U.B. Plastics Limited 01782957 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is plastic injection moulding company manufacturing specialised products for a diverse range of industries. Digita Accounts Production Advanced 6.30.9574.0 true false true 01782957 2023-04-01 2024-03-31 01782957 2024-03-31 01782957 core:CapitalRedemptionReserve 2024-03-31 01782957 core:RetainedEarningsAccumulatedLosses 2024-03-31 01782957 core:RevaluationReserve 2024-03-31 01782957 core:ShareCapital 2024-03-31 01782957 core:SharePremium 2024-03-31 01782957 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 01782957 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 01782957 core:CurrentFinancialInstruments 2024-03-31 01782957 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 01782957 core:Non-currentFinancialInstruments 2024-03-31 01782957 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 01782957 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 01782957 core:FurnitureFittings 2024-03-31 01782957 core:LandBuildings 2024-03-31 01782957 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 01782957 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 01782957 core:MotorVehicles 2024-03-31 01782957 core:PlantMachinery 2024-03-31 01782957 bus:SmallEntities 2023-04-01 2024-03-31 01782957 bus:Audited 2023-04-01 2024-03-31 01782957 bus:FilletedAccounts 2023-04-01 2024-03-31 01782957 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 01782957 bus:RegisteredOffice 2023-04-01 2024-03-31 01782957 bus:Director1 2023-04-01 2024-03-31 01782957 bus:Director2 2023-04-01 2024-03-31 01782957 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01782957 core:Buildings 2023-04-01 2024-03-31 01782957 core:FurnitureFittings 2023-04-01 2024-03-31 01782957 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01782957 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 01782957 core:LeaseholdImprovements 2023-04-01 2024-03-31 01782957 core:MotorVehicles 2023-04-01 2024-03-31 01782957 core:PlantMachinery 2023-04-01 2024-03-31 01782957 1 2023-04-01 2024-03-31 01782957 countries:England 2023-04-01 2024-03-31 01782957 2023-03-31 01782957 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 01782957 core:FurnitureFittings 2023-03-31 01782957 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01782957 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 01782957 core:MotorVehicles 2023-03-31 01782957 core:PlantMachinery 2023-03-31 01782957 2022-04-01 2023-03-31 01782957 2023-03-31 01782957 core:CapitalRedemptionReserve 2023-03-31 01782957 core:RetainedEarningsAccumulatedLosses 2023-03-31 01782957 core:RevaluationReserve 2023-03-31 01782957 core:ShareCapital 2023-03-31 01782957 core:SharePremium 2023-03-31 01782957 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 01782957 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 01782957 core:CurrentFinancialInstruments 2023-03-31 01782957 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 01782957 core:Non-currentFinancialInstruments 2023-03-31 01782957 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 01782957 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 01782957 core:FurnitureFittings 2023-03-31 01782957 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 01782957 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 01782957 core:MotorVehicles 2023-03-31 01782957 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 01782957

U.B. Plastics Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

U.B. Plastics Limited

(Registration number: 01782957)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,960

4,960

Tangible assets

5

1,366,855

1,416,011

 

1,371,815

1,420,971

Current assets

 

Stocks

6

398,203

404,510

Debtors

7

963,278

1,145,428

Cash at bank and in hand

 

15,834

19,868

 

1,377,315

1,569,806

Creditors: Amounts falling due within one year

8

(883,431)

(1,316,599)

Net current assets

 

493,884

253,207

Total assets less current liabilities

 

1,865,699

1,674,178

Creditors: Amounts falling due after more than one year

8

(128,231)

(363,190)

Provisions for liabilities

(287,613)

(271,353)

Net assets

 

1,449,855

1,039,635

Capital and reserves

 

Called up share capital

9

4,900

4,900

Share premium reserve

22,121

22,121

Capital redemption reserve

1,200

1,200

Revaluation reserve

658,758

658,758

Retained earnings

762,876

352,656

Shareholders' funds

 

1,449,855

1,039,635

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 July 2024 and signed on its behalf by:
 

 

U.B. Plastics Limited

(Registration number: 01782957)
Balance Sheet as at 31 March 2024

.........................................
Mr P Thurston
Director

.........................................
Mr TJ Franklin
Director

 

U.B. Plastics Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Centenary Works
Little Burton West
Burton On Trent
Staffordshire
DE14 1PP

These financial statements were authorised for issue by the Board on 4 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Audit report

The Independent Auditor's Report was unqualified . The name of the Senior Statutory Auditor who signed the audit report on 4 July 2024 was Mark Jordan FCA, who signed for and on behalf of Jordan & Company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

U.B. Plastics Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line

Short-term leasehold property

2% straight line

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Fixtures and fittings

25% reducing balance

 

U.B. Plastics Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

U.B. Plastics Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

U.B. Plastics Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2023 - 45).

4

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

4,960

4,960

At 31 March 2024

4,960

4,960

Amortisation

Carrying amount

At 31 March 2024

4,960

4,960

At 31 March 2023

4,960

4,960

 

U.B. Plastics Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 April 2023

1,276,535

2,435

17,341

2,867,148

Additions

-

-

1,802

60,662

Disposals

-

(2,435)

-

(56,151)

At 31 March 2024

1,276,535

-

19,143

2,871,659

Depreciation

At 1 April 2023

176,535

1,159

9,690

2,562,832

Charge for the year

25,531

49

2,250

82,682

Eliminated on disposal

-

(1,208)

-

(54,495)

At 31 March 2024

202,066

-

11,940

2,591,019

Carrying amount

At 31 March 2024

1,074,469

-

7,203

280,640

At 31 March 2023

1,100,000

1,276

7,651

304,316

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

20,738

4,184,197

Additions

3,200

65,664

Disposals

-

(58,586)

At 31 March 2024

23,938

4,191,275

Depreciation

At 1 April 2023

17,970

2,768,186

Charge for the year

1,425

111,937

Eliminated on disposal

-

(55,703)

At 31 March 2024

19,395

2,824,420

Carrying amount

At 31 March 2024

4,543

1,366,855

At 31 March 2023

2,768

1,416,011

 

U.B. Plastics Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Included within the net book value of land and buildings above is £1,074,469 (2023 - £1,100,000) in respect of freehold land and buildings and £Nil (2023 - £1,276) in respect of short leasehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 10 January 2023 by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

398,203

404,510

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

779,719

959,354

Amounts owed by related parties

182,234

182,234

Prepayments

 

1,325

3,840

   

963,278

1,145,428

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

257,346

782,287

Trade creditors

 

304,811

422,565

Taxation and social security

 

210,367

80,293

Accruals and deferred income

 

106,667

20,750

Other creditors

 

4,240

10,704

 

883,431

1,316,599

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

157,459

Other non-current financial liabilities

 

128,231

205,731

 

128,231

363,190

 

U.B. Plastics Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A Shares of £1 each

2,450

2,450

2,450

2,450

Ordinary B Shares of £1 each

2,450

2,450

2,450

2,450

4,900

4,900

4,900

4,900

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

142,311

Hire purchase contracts

-

15,148

-

157,459

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

64,853

Hire purchase contracts

15,601

26,977

Other borrowings

241,745

690,457

257,346

782,287

11

Parent and ultimate parent undertaking

The ultimate parent is Sherwood Stainless and Aluminium Ltd, incorporated in England and Wales.