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REGISTERED NUMBER: 11777585 (England and Wales)















NEW HORIZON PLASTICS CO LTD

Unaudited Financial Statements

for the Year Ended 31 January 2023






NEW HORIZON PLASTICS CO LTD (Registered number: 11777585)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


NEW HORIZON PLASTICS CO LTD

Company Information
for the Year Ended 31 January 2023







DIRECTORS: P R Thomas
Mrs K L Thomas





REGISTERED OFFICE: Fanshawe House
Amy Johnson Way
York
North Yorkshire
Y030 4TN





REGISTERED NUMBER: 11777585 (England and Wales)





ACCOUNTANTS: Maclean & Company
1 Park View Court
St Paul's Road
Shipley
West Yorkshire
BD18 3DZ

NEW HORIZON PLASTICS CO LTD (Registered number: 11777585)

Balance Sheet
31 January 2023

31.1.23 31.1.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,702,351 4,336,554

CURRENT ASSETS
Stocks 125,000 105,000
Debtors 5 2,139,467 721,296
Cash at bank 6,953,293 269,792
9,217,760 1,096,088
CREDITORS
Amounts falling due within one year 6 11,183,212 2,570,956
NET CURRENT LIABILITIES (1,965,452 ) (1,474,868 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,736,899

2,861,686

CREDITORS
Amounts falling due after more than one
year

7

(1,615,725

)

(1,550,651

)

PROVISIONS FOR LIABILITIES (590,670 ) (394,124 )
NET ASSETS 2,530,504 916,911

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 2,530,404 916,811
SHAREHOLDERS' FUNDS 2,530,504 916,911

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

NEW HORIZON PLASTICS CO LTD (Registered number: 11777585)

Balance Sheet - continued
31 January 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





P R Thomas - Director


NEW HORIZON PLASTICS CO LTD (Registered number: 11777585)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

NEW HORIZON PLASTICS CO LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

NEW HORIZON PLASTICS CO LTD (Registered number: 11777585)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Buildings
Short and Plant and Motor
leasehold structures machinery vehicles Totals
£    £    £    £    £   
COST
At 1 February 2022 6,269 - 5,660,806 278,500 5,945,575
Additions - 297,037 3,022,865 443,362 3,763,264
Disposals - - - (268,000 ) (268,000 )
At 31 January 2023 6,269 297,037 8,683,671 453,862 9,440,839
DEPRECIATION
At 1 February 2022 1,756 - 1,538,010 69,255 1,609,021
Charge for year 451 14,852 1,069,599 113,347 1,198,249
Eliminated on disposal - - - (68,782 ) (68,782 )
At 31 January 2023 2,207 14,852 2,607,609 113,820 2,738,488
NET BOOK VALUE
At 31 January 2023 4,062 282,185 6,076,062 340,042 6,702,351
At 31 January 2022 4,513 - 4,122,796 209,245 4,336,554

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 February 2022 2,640,376 268,000 2,908,376
Additions 899,500 233,557 1,133,057
Disposals - (268,000 ) (268,000 )
At 31 January 2023 3,539,876 233,557 3,773,433
DEPRECIATION
At 1 February 2022 560,886 68,782 629,668
Charge for year 444,598 58,389 502,987
Eliminated on disposal - (68,782 ) (68,782 )
At 31 January 2023 1,005,484 58,389 1,063,873
NET BOOK VALUE
At 31 January 2023 2,534,392 175,168 2,709,560
At 31 January 2022 2,079,490 199,218 2,278,708

NEW HORIZON PLASTICS CO LTD (Registered number: 11777585)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Trade debtors 173,727 61,990
Other debtors 1,965,740 659,306
2,139,467 721,296

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.23 31.1.22
£    £   
Bank loans and overdrafts 9,884 23,104
Hire purchase contracts 760,065 554,279
Trade creditors 2,289,205 489,036
Taxation 394,245 611,668
Other creditors 7,729,813 892,869
11,183,212 2,570,956

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.23 31.1.22
£    £   
Bank loans 28,197 37,500
Hire purchase contracts 1,587,528 1,513,151
1,615,725 1,550,651

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.23 31.1.22
£    £   
Bank overdraft - 13,104
Hire purchase contracts 2,347,593 2,067,430
2,347,593 2,080,534

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.1.23 31.1.22
value: £    £   
100 Ordinary £1 100 100

10. RELATED PARTY DISCLOSURES

Included in other creditors is an amount owed to New Horizon Biofuel & Animal Beddings Co Ltd of £7,525,593 (2022 - £795,259). Included in other debtors is an amount owed by P & T Group Ltd of £583,252 (2022 - £618,187), both companies with common shareholders and directors.