Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activityfalsetrue2023-01-013525truefalse 08914626 2023-01-01 2023-12-31 08914626 2022-01-01 2022-12-31 08914626 2023-12-31 08914626 2022-12-31 08914626 c:Director1 2023-01-01 2023-12-31 08914626 d:PlantMachinery 2023-01-01 2023-12-31 08914626 d:PlantMachinery 2023-12-31 08914626 d:PlantMachinery 2022-12-31 08914626 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08914626 d:FurnitureFittings 2023-01-01 2023-12-31 08914626 d:FurnitureFittings 2023-12-31 08914626 d:FurnitureFittings 2022-12-31 08914626 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08914626 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 08914626 d:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 08914626 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 08914626 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 08914626 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 08914626 d:ComputerSoftware 2023-12-31 08914626 d:ComputerSoftware 2022-12-31 08914626 d:CurrentFinancialInstruments 2023-12-31 08914626 d:CurrentFinancialInstruments 2022-12-31 08914626 d:Non-currentFinancialInstruments 2023-12-31 08914626 d:Non-currentFinancialInstruments 2022-12-31 08914626 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 08914626 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 08914626 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 08914626 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 08914626 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-12-31 08914626 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-12-31 08914626 d:ShareCapital 2023-12-31 08914626 d:ShareCapital 2022-12-31 08914626 d:OtherMiscellaneousReserve 2023-12-31 08914626 d:OtherMiscellaneousReserve 2022-12-31 08914626 d:RetainedEarningsAccumulatedLosses 2023-12-31 08914626 d:RetainedEarningsAccumulatedLosses 2022-12-31 08914626 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 08914626 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 08914626 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 08914626 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 08914626 c:OrdinaryShareClass1 2023-01-01 2023-12-31 08914626 c:OrdinaryShareClass1 2023-12-31 08914626 c:OrdinaryShareClass1 2022-12-31 08914626 c:OrdinaryShareClass2 2023-01-01 2023-12-31 08914626 c:OrdinaryShareClass2 2023-12-31 08914626 c:FRS102 2023-01-01 2023-12-31 08914626 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08914626 c:FullAccounts 2023-01-01 2023-12-31 08914626 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08914626 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 08914626 d:ComputerSoftware d:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 08914626 d:InternallyGeneratedIntangibleAssets 2023-01-01 2023-12-31 08914626 d:Buildings d:LeasedAssetsHeldAsLessee 2023-12-31 08914626 d:Buildings d:LeasedAssetsHeldAsLessee 2022-12-31 08914626 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-12-31 08914626 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2022-12-31 08914626 d:LeasedAssetsHeldAsLessee 2023-12-31 08914626 d:LeasedAssetsHeldAsLessee 2022-12-31 08914626 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-01-01 2023-12-31 08914626 d:ComputerSoftware d:OwnedIntangibleAssets 2023-01-01 2023-12-31 08914626 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 08914626












PLASTECOWOOD LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
 31 DECEMBER 2023



















 


img3d39.png
01483 755 399
hamlyns.com

 
PLASTECOWOOD LIMITED
REGISTERED NUMBER: 08914626

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,995,165
3,491,403

Tangible assets
 5 
2,031,464
1,319,456

  
6,026,629
4,810,859

Current assets
  

Stocks
  
671,076
442,624

Debtors: amounts falling due within one year
 6 
921,197
605,825

Cash at bank and in hand
  
177,058
169,289

  
1,769,331
1,217,738

Creditors: amounts falling due within one year
 7 
(1,419,555)
(1,142,001)

Net current assets
  
 
 
349,776
 
 
75,737

Total assets less current liabilities
  
6,376,405
4,886,596

Creditors: amounts falling due after more than one year
 8 
(1,100,728)
(996,376)

Provisions for liabilities
  

Deferred tax
 10 
(507,866)
(250,703)

  
 
 
(507,866)
 
 
(250,703)

Net assets
  
4,767,811
3,639,517


Capital and reserves
  

Called up share capital 
 11 
577,372
577,372

Non-distributable reserves
  
162,000
162,000

Profit and loss account
  
4,028,439
2,900,145

  
4,767,811
3,639,517


Page 1

 
PLASTECOWOOD LIMITED
REGISTERED NUMBER: 08914626

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 profit and loss account 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 22 August 2024.




___________________________
John Northcott
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
PLASTECOWOOD LIMITED
 

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

1.


General information

Plastecowood Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as follows. 
Company number: 08914626
Registered office: Unit 2 Expressway Business Park, Bodelwyddan, Denbighshire, LL18 5SQ 

2.Accounting policies

 
2.1

Basis of preparation of 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 as modified by the revaluation of certain assets.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
PLASTECOWOOD LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

 
2.4

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.

 
2.5

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 shall be 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 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

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. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
PLASTECOWOOD LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Development costs are capitalised within intangibles during the research and development phase. Once the products achieve commercial use and sold these costs are amortised over a useful life of 50 years.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Website
-
4
years
Development expenditure
-
50
years

 
2.10

Tangible fixed assets

Plant & machinery are carried at their revalued amounts, being fair value and the date of valuation less subsequent depreciation and impairment losses.
Computer equipment is measured at cost (or deemed cost) less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Page 5

 
PLASTECOWOOD LIMITED
 

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

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
Director revaluation on an annual basis
Fixtures and fittings
-
25%
on cost

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.

  
2.11

Revaluation of tangible fixed assets

Plant and machinery is carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Revaluations are undertaken by the directors regularly throughout the year to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.12

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 6

 
PLASTECOWOOD LIMITED
 

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

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 35 (2022 - 25).

Page 7

 
PLASTECOWOOD LIMITED
 

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

4.


Intangible assets




Development expenditure
Computer software
Total

£
£
£



Cost


At 1 January 2023
3,657,125
11,328
3,668,453


Additions - internal
579,737
-
579,737



At 31 December 2023

4,236,862
11,328
4,248,190



Amortisation


At 1 January 2023
171,386
5,664
177,050


Charge for the year on owned assets
73,143
2,832
75,975



At 31 December 2023

244,529
8,496
253,025



Net book value



At 31 December 2023
3,992,333
2,832
3,995,165



At 31 December 2022
3,485,739
5,664
3,491,403


The individual intangible assets which are material to the financial statements are Development expenditure on new processes and products the company will use to enhance their product offering for the business and the environment.


Page 8

 
PLASTECOWOOD LIMITED
 

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

5.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
1,481,115
161,183
1,642,298


Additions
748,799
4,672
753,471



At 31 December 2023

2,229,914
165,855
2,395,769



Depreciation


At 1 January 2023
228,611
94,230
322,841


Charge for the year on owned assets
-
41,464
41,464



At 31 December 2023

228,611
135,694
364,305



Net book value



At 31 December 2023
2,001,303
30,161
2,031,464



At 31 December 2022
1,252,504
66,952
1,319,456

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Cost
1,280,188
1,280,188

Director revaluations in 2020
200,000
200,000

1,480,188
1,480,188


6.


Debtors

2023
2022
£
£


Trade debtors
451,864
358,902

Other debtors
452,666
213,590

Prepayments and accrued income
16,667
33,333

921,197
605,825


Page 9

 
PLASTECOWOOD LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
506,608
317,500

Trade creditors
465,449
216,530

Other taxation and social security
224,933
140,394

Obligations under finance lease and hire purchase contracts
91,036
60,601

Other creditors
131,529
406,976

1,419,555
1,142,001



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
987,990
952,500

Net obligations under finance leases and hire purchase contracts
112,738
43,876

1,100,728
996,376


The following liabilities were secured:

2023
2022
£
£



Bank loans
1,494,598
1,270,000

1,494,598
1,270,000

Details of security provided:

Santander UK PLC has a registered charge resulting in a fixed charge in addition to a floating charge covering all the property or undertakings of the company dated 22 March 2022.

Page 10

 
PLASTECOWOOD LIMITED
 

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

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
506,608
317,500


506,608
317,500

Amounts falling due after one year

Bank loans
987,990
952,500


987,990
952,500



1,494,598
1,270,000


Page 11

 
PLASTECOWOOD LIMITED
 

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

10.


Deferred taxation




2023


£






At beginning of year
(250,703)


Charged to profit or loss
(257,163)



At end of year
(507,866)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(250,703)
(149,096)

Charged to the profit or loss
(257,163)
(101,607)

(507,866)
(250,703)

Page 12

 
PLASTECOWOOD LIMITED
 

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

11.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



1,412 (2022 - 1,412) Ordinary Share Capital shares of £1 each
1,412
1,412
575,960(2022- 575,960) ) Redeemable preference shares of £1 each
575,960
575,960

577,372

577,372



Page 13