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Registered number: 08833006









SEEVENT PLASTICS HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SEEVENT PLASTICS HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mrs J Gates 
N J Gates 
Ms N Shadbolt 
E M Craddock 




Registered number
08833006



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 HOLDINGS LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11 - 12
Company Balance Sheet
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 35


 
SEEVENT PLASTICS HOLDINGS LIMITED
 
 
GROUP 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 HOLDINGS LIMITED
 

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

Principal risks and uncertainties
 
TThe 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 27.5% and 2.16% respectively (2022 - 17.6% and (5%)). Liquidity ratios also performed as expected with a current ratio of  0.66 (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.





N J Gates
Director

Page 2

 
SEEVENT PLASTICS HOLDINGS 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 Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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. 
The principal activity of the company is that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £251,191 (2022 - loss £956,354).

Dividends paid for the year amounted to £200,000 (2022: £240,000).

Directors

The directors who served during the year were:

Julie Gates 
Neil John Gates 
Natalie Karen Shadbolt 
Ernest Michael Craddock , resigned 1 April 2023)

Page 3

 
SEEVENT PLASTICS HOLDINGS 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 and the Group'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 and the Group'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.
 





N J Gates
Director

Page 4

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

Opinion


We have audited the financial statements of Seevent Plastics Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Group 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 Group's or the parent 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 HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEEVENT PLASTICS HOLDINGS 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 Group 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 Group 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 6

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


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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
SEEVENT PLASTICS HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SEEVENT PLASTICS HOLDINGS 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. 
 
Page 8

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


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. 
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 9

 
SEEVENT PLASTICS HOLDINGS LIMITED
 
 
CONSOLIDATED 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
  
(8,436,414)
(11,492,741)

Gross profit
  
3,192,587
2,459,011

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

Administrative expenses
  
(2,354,121)
(2,603,372)

Operating profit/(loss)
 5 
404,196
(641,570)

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

Profit/(loss) before taxation
  
328,004
(707,366)

Tax on profit/(loss)
 9 
(76,813)
(248,988)

Profit/(loss) for the financial year
  
251,191
(956,354)

Profit/(loss) for the year attributable to:
  

Owners of the parent Company
  
251,191
(956,354)

  
251,191
(956,354)

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

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

The notes on pages 19 to 35 form part of these financial statements.

Page 10

 
SEEVENT PLASTICS HOLDINGS LIMITED
REGISTERED NUMBER: 08833006

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
  
173,180
340,380

Tangible fixed assets
  
3,253,455
3,605,678

  
3,426,635
3,946,058

Current assets
  

Stocks
 13 
699,127
884,553

Debtors: amounts falling due within one year
 14 
1,759,037
1,938,167

Cash at bank and in hand
 15 
25,162
19,742

  
2,483,326
2,842,462

Creditors: amounts falling due within one year
 16 
(3,744,413)
(4,316,951)

Net current liabilities
  
 
 
(1,261,087)
 
 
(1,474,489)

Total assets less current liabilities
  
2,165,548
2,471,569

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

Provisions for liabilities
  

Deferred taxation
 19 
(806,296)
(787,278)

  
 
 
(806,296)
 
 
(787,278)

Net assets
  
819,325
768,134


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
  
819,225
768,034

  
819,325
768,134


Page 11

 
SEEVENT PLASTICS HOLDINGS LIMITED
REGISTERED NUMBER: 08833006
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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




N J Gates
Director

The notes on pages 19 to 35 form part of these financial statements.

Page 12

 
SEEVENT PLASTICS HOLDINGS LIMITED
REGISTERED NUMBER: 08833006

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 12 
4,015,979
4,015,979

  
4,015,979
4,015,979

Current assets
  

Debtors: amounts falling due within one year
 14 
66
10,974

Cash at bank and in hand
 15 
249
15,547

  
315
26,521

Creditors: amounts falling due within one year
 16 
(1,933,078)
(2,039,937)

Net current liabilities
  
 
 
(1,932,763)
 
 
(2,013,416)

Total assets less current liabilities
  
2,083,216
2,002,563

  

  

Net assets
  
2,083,216
2,002,563


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account carried forward
  
2,083,116
2,002,463

  
2,083,216
2,002,563


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


N J Gates
Director

The notes on pages 19 to 35 form part of these financial statements.

Page 13

 
SEEVENT PLASTICS HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
768,034
768,134



Profit for the year
-
251,191
251,191

Dividends
-
(200,000)
(200,000)


At 31 December 2023
100
819,225
819,325



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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
1,964,388
1,964,488



Loss for the year
-
(956,354)
(956,354)

Dividends
-
(240,000)
(240,000)


At 31 December 2022
100
768,034
768,134


The notes on pages 19 to 35 form part of these financial statements.

Page 14

 
SEEVENT PLASTICS HOLDINGS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
2,002,463
2,002,563



Profit for the year
-
280,653
280,653

Dividends
-
(200,000)
(200,000)


At 31 December 2023
100
2,083,116
2,083,216



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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
2,028,125
2,028,225



Profit for the year
-
214,338
214,338

Dividends
-
(240,000)
(240,000)


At 31 December 2022
100
2,002,463
2,002,563


The notes on pages 19 to 35 form part of these financial statements.

Page 15

 
SEEVENT PLASTICS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
251,191
(956,354)

Adjustments for:

Amortisation of intangible assets
167,200
167,200

Depreciation of tangible assets
395,202
319,023

Loss on disposal of tangible assets
(6,372)
-

Interest paid
76,192
65,796

Taxation charge
76,813
248,988

Decrease in stocks
185,426
516,500

Decrease in debtors
179,130
715,749

(Decrease) in creditors
(273,533)
(8,867)

Corporation tax (paid)/received
(101,950)
342

Net cash generated from operating activities

949,299
1,068,377


Cash flows from investing activities

Purchase of tangible fixed assets
(42,979)
(421,315)

Sale of tangible fixed assets
108,322
-

HP interest paid
(21,028)
(16,085)

Net cash from investing activities

44,315
(437,400)

Cash flows from financing activities

Repayment of loans
(300,000)
(300,000)

Repayment of other loans
(102,613)
(210,663)

Repayment of/new finance leases
(217,697)
(34,835)

Dividends paid
(200,000)
(240,000)

Interest paid
(55,164)
(49,711)

Net cash used in financing activities
(875,474)
(835,209)

Net increase/(decrease) in cash and cash equivalents
118,140
(204,232)

Cash and cash equivalents at beginning of year
(92,978)
111,254

Cash and cash equivalents at the end of year
25,162
(92,978)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
25,162
19,742

Bank overdrafts
-
(112,720)
Page 16

 
SEEVENT PLASTICS HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£


25,162
(92,978)


The notes on pages 19 to 35 form part of these financial statements.

Page 17

 
SEEVENT PLASTICS HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

19,742

5,420

25,162

Bank overdrafts

(112,720)

112,720

-

Debt due after 1 year

(725,000)

300,000

(425,000)

Debt due within 1 year

(1,864,080)

121,233

(1,742,847)

Finance leases

(408,855)

217,697

(191,158)


(3,090,913)
757,070
(2,333,843)

The notes on pages 19 to 35 form part of these financial statements.

Page 18

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

1.


General information

Seevent Plastics Holdings 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have a reasonsable expections that the company has adequate resources to continue in operation for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements. 

 
2.3

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2016.

Page 19

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

2.Accounting policies (continued)

 
2.4

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 Consolidated 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'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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.

 
2.6

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.

Page 20

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

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

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 straight line dependant 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.

 
2.7

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.

 
2.8

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 21

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

2.Accounting policies (continued)

 
2.9

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

 
2.10

Operating leases: the Group 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.

 
2.11

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 22

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

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

Borrowing costs

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

 
2.15

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other 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:

Goodwill
-
10%
per annum straight line
Computer software
-
10%
per annum straight line

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 23

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

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

 
2.19

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.

 
2.20

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 24

 
SEEVENT PLASTICS HOLDINGS 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
£
£

Sale of goods
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
611,154

Depreciation of owned assets
-
319,023

Amortisation of intangible assets
-
167,200

Page 25

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

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,068,180
2,564,544
62,040
279,233

Social security costs
222,166
297,822
14,145
60,407

Cost of defined contribution scheme
71,291
92,394
7,295
9,407

2,361,637
2,954,760
83,480
349,047


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Production
44
44
-
-



Admin and support
21
21
-
-



Directors
3
3
3
3

68
68
3
3


7.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
62,040
279,233

Group contributions to defined contribution pension schemes
7,295
9,407

69,335
288,640


During the year retirement benefits were accruing to 3 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £147,799 (2022 - £340,078).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £5,916 (2022 - £5,740).

Page 26

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

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


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
57,795
-

Adjustments in respect of previous periods
-
76,816


Total current tax
57,795
76,816

Deferred tax


Origination and reversal of timing differences
19,018
172,172

Total deferred tax
19,018
172,172


Tax on profit/(loss)
76,813
248,988
Page 27

 
SEEVENT PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
328,004
(707,366)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
82,001
(134,400)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
987
645

Capital allowances for year in excess of depreciation
(39,699)
18,847

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

Unrelieved tax losses carried forward
14,506
114,908

Remeasuerment of deferred tax for changes in rates
19,018
172,172

Total tax charge for the year
76,813
248,988


Factors that may affect future tax charges

The Group has tax losses carried forward of £Nil (2022: £798,988) for which a deferred tax asset has not been recognised.


10.


Dividends

2023
2022
£
£


Dividends paid
200,000
240,000

200,000
240,000

Page 28

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

11.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
12,156
4,086,096
260,702
711,099
5,070,053


Additions
-
39,340
-
3,639
42,979


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



At 31 December 2023

12,156
4,125,436
158,752
714,738
5,011,082



Depreciation


At 1 January 2023
12,156
1,008,382
107,575
336,262
1,464,375


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

12,156
1,212,568
47,889
485,014
1,757,627



Net book value



At 31 December 2023
-
2,912,868
110,863
229,724
3,253,455



At 31 December 2022
-
3,077,714
153,127
374,837
3,605,678

Page 29

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

12.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
4,015,979



At 31 December 2023
4,015,979






Net book value



At 31 December 2023
4,015,979



At 31 December 2022
4,015,979


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

Seevent Plastics Limited
2-7 Peter Road, Lancing Business Park, Lancing, West Sussex, BN15 8TH
Manufacture, printing and distribution of polythene packaging products
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name

Seevent Plastics Limited

Page 30

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

13.


Stocks

Group
Group
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


The difference between purchase price or production cost of stocks and their replacement cost is not material.


14.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


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

Other debtors
61,875
62,809
66
1,000

Prepayments and accrued income
140,614
156,971
-
2,900

Deferred taxation
-
-
-
7,074

1,759,037
1,938,167
66
10,974



15.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
25,162
19,742
249
15,547

Less: bank overdrafts
-
(112,720)
-
-

25,162
(92,978)
249
15,547


Page 31

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

16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank overdrafts
-
112,720
-
-

Bank loans
300,000
300,000
-
-

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

Trade creditors
1,517,831
1,487,825
-
128,963

Amounts owed to group undertakings
-
-
1,856,014
1,717,634

Corporation tax
57,795
-
6,907
-

Other taxation and social security
257,818
319,900
4,426
12,423

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

Other creditors
74,853
189,693
57,681
72,470

Accruals and deferred income
83,452
210,069
8,050
108,447

3,744,413
4,316,951
1,933,078
2,039,937


Proceeds of factored debts
The Group benefits from an invoice discounting agreement with a credit balance of £1,376,433 (2022: £1,479,046). The agreement is denominated in GBP with a nominal interest rate of 2% over base rate.
The invoice discounting facility is available for draw down on the Group's trade debtors. The agreement is with recourse which ensures that the bad debt risk remains with the Group.
Security has been given on this facility in the form of a fixed and floating charge over the trade debts of the Group.


17.


Creditors: Amounts falling due after more than one year

Group
Group
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


Secured loans
The bank loan is a Coronovirus Business Interruption loan with National Westminster Bank plc. The loan  is repayable by equal monthly instalments with interest charged at 4.25% p.a. over base rate. The laon is secured by a fixed and floating charge over the property and undertaking of the Group.

Page 32

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

18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
76,231
217,698

Between 1-5 years
114,927
191,157

191,158
408,855


19.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(787,278)
(615,106)


Utilised in year
(19,018)
(172,172)



At end of year
(806,296)
(787,278)

Page 33

 
SEEVENT PLASTICS HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
19.Deferred taxation (continued)

Company


2023
2022


£

£






At beginning of year
7,074
7,074


Utilised in year
(7,074)
-



At end of year
-
7,074
Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accelerated capital allowances
(806,296)
(787,278)
-
7,074

(806,296)
(787,278)
-
7,074

Page 34

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

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1 each
100
100



21.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £92,394 (2022 - £92,394). 
Contributions totalling £12,564 (2022 - £12,564) were payable to the fund at the balance sheet date and are included in creditors.


22.


Commitments under operating leases

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


Group
Group
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

23.


Related party transactions

During the year, dividends of £200,000 (2022 - £240,000) were paid to a director. Through the year, an interest free loan was provided to the Group by a director. At the balance sheet date, the amount owed to this director was £51,650 (2022 - £70,000).


24.


Controlling party

The ultimate controlling party is N J Gates.
 
Page 35