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Registered number: 00772753
Plastic Mouldings Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
The Hansen Company
The Old Forge
28 Field Road
Busby
Glasgow
G76 8SE
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 00772753
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 685,700 649,264
Investments 5 2 2
685,702 649,266
CURRENT ASSETS
Stocks 6 295,974 234,929
Debtors 7 314,587 506,830
Cash at bank and in hand 157,919 80,581
768,480 822,340
Creditors: Amounts Falling Due Within One Year 8 (709,704 ) (801,989 )
NET CURRENT ASSETS (LIABILITIES) 58,776 20,351
TOTAL ASSETS LESS CURRENT LIABILITIES 744,478 669,617
Creditors: Amounts Falling Due After More Than One Year 9 (58,092 ) (88,555 )
NET ASSETS 686,386 581,062
CAPITAL AND RESERVES
Called up share capital 10 150,100 108,225
Revaluation reserve 12 76,191 108,339
Profit and Loss Account 460,095 364,498
SHAREHOLDERS' FUNDS 686,386 581,062
Page 1
Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr W T Houston
Director
08/07/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Plastic Mouldings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 00772753 . The registered office is Ground Floor, 32 Park Cross Street, Leeds, LS1 2QH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 5% Straight line method
Plant & Machinery 20% Reducing balance method
Fixtures & Fittings 20% Reducing balance method
Computer Equipment 20% Reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 50 (2022: 47)
50 47
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 525,633 1,503,461 31,019 55,357 2,115,470
Additions 22,014 49,617 - 950 72,581
As at 31 December 2023 547,647 1,553,078 31,019 56,307 2,188,051
Depreciation
As at 1 January 2023 437,118 944,733 30,297 54,058 1,466,206
Provided during the period 26,282 9,412 144 307 36,145
As at 31 December 2023 463,400 954,145 30,441 54,365 1,502,351
Net Book Value
As at 31 December 2023 84,247 598,933 578 1,942 685,700
As at 1 January 2023 88,515 558,728 722 1,299 649,264
5. Investments
Unlisted
£
Cost
As at 1 January 2023 2
As at 31 December 2023 2
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 2
As at 1 January 2023 2
6. Stocks
2023 2022
£ £
Stock 295,974 234,929
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 241,775 467,319
Prepayments and accrued income - 12,191
Other debtors 17,000 -
VAT - 4,815
Amounts owed by group undertakings 55,812 22,505
314,587 506,830
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 290,108 505,606
Bank loans and overdrafts 27,904 25,304
Other taxes and social security 26,851 18,313
VAT 22,777 -
Pension Payable 3,233 (970 )
Other loans 30,998 30,998
Accruals and deferred income (Current liabilities - creditors < 1 year) 11,355 15,798
Director's loan account 103,755 114,755
Loan for WJC 92,185 92,185
Voltrex Loan 100,538 -
709,704 801,989
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans > 1 year 14,045 41,880
Other loans > 1 year 44,047 46,675
58,092 88,555
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 150,100 108,225
11. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from director:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr W T Houston 114,755 - 11,000 - 103,755
Page 5
Page 6
12. Reserves
Revaluation Reserve
£
As at 1 January 2023 108,339
Transfer to profit and loss (Revaluation reserve) (32,148 )
As at 31 December 2023 76,191
Page 6