Registered number
05914372
T H S Plastics Limited
Report and Unaudited Accounts
31 December 2023
Collins
Chartered Accountants
West Midlands
T H S Plastics Limited
Registered number: 05914372
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 4 85,502 18,786
Current assets
Stocks 60,408 58,588
Debtors 5 101,470 147,118
Cash at bank and in hand 479,498 553,289
641,376 758,995
Creditors: amounts falling due within one year 6 (112,918) (149,377)
Net current assets 528,458 609,618
Total assets less current liabilities 613,960 628,404
Creditors: amounts falling due after more than one year 7 (41,940) (147,491)
Provisions for liabilities (20,656) (3,695)
Net assets 551,364 477,218
Capital and reserves
Called up share capital 100 100
Profit and loss account 551,264 477,118
Shareholders' funds 551,364 477,218
The directors are 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 directors acknowledge their 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.
G J Riley
Director
Approved by the board on 26 June 2024
T H S Plastics Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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, 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 20% reducing balance
Motor vehicles 25% reducing balance
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.
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.
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.Current and deferred tax assets and liabilities are not discounted.
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 7 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2023 75,000
At 31 December 2023 75,000
Amortisation
At 1 January 2023 75,000
At 31 December 2023 75,000
Net book value
At 31 December 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 71,990 10,038 82,028
Additions 59,800 17,490 77,290
Disposals - (10,038) (10,038)
At 31 December 2023 131,790 17,490 149,280
Depreciation
At 1 January 2023 53,848 9,394 63,242
Charge for the year 6,651 3,279 9,930
On disposals - (9,394) (9,394)
At 31 December 2023 60,499 3,279 63,778
Net book value
At 31 December 2023 71,291 14,211 85,502
At 31 December 2022 18,142 644 18,786
5 Debtors 2023 2022
£ £
Trade debtors 98,286 143,629
Prepayments and accrued income 3,184 3,489
101,470 147,118
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 44,551 43,747
Corporation tax 22,380 53,138
Other taxes and social security costs 40,787 40,452
Accruals and deferred income 5,200 12,040
112,918 149,377
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 41,940 147,491
8 Other information
T H S Plastics Limited is a private company limited by shares and incorporated in England. Its registered office is:
Units 5 & 6: Sterling Park;
Tame Valley Industrial Estate
Wilnecote,Tamworth
Staffordshire
B77 5DQ
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