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COMPANY REGISTRATION NUMBER: 04811305
I M Plastech Limited
Filleted Unaudited Financial Statements
For the year ended
31 December 2023
I M Plastech Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
I M Plastech Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
1,500
Tangible assets
6
42,417
25,660
--------
--------
42,417
27,160
Current assets
Stocks
21,500
20,000
Debtors
7
158,966
219,506
Cash at bank and in hand
23,038
29,459
---------
---------
203,504
268,965
Creditors: amounts falling due within one year
8
76,994
154,208
---------
---------
Net current assets
126,510
114,757
---------
---------
Total assets less current liabilities
168,927
141,917
Creditors: amounts falling due after more than one year
9
37,478
26,612
Provisions
7,159
3,795
---------
---------
Net assets
124,290
111,510
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
124,190
111,410
---------
---------
Shareholders funds
124,290
111,510
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
I M Plastech Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
I E Hicks
Director
Company registration number: 04811305
I M Plastech Limited
Notes to the 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 Potton House, Wyboston Lakes, Great North Road, Wyboston, Bedford, MK44 3BZ. The principal place of business for the company is Unit 7, Levellers Lane, Eynesbury, St Neots, Cambridgeshire, PE19 2JL.
2. Statement of compliance
These 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 financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
The turnover shown in the statement of income and retained earnings represents goods and services supplied during the year, exclusive of value added tax and trade discounts. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
Taxation
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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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 and machinery
-
20% or 50% per annum straight line per annum
Fixtures and fittings
-
20% straight line per annum
Motor vehicles
-
25% reducing balance per annum
Equipment
-
33.33% straight line per annum
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of an tangible asset, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items, based on the purchase price, on a first in first out basis.
Hire purchase contracts
Assets held under hire purchase contracts are recognised in the 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 payments, which is determined at the commencement of the hire purchase agreement. Hire purchase payments are apportioned between the finance charges and reduction of the outstanding hire purchase liability using the sum of digit method. Hire purchase interest is charged to statement of income and retained earnings as incurred.
Defined contribution pension plans
The company contributes to a defined contribution pension scheme for the employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the statement of income and retained earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2022: 15 ).
5. Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
60,000
--------
Amortisation
At 1 January 2023
58,500
Charge for the year
1,500
--------
At 31 December 2023
60,000
--------
Carrying amount
At 31 December 2023
--------
At 31 December 2022
1,500
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
122,539
410
21,000
13,191
157,140
Additions
9,450
21,865
31,315
Disposals
( 21,000)
( 21,000)
---------
----
--------
--------
---------
At 31 December 2023
131,989
410
21,865
13,191
167,455
---------
----
--------
--------
---------
Depreciation
At 1 January 2023
100,564
166
17,993
12,757
131,480
Charge for the year
7,411
82
3,644
414
11,551
Disposals
( 17,993)
( 17,993)
---------
----
--------
--------
---------
At 31 December 2023
107,975
248
3,644
13,171
125,038
---------
----
--------
--------
---------
Carrying amount
At 31 December 2023
24,014
162
18,221
20
42,417
---------
----
--------
--------
---------
At 31 December 2022
21,975
244
3,007
434
25,660
---------
----
--------
--------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2023
8,190
18,221
26,411
-------
--------
--------
At 31 December 2022
-------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
141,768
207,746
Other debtors
17,198
11,760
---------
---------
158,966
219,506
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,098
60,222
Trade creditors
35,541
47,680
Social security and other taxes
19,879
29,795
Other creditors
11,476
16,511
--------
---------
76,994
154,208
--------
---------
Included within other creditors above are hire purchase liabilities totalling £6,711 (2022 £NIL) which are secured on the assets concerned.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,514
26,612
Other creditors
20,964
--------
--------
37,478
26,612
--------
--------
Included within other creditors above are hire purchase liabilities totalling £20,964 (2022 £NIL) which are secured on the assets concerned.
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
7,159
3,795
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
7,205
3,833
Pension plan obligations
( 46)
( 38)
-------
-------
7,159
3,795
-------
-------