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REGISTERED NUMBER: 02374351 (England and Wales)
















Unaudited Financial Statements for the Year Ended 31 March 2024

for

PMC Polythene Limited

PMC Polythene Limited (Registered number: 02374351)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PMC Polythene Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mr C George
Mrs S K George
Mr M Stimpson
Ms F M Campbell
Mr M A Richman





REGISTERED OFFICE: Unit 24 Park Farm Industrial Estate
Emine Street
Buntingford
Hertfordshire
SG9 9AZ





REGISTERED NUMBER: 02374351 (England and Wales)





ACCOUNTANTS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

PMC Polythene Limited (Registered number: 02374351)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 724,317 742,263

CURRENT ASSETS
Stocks 748,404 681,462
Debtors 1,866,958 1,754,335
Cash at bank and in hand 144,587 160,795
2,759,949 2,596,592
CREDITORS
Amounts falling due within one year 871,472 967,034
NET CURRENT ASSETS 1,888,477 1,629,558
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,612,794

2,371,821

CREDITORS
Amounts falling due after more than one
year

5

(198,425

)

(236,540

)

PROVISIONS FOR LIABILITIES (45,761 ) (43,508 )
NET ASSETS 2,368,608 2,091,773

CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Retained earnings 2,367,608 2,090,773
SHAREHOLDERS' FUNDS 2,368,608 2,091,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PMC Polythene Limited (Registered number: 02374351)

Abridged Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by:





Mr C George - Director


PMC Polythene Limited (Registered number: 02374351)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

PMC Polythene 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
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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary
amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 each asset over its estimated useful life.
Long leasehold - in accordance with the lease term
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 33% on cost and 25% on reducing balance
Motor vehicles - 25% 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.

PMC Polythene Limited (Registered number: 02374351)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 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.

Foreign currencies
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.

Hire purchase and leasing commitments
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.

PMC Polythene Limited (Registered number: 02374351)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 23 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2023 1,274,385
Additions 67,867
At 31 March 2024 1,342,252
DEPRECIATION
At 1 April 2023 532,122
Charge for year 85,813
At 31 March 2024 617,935
NET BOOK VALUE
At 31 March 2024 724,317
At 31 March 2023 742,263

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.24 31.3.23
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 198,425 236,540

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 82,750 73,850

7. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 218,425 256,540

The company's loan, Barclays Bank Plc have a fixed charge over the assets of the company.
Furthermore, the directors of the company have pledged guarantees to the bank in respect of the outstanding bank loan of £218,425.

PMC Polythene Limited (Registered number: 02374351)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

9. PENSION COMMITMENTS

The pension contributions outstanding at the year end amounted to £2,575 (2023: £2,646). Pension costs incurred during the year amounted to £69,858 (2023: £72,745).

10. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £240,416 (2023: £240,430) by PMC (2011) Limited, the parent company. There are no terms relating to the payment of interest or repayment of capital.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is PMC (2011) Limited, The registered office address is Unit 24 Park Farm Industrial Estate, Ermine Street, Buntingford, Hertfordshire, England, SG9 9AZ.