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REGISTERED NUMBER: 01722616 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

PAUL NORMAN PLASTICS LIMITED

PAUL NORMAN PLASTICS LIMITED (REGISTERED NUMBER: 01722616)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PAUL NORMAN PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: P P Norman
E J Crowley
C Wrenn





SECRETARY: E J Crowley





REGISTERED OFFICE: Unit S5, Inchbrook Trading Estate
Bath Road
Woodchester
Stroud
Gloucestershire
GL5 5EY





REGISTERED NUMBER: 01722616 (England and Wales)





ACCOUNTANTS: Shiner Mitchell Fisher & Co Ltd
Smith House
George Street
Nailsworth
Stroud
Gloucestershire
GL6 0AG

PAUL NORMAN PLASTICS LIMITED (REGISTERED NUMBER: 01722616)

BALANCE SHEET
31 AUGUST 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,600 -
Tangible assets 5 340,926 156,509
346,526 156,509

CURRENT ASSETS
Stocks 61,000 39,000
Debtors 6 169,636 236,310
Cash at bank and in hand 50,433 107,046
281,069 382,356
CREDITORS
Amounts falling due within one year 7 315,797 262,754
NET CURRENT (LIABILITIES)/ASSETS (34,728 ) 119,602
TOTAL ASSETS LESS CURRENT
LIABILITIES

311,798

276,111

CREDITORS
Amounts falling due after more than one
year

8

(174,736

)

(137,269

)

PROVISIONS FOR LIABILITIES (29,692 ) (29,737 )
NET ASSETS 107,370 109,105

CAPITAL AND RESERVES
Called up share capital 250 250
Retained earnings 107,120 108,855
SHAREHOLDERS' FUNDS 107,370 109,105

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PAUL NORMAN PLASTICS LIMITED (REGISTERED NUMBER: 01722616)

BALANCE SHEET - continued
31 AUGUST 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 April 2024 and were signed on its behalf by:





P P Norman - Director


PAUL NORMAN PLASTICS LIMITED (REGISTERED NUMBER: 01722616)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Paul Norman Plastics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance, 20% on reducing balance, 15% on reducing balance and in accordance with the property

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PAUL NORMAN PLASTICS LIMITED (REGISTERED NUMBER: 01722616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
Additions 7,000
At 31 August 2023 7,000
AMORTISATION
Charge for year 1,400
At 31 August 2023 1,400
NET BOOK VALUE
At 31 August 2023 5,600

PAUL NORMAN PLASTICS LIMITED (REGISTERED NUMBER: 01722616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 1,196,532
Additions 270,165
At 31 August 2023 1,466,697
DEPRECIATION
At 1 September 2022 1,040,023
Charge for year 85,748
At 31 August 2023 1,125,771
NET BOOK VALUE
At 31 August 2023 340,926
At 31 August 2022 156,509

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 September 2022 29,850
Additions 55,290
At 31 August 2023 85,140
DEPRECIATION
At 1 September 2022 22,089
Charge for year 12,610
At 31 August 2023 34,699
NET BOOK VALUE
At 31 August 2023 50,441
At 31 August 2022 7,761

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade debtors 143,255 179,820
Other debtors 26,381 56,490
169,636 236,310

PAUL NORMAN PLASTICS LIMITED (REGISTERED NUMBER: 01722616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 27,706 42,112
Hire purchase contracts 12,613 4,264
Trade creditors 98,543 120,465
Taxation and social security 43,202 40,240
Other creditors 133,733 55,673
315,797 262,754

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans 139,494 134,887
Hire purchase contracts 35,242 2,382
174,736 137,269

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 10,185 18,519

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank loans 167,200 176,999

10. RELATED PARTY DISCLOSURES

During the year, total dividends of £25,000 (2022 - £20,000) were paid to the directors .

The directors have made unsecured interest free loans to the company. These loans subsisted throughout the year and the balance owing to the directors at 31st August 2023 was £68,939 (2022 - £14,073).

Throughout the year the company rented business premises from Croman Limited, a company in which the directors and connected persons own 100% of the issued share capital. The rent paid during the year, which was on normal commercial terms, amounted to £49,620 (2022 - £49,620). Croman Ltd has also made an unsecured interest free loan to the company. The balance owing to Croman Ltd at 31st August 2023 was £40,396 (2022 - £12,875).

11. ULTIMATE CONTROLLING PARTY

The company was controlled throughout the year by its directors, who between them, own 100% of the issued share capital.