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16 September 2024
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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
00853676
2023-01-01
2023-12-31
00853676
2023-12-31
00853676
2022-12-31
00853676
2022-01-01
2022-12-31
00853676
2022-12-31
00853676
2021-12-31
00853676
core:PlantMachinery
2023-01-01
2023-12-31
00853676
core:FurnitureFittings
2023-01-01
2023-12-31
00853676
core:MotorVehicles
2023-01-01
2023-12-31
00853676
bus:Director2
2023-01-01
2023-12-31
00853676
core:WithinOneYear
2023-12-31
00853676
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2022-12-31
00853676
core:AfterOneYear
2023-12-31
00853676
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2022-12-31
00853676
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2023-12-31
00853676
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2022-12-31
00853676
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2023-12-31
00853676
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2022-12-31
00853676
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2023-12-31
00853676
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2022-12-31
00853676
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2023-12-31
00853676
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2022-12-31
00853676
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2023-12-31
00853676
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2023-01-01
2023-12-31
00853676
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2023-01-01
2023-12-31
00853676
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2023-12-31
00853676
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2023-12-31
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Glendenning Plastics Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
00853676
GLENDENNING PLASTICS LIMITED |
|
FILLETED ABRIDGED FINANCIAL STATEMENTS |
|
GLENDENNING PLASTICS LIMITED |
|
DIRECTORS' RESPONSIBILITIES STATEMENT |
|
YEAR ENDED 31 DECEMBER 2023
The directors are responsible for preparing the directors' report and the abridged financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare abridged financial statements for each financial year. Under that law the directors have elected to prepare the abridged 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 abridged 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 abridged 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; - prepare the abridged 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 abridged 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.
GLENDENNING PLASTICS LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
867,524 |
|
1,022,687 |
|
|
|
|
|
|
Current assets
Stocks |
195,004 |
|
182,908 |
|
Debtors |
1,497,571 |
|
1,734,596 |
|
Cash at bank and in hand |
615,110 |
|
467,075 |
|
|
-------------- |
|
-------------- |
|
|
2,307,685 |
|
2,384,579 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
818,059 |
|
1,017,599 |
|
|
-------------- |
|
-------------- |
|
Net current assets |
|
1,489,626 |
|
1,366,980 |
|
|
-------------- |
|
-------------- |
Total assets less current liabilities |
|
2,357,150 |
|
2,389,667 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
|
219,856 |
|
336,415 |
|
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
178,296 |
|
212,746 |
|
|
-------------- |
|
-------------- |
Net assets |
|
1,958,998 |
|
1,840,506 |
|
|
-------------- |
|
-------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
200 |
|
200 |
Profit and loss account |
|
1,958,798 |
|
1,840,306 |
|
|
-------------- |
|
-------------- |
Shareholders funds |
|
1,958,998 |
|
1,840,506 |
|
|
-------------- |
|
-------------- |
|
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
GLENDENNING PLASTICS LIMITED |
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 December 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
16 September 2024
, and are signed on behalf of the board by:
Company registration number:
00853676
GLENDENNING PLASTICS LIMITED |
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 27 First Avenue, Pensnett Trading Estate, Kingswinford, West Midlands, DY6 7TZ.
2.
Statement of Compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting Policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Plant & Machinery |
- |
15% reducing balance |
|
Fixtures & Fittings |
- |
15% reducing balance |
|
Motor Vehicles |
- |
25% reducing balance |
|
Computer Equipment |
- |
33% reducing balance |
|
|
|
|
Impairment of fixed assets
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 stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 assets of the company after deducting all of its liabilities.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
83
(2022:
99
).
5.
Tangible Assets
|
£ |
Cost |
|
At 1 January 2023 |
5,508,037 |
Additions |
7,143 |
Disposals |
(
3,800) |
|
-------------- |
At 31 December 2023 |
5,511,380 |
|
-------------- |
Depreciation |
|
At 1 January 2023 |
4,485,350 |
Charge for the year |
161,105 |
Disposals |
(
2,599) |
|
-------------- |
At 31 December 2023 |
4,643,856 |
|
-------------- |
Carrying amount |
|
At 31 December 2023 |
867,524 |
|
-------------- |
At 31 December 2022 |
1,022,687 |
|
-------------- |
|
|
6.
Creditors:
amounts falling due after more than one year
Obligations under finance leases and hire purchase contracts are secured by a legal charge on certain assets of the company.
7.
Operating Leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
|
Not later than 1 year |
415,779 |
463,635 |
|
Later than 1 year and not later than 5 years |
1,625,022 |
1,754,595 |
|
Later than 5 years |
793,464 |
1,190,196 |
|
|
-------------- |
-------------- |
|
|
2,834,265 |
3,408,426 |
|
|
-------------- |
-------------- |
|
|
|
|
A new operating lease commenced on 19 April 2024, the total future minimum lease payments were £21,038, all due not later than 1 year from the balance sheet date.
8.
Summary Audit Opinion
The auditor's report dated
16 September 2024
was
unqualified
.
The senior statutory auditor was
David J Hanby
, for and on behalf of
Langard Lifford Hall Limited
.
9.
Related Party Transactions
The parent company, Garland Products Limited, has a minority shareholding in GW3156 Limited. The directors, R S Glendenning and
H M Glendenning
, are also directors and minority shareholders of GW3156 Limited. During the period, Glendenning Plastics Limited sold goods, for a value of £426,218 (2022 : £430,181) to Mansign Mining Equipment Limited a subsidiary of GW3156 Limited. At 31 December 2023 Mansign Mining Equipment Limited owed Glendenning Plastics Limited £38,117 (2022 : £27,645). The director, R S Glendenning, has a minority shareholding in Build Works Solutions Limited. During the period, Glendenning Plastics Limited sold goods, for a value of £- (2022 : £5,169) to Build Works Solutions Limited. At 31 December 2023 Build Works Solutions Limited owed Glendenning Plastics Limited £- (2022 : £5,203). During the period, Glendenning Plastics Limited purchased goods, for a value of £400 (2022 : £-) from Build Works Solutions Limited. The company has taken advantage of the exemption in FRS 102 s33.1A from disclosing transactions with related parties that are part of the group, as it is a wholly owned subsidiary and consolidated accounts in which the company is included, are publicly available.
10.
Controlling Party
The company's ultimate parent company is
Garland Products Limited
, a company incorporated in the United Kingdom whose registered office is 27 First Avenue, Pensnett Estate, Kingswinford, DY6 7TZ. The financial statements of Garland Products Limited can be obtained from Companies House.