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REGISTERED NUMBER: 02558644 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2023

for

PLASTICS PLUS LIMITED

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Contents of the Financial Statements
for the Year Ended 31st December 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


PLASTICS PLUS LIMITED

Company Information
for the Year Ended 31st December 2023







DIRECTORS: S P W White
T John
B White deceased
R R White





SECRETARY: S P W White





REGISTERED OFFICE: Unit 9 Stafford Road
Wolverhampton
WV10 6HH





REGISTERED NUMBER: 02558644 (England and Wales)





AUDITORS: M.T.Manley & Co Limited (Statutory Auditor)
696 Yardley Wood Road
Billesley
Birmingham
West Midlands
B13 0HY

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Strategic Report
for the Year Ended 31st December 2023


The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The accounts disclose a pretax profit of £156,499 (2022: £241,814) and total assets of £2,644,143 (2022: £2,531,424).

During 2023 raw material pricing remained stable in quarter 1 with pressure on costs in quarter 2. Quarter 3 and 4 saw a change in over capacity with a drop in market demand which reflected in the turnover. Our business strategy moved towards more added value business which reflected in the increased GP and general profitability.

Staff retention remains key to the ongoing success with employees remunerations once again addressed

The expectations are for a challenging 2024 due to raw material shortages and the impact of worldwide conflicts and issues.

Strong relationships with manufacturing partners and customers and investment in employees further strengthens the business in 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The company is subject to market and competitive risks. The markets the company operates within are quite resilient even in a general economic downturn. However the company is always aware that it needs to provide excellent service and competitive pricing to maintain and increase its market share.

The business is dependent upon the skills and performance of its employees and the effectiveness of all employees is subject to careful management.

DEVELOPMENT AND PERFORMANCE
The company's strategic plan is under constant review with the aim of increasing market share at increasing operating margins.

Analysis using Key Performance Indicators

Gross Profit £2,015,799 (2022: £2,032,919 )
EBITDA £715,837 (2022: £412,461)
(Earning before interest,taxation,depreciation and exceptional items)

ON BEHALF OF THE BOARD:





S P W White - Director


4th April 2024

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Report of the Directors
for the Year Ended 31st December 2023


The directors present their report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of stockholders of polycarbonate,extruded and cast acrylic sheeting.

DIVIDENDS
Dividends were paid amounting to £3,000 (2022: £4,000) in the year.The directors do not recommend payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

S P W White
T John
B White deceased
R R White

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Report of the Directors
for the Year Ended 31st December 2023


AUDITORS
The auditors, M.T.Manley & Co Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S P W White - Director


4th April 2024

Report of the Independent Auditors to the Members of
Plastics Plus Limited


Opinion
We have audited the financial statements of Plastics Plus Limited (the 'company') for the year ended 31st December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Plastics Plus Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Plastics Plus Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures inline with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the company and industry and discussions with management we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.

As part of the engagement team discussion about how and where the company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:
- enquiry of management about the company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- review of the Board of directors minutes;
- enquiry of management and review and inspection of relevant correspondence with any legal firms;
- evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions;
- analytical procedures to identify any unusual or unexpected relationships;
- testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;
- review of accounting estimates for biases;

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Plastics Plus Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Graham Collins (Senior Statutory Auditor)
for and on behalf of M.T.Manley & Co Limited (Statutory Auditor)
696 Yardley Wood Road
Billesley
Birmingham
West Midlands
B13 0HY

4th April 2024

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Income Statement
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 10,898,343 12,354,502

Cost of sales 9,024,544 10,321,583
GROSS PROFIT 1,873,799 2,032,919

Administrative expenses 1,735,273 1,775,779
OPERATING PROFIT 4 138,526 257,140

Interest receivable and similar income 30,714 1,187
169,240 258,327

Interest payable and similar expenses 5 12,741 16,513
PROFIT BEFORE TAXATION 156,499 241,814

Tax on profit 6 39,546 47,763
PROFIT FOR THE FINANCIAL YEAR 116,953 194,051

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Other Comprehensive Income
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 116,953 194,051


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

116,953

194,051

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 514,469 494,094

CURRENT ASSETS
Stocks 9 780,865 1,103,083
Debtors 10 1,901,823 1,924,252
Cash at bank and in hand 2,302,918 2,577,592
4,985,606 5,604,927
CREDITORS
Amounts falling due within one year 11 2,668,276 3,458,989
NET CURRENT ASSETS 2,317,330 2,145,938
TOTAL ASSETS LESS CURRENT LIABILITIES 2,831,799 2,640,032

CREDITORS
Amounts falling due after more than one
year

12

(119,362

)

(49,378

)

PROVISIONS FOR LIABILITIES 14 (67,060 ) (59,230 )
NET ASSETS 2,645,377 2,531,424

CAPITAL AND RESERVES
Called up share capital 15 100,000 100,000
Retained earnings 16 2,545,377 2,431,424
SHAREHOLDERS' FUNDS 2,645,377 2,531,424

The financial statements were approved by the Board of Directors and authorised for issue on 4th April 2024 and were signed on its behalf by:





S P W White - Director


PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 100,000 2,241,373 2,341,373

Changes in equity
Dividends - (4,000 ) (4,000 )
Total comprehensive income - 194,051 194,051
Balance at 31st December 2022 100,000 2,431,424 2,531,424

Changes in equity
Dividends - (3,000 ) (3,000 )
Total comprehensive income - 116,953 116,953
Balance at 31st December 2023 100,000 2,545,377 2,645,377

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Cash Flow Statement
for the Year Ended 31st December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (94,620 ) 16,056
Interest element of hire purchase payments
paid

(12,741

)

(16,513

)
Tax paid (46,813 ) (83,034 )
Net cash from operating activities (154,174 ) (83,491 )

Cash flows from investing activities
Purchase of tangible fixed assets (279,935 ) (222,475 )
Sale of tangible fixed assets 44,249 100,663
Interest received 30,714 1,187
Net cash from investing activities (204,972 ) (120,625 )

Cash flows from financing activities
Capital repayments in year 88,173 (123,393 )
Amount introduced by directors - 29,064
Amount introduced/withdrawn by directors (701 ) -
Equity dividends paid (3,000 ) (4,000 )
Net cash from financing activities 84,472 (98,329 )

Decrease in cash and cash equivalents (274,674 ) (302,445 )
Cash and cash equivalents at beginning of
year

2

2,577,592

2,880,037

Cash and cash equivalents at end of year 2 2,302,918 2,577,592

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Notes to the Cash Flow Statement
for the Year Ended 31st December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 156,499 241,814
Depreciation charges 244,317 195,008
Profit on disposal of fixed assets (29,006 ) (39,687 )
Finance costs 12,741 16,513
Finance income (30,714 ) (1,187 )
353,837 412,461
Decrease in stocks 322,218 198,514
Decrease in trade and other debtors 22,429 173,252
Decrease in trade and other creditors (793,104 ) (768,171 )
Cash generated from operations (94,620 ) 16,056

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,302,918 2,577,592
Year ended 31st December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 2,577,592 2,880,037


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank and in hand 2,577,592 (274,674 ) 2,302,918
2,577,592 (274,674 ) 2,302,918
Debt
Finance leases (167,334 ) (88,173 ) (255,507 )
(167,334 ) (88,173 ) (255,507 )
Total 2,410,258 (362,847 ) 2,047,411

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

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


1. STATUTORY INFORMATION

Plastics Plus 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling (£)

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see below)

Judgements in applying accounting policies and estimation uncertainty
The preparation of the financial statements in conformity with generally accepted accounting policies require the directors to make estimates and assumptions that effect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from those estimates. In this respect, the directors believe that the critical accounting policies where judgements or estimates are necessarily applied are as follows:

Stock
The company hold a significant level of stock. Provision is needed for slow-moving and potential obsolete stock, this by its very nature, requires management to make judgements. These are based on historical experience and on other factor's that are believed to be relevant in the circumstances.

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

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 - 20% on cost
Fixtures and fittings - 33% on cost and 15% on cost
Motor vehicles - 25% on cost

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

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued
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.

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
2023 2022
£    £   
Wages and salaries 1,621,242 1,650,203
Social security costs 168,305 192,933
Other pension costs 110,402 118,963
1,899,949 1,962,099

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Directors 4 4
Office and Management 10 10
Selling and distribution 23 25
37 39

2023 2022
£    £   
Directors' remuneration 584,143 697,597

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 340,000 416,930

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 4,334 16,580
Depreciation - owned assets 54,166 30,473
Depreciation - assets on hire purchase contracts 190,151 164,534
Profit on disposal of fixed assets (29,006 ) (39,687 )
Auditors' remuneration 2,500 2,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Hire purchase 12,741 16,513

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 31,716 46,828

Deferred tax 7,830 935
Tax on profit 39,546 47,763

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 156,499 241,814
Profit multiplied by the standard rate of corporation tax in the UK of
22.639% (2022 - 19%)

35,430

45,945

Effects of:
Expenses not deductible for tax purposes 6,741 6,720
Capital allowances in excess of depreciation (10,455 ) (5,837 )
Deferred tax movement 7,830 935
Total tax charge 39,546 47,763

7. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Interim 3,000 4,000

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st January 2023 807,844 138,988 737,786 1,684,618
Additions 198,737 - 81,198 279,935
Disposals (145,833 ) - (60,975 ) (206,808 )
At 31st December 2023 860,748 138,988 758,009 1,757,745
DEPRECIATION
At 1st January 2023 663,959 138,988 387,577 1,190,524
Charge for year 98,930 - 145,387 244,317
Eliminated on disposal (145,833 ) - (45,732 ) (191,565 )
At 31st December 2023 617,056 138,988 487,232 1,243,276
NET BOOK VALUE
At 31st December 2023 243,692 - 270,777 514,469
At 31st December 2022 143,885 - 350,209 494,094

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 277,181 561,178 838,359
Additions 198,737 42,478 241,215
Disposals - (48,980 ) (48,980 )
Transfer to ownership (108,005 ) (270,581 ) (378,586 )
At 31st December 2023 367,913 284,095 652,008
DEPRECIATION
At 1st January 2023 140,058 347,454 487,512
Charge for year 95,549 94,602 190,151
Eliminated on disposal - (36,735 ) (36,735 )
Transfer to ownership (93,989 ) (270,581 ) (364,570 )
At 31st December 2023 141,618 134,740 276,358
NET BOOK VALUE
At 31st December 2023 226,295 149,355 375,650
At 31st December 2022 137,123 213,724 350,847

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


9. STOCKS
2023 2022
£    £   
Stocks 780,865 1,103,083

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,837,185 1,856,504
Prepayments 64,638 67,748
1,901,823 1,924,252

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 136,145 117,956
Trade creditors 1,317,205 1,963,188
Tax 31,716 46,813
Social security and other taxes 41,817 41,804
VAT 188,866 221,360
Other creditors 15,502 11,448
Directors' current accounts 173,030 173,731
Accrued expenses 763,995 882,689
2,668,276 3,458,989

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 13) 119,362 49,378

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 136,145 117,956
Between one and five years 119,362 49,378
255,507 167,334

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


13. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 109,900 132,400
Between one and five years 5,404 70,300
115,304 202,700

14. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 67,060 59,230

Deferred
tax
£   
Balance at 1st January 2023 59,230
Provided during year 7,830
Balance at 31st December 2023 67,060

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
65,000 Ordinary A £1 65,000 65,000
10,000 Ordinary B £1 10,000 10,000
25,000 Ordinary C £1 25,000 25,000
100,000 100,000

The ordinary A shares, ordinary B Shares and ordinary C shares rank pari passu. All classes of shares carry equal voting rights, participate in a winding up of the company and dividends can be paid on one class of share irrespective of the other classes of shares.

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2023


16. RESERVES
Retained
earnings
£   

At 1st January 2023 2,431,424
Profit for the year 116,953
Dividends (3,000 )
At 31st December 2023 2,545,377

17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets are held separately from those of the company in an independently administrated fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £110,402 (2022 £118,963).
Contributions of £4,049 (2022 £2,839) were payable to the fund at the balance sheet date.

18. CONTROLLING PARTY

The company's ultimate controlling party is B White due to his majority shareholding.

19. TRANSACTIONS WITH DIRECTORS

At the year end the balance due to a director was £173,030 (2022: £173,731)
The loan is interest free,unsecured and has no fixed repayment date.