12-31 04075687 core:OfficeEquipment 2023-01-01 2023-12-31 04075687 2022-01-01 2022-12-31 04075687 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Company No: 04075687 (England and Wales)

PERFORMANCE PLASTICS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PERFORMANCE PLASTICS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PERFORMANCE PLASTICS LIMITED

BALANCE SHEET

As at 31 December 2023
PERFORMANCE PLASTICS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 6,856 8,861
6,856 8,861
Current assets
Stocks 4 679,896 647,603
Debtors 5 749,989 715,844
Cash at bank and in hand 21,587 107,669
1,451,472 1,471,116
Creditors: amounts falling due within one year 6 ( 1,241,421) ( 1,243,493)
Net current assets 210,051 227,623
Total assets less current liabilities 216,907 236,484
Net assets 216,907 236,484
Capital and reserves
Called-up share capital 100 100
Profit and loss account 216,807 236,384
Total shareholders' funds 216,907 236,484

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Performance Plastics Limited (registered number: 04075687) were approved and authorised for issue by the Board of Directors on 08 April 2024. They were signed on its behalf by:

A Holloway
Director
PERFORMANCE PLASTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PERFORMANCE PLASTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Performance Plastics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date .

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 15 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stock is valued at lower of cost and net realisable value. after due regard for obsolete and slow moving items. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 January 2023 11,706 66,120 77,826
At 31 December 2023 11,706 66,120 77,826
Accumulated depreciation
At 01 January 2023 9,602 59,363 68,965
Charge for the financial year 316 1,689 2,005
At 31 December 2023 9,918 61,052 70,970
Net book value
At 31 December 2023 1,788 5,068 6,856
At 31 December 2022 2,104 6,757 8,861

4. Stocks

2023 2022
£ £
Stocks 679,896 647,603

5. Debtors

2023 2022
£ £
Trade debtors 729,514 702,275
Other debtors 20,475 13,569
749,989 715,844

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 1,037,203 1,059,554
Taxation and social security 200,715 179,833
Other creditors 3,503 4,106
1,241,421 1,243,493

Included in trade creditors are liabilities in respect of invoice financing, with a carrying amount of £451,984 (2022 - £308,691). A fixed and floating charge is held over the assets of the company in respect of this debt.

7. Related party transactions

Other related party transactions

2023 2022
£ £
Key management 14,252 7,209

No interest charged on the overdrawn loan accounts as no single account exceeds £10,000.