Company registration number 02108830 (England and Wales)
HOLLOWAY PLASTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
HOLLOWAY PLASTICS LIMITED
COMPANY INFORMATION
Directors
Mrs C A Holloway
Mr N J Holloway
Mrs L M Holloway
Secretary
Mrs C A Holloway
Company number
02108830
Registered office
91 Birmingham Road
West Bromwich
West Midlands
B70 6PX
Accountants
Fields Business Advisors Limited
91 Birmingham Road
West Bromwich
West Midlands
B70 6PX
Business address
Unit 5 Willenhall Lane Industrial Estate
Willenhall Lane
Bloxwich
Walsall
West Midlands
WS3 2XN
HOLLOWAY PLASTICS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
HOLLOWAY PLASTICS LIMITED
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
239
Tangible assets
5
656,948
593,238
656,948
593,477
Current assets
Stocks
116,000
130,000
Debtors
6
489,808
491,703
Cash at bank and in hand
194,114
129,926
799,922
751,629
Creditors: amounts falling due within one year
7
(379,441)
(348,560)
Net current assets
420,481
403,069
Total assets less current liabilities
1,077,429
996,546
Creditors: amounts falling due after more than one year
8
(18,200)
(11,108)
Provisions for liabilities
(65,858)
(48,378)
Net assets
993,371
937,060
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
992,371
936,060
Total equity
993,371
937,060
HOLLOWAY PLASTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 2 -

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 August 2024 and are signed on its behalf by:
Mr N J Holloway
Director
Company registration number 02108830 (England and Wales)
HOLLOWAY PLASTICS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2022
1,000
947,055
948,055
Year ended 31 May 2023:
Profit and total comprehensive income
-
61,405
61,405
Dividends
-
(72,400)
(72,400)
Balance at 31 May 2023
1,000
936,060
937,060
Year ended 31 May 2024:
Profit and total comprehensive income
-
111,313
111,313
Dividends
-
(55,000)
(55,000)
Balance at 31 May 2024
1,000
992,371
993,371
HOLLOWAY PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
1
Accounting policies
Company information

Holloway Plastics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 91 Birmingham Road, West Bromwich, West Midlands, B70 6PX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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. The principal accounting policies adopted are set out below.

1.2
Turnover

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

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interest receivable on loans is recognised in the income statement using the effective interest rate basis with any amounts receivable in excess of amounts received being included within accruals in the balance sheet.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets - goodwill

Purchased goodwill was fully amortised at the current and previous balance sheet date.

1.5
Intangible fixed assets other than goodwill
Patents & licences
Straight line over 5 years

 

 

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HOLLOWAY PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 5 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% on cost
Leasehold improvements
15% on reducing balance
Plant and equipment
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

No depreciation is provided on freehold land.

Depreciation is provided from the quarter in which the asset is purchased.

1.7
Stocks

Stocks have been valued by the directors at the lower of cost and estimated selling price less cost to sell, after making due allowance for obsolete and slow moving stock.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as cash, trade and other accounts receivable and payable and loans from banks, and loans to and from other third parties, including related parties.

 

Basic financial instruments such as above are recognised in the financial statements at amortised cost.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is recognised in respect of all timing differences that have originate 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 the 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 possible that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HOLLOWAY PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -
1.11
Retirement benefits

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. The company has also made employers contributions into an auto-enrolment pension scheme on behalf of its employees. Contributions are recognised in the income statement in the period in which they arise.

1.12
Government grants

Grants to assist with a capital purchase are treated as deferred income and released to the profit and loss account over the estimate economic useful life of the related asset. Grants to assist with revenue cost are matched with relevant costs as they arise. Grants are not recognised unless all conditions under which they are given are met.

1.13

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.

 

Interest on these obligations is charged to the income statement over the period of the agreement using the effective interest method. The capital element of the future payments is treated as a liability.

 

Rentals paid under operating leases are charged to the income statement on a straight line basis.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
21
19
HOLLOWAY PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
20,420
2,363
22,783
Amortisation and impairment
At 1 June 2023
20,420
2,124
22,544
Amortisation charged for the year
-
0
239
239
At 31 May 2024
20,420
2,363
22,783
Carrying amount
At 31 May 2024
-
0
-
0
-
0
At 31 May 2023
-
0
239
239
5
Tangible fixed assets
Freehold property
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 June 2023
410,927
1,255
789,352
38,610
58,095
1,298,239
Additions
-
0
-
0
116,270
788
1,785
118,843
At 31 May 2024
410,927
1,255
905,622
39,398
59,880
1,417,082
Depreciation and impairment
At 1 June 2023
31,340
918
590,505
32,341
49,897
705,001
Depreciation charged in the year
5,101
52
43,855
973
5,152
55,133
At 31 May 2024
36,441
970
634,360
33,314
55,049
760,134
Carrying amount
At 31 May 2024
374,486
285
271,262
6,084
4,831
656,948
At 31 May 2023
379,587
337
198,847
6,269
8,198
593,238
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
374,172
324,684
Other debtors
27,826
75,028
401,998
399,712
HOLLOWAY PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
6
Debtors
(Continued)
- 8 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
87,810
91,991
Total debtors
489,808
491,703
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
-
0
14,721
Trade creditors
181,458
245,021
Corporation tax
35,306
24,877
Other taxation and social security
52,289
15,404
Other creditors
110,388
48,537
379,441
348,560

The Bank loan is secured by fixed and floating charge over the company's property. The Hire purchase obligation included within other creditors of £33,075 is secured on the asset concerned.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
18,200
11,108

Included within other creditors is a Hire purchase obligation amounting to £11,025 which is secured on the asset concerned.

9
Financial commitments, guarantees and contingent liabilities

At the balance sheet date the company had financial commitments of nil (2023: £2,182)

10
Directors' transactions

Dividends totalling £55,000 (2023 - £72,400) were paid in the year in respect of shares held by the company's directors.

The total aggregated directors' advances during the year was £14,238 (2023: £14,198) and the balance outstanding to directors at the year end was £10,797 (2023; £25,035).

 

The above loans from directors are unsecured, interest free and repayable on demand.

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