Company registration number 2019319 (England and Wales)
PLASTICANT MOBILO (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
PLASTICANT MOBILO (UK) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PLASTICANT MOBILO (UK) LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
62,427
63,741
Investment properties
6
1,550,000
1,550,000
Investments
7
725,260
454,477
2,337,687
2,068,218
Current assets
Debtors
8
2,090
2,376
Cash at bank and in hand
277,351
576,124
279,441
578,500
Creditors: amounts falling due within one year
9
(798,595)
(841,348)
Net current liabilities
(519,154)
(262,848)
Total assets less current liabilities
1,818,533
1,805,370
Provisions for liabilities
(19,622)
(19,622)
Net assets
1,798,911
1,785,748
Capital and reserves
Called up share capital
10
100
100
Non-distributable profits reserve
11
498,740
498,740
Distributable profit and loss reserves
1,300,071
1,286,908
Total equity
1,798,911
1,785,748
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PLASTICANT MOBILO (UK) LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Mrs T Grabosch
Director
Company Registration No. 2019319
PLASTICANT MOBILO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Plasticant Mobilo (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Regis House, 45 King William Street, London, United Kingdom, EC4R 9AN.
1.1
Accounting convention
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rents receivable excluding vat.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Over the lease term
Fixtures and fittings
20% straight line
Computers
over 3 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
1.5
Fixed asset investments
Listed investments are initially recognised at cost. Subsequently they are remeasured at fair value through profit and loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PLASTICANT MOBILO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
PLASTICANT MOBILO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
1,388
47,307
Deferred tax
Origination and reversal of timing differences
(99,768)
Total tax charge/(credit)
1,388
(52,461)
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
87,535
12,355
99,890
Depreciation and impairment
At 1 August 2022
24,224
11,925
36,149
Depreciation charged in the year
884
430
1,314
At 31 July 2023
25,108
12,355
37,463
Carrying amount
At 31 July 2023
62,427
62,427
At 31 July 2022
63,311
430
63,741
6
Investment property
2023
£
Fair value
At 1 August 2022 and 31 July 2023
1,550,000
Investment properties are stated at the directors' estimates of open market value at year end. The historical cost of the properties is £1,031,638 (2022: £1,031,638).
Fair value at 31 July 2023 is represented by:
£
Valuation in 2023 1,550,000
PLASTICANT MOBILO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
7
Fixed asset investments
2023
2022
£
£
Other investments other than loans
725,260
454,477
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 August 2022
454,477
Additions
303,656
At 31 July 2023
758,133
Impairment
At 1 August 2022
-
Disposals
32,873
At 31 July 2023
32,873
Carrying amount
At 31 July 2023
725,260
At 31 July 2022
454,477
Listed investments are recognised initially at fair value which is normally the transaction price. Subsequently they are re-measured at fair value through the profit and loss account.
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
2,090
2,376
PLASTICANT MOBILO (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
9
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,572
4,600
Corporation tax
1,388
47,387
Other creditors
781,849
781,849
Accruals and deferred income
8,786
7,512
798,595
841,348
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
11
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
498,740
821,077
Non distributable profits in the year
-
(322,337)
At the end of the year
498,740
498,740
12
Directors' transactions
The directors have advanced funds to the company. At the year end the directors were owed £370,960 (2022: £370,960). These loans are interest free.
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