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REGISTERED NUMBER: 03376659 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PLASTIM LIMITED

PLASTIM LIMITED (REGISTERED NUMBER: 03376659)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 7


PLASTIM LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Dr L M Castellanza





REGISTERED OFFICE: Unit 100
Ashville Business Park
Commerce Road
Staverton
Gloucestershire
GL2 9QJ





REGISTERED NUMBER: 03376659 (England and Wales)





AUDITORS: Smith Heath Limited
Statutory Auditor
Brent House
382 Gloucester Road
Cheltenham
Gloucestershire
GL51 7AY

PLASTIM LIMITED (REGISTERED NUMBER: 03376659)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,378,972 1,130,824

CURRENT ASSETS
Stocks 656,681 553,924
Debtors 5 1,119,012 1,145,203
Cash at bank and in hand 613,459 437,948
2,389,152 2,137,075
CREDITORS
Amounts falling due within one year 6 1,203,558 1,052,613
NET CURRENT ASSETS 1,185,594 1,084,462
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,564,566

2,215,286

CREDITORS
Amounts falling due after more than one
year

7

(22,174

)

(27,500

)

PROVISIONS FOR LIABILITIES (76,602 ) (26,284 )
NET ASSETS 2,465,790 2,161,502

CAPITAL AND RESERVES
Called up share capital 10,200 10,200
Revaluation reserve 10 359,240 364,491
Capital redemption reserve 9,800 9,800
Retained earnings 2,086,550 1,777,011
SHAREHOLDERS' FUNDS 2,465,790 2,161,502

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





Dr L M Castellanza - Director


PLASTIM LIMITED (REGISTERED NUMBER: 03376659)

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


1. STATUTORY INFORMATION

Plastim 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Land not depreciated and buildings 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures, fittings and equipment - 25% on reducing balance
Office 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

PLASTIM LIMITED (REGISTERED NUMBER: 03376659)

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.


Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 22 (2022 - 21 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Freehold Plant and and Office
property machinery equipment equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 January 2023 985,000 692,179 96,466 133,120 1,906,765
Additions - 341,195 11,362 20,869 373,426
Disposals - (35,900 ) - - (35,900 )
At 31 December 2023 985,000 997,474 107,828 153,989 2,244,291
DEPRECIATION
At 1 January 2023 48,544 527,914 87,742 111,741 775,941
Charge for year 16,181 91,013 3,493 10,869 121,556
Eliminated on disposal - (32,178 ) - - (32,178 )
At 31 December 2023 64,725 586,749 91,235 122,610 865,319
NET BOOK VALUE
At 31 December 2023 920,275 410,725 16,593 31,379 1,378,972
At 31 December 2022 936,456 164,265 8,724 21,379 1,130,824

The freehold property was valued on an open market basis on 29 November 2019 by the directors based on their informal discussions with an independent property consultant.

PLASTIM LIMITED (REGISTERED NUMBER: 03376659)

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


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Fixtures,
fittings
Freehold Plant and and Office
property machinery equipment equipment Totals
£    £    £    £    £   
Valuation in 2008 28,510 - - - 28,510
Valuation in 2012 5,000 - - - 5,000
Valuation in 2019 150,000 - - - 150,000
Cost 801,490 997,474 107,828 153,989 2,060,781
985,000 997,474 107,828 153,989 2,244,291

If freehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 801,490 801,490
Aggregate depreciation 251,390 240,460

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST OR VALUATION
At 1 January 2023 75,905
Additions 159,000
Transfer to ownership (75,905 )
At 31 December 2023 159,000
DEPRECIATION
At 1 January 2023 58,268
Charge for year 34,222
Transfer to ownership (62,677 )
At 31 December 2023 29,813
NET BOOK VALUE
At 31 December 2023 129,187
At 31 December 2022 17,637

PLASTIM LIMITED (REGISTERED NUMBER: 03376659)

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


5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,067,457 879,154
Amounts owed by group undertakings - 8,667
Other debtors 51,555 210,049
1,119,012 1,097,870

Amounts falling due after more than one year:
Amounts owed by group undertakings - 47,333

Aggregate amounts 1,119,012 1,145,203

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 10,000
Hire purchase contracts (see note 8) 16,360 3,478
Trade creditors 773,530 733,324
Taxation and social security 398,153 273,857
Other creditors 15,515 31,954
1,203,558 1,052,613

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 27,500
Hire purchase contracts (see note 8) 22,174 -
22,174 27,500

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 16,360 3,478
Between one and five years 22,174 -
38,534 3,478

PLASTIM LIMITED (REGISTERED NUMBER: 03376659)

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


8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 706 23,567
Between one and five years - 21,603
706 45,170

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 37,500
Hire purchase contracts 38,534 3,478
38,534 40,978

Bank borrowings are secured by a legal charge on the company's freehold property and by a fixed and floating charge over the assets on the company.

Hire purchase liabilities are secured on the assets concerned.

10. RESERVES
Revaluation
reserve
£   
At 1 January 2023 364,491
Depreciation transfer (5,251 )

At 31 December 2023 359,240

The depreciation transfer to the revaluation reserve has no impact on the tax charge for the year.

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

The Report of the Auditors was unqualified.

Samantha Smith (Senior Statutory Auditor)
for and on behalf of Smith Heath Limited