Acorah Software Products - Accounts Production 15.0.400 false true 31 March 2023 1 April 2022 false 1 April 2023 31 March 2024 31 March 2024 01531156 Mrs Sue Burley Mr Andrew Davies Mr Simon Jones Mr Paul White Mrs Sue Burley iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 01531156 2023-03-31 01531156 2024-03-31 01531156 2023-04-01 2024-03-31 01531156 frs-core:CurrentFinancialInstruments 2024-03-31 01531156 frs-core:BetweenOneFiveYears 2024-03-31 01531156 frs-core:ComputerEquipment 2024-03-31 01531156 frs-core:ComputerEquipment 2023-04-01 2024-03-31 01531156 frs-core:ComputerEquipment 2023-03-31 01531156 frs-core:NetGoodwill 2024-03-31 01531156 frs-core:NetGoodwill 2023-04-01 2024-03-31 01531156 frs-core:NetGoodwill 2023-03-31 01531156 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2024-03-31 01531156 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 01531156 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-03-31 01531156 frs-core:PlantMachinery 2024-03-31 01531156 frs-core:PlantMachinery 2023-04-01 2024-03-31 01531156 frs-core:PlantMachinery 2023-03-31 01531156 frs-core:WithinOneYear 2024-03-31 01531156 frs-core:ShareCapital 2024-03-31 01531156 frs-core:RetainedEarningsAccumulatedLosses 2024-03-31 01531156 frs-bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01531156 frs-bus:FilletedAccounts 2023-04-01 2024-03-31 01531156 frs-bus:SmallEntities 2023-04-01 2024-03-31 01531156 frs-bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01531156 frs-bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01531156 frs-bus:Director1 2023-04-01 2024-03-31 01531156 frs-bus:Director2 2023-04-01 2024-03-31 01531156 frs-bus:Director3 2023-04-01 2024-03-31 01531156 frs-bus:Director4 2023-04-01 2024-03-31 01531156 frs-bus:CompanySecretary1 2023-04-01 2024-03-31 01531156 frs-countries:EnglandWales 2023-04-01 2024-03-31 01531156 2022-03-31 01531156 2023-03-31 01531156 2022-04-01 2023-03-31 01531156 frs-core:CurrentFinancialInstruments 2023-03-31 01531156 frs-core:BetweenOneFiveYears 2023-03-31 01531156 frs-core:WithinOneYear 2023-03-31 01531156 frs-core:ShareCapital 2023-03-31 01531156 frs-core:RetainedEarningsAccumulatedLosses 2023-03-31
Registered number: 01531156
D.W. Plastics Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Approved Accounting Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 01531156
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 600 700
Tangible Assets 5 443,247 415,158
443,847 415,858
CURRENT ASSETS
Stocks 6 565,110 660,125
Debtors 7 3,601,633 2,994,521
Investments 8 1 1
Cash at bank and in hand 291,222 313,883
4,457,966 3,968,530
Creditors: Amounts Falling Due Within One Year 9 (908,358 ) (797,221 )
NET CURRENT ASSETS (LIABILITIES) 3,549,608 3,171,309
TOTAL ASSETS LESS CURRENT LIABILITIES 3,993,455 3,587,167
PROVISIONS FOR LIABILITIES
Deferred Taxation (109,238 ) (101,809 )
NET ASSETS 3,884,217 3,485,358
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 3,883,217 3,484,358
SHAREHOLDERS' FUNDS 3,884,217 3,485,358
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For the year ending 31 March 2024 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Sue Burley
Director
01/08/2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
D.W. Plastics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01531156 . The registered office is Factory 7 Chandler Road, Chichester, West Sussex, PO19 8UE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
Preparation of consolidated financial statements
The financial statements contain information about D.W. Plastics Limited as an individual company and do not contain consolidation financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies ACt 2006 from the requirements to prepare consolidated financial statements
2.2. Turnover
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. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.
2.4. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their expected useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold in accordance with the property lease
Plant & Machinery 15% on reducing balance
Computer Equipment 33% on cost
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Financial Instruments
Financial instruments are classified by the directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease
2.12. Investments in subsidiareies
Investments in subsidiary undertakings are recognised at cost.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2023: 32)
32 32
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 1,000
As at 31 March 2024 1,000
Amortisation
As at 1 April 2023 300
Provided during the period 100
As at 31 March 2024 400
Net Book Value
As at 31 March 2024 600
As at 1 April 2023 700
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 105,605 1,896,926 78,841 2,081,372
Additions 11,700 76,118 5,445 93,263
Other 20,523 - - 20,523
As at 31 March 2024 137,828 1,973,044 84,286 2,195,158
Depreciation
As at 1 April 2023 65,655 1,536,936 63,623 1,666,214
Provided during the period 16,499 61,166 8,032 85,697
As at 31 March 2024 82,154 1,598,102 71,655 1,751,911
Net Book Value
As at 31 March 2024 55,674 374,942 12,631 443,247
As at 1 April 2023 39,950 359,990 15,218 415,158
6. Stocks
2024 2023
£ £
Materials 541,939 641,804
Finished goods 23,171 18,321
565,110 660,125
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 745,044 707,580
Prepayments and accrued income 210,061 143,768
Other debtors - 200
Amounts owed by group undertakings 2,646,528 2,142,973
3,601,633 2,994,521
8. Current Asset Investments
2024 2023
£ £
Shares in subsidiaries 1 1
The company's investments at the Balance Sheet date in the share capital of companies include the following:
IMI-Teak Ltd
Registered office: C/O D W Plastics Ltd Factory 7 Chandler Road, Terminus Road Industrial Estate, Chichester, West Sussex
Nature of business: Dormant company
                                                                                                      %
Class of shares:                                                                      holding
Ordinary:                                                                                100.00
9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 647,133 557,740
Corporation tax 66,491 49,317
Other taxes and social security 30,072 26,604
VAT 104,366 86,428
Other creditors 1,944 2,738
Accruals and deferred income 58,352 74,394
908,358 797,221
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
11. Contingent Liabilities
Security has been given to D W Plastics Group Limited, the parent of D.W. Plastics Limited, over two loan arrangements where the balance outstanding at the year end in D W Plastics Group Limited amounted to £625,000 (2023: £1,075,000)
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12. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 130,324 136,788
Later than one year and not later than five years 253,966 384,290
384,290 521,078
13. Related Party Transactions
At the Balance Sheet date there was an amount due from D W Plastics Group Limited of £2,646,528 (2023 - £2,142,973). This loan is repayable on demand. No interest was charged on this loan.
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