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REGISTERED NUMBER: 02252031 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PENFOLD PLASTICS LIMITED

PENFOLD PLASTICS LIMITED (REGISTERED NUMBER: 02252031)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PENFOLD PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr P L M Penfold
Mr J M Cockram
Mr. M J Penfold





REGISTERED OFFICE: Heathgate Farm
Hewish
Weston-super-Mare
Somerset
BS24 6SG





REGISTERED NUMBER: 02252031 (England and Wales)





ACCOUNTANTS: Lawes & Co
Boyce's Building
40-42 Regent Street
Clifton
Bristol
BS8 4HU

PENFOLD PLASTICS LIMITED (REGISTERED NUMBER: 02252031)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 531,036 380,202

CURRENT ASSETS
Stocks 288,175 127,200
Debtors 5 558,649 596,368
Cash at bank and in hand 125,386 107,100
972,210 830,668
CREDITORS
Amounts falling due within one year 6 679,792 424,409
NET CURRENT ASSETS 292,418 406,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

823,454

786,461

CREDITORS
Amounts falling due after more than
one year

7

(122,701

)

(7,029

)

PROVISIONS FOR LIABILITIES 9 (53,379 ) (45,840 )
NET ASSETS 647,374 733,592

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 647,274 733,492
SHAREHOLDERS' FUNDS 647,374 733,592

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

PENFOLD PLASTICS LIMITED (REGISTERED NUMBER: 02252031)

BALANCE SHEET - continued
31 DECEMBER 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 12 August 2024 and were signed on its behalf by:





Mr P L M Penfold - Director


PENFOLD PLASTICS LIMITED (REGISTERED NUMBER: 02252031)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Penfold Plastics 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.

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.
Freehold property - 2% on cost
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% 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.

PENFOLD PLASTICS LIMITED (REGISTERED NUMBER: 02252031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 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 20 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 164,544 853,579 36,455 116,233 1,170,811
Additions - 46,310 3,699 175,430 225,439
At 31 December 2023 164,544 899,889 40,154 291,663 1,396,250
DEPRECIATION
At 1 January 2023 548 669,695 24,040 96,326 790,609
Charge for year 3,291 43,641 3,225 24,448 74,605
At 31 December 2023 3,839 713,336 27,265 120,774 865,214
NET BOOK VALUE
At 31 December 2023 160,705 186,553 12,889 170,889 531,036
At 31 December 2022 163,996 183,884 12,415 19,907 380,202

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 548,195 595,358
Other debtors 10,454 1,010
558,649 596,368

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 36,889 -
Trade creditors 160,752 178,768
Taxation and social security 59,635 72,336
Other creditors 422,516 173,305
679,792 424,409

PENFOLD PLASTICS LIMITED (REGISTERED NUMBER: 02252031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 122,701 -
Other creditors - 7,029
122,701 7,029

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Hire purchase contracts 159,590 -
Factoring account 251,028 76,097
410,618 76,097

The factoring account is included within 'Other creditors'. The factoring balance is secured by fixed and floating charges over the company's assets.

9. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 88,183 45,840
Tax losses carried forward (34,804 ) -
53,379 45,840

Deferred
tax
£   
Balance at 1 January 2023 45,840
Reversal of timing differences
Accelerated capital allowances 42,343
Tax on losses carried forward (34,804 )
Balance at 31 December 2023 53,379

PENFOLD PLASTICS LIMITED (REGISTERED NUMBER: 02252031)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
98 Ordinary 'A' £1 98 98
1 Ordinary 'B' £1 1 1
1 Ordinary 'C' £1 1 1
100 100

11. RELATED PARTY DISCLOSURES

The directors maintain interest free loan accounts with the company. At the balance sheet date, the company owed the directors £179 (2022: £158).

At the balance sheet date, the company was owed £251,410 (2022: £260,619) by Penfold Metals and Rent, which shares common directors/members with Penfold Plastics Limited.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr P L M Penfold, director.