2023-01-012023-12-312023-12-31false06428381RIAAR PLASTICS 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RIAAR PLASTICS LIMITED

Registered Number
06428381
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

RIAAR PLASTICS LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Director

RIAAR, Inderdeep Singh

Company Secretary

KAUR, Tejinder

Registered Address

Black Lake Works
Black Lake
West Bromwich
B70 0PD

Registered Number

06428381 (England and Wales)
RIAAR PLASTICS LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3271,367269,735
271,367269,735
Current assets
Stocks400,000495,000
Debtors1,234,693853,476
Cash at bank and on hand429,998846,575
2,064,6912,195,051
Creditors amounts falling due within one year4(538,144)(755,774)
Net current assets (liabilities)1,526,5471,439,277
Total assets less current liabilities1,797,9141,709,012
Creditors amounts falling due after one year(14,900)(23,140)
Provisions for liabilities(23,027)(19,566)
Net assets1,759,9871,666,306
Capital and reserves
Called up share capital100100
Profit and loss account1,759,8871,666,206
Shareholders' funds1,759,9871,666,306
The financial statements were approved and authorised for issue by the Director on 26 June 2024, and are signed on its behalf by:
RIAAR, Inderdeep Singh
Director
Registered Company No. 06428381
RIAAR PLASTICS LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Fixtures and fittings15
Vehicles25
Office Equipment15
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20232022
Average number of employees during the year3219
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 January 23497,949
Additions53,132
At 31 December 23551,081
Depreciation and impairment
At 01 January 23228,214
Charge for year51,500
At 31 December 23279,714
Net book value
At 31 December 23271,367
At 31 December 22269,735
4.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables354,282522,057
Bank borrowings and overdrafts10,15110,151
Taxation and social security113,587118,069
Other creditors38,95128,175
Accrued liabilities and deferred income21,17377,322
Total538,144755,774
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
5.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
RIAAR, Inderdeep Singh078,508078,508
078,508078,508
A director had received loans from the company , which were repaid after the year end . The amount due to the company at the year end was £78,508 (2022 £ 0). These loans were interest free and repayable on demand.