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Registered number: 01288223










RUNFOLD PLASTICS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

For the Year Ended 30 November 2023

 
RUNFOLD PLASTICS LIMITED
Registered number: 01288223

STATEMENT OF FINANCIAL POSITION
As at 30 November 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
77,555
103,407

Tangible assets
 5 
361,595
161,763

  
439,150
265,170

Current assets
  

Stocks
 6 
308,170
235,703

Debtors: amounts falling due within one year
 7 
764,763
815,201

Cash at bank and in hand
  
75,464
81,913

  
1,148,397
1,132,817

Creditors: amounts falling due within one year
 8 
(380,835)
(349,842)

Net current assets
  
 
 
767,562
 
 
782,975

Total assets less current liabilities
  
1,206,712
1,048,145

Creditors: amounts falling due after more than one year
 9 
(167,099)
(109,199)

Provisions for liabilities
  

Deferred tax
  
(52,702)
(20,752)

  
 
 
(52,702)
 
 
(20,752)

Net assets
  
986,911
918,194


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
986,811
918,094

  
986,911
918,194

Page 1

 
RUNFOLD PLASTICS LIMITED
Registered number: 01288223
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 30 November 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 statement of income and retained earnings 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 30 August 2024.






C W J Avens
Director

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
RUNFOLD PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

1.


General information

Runfold Plastics Limited (registered number 01288223) is a limited liability company incorporated in England and Wales. Its registered office is Passfield Mill Business Park, Passfield, Liphook, Hampshire, GU30 7QX.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
RUNFOLD PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.3

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

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.

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:

Goodwill
-
10
years

 
2.4

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.

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:

S/Term Leasehold Property
-
10% straight line
Motor vehicles
-
25% reducing balance
Furniture, fittings and equipment
-
20% and 25% straight line

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.

Page 4

 
RUNFOLD PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.6

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.

 
2.7

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.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 5

 
RUNFOLD PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.9

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.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Pensions

Defined contribution pension plan

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

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

Page 6

 
RUNFOLD PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

2.Accounting policies (continued)

 
2.15

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.

 
2.16

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 reporting 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 reporting 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 reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 47 (2022 - 46).

Page 7

 
RUNFOLD PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 December 2022
258,517



At 30 November 2023

258,517



Amortisation


At 1 December 2022
155,110


Charge for the year on owned assets
25,852



At 30 November 2023

180,962



Net book value



At 30 November 2023
77,555



At 30 November 2022
103,407



Page 8

 
RUNFOLD PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

5.


Tangible fixed assets





L/Term Leasehold Property
Furniture,fittings & equipment
Motor vehicles
Total

£
£
£
£



Cost or valuation


At 1 December 2022
36,680
411,543
118,665
566,888


Additions
145,583
32,791
82,010
260,384


Disposals
-
-
(2,599)
(2,599)



At 30 November 2023

182,263
444,334
198,076
824,673



Depreciation


At 1 December 2022
22,808
315,559
66,758
405,125


Charge for the year on owned assets
14,538
26,600
18,498
59,636


Disposals
-
-
(1,683)
(1,683)



At 30 November 2023

37,346
342,159
83,573
463,078



Net book value



At 30 November 2023
144,917
102,175
114,503
361,595



At 30 November 2022
13,872
95,984
51,907
161,763


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
308,170
235,703

308,170
235,703


Page 9

 
RUNFOLD PLASTICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 30 November 2023

7.


Debtors

2023
2022
£
£


Trade debtors
439,993
491,962

Amounts owed by group undertakings
290,621
296,938

Prepayments and accrued income
34,149
26,301

764,763
815,201



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
29,738
17,363

Other loans
49,264
31,250

Trade creditors
205,997
216,929

Corporation tax
-
21,369

Other taxation and social security
47,085
41,265

Other creditors
34,491
11,546

Accruals and deferred income
14,260
10,120

380,835
349,842



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
48,228
31,074

Other loans
118,871
78,125

167,099
109,199


The bank loans are secured by way of a fixed and floating charge over certain of the assets of the Company, and by way of unlimited cross guarantees given by Runfold Plastics Limited and its parent company Weyside Industrial Ltd.

 
Page 10