Registration number:
Plasticom Ltd.
for the Year Ended 31 December 2023
Plasticom Ltd.
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Plasticom Ltd.
Company Information
Directors |
Mr E Simmonds Mrs S M I Simmonds Miss M M Simmonds Mr B B Simmonds |
Registered office |
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Plasticom Ltd.
(Registration number: 02813653)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Retained earnings |
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Shareholders' funds |
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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:
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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
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Plasticom Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Plasticom Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Intangible assets |
Development costs |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions acquired separately |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Plasticom Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2023 |
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Additions |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
- |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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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
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2022 |
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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)
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2023 |
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Provision |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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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 |
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2023 |
2022 |
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Subsidiary undertakings |
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Hilton Road
England and Wales |
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Hilton Road
England and Wales |
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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 |
D G Mortimer & Co Limited The principal activity of D G Mortimer & Co Limited is |
Stocks |
2023 |
2022 |
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Raw materials and consumables |
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Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Prepayments |
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Other debtors |
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- |
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Plasticom Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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HP and finance lease liabilities |
88,034 |
98,027 |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Directors current account |
30,633 |
38,137 |
Hire purchase liabilities |
72,040 |
100,139 |
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Plasticom Ltd.
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Related party transactions |
Dividends paid to directors
2023 |
2022 |
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Mr E Simmonds |
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Interim dividend |
5,000 |
10,000 |
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Mrs S M I Simmonds |
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Interim dividend |
5,000 |
10,000 |
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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 |
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Advanced |
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Repaid |
( |
( |
At end of period |
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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 |
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Advanced |
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Repaid |
( |
( |
At end of period |
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