Inplas Fabrications Limited 04719708 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is plastic fabrication. Digita Accounts Production Advanced 6.30.9574.0 true 04719708 2023-04-01 2024-03-31 04719708 2024-03-31 04719708 core:CurrentFinancialInstruments 2024-03-31 04719708 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04719708 core:Non-currentFinancialInstruments 2024-03-31 04719708 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04719708 core:Goodwill 2024-03-31 04719708 core:FurnitureFittingsToolsEquipment 2024-03-31 04719708 core:LandBuildings 2024-03-31 04719708 core:OtherPropertyPlantEquipment 2024-03-31 04719708 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 04719708 bus:SmallEntities 2023-04-01 2024-03-31 04719708 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04719708 bus:FilletedAccounts 2023-04-01 2024-03-31 04719708 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04719708 bus:RegisteredOffice 2023-04-01 2024-03-31 04719708 bus:CompanySecretary1 2023-04-01 2024-03-31 04719708 bus:Director2 2023-04-01 2024-03-31 04719708 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04719708 core:Goodwill 2023-04-01 2024-03-31 04719708 core:ComputerEquipment 2023-04-01 2024-03-31 04719708 core:FurnitureFittings 2023-04-01 2024-03-31 04719708 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 04719708 core:Land 2023-04-01 2024-03-31 04719708 core:LandBuildings 2023-04-01 2024-03-31 04719708 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 04719708 core:PlantMachinery 2023-04-01 2024-03-31 04719708 core:Vehicles 2023-04-01 2024-03-31 04719708 core:KeyManagementPersonnel 2023-04-01 2024-03-31 04719708 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 04719708 countries:England 2023-04-01 2024-03-31 04719708 2023-03-31 04719708 core:Goodwill 2023-03-31 04719708 core:FurnitureFittingsToolsEquipment 2023-03-31 04719708 core:LandBuildings 2023-03-31 04719708 core:OtherPropertyPlantEquipment 2023-03-31 04719708 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04719708 2022-04-01 2023-03-31 04719708 2023-03-31 04719708 core:CurrentFinancialInstruments 2023-03-31 04719708 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04719708 core:Non-currentFinancialInstruments 2023-03-31 04719708 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04719708 core:FurnitureFittingsToolsEquipment 2023-03-31 04719708 core:LandBuildings 2023-03-31 04719708 core:OtherPropertyPlantEquipment 2023-03-31 04719708 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04719708 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 04719708 2022-03-31 04719708 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 04719708

Inplas Fabrications Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Inplas Fabrications Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Inplas Fabrications Limited

Company Information

Director

Mr T Smith

Company secretary

Mrs L Smith

Registered office

Rear Unit
3a Eskdale Road
Uxbridge Industrial Estate
Uxbridge
Middlesex
UB8 2RT

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Regatta Place
Marlow Road
Bourne End
Buckinghamshire
SL8 5TD

 

Inplas Fabrications Limited

(Registration number: 04719708)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

209,817

215,833

Current assets

 

Stocks

6

8,000

8,000

Debtors

7

247,902

277,914

Cash at bank and in hand

 

93,845

163,808

 

349,747

449,722

Creditors: Amounts falling due within one year

8

(237,402)

(242,738)

Net current assets

 

112,345

206,984

Total assets less current liabilities

 

322,162

422,817

Creditors: Amounts falling due after more than one year

8

(159,954)

(210,115)

Provisions for liabilities

(4,828)

(6,332)

Net assets

 

157,380

206,370

Capital and reserves

 

Called up share capital

100

100

Retained earnings

157,280

206,270

Shareholders' funds

 

157,380

206,370

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 July 2024
 

 

Inplas Fabrications Limited

(Registration number: 04719708)
Balance Sheet as at 31 March 2024

.........................................
Mr T Smith
Director

 

Inplas Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Rear Unit
3a Eskdale Road
Uxbridge Industrial Estate
Uxbridge
Middlesex
UB8 2RT

These financial statements were authorised for issue by the director on 30 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

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

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

 

Inplas Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to premises

25% reducing balance

Computer equipment

25% reducing balance

Fixtures & Fittings

25% on cost

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Inplas Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Inplas Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 9).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

50,000

50,000

At 31 March 2024

50,000

50,000

Amortisation

At 1 April 2023

50,000

50,000

At 31 March 2024

50,000

50,000

Carrying amount

At 31 March 2024

-

-

 

Inplas Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2023

197,732

12,027

257,565

467,324

At 31 March 2024

197,732

12,027

257,565

467,324

Depreciation

At 1 April 2023

7,014

7,501

236,976

251,491

Charge for the year

54

1,098

4,864

6,016

At 31 March 2024

7,068

8,599

241,840

257,507

Carrying amount

At 31 March 2024

190,664

3,428

15,725

209,817

At 31 March 2023

190,718

4,526

20,589

215,833

Included within the net book value of land and buildings above is £190,664 (2023 - £190,718) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

8,000

8,000

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

127,968

132,461

Amounts owed by related parties

11

103,558

139,098

Prepayments

 

16,376

3,593

Other debtors

 

-

2,762

   

247,902

277,914

 

Inplas Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

52,196

45,273

Trade creditors

 

96,280

104,326

Taxation and social security

 

82,954

78,477

Accruals and deferred income

 

2,325

6,468

Other creditors

 

3,647

8,194

 

237,402

242,738

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

159,954

210,115

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

159,954

210,115

Current loans and borrowings

2024
£

2023
£

Bank borrowings

52,196

45,273

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £20,000 (2023 - £30,000).

 

Inplas Fabrications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

139,099

139,099

Advanced

114,459

114,459

Repaid

(150,000)

(150,000)

At end of period

103,558

103,558

2023

Key management
£

Total
£

At start of period

84,249

84,249

Advanced

159,850

159,850

Repaid

(105,000)

(105,000)

At end of period

139,099

139,099

Terms of loans to related parties

The above loan has no fixed repayment terms and is repayable on demand.