40 31/10/2023 2023-10-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-11-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC133850 2022-11-01 2023-10-31 SC133850 2023-10-31 SC133850 2022-10-31 SC133850 2021-11-01 2022-10-31 SC133850 2022-10-31 SC133850 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 SC133850 bus:Director1 2022-11-01 2023-10-31 SC133850 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-31 SC133850 core:PlantMachinery 2022-10-31 SC133850 core:FurnitureFittingsToolsEquipment 2022-10-31 SC133850 core:LandBuildings core:OwnedOrFreeholdAssets 2023-10-31 SC133850 core:PlantMachinery 2023-10-31 SC133850 core:FurnitureFittingsToolsEquipment 2023-10-31 SC133850 core:DeferredTaxation 2022-11-01 2023-10-31 SC133850 core:WithinOneYear 2023-10-31 SC133850 core:WithinOneYear 2022-10-31 SC133850 core:AfterOneYear 2023-10-31 SC133850 core:AfterOneYear 2022-10-31 SC133850 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 SC133850 core:PlantMachinery 2022-11-01 2023-10-31 SC133850 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 SC133850 core:ShareCapital 2023-10-31 SC133850 core:ShareCapital 2022-10-31 SC133850 core:RetainedEarningsAccumulatedLosses 2023-10-31 SC133850 core:RetainedEarningsAccumulatedLosses 2022-10-31 SC133850 bus:OrdinaryShareClass1 core:ShareCapital 2023-10-31 SC133850 bus:OrdinaryShareClass1 core:ShareCapital 2022-10-31 SC133850 core:AcceleratedTaxDepreciationDeferredTax 2023-10-31 SC133850 core:AcceleratedTaxDepreciationDeferredTax 2022-10-31 SC133850 core:LandBuildings core:OwnedOrFreeholdAssets 2022-10-31 SC133850 core:PlantMachinery 2022-10-31 SC133850 core:FurnitureFittingsToolsEquipment 2022-10-31 SC133850 core:DeferredTaxation 2022-10-31 SC133850 core:DeferredTaxation 2023-10-31 SC133850 bus:SmallEntities 2022-11-01 2023-10-31 SC133850 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC133850 bus:FullAccounts 2022-11-01 2023-10-31 SC133850 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 SC133850 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC133850 core:FurtherSpecificReserve1ComponentTotalEquity 2022-10-31 SC133850 core:ImmediateParent 2022-11-01 2023-10-31 SC133850 core:ImmediateParent 2023-10-31
Company registration number: SC133850
Plastic Technology Services Limited
Unaudited filleted financial statements
31 October 2023
Plastic Technology Services Limited
Statement of financial position
31 October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 5,310,214 4,098,028
_______ _______
5,310,214 4,098,028
Current assets
Stocks 857,210 648,673
Debtors 6 1,740,017 1,828,925
Cash at bank and in hand 504,287 570,514
_______ _______
3,101,514 3,048,112
Creditors: amounts falling due
within one year 7 ( 2,829,514) ( 3,624,938)
_______ _______
Net current assets/(liabilities) 272,000 ( 576,826)
_______ _______
Total assets less current liabilities 5,582,214 3,521,202
Creditors: amounts falling due
after more than one year 8 ( 1,919,057) ( 526,306)
Provisions for liabilities 9 ( 608,374) ( 281,286)
_______ _______
Net assets 3,054,783 2,713,610
_______ _______
Capital and reserves
Called up share capital 12 60,000 60,000
Other reserve - 20,000
Profit and loss account 2,994,783 2,633,610
_______ _______
Shareholders funds 3,054,783 2,713,610
_______ _______
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 July 2024 , and are signed on behalf of the board by:
Mr Ian Wallace
Director
Company registration number: SC133850
Plastic Technology Services Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Garroch Business Park, Garroch Loaning, Dumfries, Dumfriesshire, DG2 8PN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term highly liquid investments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 40 (2022: 33 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 November 2022 2,660,480 3,168,704 51,215 5,880,399
Additions 309,999 1,320,052 1,325 1,631,376
Disposals - ( 364,798) ( 15,950) ( 380,748)
_______ _______ _______ _______
At 31 October 2023 2,970,479 4,123,958 36,590 7,131,027
_______ _______ _______ _______
Depreciation
At 1 November 2022 42,906 1,695,579 43,887 1,782,372
Charge for the year 50,855 363,181 5,153 419,189
Disposals - ( 364,798) ( 15,950) ( 380,748)
_______ _______ _______ _______
At 31 October 2023 93,761 1,693,962 33,090 1,820,813
_______ _______ _______ _______
Carrying amount
At 31 October 2023 2,876,718 2,429,996 3,500 5,310,214
_______ _______ _______ _______
At 31 October 2022 2,617,574 1,473,125 7,328 4,098,027
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 1,611,123 1,627,799
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,360 1,796
Other debtors 126,534 199,330
_______ _______
1,740,017 1,828,925
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 144,184 -
Trade creditors 936,877 1,343,836
Corporation tax - 82,028
Social security and other taxes 144,465 98,264
Other creditors 1,603,988 2,100,810
_______ _______
2,829,514 3,624,938
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 1,188,779 263,889
Other creditors 730,278 262,417
_______ _______
1,919,057 526,306
_______ _______
9. Provisions
Deferred tax (note 10) Total
£ £
At 1 November 2022 281,286 281,286
Additions 327,088 327,088
_______ _______
At 31 October 2023 608,374 608,374
_______ _______
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 9) 608,374 281,286
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 608,374 281,286
_______ _______
11. Government grants
2023 2022
£ £
At start of year 443,036 198,607
Grants received or receivable 70,000 280,000
Released to the profit or loss (56,405) (35,571)
_______ _______
At end of year 456,631 443,036
_______ _______
The amounts recognised in the for government grants are as follows:
2023 2022
£ £
Recognised in other operating income:
Government grants released to profit or loss 56,405 35,571
_______ _______
12. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 60,000 60,000 60,000 60,000
_______ _______ _______ _______
13. Related party transactions
Included in debtors is a balance due by the company's parent company, PTS (Scotland) Ltd , of £ 2,360 (2021: £1,254).