DIRECTFORM PLASTICS LIMITED

Company Registration Number:
04422752 (England and Wales)

Unaudited abridged accounts for the year ended 30 April 2024

Period of accounts

Start date: 01 May 2023

End date: 30 April 2024

DIRECTFORM PLASTICS LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2024

Balance sheet
Notes

DIRECTFORM PLASTICS LIMITED

Balance sheet

As at 30 April 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 229,000 214,000
Total fixed assets: 229,000 214,000
Current assets
Stocks: 130,000 130,000
Debtors: 4 500,074 472,072
Cash at bank and in hand: 318,714 353,642
Total current assets: 948,788 955,714
Creditors: amounts falling due within one year: 5 (577,341) (520,880)
Net current assets (liabilities): 371,447 434,834
Total assets less current liabilities: 600,447 648,834
Creditors: amounts falling due after more than one year: 6 (21,818) (64,652)
Provision for liabilities: (57,124) (40,543)
Total net assets (liabilities): 521,505 543,639
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 521,503 543,637
Shareholders funds: 521,505 543,639

The notes form part of these financial statements

DIRECTFORM PLASTICS LIMITED

Balance sheet statements

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 30 July 2024
and signed on behalf of the board by:

Name: B Canning
Status: Director

The notes form part of these financial statements

DIRECTFORM PLASTICS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Valuation and information policy

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Other accounting policies

Finance leases and hire purchase contractsAssets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.ProvisionsProvisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

DIRECTFORM PLASTICS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

2. Employees

2024 2023
Average number of employees during the period 12 15

DIRECTFORM PLASTICS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

3. Tangible Assets

Total
Cost £
At 01 May 2023 503,701
Additions 55,900
Disposals (22,275)
At 30 April 2024 537,326
Depreciation
At 01 May 2023 289,701
Charge for year 40,900
On disposals (22,275)
At 30 April 2024 308,326
Net book value
At 30 April 2024 229,000
At 30 April 2023 214,000

DIRECTFORM PLASTICS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Debtors

2024 2023
££
Debtors due after more than one year: 0 0

DIRECTFORM PLASTICS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

5. Creditors: amounts falling due within one year note

Bank loans and overdrafts 47937 59321Trade creditors 474029 421922Corporation tax 55229 39611Other creditors 146 26Total 577341 520880

DIRECTFORM PLASTICS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

6. Creditors: amounts falling due after more than one year note

Bank loan and overdrafts 21818 64652

DIRECTFORM PLASTICS LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

7. Related party transactions

During the year the company sold goods to the value of £657,997 (2023 - £693,588) to Panels Direct Limited, a company which is under the close control of Mr B Canning. At the balance sheet date the amount due from Panels Direct Limited was £132,131 (2023 - £127,668).During the year the company purchased goods to the value of £275,390 (2023 - £272,406) from Panels Direct Limited, a company which is under the close control of Mr B Canning. At the balance sheet date the amount due to Panels Direct Limited was £53,772 (2023 - £46,176).