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COMPANY REGISTRATION NUMBER: 01280521
Eastern Plastics Machinery Ltd
Filleted Unaudited Financial Statements
31 December 2023
Eastern Plastics Machinery Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Eastern Plastics Machinery Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
6,401
Current assets
Stocks
2,000
2,000
Debtors
6
47,550
50,625
Cash at bank and in hand
75,753
103,254
---------
---------
125,303
155,879
Creditors: amounts falling due within one year
7
16,005
35,148
---------
---------
Net current assets
109,298
120,731
---------
---------
Total assets less current liabilities
109,298
127,132
---------
---------
Net assets
109,298
127,132
---------
---------
Capital and reserves
Called up share capital
51
51
Capital redemption reserve
50
50
Profit and loss account
109,197
127,031
---------
---------
Shareholders funds
109,298
127,132
---------
---------
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 .
Eastern Plastics Machinery Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
Mr CW Siddall
Director
Company registration number: 01280521
Eastern Plastics Machinery Ltd
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 56 Park Lane, Earls Colne, Colchester, Essex, CO6 2RH.
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 profit and loss account represents amounts invoiced during the period, exclusive of Value Added Tax.
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:
Motor Vehicles
-
20% straight line
Equipment
-
33 % straight line
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.
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 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
32,005
100,656
132,661
--------
---------
---------
Depreciation
At 1 January 2023
25,604
100,656
126,260
Charge for the year
6,401
6,401
--------
---------
---------
At 31 December 2023
32,005
100,656
132,661
--------
---------
---------
Carrying amount
At 31 December 2023
--------
---------
---------
At 31 December 2022
6,401
6,401
--------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
18,012
20,129
Director's loan account
496
Other debtors
29,538
30,000
--------
--------
47,550
50,625
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,179
23,252
Accruals and deferred income
2,600
2,520
Obligations under finance leases and hire purchase contracts
1,084
Other taxes and social security
4,222
8,292
Other creditors
4
--------
--------
16,005
35,148
--------
--------
8. Director's advances, credits and guarantees
At the year end the company owed C Siddall £4 (2022 - £496) which is shown amongst debtors.
9. Related party transactions
At the year end the company was owed £30,000 (2022 - £30,000) from a related party which is shown amongst debtors.