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Premier Plastic Parts Limited
Filleted accounts
31 December 2023
Company registration number: 03053913
Premier Plastic Parts Limited
Directors and other information
Directors C Edlund-Reeve
J Reeve
J C Reeve
Company number 03053913
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Auditor Cox Hinkins Audit Services Limited
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Premier Plastic Parts Limited
Directors responsibilities statement
Year ended 31st December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Premier Plastic Parts Limited
Balance sheet
31st December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 347,252 596,960
_______ _______
347,252 596,960
Current assets
Stocks 161,693 134,160
Debtors 6 903,606 713,792
Cash at bank and in hand 70,454 55,859
_______ _______
1,135,753 903,811
Creditors: amounts falling due
within one year 7 ( 522,085) ( 369,047)
_______ _______
Net current assets 613,668 534,764
_______ _______
Total assets less current liabilities 960,920 1,131,724
Provisions for liabilities 8 ( 79,788) ( 124,210)
_______ _______
Net assets 881,132 1,007,514
_______ _______
Capital and reserves
Called up share capital 10 68 68
Capital redemption reserve 34 34
Profit and loss account 881,030 1,007,412
_______ _______
Shareholders funds 881,132 1,007,514
_______ _______
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 10 September 2024 , and are signed on behalf of the board by:
J C Reeve
Director
Company registration number: 03053913
Premier Plastic Parts Limited
Notes to the financial statements
Year ended 31st December 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be that of injection moulding specialists .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold improvements - Over the term of the lease
Plant and machinery - 15 % reducing balance
Fixtures fittings and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. Financial assets that are measured at cost and amortised and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 48 ).
5. Tangible assets
Leasehold improvements Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1st January 2023 38,213 1,123,717 132,919 1,294,849
Additions - 28,480 15,695 44,175
Disposals - ( 489,320) - ( 489,320)
_______ _______ _______ _______
At 31st December 2023 38,213 662,877 148,614 849,704
_______ _______ _______ _______
Depreciation
At 1st January 2023 3,919 596,026 97,945 697,890
Charge for the year 3,821 62,328 10,150 76,299
Disposals - ( 271,737) - ( 271,737)
_______ _______ _______ _______
At 31st December 2023 7,740 386,617 108,095 502,452
_______ _______ _______ _______
Carrying amount
At 31st December 2023 30,473 276,260 40,519 347,252
_______ _______ _______ _______
At 31st December 2022 34,294 527,691 34,974 596,959
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 98,122 60,261
Amounts owed by group undertakings and undertakings in which the company has a participating interest 772,485 619,399
Other debtors 32,999 34,132
_______ _______
903,606 713,792
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 180,317 65,990
Amounts owed to group undertakings and undertakings in which the company has a participating interest 189,605 73,688
Social security and other taxes 142,198 210,018
Other creditors 9,965 19,351
_______ _______
522,085 369,047
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1st January 2023 124,210 124,210
Charges against provisions ( 44,422) ( 44,422)
_______ _______
At 31st December 2023 79,788 79,788
_______ _______
9. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in provisions (note 8) 79,788 124,210
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 79,788 124,210
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 68 68 68 68
_______ _______ _______ _______
11. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 56,100 56,100
Later than 1 year and not later than 5 years 93,500 149,600
_______ _______
149,600 205,700
_______ _______
12. Contingencies
The company's bankers hold a charge over the assets of the company by way of security for any monies which may become due from time to time. At 31st December 2023 the liability covered by this charge amounted to £Nil (2022: £Nil). The company's bankers hold an unlimited multilateral guarantee given by Data Plastics Limited and its trading subsidiaries which includes the company. At 31 December 2023, the liability covered by these charges amounted to £Nil (2022: £Nil).
13. Summary audit opinion
The auditor's report for the year dated 10 September 2024 was unqualified.
The senior statutory auditor was Michael Howard Hinkins for and on behalf of Cox Hinkins Audit Services Limited
14. Controlling party
The company is under the control of Premier Plastics Holdings Ltd which owns 100% of theissued shares.
15. Ultimate parent undertaking
Data Plastics Limited, a company incorporated in England and Wales, is regarded by the directors as being the company's ultimate holding company.