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REGISTERED NUMBER: 11692824 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Plastic Recycling Technology Limited

Plastic Recycling Technology Limited (Registered number: 11692824)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Plastic Recycling Technology Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: R C Allsop





REGISTERED OFFICE: Chris Allsop Industrial Park
Private Road No 2
Colwick
Nottingham
Nottinghamshire
NG4 2JR





REGISTERED NUMBER: 11692824 (England and Wales)





ACCOUNTANTS: Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD

Plastic Recycling Technology Limited (Registered number: 11692824)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 34,653 141,970

CURRENT ASSETS
Debtors 5 35,735 120,553
Cash at bank - 7,634
35,735 128,187
CREDITORS
Amounts falling due within one year 6 (1,530,277 ) (1,394,127 )
NET CURRENT LIABILITIES (1,494,542 ) (1,265,940 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,459,889

)

(1,123,970

)

CREDITORS
Amounts falling due after more than one
year

7

(55,500

)

(90,000

)
NET LIABILITIES (1,515,389 ) (1,213,970 )

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings (1,515,489 ) (1,214,070 )
SHAREHOLDERS' FUNDS (1,515,389 ) (1,213,970 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Plastic Recycling Technology Limited (Registered number: 11692824)

Balance Sheet - continued
31 March 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 July 2024 and were signed by:





R C Allsop - Director


Plastic Recycling Technology Limited (Registered number: 11692824)

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

1. STATUTORY INFORMATION

Plastic Recycling Technology Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.
Long leasehold - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Plastic Recycling Technology Limited (Registered number: 11692824)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis, which places reliance on the continued support of the company's directors and shareholders and the company bankers.

The directors have no reason to believe that the company funders will not continue to provide the necessary loans and working capital finance to the company on their current agreed terms. The directors have received assurances that support provided by the directors and shareholders will continue to be provided and that they will not seek repayment of amounts due to them until such time as the company can do so without detriment to liabilities due to external creditors and its ongoing working cash flow requirements, and in any case not before a date which is within 12 months from the date of these financial statements.

Therefore, the Directors believe that the company has adequate resources to continue its current operations and that it remains appropriate to prepare the company's financial statements on a going concern basis and the financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2023 20,088 369,341 4,345
Additions - 129 -
Disposals - (192,715 ) -
At 31 March 2024 20,088 176,755 4,345
DEPRECIATION
At 1 April 2023 12,879 236,221 2,782
Charge for year 7,209 70,678 869
Eliminated on disposal - (164,103 ) -
At 31 March 2024 20,088 142,796 3,651
NET BOOK VALUE
At 31 March 2024 - 33,959 694
At 31 March 2023 7,209 133,120 1,563

Plastic Recycling Technology Limited (Registered number: 11692824)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 2,100 2,101 397,975
Additions - - 129
Disposals (2,100 ) - (194,815 )
At 31 March 2024 - 2,101 203,289
DEPRECIATION
At 1 April 2023 2,100 2,022 256,004
Charge for year - 79 78,835
Eliminated on disposal (2,100 ) - (166,203 )
At 31 March 2024 - 2,101 168,636
NET BOOK VALUE
At 31 March 2024 - - 34,653
At 31 March 2023 - 79 141,971

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,631 55,899
Other debtors 33,104 64,654
35,735 120,553

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 30,658 30,000
Hire purchase contracts 12,000 12,000
Trade creditors 532,828 371,145
Amounts owed to group undertakings 759,848 722,315
Amounts owed to participating interests 73,818 160,695
Taxation and social security 92,976 71,856
Other creditors 28,149 26,116
1,530,277 1,394,127

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 47,500 70,000
Hire purchase contracts 8,000 20,000
55,500 90,000

Plastic Recycling Technology Limited (Registered number: 11692824)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

9. OTHER FINANCIAL COMMITMENTS

As at 31 March 2024, there were outstanding pension contributions of £8,706 (2023: £12,382).

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Plastic Recycling Technology Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plastic Recycling Technology Limited for the year ended 31 March 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Plastic Recycling Technology Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Plastic Recycling Technology Limited and state those matters that we have agreed to state to the director of Plastic Recycling Technology Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plastic Recycling Technology Limited and its director for our work or for this report.

It is your duty to ensure that Plastic Recycling Technology Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Plastic Recycling Technology Limited. You consider that Plastic Recycling Technology Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Plastic Recycling Technology Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Tomkinson Teal (Lichfield) LLP
Hanover Court
5 Queen Street
Lichfield
Staffordshire
WS13 6QD


22 July 2024