Registered number
06792840
Corilla Plastics (Bridgend) Limited
Unaudited Filleted Accounts
30 November 2023
Corilla Plastics (Bridgend) Limited
Registered number: 06792840
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 263,806 169,101
Current assets
Stocks 153,745 234,318
Debtors 4 662,589 1,077,538
Cash at bank and in hand 461,495 377,059
1,277,829 1,688,915
Creditors: amounts falling due within one year 5 (904,907) (951,268)
Net current assets 372,922 737,647
Total assets less current liabilities 636,728 906,748
Creditors: amounts falling due after more than one year 6 (14,776) (457,755)
Net assets 621,952 448,993
Capital and reserves
Called up share capital 548,632 381,351
Profit and loss account 73,320 67,642
Shareholders' funds 621,952 448,993
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
T A Fleming
Director
Approved by the board on 22 August 2024
Corilla Plastics (Bridgend) Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% straight line
Fixtures, fittings, tools and equipment 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 32 42
3 Tangible fixed assets
Plant and machinery Fixtures & fittings Total
£ £ £
Cost
At 1 December 2022 631,075 108,524 739,599
Additions 129,013 1,158 130,171
At 30 November 2023 760,088 109,682 869,770
Depreciation
At 1 December 2022 475,769 94,729 570,498
Charge for the year 30,585 4,881 35,466
At 30 November 2023 506,354 99,610 605,964
Net book value
At 30 November 2023 253,734 10,072 263,806
At 30 November 2022 155,306 13,795 169,101
4 Debtors 2023 2022
£ £
Trade debtors 445,892 355,495
Corporation tax recoverable 111,198 168,567
Other debtors 105,499 553,476
662,589 1,077,538
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 221,326 300,569
Taxation and social security costs 154,204 136,851
Accruals 155,069 131,582
Deferred income 61,973 -
Other creditors 302,335 372,266
904,907 951,268
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 14,776 25,000
Other creditors - 432,755
14,776 457,755
7 Creditors 2023 2022
£ £
Creditors include:
Secured creditors 290,534 702,290
Security is given by way of fixed and floating charges over the assets of the company.
8 Called up share capital 2023 2022
£ £
Ordinary share capital issued
and fully paid
A Ordinary shares of £1 each 291,906 291,906
B Ordinary shares of £1 each 89,445 89,445
C Ordinary shares of £1 each 167,181 -
D Ordinary shares of £1 each 100 -
548,632 381,351
In August 2023 the company issued 167,181 C Ordinary Shares for a consideration of £161,181.
In August 2023 the company issued 100 D Ordinary Shares for a consideration of £100.
9 Other information
Corilla Plastics (Bridgend) Limited is a private company limited by shares and incorporated in England. Its registered office is:
16 Kingsway
Altrincham
Cheshire
WA14 1PJ
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