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REGISTERED NUMBER: 04452705 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Plastic Coatings Limited

Plastic Coatings Limited (Registered number: 04452705)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Plastic Coatings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: C R Allison
D J Sargeant
J M Stoke



REGISTERED OFFICE: Ham Lane
Kingswinford
West Midlands
DY6 7JY



REGISTERED NUMBER: 04452705 (England and Wales)



SENIOR STATUTORY AUDITOR: Matthew Baker FCA



AUDITORS: Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Plastic Coatings Limited (Registered number: 04452705)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,058,271 2,310,525

CURRENT ASSETS
Stocks 422,025 393,407
Debtors 5 1,205,727 1,080,604
Cash at bank and in hand 210,579 1,714,951
1,838,331 3,188,962
CREDITORS
Amounts falling due within one year 6 1,016,007 950,312
NET CURRENT ASSETS 822,324 2,238,650
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,880,595

4,549,175

CREDITORS
Amounts falling due after more than one
year

7

(1,320,350

)

(675,094

)

PROVISIONS FOR LIABILITIES 10 (164,651 ) (179,898 )
NET ASSETS 1,395,594 3,694,183

CAPITAL AND RESERVES
Called up share capital 915 800
Share premium 11 113,464 99,204
Retained earnings 11 1,281,215 3,594,179
1,395,594 3,694,183

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 19 August 2024 and were signed on its behalf by:




D J Sargeant - Director



C R Allison - Director


Plastic Coatings Limited (Registered number: 04452705)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Plastic Coatings 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
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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold Property - 50 years
Plant and machinery - 5 - 14 years
Fixtures and fittings - 3 - 15 years

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 recognised in profit or loss.

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Plastic Coatings Limited (Registered number: 04452705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 79 (2022 - 85 ) .

4. TANGIBLE FIXED ASSETS
Assets Fixtures
Freehold under Plant and and
property construction machinery fittings Totals
£    £    £    £    £   
COST
At 1 January 2023 1,832,561 4,125 4,931,429 806,080 7,574,195
Additions - - 51,044 11,870 62,914
Disposals - - (45,650 ) - (45,650 )
At 31 December 2023 1,832,561 4,125 4,936,823 817,950 7,591,459
DEPRECIATION
At 1 January 2023 493,449 - 4,084,846 685,375 5,263,670
Charge for year 38,355 - 202,076 39,045 279,476
Eliminated on disposal - - (9,958 ) - (9,958 )
At 31 December 2023 531,804 - 4,276,964 724,420 5,533,188
NET BOOK VALUE
At 31 December 2023 1,300,757 4,125 659,859 93,530 2,058,271
At 31 December 2022 1,339,112 4,125 846,583 120,705 2,310,525

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,043,635 914,397
Other debtors 162,092 166,207
1,205,727 1,080,604

Plastic Coatings Limited (Registered number: 04452705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 287,009 138,252
Trade creditors 326,565 410,843
Taxation and social security 205,204 205,111
Other creditors 197,229 196,106
1,016,007 950,312

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,310,925 656,677
Other creditors 9,425 18,417
1,320,350 675,094

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 516,425 103,669

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 83,652 73,289
Between one and five years 162,288 195,513
245,940 268,802

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 128,109 -
Bank loans 1,469,825 794,929
1,597,934 794,929

The bank loan and overdraft are secured against the premises in which the business operates.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 164,651 179,898

Plastic Coatings Limited (Registered number: 04452705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 179,898
Released during the year (15,247 )
Balance at 31 December 2023 164,651

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 3,594,179 99,204 3,693,383
Profit for the year 87,036 - 87,036
Dividends (2,400,000 ) - (2,400,000 )
Bonus share issue - 14,260 14,260
At 31 December 2023 1,281,215 113,464 1,394,679

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Baker FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Wolverhampton Limited

13. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £21,424.44 (2022 - £18,128) were payable to the fund at the balance sheet date.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is The Plastic Coatings Employee Ownership Trust.

On 12 January 2023 the company was acquired by Plastic Coatings EOT Limited (Company number 14343066), the company being an employee ownership trust.

As part of the acquisition this company issued a dividend of £2.4m to the new parent company in order to finance the acquisition from the previous owners, the cash for which was generated through additional loan borrowings secured against the trading property of this company. Details of these loans can be found in Note 9 of these Financial Statements.