Caseware UK (AP4) 2023.0.135 2023.0.135 falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01No description of principal activity78truetrue 01701554 2023-01-01 2023-12-31 01701554 2022-01-01 2022-12-31 01701554 2023-12-31 01701554 2022-12-31 01701554 c:Director2 2023-01-01 2023-12-31 01701554 d:MotorVehicles 2023-01-01 2023-12-31 01701554 d:MotorVehicles 2023-12-31 01701554 d:MotorVehicles 2022-12-31 01701554 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01701554 d:FurnitureFittings 2023-01-01 2023-12-31 01701554 d:FurnitureFittings 2023-12-31 01701554 d:FurnitureFittings 2022-12-31 01701554 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01701554 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01701554 d:CurrentFinancialInstruments 2023-12-31 01701554 d:CurrentFinancialInstruments 2022-12-31 01701554 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01701554 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01701554 d:ShareCapital 2023-12-31 01701554 d:ShareCapital 2022-12-31 01701554 d:CapitalRedemptionReserve 2023-12-31 01701554 d:CapitalRedemptionReserve 2022-12-31 01701554 d:RetainedEarningsAccumulatedLosses 2023-12-31 01701554 d:RetainedEarningsAccumulatedLosses 2022-12-31 01701554 c:FRS102 2023-01-01 2023-12-31 01701554 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01701554 c:FullAccounts 2023-01-01 2023-12-31 01701554 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01701554 2 2023-01-01 2023-12-31 01701554 6 2023-01-01 2023-12-31 01701554 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01701554










M.J. Plastics Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023


 


 
M.J. Plastics Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of M.J. Plastics Limited for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of M.J. Plastics Limited for the year ended 31 December 2023 which comprise  the Balance sheet 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of M.J. Plastics Limited, as a body, in accordance with the terms of our engagement letter dated 28th  March 2022Our work has been undertaken solely to prepare for your approval the financial statements of M.J. Plastics Limited and state those matters that we have agreed to state to the Board of directors of M.J. Plastics Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M.J. Plastics Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that M.J. Plastics 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 profit of M.J. Plastics Limited. You consider that M.J. Plastics Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of M.J. Plastics 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.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
6 August 2024
Page 1

 
M.J. Plastics Limited
Registered number: 01701554

Balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
8,648
13,073

Investments
 5 
1,300
1,300

  
9,948
14,373

Current assets
  

Stocks
  
501,988
485,705

Debtors: amounts falling due within one year
 6 
245,949
221,966

Cash at bank and in hand
  
80,093
167,353

  
828,030
875,024

Creditors: amounts falling due within one year
 7 
(208,312)
(216,399)

Net current assets
  
 
 
619,718
 
 
658,625

Total assets less current liabilities
  
629,666
672,998

  

Net assets
  
629,666
672,998


Capital and reserves
  

Called up share capital 
  
32,000
32,000

Capital redemption reserve
  
8,000
8,000

Profit and loss account
  
589,666
632,998

  
629,666
672,998


Page 2

 
M.J. Plastics Limited
Registered number: 01701554

Balance sheet (continued)
As at 31 December 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 August 2024.




D O Smith
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
M.J. Plastics Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

M.J. Plastics Limited is a private company limited by shares incorporated in England with the registration number 01401554. The address of the registered office is Unit 9, D2 Trading Estate, Castle Road, Eurolink, Kent, ME10 3RN.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company's functional currency and presentational currency is GBP Sterling.
The financial statements have been rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the  can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before  is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of  can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
M.J. Plastics Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as shown below.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
17.5% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to
Page 5

 
M.J. Plastics Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially
Page 6

 
M.J. Plastics Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)

recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 7

 
M.J. Plastics Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 8).

Page 8

 
M.J. Plastics Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

4.


Tangible fixed assets





Motor vehicles
Fixtures fittings & equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
44,477
74,425
118,902



At 31 December 2023

44,477
74,425
118,902



Depreciation


At 1 January 2023
38,046
67,783
105,829


Charge for the year on owned assets
1,608
2,817
4,425



At 31 December 2023

39,654
70,600
110,254



Net book value



At 31 December 2023
4,823
3,825
8,648



At 31 December 2022
6,431
6,642
13,073


5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
1,300



At 31 December 2023
1,300




Page 9

 
M.J. Plastics Limited
 

 
Notes to the financial statements
For the Year Ended 31 December 2023

6.


Debtors

2023
2022
£
£


Trade debtors
209,555
174,275

Other debtors
9
2,106

Prepayments and accrued income
36,385
45,585

245,949
221,966



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
127,296
150,133

Corporation tax
18,210
6,048

Other taxation and social security
40,949
43,924

Other creditors
6,032
11,076

Accruals and deferred income
15,825
5,218

208,312
216,399



Page 10