Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-312023-12-312023-01-01falseHolding company33truefalsefalse 07279837 2023-01-01 2023-12-31 07279837 2022-01-01 2022-12-31 07279837 2023-12-31 07279837 2022-12-31 07279837 2022-01-01 07279837 c:Director2 2023-01-01 2023-12-31 07279837 c:Director3 2023-01-01 2023-12-31 07279837 c:Director5 2023-01-01 2023-12-31 07279837 c:RegisteredOffice 2023-01-01 2023-12-31 07279837 d:Buildings 2023-01-01 2023-12-31 07279837 d:PlantMachinery 2023-01-01 2023-12-31 07279837 d:FurnitureFittings 2023-01-01 2023-12-31 07279837 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 07279837 d:Goodwill 2023-01-01 2023-12-31 07279837 d:CurrentFinancialInstruments 2023-12-31 07279837 d:CurrentFinancialInstruments 2022-12-31 07279837 d:Non-currentFinancialInstruments 2023-12-31 07279837 d:Non-currentFinancialInstruments 2022-12-31 07279837 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07279837 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07279837 d:ShareCapital 2023-12-31 07279837 d:ShareCapital 2022-12-31 07279837 d:ShareCapital 2022-01-01 07279837 d:CapitalRedemptionReserve 2023-01-01 2023-12-31 07279837 d:CapitalRedemptionReserve 2023-12-31 07279837 d:CapitalRedemptionReserve 2022-12-31 07279837 d:CapitalRedemptionReserve 2022-01-01 07279837 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07279837 d:RetainedEarningsAccumulatedLosses 2023-12-31 07279837 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07279837 d:RetainedEarningsAccumulatedLosses 2022-12-31 07279837 d:RetainedEarningsAccumulatedLosses 2022-01-01 07279837 c:OrdinaryShareClass1 2023-01-01 2023-12-31 07279837 c:OrdinaryShareClass1 2023-12-31 07279837 c:FRS102 2023-01-01 2023-12-31 07279837 c:Audited 2023-01-01 2023-12-31 07279837 c:FullAccounts 2023-01-01 2023-12-31 07279837 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07279837 d:Subsidiary1 2023-01-01 2023-12-31 07279837 d:Subsidiary1 1 2023-01-01 2023-12-31 07279837 c:Consolidated 2023-12-31 07279837 c:ConsolidatedGroupCompanyAccounts 2023-01-01 2023-12-31 07279837 2 2023-01-01 2023-12-31 07279837 4 2023-01-01 2023-12-31 07279837 e:PoundSterling 2023-01-01 2023-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered Number:07279837













ASPIRE PLASTICS LIMITED





ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023











 
ASPIRE PLASTICS LIMITED
 


CONTENTS



Pages
Company Information
1
Group Strategic Report
2 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 10
Consolidated Statement of Comprehensive Income
11
Consolidated Balance Sheet
12
Company Balance Sheet
13
Consolidated Statement of Changes in Equity
14
Company Statement of Changes in Equity
15
Consolidated Statement of Cash Flows
16 - 17
Consolidated Analysis of Net Debt
18
Notes to the Financial Statements
19 - 40



 
ASPIRE PLASTICS LIMITED
 

 
COMPANY INFORMATION


Directors
K D Gant 
P Denny 
B G McLellan 




Registered number
07279837



Registered office
Lady Lane Industrial Estate
Hadleigh

Ipswich

Suffolk

IP7 6AZ




Independent auditor
Sumer Auditco Limited
Statutory Auditor

Fitzroy House

Crown Street

Ipswich

Suffolk

IP1 3LG





- 1 -



 
ASPIRE PLASTICS LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the Group was plastic injection moulding services.

Business review
 
The Group
The Group has had another profitable year. The Group achieved a profit before tax for the year of £964,934 (2022: £1,213,565) which the directors believe to be a satisfactory result for the year.
Aspire Plastics Limited
The principal activity of Aspire Plastics Limited is that of a holding company.
Ettle Limited
The principal activity of Ettle Limited is that of an intermediate holding company.
Skar Precision Mouldings Limited 
The directors are pleased with the performance during the year and believe that the entity is in a strong position for the future.
The entity has a strong balance sheet position at the year-end. Net current assets and shareholders' funds were £2,758,496 (2022: £2,659,587) and £3,576,497 (2022: £3,471,232) respectively.


- 2 -



 
ASPIRE PLASTICS LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The Group's principal financial instruments comprise bank loans. In addition, the Group has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.
The Group's approach to managing the principal risks and uncertainties is shown below.
Interest rate risk:
The Group's bank loans are at a variable interest rate. The directors consider interest payments as part of their cash flow forecasts.
Liquidity and cash flow risk:
In order to maintain liquidity and ensure that sufficient funds are available to meet its financial commitments, the directors prepare detailed cash flow forecasts.
Credit risk:
The Group's credit risk is primarily attributable to recoverability of its debtors, including trade debtors. The directors keep the level of credit provided to customers under review.
Price risk:
The Group's main expense is the purchase of raw materials, the price of which is linked to the price of oil. The directors keep price movements under review including entering into fixed price contracts to mitigate price risks such as the cost of energy increase.

Key financial indicators
 
The Group considers its key financial performance indicators to be growth in turnover, gross profit margin and net profit margin.
Turnover has decreased by 5.3% during the year. Cost of sales reduced at a higher rate during the year, leading to an increase in gross profit margin to 23.5% (2022: 21.3%). The profit before tax margin excluding the exceptional income of £NIL (2022: £140,242) saw a decrease to 11.8% (2022: 12.4%) primarily as a result of increased administration and interest costs.  


This report was approved by the Board on 5 September 2024 and signed on its behalf.




K D Gant
Director


- 3 -



 
ASPIRE PLASTICS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company and the Group will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £746,410 (2022 - £1,015,228).

Particulars of dividends can be found in note 13.

Directors

The Directors who served during the year were:

K D Gant 
P Denny 
B G McLellan 

Future developments

Organic growth remains a core target for the Group. The Group continues to acquire new customers whilst minimising the risks and costs associated with the growth.


- 4 -



 
ASPIRE PLASTICS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
- so far as the Director is aware, there is no relevant audit information of which the Company's and the Group's    auditor is unaware; and

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the Director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditor

On 28 March 2024 our auditor, SB Audit LLP, merged with Sumer Auditco Limited.
Accordingly SB Audit LLP formally resigned as the Company's auditor with the Directors duly appointing Sumer Auditco Limited to fill the vacancy arising. The auditor, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. 

This report was approved by the Board on 5 September 2024 and signed on its behalf.
 





K D Gant
Director


- 5 -



 
ASPIRE PLASTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF ASPIRE PLASTICS LIMITED

Opinion


We have audited the financial statements of Aspire Plastics Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Profit and Loss Account, the Balance Sheet, the Group Statement of Comprehensive Income, the Group and Company Balance Sheets, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the Parent Company's affairs as at 31 December 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.



- 6 -



 
ASPIRE PLASTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF ASPIRE PLASTICS LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the Parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.



- 7 -



 
ASPIRE PLASTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF ASPIRE PLASTICS LIMITED (CONTINUED)

Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the Directors are responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.



- 8 -



 
ASPIRE PLASTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF ASPIRE PLASTICS LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience and through discussions and enquiries of Directors and management. During the engagement team briefing, the outcomes of these discussions were shared with the team, as well as consideration as to where and how fraud may occur in the Group.
The following laws and regulations were identified as being of significance to the Group:
•  Those laws and regulations considered to have a direct effect on the financial statements including UK    financial reporting standards and UK Company Law; and 
•    Those laws and regulations considered to have an indirect effect on the financial statements including the
Health & Safety Act 1974, COSHH, BRCGS, FSA and REACH regulations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the company complies with such regulations; enquiries of management and those charged with governance concerning any actual or potential litigation or claims, inspection of relevant legal documentation, review of board minutes, performance of analytical review to identify any unexpected movements in account balances which may be indicative of fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.



- 9 -



 
ASPIRE PLASTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE SHAREHOLDERS OF ASPIRE PLASTICS LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Mark Smith (Senior Statutory Auditor)
  
for and on behalf of
Sumer Auditco Limited
 
Statutory Auditor
  
Fitzroy House
Crown Street
Ipswich
Suffolk
IP1 3LG

10 September 2024

- 10 -



 
ASPIRE PLASTICS LIMITED
 

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Notes
£
£

  

Turnover
 4 
8,161,562
8,621,241

Cost of sales
  
(6,241,137)
(6,788,552)

Gross profit
  
1,920,425
1,832,689

Distribution costs
  
(54,117)
(46,403)

Administrative expenses
  
(679,923)
(586,141)

Exceptional income
 14 
-
140,242

Other operating income
 5 
4,435
4,690

Operating profit
 6 
1,190,820
1,345,077

Interest receivable and similar income
 10 
13,791
1,444

Interest payable and similar expenses
 11 
(239,677)
(132,956)

Profit before taxation
  
964,934
1,213,565

Tax on profit
 12 
(218,524)
(198,337)

Profit for the year
  
746,410
1,015,228

Profit for the year attributable to:
  

Owners of the parent Company
  
746,410
1,015,228

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 19 to 40 form part of these financial statements.


- 11 -



 
ASPIRE PLASTICS LIMITED
REGISTERED NUMBER:07279837


CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Notes
£
£

Fixed assets
  

Intangible assets
 15 
75,000
105,000

Tangible assets
 16 
4,346,158
4,423,259

  
4,421,158
4,528,259

Current assets
  

Stocks
 18 
839,451
872,993

Debtors: amounts falling due within one year
 19 
1,126,124
1,629,878

Cash at bank and in hand
 20 
1,230,232
779,547

  
3,195,807
3,282,418

Creditors: amounts falling due within one year
 21 
(1,424,194)
(1,609,714)

Net current assets
  
 
 
1,771,613
 
 
1,672,704

Total assets less current liabilities
  
6,192,771
6,200,963

Creditors: amounts falling due after more than one year
 22 
(3,364,503)
(3,445,211)

Provisions for liabilities
  

Deferred tax
  
(238,654)
(271,403)

Net assets
  
2,589,614
2,484,349


Capital and reserves
  

Called up share capital 
 26 
1,443
1,443

Capital redemption reserve
 27 
962
962

Profit and loss account
 27 
2,587,209
2,481,944

  
2,589,614
2,484,349


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.




K D Gant
Director


The notes on pages 19 to 40 form part of these financial statements.


- 12 -



 
ASPIRE PLASTICS LIMITED
REGISTERED NUMBER:07279837


COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 17 
1,006,553
1,006,553

  
1,006,553
1,006,553

Current assets
  

Debtors: amounts falling due within one year
 19 
37,286
37,286

Cash at bank and in hand
 20 
334
334

  
37,620
37,620

Creditors: amounts falling due within one year
 21 
(1,041,768)
(1,041,768)

Net current liabilities
  
 
 
(1,004,148)
 
 
(1,004,148)

Total assets less current liabilities
  
2,405
2,405

  

  

Net assets
  
2,405
2,405


Capital and reserves
  

Called up share capital 
 26 
1,443
1,443

Capital redemption reserve
 27 
962
962

Profit for the year
  
641,145
500,700

Other changes in the profit and loss account

  

(641,145)
(500,700)

Profit and loss account carried forward
  
-
-

  
2,405
2,405


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 September 2024.


K D Gant
Director

The notes on pages 19 to 40 form part of these financial statements.


- 13 -



 
ASPIRE PLASTICS LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,443
962
1,967,416
1,969,821


Comprehensive income for the year

Profit for the year
-
-
1,015,228
1,015,228


Contributions by and distributions to owners

Dividends paid
-
-
(500,700)
(500,700)



At 1 January 2023
1,443
962
2,481,944
2,484,349


Comprehensive income for the year

Profit for the year
-
-
746,410
746,410


Contributions by and distributions to owners

Dividends paid
-
-
(641,145)
(641,145)


At 31 December 2023
1,443
962
2,587,209
2,589,614


The notes on pages 19 to 40 form part of these financial statements.


- 14 -



 
ASPIRE PLASTICS LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,443
962
-
2,405


Comprehensive income for the year

Profit for the year
-
-
500,700
500,700


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(500,700)
(500,700)



At 1 January 2023
1,443
962
-
2,405


Comprehensive income for the year

Profit for the year
-
-
641,145
641,145


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(641,145)
(641,145)


At 31 December 2023
1,443
962
-
2,405



- 15 -



 
ASPIRE PLASTICS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
746,410
1,015,228

Adjustments for:

Amortisation of intangible assets
30,000
30,000

Depreciation of tangible assets
272,730
289,688

Loss on disposal of tangible assets
-
8,072

Interest paid
230,163
132,956

Interest received
(13,791)
(1,444)

Taxation charge
218,524
198,337

Decrease/(increase) in stocks
33,542
(191,959)

Decrease/(increase) in debtors
503,754
(343,399)

(Decrease)/increase in creditors
(194,474)
125,464

Corporation tax (paid)
(221,107)
(144,398)

Net cash generated from operating activities

1,605,751
1,118,545


Cash flows from investing activities

Purchase of tangible fixed assets
(195,629)
(268,050)

Interest received
13,791
1,444

HP interest paid
(6,514)
(10,590)

Net cash from investing activities

(188,352)
(277,196)

- 16 -



 
ASPIRE PLASTICS LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


2023
2022

£
£



Cash flows from financing activities

New secured loans
(125,915)
233,288

Repayment of loans
116,712
(151,115)

Repayment of finance leases
(92,717)
(108,470)

Dividends paid
(641,145)
(500,700)

Interest paid
(223,649)
(122,366)

Net cash used in financing activities
(966,714)
(649,363)

Net increase in cash and cash equivalents
450,685
191,986

Cash and cash equivalents at beginning of year
779,547
587,561

Cash and cash equivalents at the end of year
1,230,232
779,547


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,230,232
779,547


The notes on pages 19 to 40 form part of these financial statements.


- 17 -



 
ASPIRE PLASTICS LIMITED
 


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023






At 1 January 2023
Cash flows
New loans
Other non-cash changes
At 31 December 2023
£

£

£

£

£

Cash at bank and in hand

779,547

450,685

-

-

1,230,232

Debt due after 1 year

(3,061,774)

-

(116,712)

124,636

(3,053,850)

Debt due within 1 year

(134,399)

125,915

-

(124,636)

(133,120)

Finance leases

(263,173)

92,717

-

-

(170,456)


(2,679,799)
669,317
(116,712)
-
(2,127,194)

The notes on pages 19 to 40 form part of these financial statements.


- 18 -



 
ASPIRE PLASTICS LIMITED
 

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

1.


General information

Aspire Plastics Limited (the "Company") is a private company limited by shares and incorporated and domiciled in England and Wales. The address of the registered office is Lady Lane Industrial Estate, Hadleigh, Ipswich, Suffolk IP7 6AZ.  The principal activity of the Group is providing plastic injection moulding services.
The principal activity of the Company is that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specificed within these accounting policies and in accordance with the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates.  It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the  purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent    liabilities are initially recognised at their fair values at the acquisition date. The results of acquired  operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The Group's and the Company's business activities together with the factors likely to affect its future development, its financial position, principal risks and uncertainties are set out in the Strategic Report. The Directors have considered a period of at least one year from the date these financial statements were approved and authorised in assessing the going concern status of the Group and the Company. They believe that the Group and the Company will have sufficient cash available to settle its liabilities and other obligations as they fall due for at least one year. Accordingly, these financial statements have been prepared on the going concern basis.


- 19 -



 
ASPIRE PLASTICS LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.


- 20 -



 
ASPIRE PLASTICS LIMITED
 

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

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Buildings
-
2% straight line
Plant and machinery
-
20 to 25% reducing balance
Fixtures, fittings, tools and equipment
-
25% reducing balance
Property improvements
-
20% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.7
Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.8

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.


- 21 -



 
ASPIRE PLASTICS LIMITED
 

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

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 


- 22 -



 
ASPIRE PLASTICS LIMITED
 

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the

- 23 -



 
ASPIRE PLASTICS LIMITED
 

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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Foreign currency translation

Functional and presentation currency

       The Company's functional and presentational currency is sterling. The Company's and Group's           presentational currency is sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


- 24 -



 
ASPIRE PLASTICS LIMITED
 

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

2.Accounting policies (continued)

 
2.17

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.18

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.19

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.20

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


- 25 -



 
ASPIRE PLASTICS LIMITED
 

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

2.Accounting policies (continued)

 
2.21

Current taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
- the recognition of deferred tax assets is limited to the extent that it is probably that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowance have been met; and
- Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax.  Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.22

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


- 26 -



 
ASPIRE PLASTICS LIMITED
 

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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for income and expenditure during the year.  However, the nature of estimation means that actual outcomes could differ from those estimates.  No significant judgments (apart from those involving estimates) have been made when preparing the financial statements.
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:
Stock
Raw materials are written down by the appropriate percentages to account for wastage as part of the manufacturing process and rejects.  Finished goods are valued at the appropriate percentages of selling prices to reflect the average gross margin made on the sales of such items.  Work in progress is valued based on the stage of completion.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of goods
8,161,562
8,621,241


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
7,544,367
7,790,134

Rest of Europe
495,087
712,988

Rest of the world
122,108
118,119

8,161,562
8,621,241



5.


Other operating income

2023
2022
£
£

Sundry income
4,435
4,690



- 27 -



 
ASPIRE PLASTICS LIMITED
 

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

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
1,963
(17,874)

Depreciation of tangible fixed assets
272,730
289,688

Amortisation of intangible assets
30,000
30,000


7.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
14,165
13,620


8.


Employees

Staff costs, including Directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
1,650,821
1,580,205

Social security costs
139,134
133,749

Cost of defined contribution scheme
132,817
134,860

1,922,772
1,848,814


The average monthly number of employees, including the Directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Management and administration
22
22
3
3



Direct
50
53
-
-

72
75
3
3


- 28 -



 
ASPIRE PLASTICS LIMITED
 

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

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
58,268
40,217

Group contributions to defined contribution pension schemes
99,000
102,000


During the year retirement benefits were accruing to 3 Directors (2022 - 3) in respect of defined contribution pension schemes.


10.


Interest receivable

2023
2022
£
£


Other interest receivable
13,791
1,444


11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
230,163
122,366

Finance leases and hire purchase contracts
9,514
10,590

239,677
132,956


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
251,273
221,284


Total current tax
251,273
221,284

Deferred tax


Origination and reversal of timing differences
(32,749)
(22,947)

Total deferred tax
(32,749)
(22,947)


Taxation on profit on ordinary activities
218,524
198,337

- 29 -



 
ASPIRE PLASTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
964,934
1,213,565


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
226,958
230,577

Effects of:


Non-tax deductible amortisation of goodwill and impairment
7,056
5,700

Expenses not deductible for tax purposes
822
638

Other assets not qualifying for capital allowance purposes
14,207
11,477

Non-taxable income
(1,043)
(891)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
(26,901)
(36,062)

Change in rate of tax
(2,575)
(13,102)

Total tax charge for the year
218,524
198,337


13.


Dividends

2023
2022
£
£


Dividends paid
641,145
500,700


14.


Exceptional items

2023
2022
£
£


Insurance claim receivable
-
140,242

The exceptional income in the prior year represents insurance proceeds which are receivable in respect of a key management insurance claim.


- 30 -



 
ASPIRE PLASTICS LIMITED
 

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

15.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 January 2023
150,000



At 31 December 2023

150,000



Amortisation


At 1 January 2023
45,000


Charge for the year
30,000



At 31 December 2023

75,000



Net book value



At 31 December 2023
75,000



At 31 December 2022
105,000



All of the Group's intangible fixed assets are held in the subsidiary undertaking.


- 31 -



 
ASPIRE PLASTICS LIMITED
 

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

16.


Tangible fixed assets

Group






Land and buildings
Plant and machinery
Fixtures, fittings, tools and equipment
Tooling assets
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
3,751,936
2,618,523
427,263
26,200
6,823,922


Additions
124,707
37,651
33,271
-
195,629



At 31 December 2023

3,876,643
2,656,174
460,534
26,200
7,019,551



Depreciation


At 1 January 2023
312,233
1,752,115
328,455
7,860
2,400,663


Charge for the year
60,227
178,811
28,452
5,240
272,730



At 31 December 2023

372,460
1,930,926
356,907
13,100
2,673,393



Net book value



At 31 December 2023
3,504,183
725,248
103,627
13,100
4,346,158



At 31 December 2022
3,439,703
866,408
98,808
18,340
4,423,259


- 32 -



 
ASPIRE PLASTICS LIMITED
 

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

           16.Tangible fixed assets (continued)







The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
3,504,183
3,439,703


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
395,428
450,123


17.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost and net book value


At 1 January 2023
1,006,553



At 31 December 2023
1,006,553





- 33 -



 
ASPIRE PLASTICS LIMITED
 

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

Direct subsidiary undertaking


The following was a direct subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Ettle Limited
Lady Lane Industrial Estate, Hadleigh, Ipswich, Suffolk, IP7 6AZ
Ordinary
100%


Indirect subsidiary undertaking


The following was an indirect subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Skar Precision Mouldings Limited
Lady Lane Industrial Estate, Hadleigh, Ipswich, Suffolk, IP7 6AZ
Ordinary
100%


18.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
419,627
447,985
-
-

Work in progress
15,686
17,617
-
-

Finished goods and goods for resale
404,138
407,391
-
-

839,451
872,993
-
-


The carrying value of stocks are stated net of provisions totalling £154,598 (2022: £171,325).  Cost of sales includes a credit of £16,727 (2022: debit of £50,961), being the movement in the closing stock provisions.


- 34 -



 
ASPIRE PLASTICS LIMITED
 

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

19.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
1,016,136
1,407,260
-
-

Amounts owed by group undertakings
-
-
37,183
37,183

Other debtors
103
103
103
103

Prepayments and accrued income
109,885
222,515
-
-

1,126,124
1,629,878
37,286
37,286



20.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
1,230,232
779,547
334
334



21.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
126,057
134,399
-
-

Trade creditors
670,198
869,299
-
-

Amounts owed to group undertakings
-
-
1,041,768
1,041,768

Corporation tax
251,450
221,284
-
-

Other taxation and social security
148,482
152,125
-
-

Obligations under finance lease and hire purchase contracts
73,666
90,936
-
-

Other creditors
73,921
68,632
-
-

Accruals and deferred income
80,420
73,039
-
-

1,424,194
1,609,714
1,041,768
1,041,768



- 35 -



 
ASPIRE PLASTICS LIMITED
 

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

22.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
3,060,913
3,061,774
-
-

Net Obligations under finance leases and hire purchase contracts
96,790
172,237
-
-

Accruals and deferred income
206,800
211,200
-
-

3,364,503
3,445,211
-
-


The bank loans are secured by fixed charges over the Company's freehold property, a debenture over all of the Company's assets and a specific chattels mortgage over four items of plant and machinery.
The net obligations under hire purchase contracts are secured against the assets to which they relate.


23.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
126,057
134,399

Amounts falling due 1-2 years

Bank loans
97,664
138,149

Amounts falling due 2-5 years

Bank loans
342,405
357,931

Amounts falling due after more than 5 years

Bank loans
2,620,844
2,565,694

3,186,970
3,196,173



- 36 -



 
ASPIRE PLASTICS LIMITED
 

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

24.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
79,650
100,656

Between 1-5 years
121,977
189,166

201,627
289,822

The Company had no obligations under finance lease and hire purchase contracts at the 31 December 2023 (2022 - £NIL). 





 


- 37 -



 
ASPIRE PLASTICS LIMITED
 

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

25.


Deferred taxation


Group



2023


£






At beginning of year
(271,403)


Utilised in year
32,749



At end of year
(238,654)

Company


2023






At end of year
-
Group
Group
2023
2022
£
£

Accelerated capital allowances
(238,654)
(271,403)


26.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,443 Ordinary shares of £1 each
1,443
1,443



27.


Reserves

Capital redemption reserve

The capital redemption reserve represents the nominal value of shares redeemed by the company.

Profit and loss account

The profit and loss account represents the company's accumulated profits which are available for distribution to shareholders, less dividends paid.


- 38 -



 
ASPIRE PLASTICS LIMITED
 

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

28.


Contingent liabilities

On 17 December 2015 the company entered into an unlimited cross guarantee with National Westminster Bank plc in respect of the bank loan borrowings of Skar Precision Mouldings Limited. At the year end, Skar Precision Mouldings Limited had bank borrowings of £3,152,304 (2022: £3,126,840).


29.


Capital commitments




At 31 December 2023 the Group had capital commitments as follows:


Group
Group
2023
2022
£
£

Contracted for but not provided
-
100,707

30.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £132,817 (2022 - £134,860). Contributions totalling £4,117 (2022 - £3,760) were payable to the fund at the balance sheet date.


31.


Commitments under operating leases

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
27,030
17,995

Later than 1 year and not later than 5 years
45,687
28,859

72,717
46,854

At the 31 December 2023 the Company had no operating leases (2022 - £NIL).


32.


Related party transactions

All related party transactions between the Company and other wholly-owned Group members are eliminated on consolidation. 
During the year the Company paid dividends to directors of £641,145 (2022 - £500,700) in respect of ordinary shares. 


- 39 -



 
ASPIRE PLASTICS LIMITED
 

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

33.


Controlling party

The Company was under ultimate control of its Directors, by virtue of their 100% combined shareholding.

 

- 40 -