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Registration number: 02813653

Plasticom Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Plasticom Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Plasticom Ltd.

Company Information

Directors

Mr E Simmonds

Mrs S M I Simmonds

Miss M M Simmonds

Mr B B Simmonds

Registered office

Hilton Road
Cobbs Wood Estate
Ashford
Kent
TN23 1EW

 

Plasticom Ltd.

(Registration number: 02813653)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

54,158

74,520

Tangible assets

5

3,561,976

3,544,458

Investments

6

12,250

12,250

 

3,628,384

3,631,228

Current assets

 

Stocks

7

239,247

233,885

Debtors

8

213,442

306,053

Cash at bank and in hand

 

103,455

184,636

 

556,144

724,574

Creditors: Amounts falling due within one year

9

(430,249)

(566,705)

Net current assets

 

125,895

157,869

Total assets less current liabilities

 

3,754,279

3,789,097

Creditors: Amounts falling due after more than one year

9

(276,385)

(322,036)

Provisions for liabilities

(324,268)

(320,987)

Net assets

 

3,153,626

3,146,074

Capital and reserves

 

Called up share capital

58,800

58,800

Other reserves

938,653

938,653

Retained earnings

2,156,173

2,148,621

Shareholders' funds

 

3,153,626

3,146,074

 

Plasticom Ltd.

(Registration number: 02813653)
Balance Sheet as at 31 December 2023 (continued)

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................
Mr E Simmonds
Director

.........................................
Mrs S M I Simmonds
Director

 
     
 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hilton Road
Cobbs Wood Estate
Ashford
Kent
TN23 1EW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

not depreciated - fair value adjustments included

Plant and machinery

7.25% Reducing balance & 25% Straight line

Fixtures and fittings

25% Reducing balance

Motor vehicles

25% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Development costs

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

Over the product life

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 January 2023

655,450

655,450

Additions acquired separately

2,000

2,000

At 31 December 2023

657,450

657,450

Amortisation

At 1 January 2023

580,930

580,930

Amortisation charge

22,362

22,362

At 31 December 2023

603,292

603,292

Carrying amount

At 31 December 2023

54,158

54,158

At 31 December 2022

74,520

74,520

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,350,000

2,683,858

18,041

5,051,899

Additions

-

115,787

-

115,787

At 31 December 2023

2,350,000

2,799,645

18,041

5,167,686

Depreciation

At 1 January 2023

-

1,496,555

10,886

1,507,441

Charge for the year

-

93,759

4,510

98,269

At 31 December 2023

-

1,590,314

15,396

1,605,710

Carrying amount

At 31 December 2023

2,350,000

1,209,331

2,645

3,561,976

At 31 December 2022

2,350,000

1,187,303

7,155

3,544,458

Included within the net book value of land and buildings above is £2,350,000 (2022 - £2,350,000) in respect of freehold land and buildings.

The Directors undertake a fair value adjustment each year and any adjustment to the fair value is made. During the year the Directors have reviewed the current values and discussed with local Agents and the value of the property has subsequently not changed in value this year.

The property has been revalued historically on 31 December 2022 at £2,350,000, 31 December 2020 at £2,116,250 and 31 December 2018 at £1,282,181.
 

If the freehold land and buildings had not been included at valuation they would have been included under the historical cost basis as follows:
 

2023
£

2022
 £

Cost

1,254,427

1,254,427

Depreciation b/fwd

(253,591)

(241,047)

Depreciation charge for year

(12,544)

(12,544)

Accumulated depreciation

(266,135)

(253,591)

Net book value

988,292

1,000,836

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Investments

2023
£

2022
£

Investments in subsidiaries

12,250

12,250

Subsidiaries

£

Cost or valuation

At 1 January 2023

12,250

Provision

Carrying amount

At 31 December 2023

12,250

At 31 December 2022

12,250

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

Ashford Mouldings Ltd

Hilton Road
Cobbs Wood Estate
Ashford
Kent
TN23 1EW

England and Wales

Ordinary shares

90%

90%

D G Mortimer & Co Limited

Hilton Road
Cobbs Wood Estate
Ashford
Kent
TN23 1EW

England and Wales

Ordinary shares

100%

100%

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Investments (continued)

Subsidiary undertakings

Ashford Mouldings Ltd

The principal activity of Ashford Mouldings Ltd is Dormant.

D G Mortimer & Co Limited

The principal activity of D G Mortimer & Co Limited is Dormant.

7

Stocks

2023
£

2022
£

Raw materials and consumables

239,247

233,885

8

Debtors

Current

2023
£

2022
£

Trade debtors

149,624

227,010

Prepayments

51,853

79,043

Other debtors

11,965

-

 

213,442

306,053

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

152,318

192,876

Trade creditors

 

238,113

310,759

Taxation and social security

 

35,778

59,030

Accruals and deferred income

 

4,040

4,040

 

430,249

566,705

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

276,385

322,036

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

188,351

224,009

HP and finance lease liabilities

88,034

98,027

276,385

322,036

Current loans and borrowings

2023
£

2022
£

Bank borrowings

49,645

54,600

Directors current account

30,633

38,137

Hire purchase liabilities

72,040

100,139

152,318

192,876

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

11

Related party transactions

Dividends paid to directors

2023
£

2022
£

Mr E Simmonds

Interim dividend

5,000

10,000

 

 

Mrs S M I Simmonds

Interim dividend

5,000

10,000

 

 

Summary of transactions with subsidiaries


Ashford Mouldings Limited


 
(Plasticom Limited owns 90% of the issued share capital of Ashford Mouldings Limited)
There were no transactions between the parties as Ashford Mouldings Limited is dormant. At the balance sheet date the amount due to Ashford Mouldings Limited was £Nil (2022 - £Nil).


D G Mortimer & Co Limited


(Plasticom Limited owns 100% of the issued share capital of D G Mortimer & Co Limited)
There were no transactions between the parties as D G Mortimer & Co Limited is dormant. At the balance sheet date the amount due to D G Mortimer & Co Limited was £Nil (2022 - £Nil).

 

Loans from related parties

2023

Key management
£

Total
£

At start of period

38,137

38,137

Advanced

10,000

10,000

Repaid

(17,504)

(17,504)

At end of period

30,633

30,633

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

11

Related party transactions (continued)

2022

Key management
£

Total
£

At start of period

34,741

34,741

Advanced

20,000

20,000

Repaid

(16,604)

(16,604)

At end of period

38,137

38,137