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Registered number: 02121368









SEEVENT PLASTICS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SEEVENT PLASTICS LIMITED
 
 
COMPANY INFORMATION


Directors
Neil John Gates 
Natalie Karen Shadbolt 
Ernest Michael Craddock 
Gary Banks 
Julie Gates 




Company secretary
Neil John Gates



Registered number
02121368



Registered office
2-7 Peter Road
Lancing Business Park

Lancing

West Sussex

BN15 8TH




Independent auditors
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor

1st Floor

73-81 Southwark Bridge Road

London

SE1 0NQ





 
SEEVENT PLASTICS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Statement of Comprehensive Income
 
9
Balance Sheet
 
10
Statement of Changes in Equity
 
11
Notes to the Financial Statements
 
12 - 26


 
SEEVENT PLASTICS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.
Principal activity and review of business
The principal activity of the company is manufacture, printing and distribution of polythene packaging products which remains consistent with previous years.

Business review
 
The Company’s activities remain consistent with previous years. The principal risk and uncertainty are the dangers posed by rising prices of raw materials, fuel and energy. The cost of living crisis experienced by all manufacturing businesses has created the necessity for diversification in 2023 and we are fortunate to have successfully increased our market share in the food packaging industry whilst other sectors have declined.
Financial risk
The company uses various financial instruments to measure and monitor performance, which include cash, trade debtors, amounts recoverable on contracts and trade creditors that arise directly from its operations. The main purpose of these financial metrics is to optimise finance for the company's operations. The existence of financial challenges, which are monitored by management, exposes the company to a number of financial risks, which are described in more detail below.
Credit risk
The company's principal financial assets are cash, trade debtors and amounts recoverable on contracts. The associated credit risk is limited as the company's clients are predominantly public sector entities, all of whom have strong credit ratings supported by short term borrowings from the United Kingdom government.
In order to manage credit risk, the financial controller and directors regularly review the debtors position and the finance department works to finalise procedures for dealing with customers.
Liquidity risk
The company seeks to manage financial risk to ensure sufficient liquidity is available to meet foreseeable need and to invest cash in assets both safely and profitably.
The company's policy throughout the year has been to achieve this objective through senior management's day-to-day involvement in business decision rather than through setting maximum or minimum liquidity ratio.

Page 1

 
SEEVENT PLASTICS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The company board sets financial targets and monitor performance by reviewing monthly management accounts.
We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover, gross and net profit percentage. In addition, each of the contracts have both service and financial related KPI's related specifically to the contract which are monitored and reviewed on a regular basis with our clients.
Given the uncomplicated nature of business, the company's directors analysis using KPI's are as follows:
The gross profit and net profit margins performed as expected with results of 27.1% and 2.9% respectively (2022 - 17.1% and (3.52%)). Liquidity ratios also performed as expected with a current ratio of  1.18 (2022 - 1.11).
Although it must be recognised that during the period of review trading conditions have remained particularly challenging. In light of the cost of living crisis directors remain satisfied that the company has been able to continue developing and generating profits.

Financial key performance indicators
 
The Group has again budgeted for the investment of more efficient and up to date conversion machines.


This report was approved by the board on 15 July 2024 and signed on its behalf.





Neil John Gates
Director

Page 2

 
SEEVENT PLASTICS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company is the manufacture, printing and distribution of polythene packaging products. 

Results and dividends

The profit for the year, after taxation, amounted to £342,826 (2022 - loss £740,904).

Dividends paid for the year amounted to £212,500 (2022: £270,000).

Directors

The directors who served during the year were:

Neil John Gates 
Natalie Karen Shadbolt 
Ernest Michael Craddock (resigned 1 April 2023)
Gary Banks (appointed 15 May 2023)
Julie Gates (appointed 1 May 2023)

Page 3

 
SEEVENT PLASTICS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

Following the investment of a large multilayer extruder in 2023 new conversion machines have been budgeted for in 2024 to continually increase our production efficiency and development of new products.
Development in films containing a minimum of 30% recycled product continues to drive R&D with our 
customers demanding more and more products containing recycled product.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 15 July 2024 and signed on its behalf.
 





Neil John Gates
Director

Page 4

 
SEEVENT PLASTICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEEVENT PLASTICS LIMITED
 

Opinion


We have audited the financial statements of Seevent Plastics Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 31 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 United Kingdom, including the Financial Reporting Council'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.


Page 5

 
SEEVENT PLASTICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEEVENT PLASTICS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 Directors' report.


We have nothing to report in respect of the following matters in relation to which 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 Directors' responsibilities statement set out on page 3, 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 is 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.


Page 6

 
SEEVENT PLASTICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEEVENT PLASTICS LIMITED (CONTINUED)


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 an Auditors' report 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 in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities including fraud. The extend to which our procedures are capable of detecting irregularities, including fraud is detailed below: 
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with law and regulations, was as follows: 
• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations
• We identified the laws and regulations applicable to the company through discussion with directors and 
other management, and from our commercial knowledge and experience of the sector that the company operates in;
• The specific laws and regulations which we considered may have a direct material effect on the financial  statements or the operations of the company, are as follows;
  o Companies Act 2006.
  o FRS102
  o Health and Safety legislation.
  o Employment legislation
  o Tax legislation
  o Modern Slavery Act 2015
  o Construction Design and Management Regulations 2015 
• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing board minutes, relevant correspondence and certificates held; and
• Laws and regulations were communicated within the audit team at the planning meeting, and during the audit as any further laws and regulation were identified. The audit team remained alert to instances of non compliance throughout the audit. 
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by: 
• Making enquires of management and the board as to where they consider there was susceptibility to fraud along with their knowledge of actual, suspected and alleged fraud; 
• Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
• Our review of financial statements and testing the disclosures against supporting documentation. 
 
Page 7

 
SEEVENT PLASTICS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEEVENT PLASTICS LIMITED (CONTINUED)


To address the risk of fraud through management bias and override of controls we:
• Performed analytical procedures to identify any unusual or unexpected trends or anomalies;
• Inspected and tested journal entries to identify unusual or unexpected transactions;
• Assessed whether judgement and assumptions made in determining significant accounting estimates, including revaluations of tangible fixed assets and the useful economic life of tangible fixed assets, were indicative of management bias; and
• Investigated the rationale behind significant transactions, or transactions that are unusual or outside the company’s usual course of business. 
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 2006Our 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 an Auditors' Report 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.





Duncan Stannett (Senior Statutory Auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants & Statutory Auditor
1st Floor
73-81 Southwark Bridge Road
London
SE1 0NQ

 
Date: 
16 July 2024
Page 8

 
SEEVENT PLASTICS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
11,629,001
13,951,752

Cost of sales
  
(8,478,386)
(11,564,609)

Gross profit
  
3,150,615
2,387,143

Distribution costs
  
(434,270)
(497,209)

Administrative expenses
  
(2,234,495)
(2,316,054)

Operating profit/(loss)
 5 
481,850
(426,120)

Interest payable and similar expenses
 8 
(76,192)
(65,796)

Profit/(loss) before tax
  
405,658
(491,916)

Tax on profit/(loss)
 9 
(62,832)
(248,988)

Profit/(loss) for the financial year
  
342,826
(740,904)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 26 form part of these financial statements.

Page 9

 
SEEVENT PLASTICS LIMITED
REGISTERED NUMBER: 02121368

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
51,884
59,296

Tangible assets
 12 
3,049,226
3,401,449

  
3,101,110
3,460,745

Current assets
  

Stocks
 13 
699,127
884,553

Debtors: amounts falling due within one year
 14 
3,614,985
3,751,901

Cash at bank and in hand
 15 
24,913
4,195

  
4,339,025
4,640,649

Creditors: amounts falling due within one year
 16 
(3,667,349)
(3,994,648)

Net current assets
  
 
 
671,676
 
 
646,001

Total assets less current liabilities
  
3,772,786
4,106,746

Creditors: amounts falling due after more than one year
 17 
(539,927)
(916,157)

Provisions for liabilities
  

Deferred tax
 20 
(762,306)
(850,362)

  
 
 
(762,306)
 
 
(850,362)

Net assets
  
2,470,553
2,340,227


Capital and reserves
  

Called up share capital 
 21 
30,000
30,000

Revaluation reserve
  
159,213
159,213

Profit and loss account
  
2,281,340
2,151,014

  
2,470,553
2,340,227


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 July 2024.




Neil John Gates
Director

The notes on pages 12 to 26 form part of these financial statements.

Page 10

 
SEEVENT PLASTICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
30,000
159,213
2,151,014
2,340,227



Profit for the year
-
-
342,826
342,826

Dividends
-
-
(212,500)
(212,500)


At 31 December 2023
30,000
159,213
2,281,340
2,470,553



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
30,000
159,213
3,161,918
3,351,131



Loss for the year
-
-
(740,904)
(740,904)

Dividends
-
-
(270,000)
(270,000)


At 31 December 2022
30,000
159,213
2,151,014
2,340,227


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Seevent Plastics Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is 2-7 Peter Road, Lancing Business Park, Lancing, West Sussex, BN15 8TH. The Company's principal activity that of manufacture, printing and distribution of polythene packaging products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 12

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Plant and machinery
-
3.33% or 25% per annum straight line.
dependent on the type of assets
Motor vehicles
-
25% per annum straight line
Fixtures and fittings
-
25% per annum straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour costs.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Page 13

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other
third parties, loans to related parties and investments in ordinary shares.

Page 14

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand less bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

 
2.11

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.12

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Comuter software
-
10%
 per annum straight line

 
2.14

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.15

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 15

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of financial statements in conformity with FRS 102 requires that use of certain critical accounting estimates and assumptions concerning the future. It also requires management to exercise their judgement in process of applying the Company's accounting policies.
Application of accounting policies in the preparation of the financial statements requires the Board of Directors to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources.
The directors have made key assumptions regarding the stage of completion, future costs to complete and collectability of billings of some contracts. 

Page 16

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sales
11,629,001
13,951,752

11,629,001
13,951,752


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
11,404,503
13,745,838

Rest of Europe
224,498
205,914

11,629,001
13,951,752



5.


Operating profit/(loss)

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

2023
2022
£
£

Exchange differences
1,239
5,209

Other operating lease rentals
647,887
572,961

Depreciation of owned assets
339,261
319,023


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
12,500
12,500

Page 17

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Employees

Staff costs were as follows:


2023
2022
£
£

Wages and salaries
2,006,140
2,285,311

Social security costs
208,021
237,415

Cost of defined contribution scheme
63,996
82,987

2,278,157
2,605,713


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Weekly payrolled employees
44
44



Monthly payrolled employees
21
21



Directors
3
3

68
68


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
55,164
48,879

Finance leases and hire purchase contracts
21,028
16,085

Other interest payable
-
832

76,192
65,796

Page 18

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
50,888
-

Adjustments in respect of previous periods
-
76,816


Total current tax
50,888
76,816

Deferred tax


Origination and reversal of timing differences
11,944
172,172

Total deferred tax
11,944
172,172


Tax on profit/(loss)
62,832
248,988

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 25% (2022 - 19%) as set out below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
405,658
(491,916)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
54,154
(93,464)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
41,968
790

Capital allowances for year in excess of depreciation
80,886
(11,512)

Adjustments to tax charge in respect of prior periods
-
76,816

Unrelieved tax losses carried forward
(126,120)
104,186

Remeasuerment of deferred tax for changes in rates
11,944
172,172

Total tax charge for the year
62,832
248,988


Factors that may affect future tax charges

The company has tax losses carried forward of £Nil (2022: £548,349).

Page 19

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Dividends

2023
2022
£
£


Dividends
212,500
270,000

212,500
270,000


11.


Intangible assets




Computer software

£



Cost


At 1 January 2023
74,120



At 31 December 2023

74,120



Amortisation


At 1 January 2023
14,824


Charge for the year
7,412



At 31 December 2023

22,236



Net book value



At 31 December 2023
51,884



At 31 December 2022
59,296



Page 20

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
4,592,913
260,702
732,351
5,585,966


Additions
39,340
-
3,639
42,979


Disposals
-
(101,950)
-
(101,950)



At 31 December 2023

4,632,253
158,752
735,990
5,526,995



Depreciation


At 1 January 2023
1,719,428
107,575
357,514
2,184,517


Charge for the year on owned assets
204,186
42,264
148,752
395,202


Charge for the year on financed assets
-
(101,950)
-
(101,950)



At 31 December 2023

1,923,614
47,889
506,266
2,477,769



Net book value



At 31 December 2023
2,708,639
110,863
229,724
3,049,226



At 31 December 2022
2,873,485
153,127
374,837
3,401,449

Some of the Company's Plant and machinery was revalued in 1 January 2015, which has been adopted as deemed cost on transition to FRS102. These assets are being depreciated from the date of revaluation and have a net book value of £858,442. The historic cost equivalent of these assets is £1,625,631.


13.


Stocks

2023
2022
£
£

Raw materials and consumables
447,262
421,583

Work in progress (goods to be sold)
2,991
51,019

Finished goods and goods for resale
248,874
411,951

699,127
884,553


Page 21

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Debtors

2023
2022
£
£


Trade debtors
1,556,548
1,718,387

Amounts owed by group undertakings
1,856,014
1,717,634

Other debtors
61,809
161,809

Prepayments and accrued income
140,614
154,071

3,614,985
3,751,901



15.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
24,913
4,195

Less: bank overdrafts
-
(112,720)

24,913
(108,525)


Page 22

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
-
112,720

Bank loans
300,000
300,000

Proceeds of factored debts
1,376,433
1,479,046

Trade creditors
1,517,831
1,358,862

Corporation tax
50,888
-

Other taxation and social security
253,392
307,477

Obligations under finance lease and hire purchase contracts
76,231
217,698

Other creditors
17,172
117,223

Accruals and deferred income
75,402
101,622

3,667,349
3,994,648


The invoice discounting agreement with a carring amount of a creditor balance of £1,376,433 (2022: £1,479,046) is denominated in GBP with a nominal interest rate of 2% over base rate.
The invoice discounting facility is available for draw on the Company's trade debtors. The agreement is with recourse which ensures that bad debt risk remains with the Company. Liability is due within one year as the notice period is three months.
Security has been given on this facility in the form of a fixed and floating charge over the trade debts of the company. 


17.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
425,000
725,000

Net obligations under finance leases and hire purchase contracts
114,927
191,157

539,927
916,157


Page 23

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
300,000
300,000

Other loans
1,376,433
1,479,046

Amounts falling due 1-2 years

Bank loans
300,000
300,000

Amounts falling due 2-5 years

Bank loans
125,000
425,000

2,101,433
2,504,046



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
76,231
217,697

Between 1-5 years
114,927
191,158

191,158
408,855

Page 24

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Deferred taxation




2023
2022


£

£






At beginning of year
(850,362)
(678,190)


Utilised in year
88,056
(172,172)



At end of year
(762,306)
(850,362)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(762,306)
(863,158)

Short term timing differences
-
12,796

(762,306)
(850,362)


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



30,000 (2022 - 30,000) Ordinary shares of £1 each
30,000
30,000



22.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represent contributions payable by the Company to the fund and amounted to £63,996 (2022: £82,987) Contributions totalling £8,733 (2022: £12,564) were payable to the fund at the balance sheet date and are included in creditors.

Page 25

 
SEEVENT PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
274,943
325,036

Later than 1 year and not later than 5 years
590,385
600,403

Later than 5 years
270,146
405,219

1,135,474
1,330,658


24.


Controlling party

The Company's immediate parent is Seevent Plastics Holdings Limited, incorporated in England & Wales.
The ultimate controlling party is N J Gates.
 
Page 26