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Registered number: 06751301
UK Plastics (Walsall) Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
DKR Chartered Accountants
36 Lichfield Street
Walsall
West Midlands
WS1 1TJ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—8
Page 1
Balance Sheet
Registered number: 06751301
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,800,040 1,870,382
1,800,040 1,870,382
CURRENT ASSETS
Stocks 5 909,550 819,500
Debtors 6 520,929 262,540
Cash at bank and in hand 7,150 6,091
1,437,629 1,088,131
Creditors: Amounts Falling Due Within One Year 7 (1,519,387 ) (1,202,664 )
NET CURRENT ASSETS (LIABILITIES) (81,758 ) (114,533 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,718,282 1,755,849
Creditors: Amounts Falling Due After More Than One Year 8 (473,592 ) (549,079 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (71,164 ) (67,107 )
NET ASSETS 1,173,526 1,139,663
CAPITAL AND RESERVES
Called up share capital 12 10 10
Profit and Loss Account 1,173,516 1,139,653
SHAREHOLDERS' FUNDS 1,173,526 1,139,663
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Dr Shezad Abdul-Rehman
Director
31st July 2024
The notes on pages 3 to 8 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
UK Plastics (Walsall) Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06751301 . The registered office is Unit 2-3, 64 Pritchett Street, Birmingham , B6 4EX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. 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.
2.4. 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:
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% straight line
Computer Equipment 25% reducing balance
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.6. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts 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 the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.7. Stocks and Work in Progress
Stocks 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.
2.8. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at -a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
2.9. 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.
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2.10. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.11. Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.12. Cash at bank and in hand
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
3. Average Number of Employees
Average number of employees, including directors, during the year was:  30 (2022: 32)
30 32
4. Tangible Assets
Investment Properties Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 November 2022 1,487,096 475,606 83,873 68,303
Additions - 35,355 - -
Disposals - (69,176 ) (34,157 ) -
As at 31 October 2023 1,487,096 441,785 49,716 68,303
Depreciation
As at 1 November 2022 - 127,414 53,391 68,303
Provided during the period - 51,828 5,107 -
Disposals - (31,155 ) (24,102 ) -
As at 31 October 2023 - 148,087 34,396 68,303
Net Book Value
As at 31 October 2023 1,487,096 293,698 15,320 -
As at 1 November 2022 1,487,096 348,192 30,482 -
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Computer Equipment Total
£ £
Cost
As at 1 November 2022 15,312 2,130,190
Additions 623 35,978
Disposals - (103,333 )
As at 31 October 2023 15,935 2,062,835
Depreciation
As at 1 November 2022 10,700 259,808
Provided during the period 1,309 58,244
Disposals - (55,257 )
As at 31 October 2023 12,009 262,795
Net Book Value
As at 31 October 2023 3,926 1,800,040
As at 1 November 2022 4,612 1,870,382
5. Stocks
2023 2022
£ £
Finished goods 909,550 819,500
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 150,367 62,356
Prepayments and accrued income 97,396 35,654
Other debtors 273,166 -
Corporation tax recoverable assets - 144,973
Deferred tax current asset - 19,557
520,929 262,540
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 16,400 16,400
Trade creditors 1,166,947 961,225
Bank loans and overdrafts 101,780 106,489
Corporation tax 5,177 -
Other taxes and social security 6,473 10,864
VAT 48,397 32,020
Net wages 11,239 6,407
Other creditors 67,708 27,920
Accruals and deferred income 67,732 40,943
Director's loan account 27,534 396
1,519,387 1,202,664
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 15,033 31,433
Bank loans 458,559 517,646
473,592 549,079
Disturbance payment
During 2016 Birmingham City Council carried out a compulsory purchase of the company's premises. This resulted in Birmingham City Council making a Disturbance payment of £353,265 to the company. The director has treated this as deferred income and for it to be released to the profit and loss account over the period of completion relating to the relocation work at the new premises. During the year work amounting to £0 (2022: £33,215) has been completed at the new premises with revenue being recognised equal to this amount. The work is now completed, with all deferred revenue recognised.
9. Secured Creditors
Of the creditors the following amounts are secured:
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 31,433 47,833
Bank loans and overdrafts 526,249 593,937
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 16,400 16,400
Later than one year and not later than five years 15,033 31,433
31,433 47,833
31,433 47,833
11. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 November 2022 47,550 47,550
Changes in tax rates 17,079 17,079
Origination and reversal of timing differences 6,535 6,535
Balance at 31 October 2023 71,164 71,164
12. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 10 10
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13. Related Party Transactions
As of 31st October 2023 there were amounts owed by entities controlled by a person connected with a director of £273,166 (2022: Nil). These loans are interest free and repayable on demand.
As of 31st October 2023 there were amounts owed to entities controlled by a person connected with a director of £67,290 (2022: 27,649). These loans are interest free and repayable on demand.
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