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REGISTERED NUMBER: 03565384 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PLASTIPACK LIMITED

PLASTIPACK LIMITED (REGISTERED NUMBER: 03565384)






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


PLASTIPACK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: E H Campbell-Salmon
A P Adlington
S Harris
T Fielder
A Hodgkins





SECRETARY: E H Campbell-Salmon





REGISTERED OFFICE: Wainwright House
4 Wainwright Close
St Leonards on Sea
East Sussex
TN38 9PP





REGISTERED NUMBER: 03565384 (England and Wales)





AUDITORS: Ashdown Hurrey Auditors Limited
Statutory Auditor
20 Havelock Road
Hastings
East Sussex
TN34 1BP

PLASTIPACK LIMITED (REGISTERED NUMBER: 03565384)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 825,554 789,010
825,554 789,010

CURRENT ASSETS
Stocks 1,253,770 1,391,597
Debtors 6 551,343 591,890
Cash at bank and in hand 2,990,602 3,723,605
4,795,715 5,707,092
CREDITORS
Amounts falling due within one year 7 432,308 1,115,333
NET CURRENT ASSETS 4,363,407 4,591,759
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,188,961

5,380,769

PROVISIONS FOR LIABILITIES 180,775 195,673
NET ASSETS 5,008,186 5,185,096

CAPITAL AND RESERVES
Called up share capital 50,000 50,000
Retained earnings 4,958,186 5,135,096
SHAREHOLDERS' FUNDS 5,008,186 5,185,096

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





A P Adlington - Director


PLASTIPACK LIMITED (REGISTERED NUMBER: 03565384)

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

1. STATUTORY INFORMATION

Plastipack 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
In preparing the financial statements, the directors are required to make an assessment of the ability of the company to continue as a going concern. The directors have prepared a cash flow forecast for the company which covers the 12 month period from the date of signing these financial statements.

On the basis of these forecasts and the fact that the company has substantial net current assets and net assets, the directors are confident that the company has adequate resources to continue in operational existence and to meet its liabilities as they fall due for the foreseeable future. As a result of the above, the directors have concluded that it remains appropriate to adopt a going concern basis of preparation in these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point when the goods leave Plastipack's premises.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - over term of lease
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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

Stock is valued by the company using a Standard Costing method as is common with manufacturers. This standard cost is periodically reviewed to ensure that it also reflects actual cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

PLASTIPACK LIMITED (REGISTERED NUMBER: 03565384)

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

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 42 (2022 - 43 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 37,034
AMORTISATION
At 1 January 2023
and 31 December 2023 37,034
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 82,069 3,465,812 16,946 84,514 3,649,341
Additions - - 46,815 111,043 157,858
At 31 December 2023 82,069 3,465,812 63,761 195,557 3,807,199
DEPRECIATION
At 1 January 2023 82,069 2,696,957 16,040 65,265 2,860,331
Charge for year - 113,988 906 6,420 121,314
At 31 December 2023 82,069 2,810,945 16,946 71,685 2,981,645
NET BOOK VALUE
At 31 December 2023 - 654,867 46,815 123,872 825,554
At 31 December 2022 - 768,855 906 19,249 789,010

PLASTIPACK LIMITED (REGISTERED NUMBER: 03565384)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 278,339 262,126
Other debtors 273,004 329,764
551,343 591,890

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 344,158 759,099
Taxation and social security 37,321 166,429
Other creditors 50,829 189,805
432,308 1,115,333

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 191,000 191,000
Between one and five years 764,000 764,000
In more than five years 1,337,000 1,528,000
2,292,000 2,483,000

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

The Report of the Auditors was unqualified.

Simon Lawrence FCCA (Senior Statutory Auditor)
for and on behalf of Ashdown Hurrey Auditors Limited

10. CAPITAL COMMITMENTS
31.12.23 31.12.22
£    £   
Contracted but not provided for in the
financial statements 95,246 80,967

11. RELATED PARTY DISCLOSURES

Loans to the company have been made by the directors, and after advances and repayments, £11 (2022 £11) was owed to Mr EH Campbell-Salmon and £7,717 (2022 £3,717) was owed to Mr AP Adlington at the year end. The loans are repayable upon demand. The loan to Mr AP Adlington attracts interest at a rate of 8.5% pa. This has been accrued for but not yet credited to Mr Adlington.

12. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.