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Company No: 01090829 (England and Wales)

WHITE HORSE PLASTICS LIMITED

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

WHITE HORSE PLASTICS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WHITE HORSE PLASTICS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
WHITE HORSE PLASTICS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 126,418 72,320
126,418 72,320
Current assets
Stocks 176,021 163,991
Debtors 4 1,192,407 1,043,624
Cash at bank and in hand 165,066 202,291
1,533,494 1,409,906
Creditors: amounts falling due within one year 5 ( 397,559) ( 391,210)
Net current assets 1,135,935 1,018,696
Total assets less current liabilities 1,262,353 1,091,016
Creditors: amounts falling due after more than one year 6 ( 79,915) ( 25,000)
Net assets 1,182,438 1,066,016
Capital and reserves
Called-up share capital 7 2,010 2,010
Profit and loss account 1,180,428 1,064,006
Total shareholder's funds 1,182,438 1,066,016

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 White Horse Plastics Limited (registered number: 01090829) were approved and authorised for issue by the Board of Directors on 10 April 2024. They were signed on its behalf by:

Nicholas Tom Allen
Director
Michael Paul Bobby
Director
WHITE HORSE PLASTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WHITE HORSE 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

White Horse 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 Unit 6 White Horse Business Park, Stanford In The Vale, Faringdon, SN7 8NY, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The company supports its parent with repayments to the parent's lender; the terms of the loan state that repayments are only due when there are a specified level of cash profits within the group. As such, there will be no requirement to repay the loan unless cash has been generated to do so.

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 Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 5 years straight line
Plant and machinery 4 - 5 years straight line
Fixtures and fittings 3 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 28

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 8,219 1,427,051 167,489 1,602,759
Additions 0 86,895 0 86,895
Disposals 0 ( 44,783) 0 ( 44,783)
At 31 December 2023 8,219 1,469,163 167,489 1,644,871
Accumulated depreciation
At 01 January 2023 8,219 1,360,370 161,850 1,530,439
Charge for the financial year 0 30,396 2,401 32,797
Disposals 0 ( 44,783) 0 ( 44,783)
At 31 December 2023 8,219 1,345,983 164,251 1,518,453
Net book value
At 31 December 2023 0 123,180 3,238 126,418
At 31 December 2022 0 66,681 5,639 72,320

4. Debtors

2023 2022
£ £
Trade debtors 326,469 261,806
Amounts owed by Parent undertakings 806,939 731,716
Prepayments 53,258 31,409
VAT recoverable 5,741 18,693
1,192,407 1,043,624

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 223,826 251,831
Accruals and deferred income 108,361 57,947
Other taxation and social security 20,219 19,136
Obligations under finance leases and hire purchase contracts 22,945 28,987
Other creditors 12,208 23,309
397,559 391,210

The hire purchase liability is secured by the asset to which it relates.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 15,000 25,000
Obligations under finance leases and hire purchase contracts 64,915 0
79,915 25,000

The hire purchase liability is secured by the asset to which it relates.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2,010 Ordinary shares of £ 1.00 each 2,010 2,010

8. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 615,094 760,178

Of the commitments, £129,899 (2022: £145,084) is due within 1 year.