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REGISTERED NUMBER: 02713251 (England and Wales)















PRINCIPALITY PLASTICS WAREHOUSE LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






PRINCIPALITY PLASTICS WAREHOUSE LIMITED (REGISTERED NUMBER: 02713251)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


PRINCIPALITY PLASTICS WAREHOUSE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: Mr M R Epps
Mr J P Thomas
Ms N Owens
Mr R K Hawkins



REGISTERED OFFICE: 321 Penarth Road
Cardiff
CF11 8TT



REGISTERED NUMBER: 02713251 (England and Wales)



SENIOR STATUTORY AUDITOR: Steven Davies



AUDITORS: Carston Chartered Accountants
Tudor House
16 Cathedral Road
Cardiff
CF11 9LJ

PRINCIPALITY PLASTICS WAREHOUSE LIMITED (REGISTERED NUMBER: 02713251)

STATEMENT OF FINANCIAL POSITION
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 237,326 335,221

CURRENT ASSETS
Stocks 583,992 713,998
Debtors 5 922,142 720,791
Cash at bank and in hand 337,436 619,283
1,843,570 2,054,072
CREDITORS
Amounts falling due within one year 6 911,280 1,077,141
NET CURRENT ASSETS 932,290 976,931
TOTAL ASSETS LESS CURRENT LIABILITIES 1,169,616 1,312,152

PROVISIONS FOR LIABILITIES 42,686 49,916
NET ASSETS 1,126,930 1,262,236

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,126,830 1,262,136
1,126,930 1,262,236

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th September 2024 and were signed on its behalf by:





Mr M R Epps - Director


PRINCIPALITY PLASTICS WAREHOUSE LIMITED (REGISTERED NUMBER: 02713251)

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


1. STATUTORY INFORMATION

Principality Plastics Warehouse Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% straight line on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 48 ) .

PRINCIPALITY PLASTICS WAREHOUSE LIMITED (REGISTERED NUMBER: 02713251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st January 2023 119,848 124,509 354,484 598,841
Additions - 12,945 19,924 32,869
Disposals - - (101,087 ) (101,087 )
At 31st December 2023 119,848 137,454 273,321 530,623
DEPRECIATION
At 1st January 2023 51,892 49,820 161,908 263,620
Charge for year 11,985 15,192 45,673 72,850
Eliminated on disposal - - (43,173 ) (43,173 )
At 31st December 2023 63,877 65,012 164,408 293,297
NET BOOK VALUE
At 31st December 2023 55,971 72,442 108,913 237,326
At 31st December 2022 67,956 74,689 192,576 335,221

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 684,348 656,557
Amounts owed by group undertakings 170,041 -
Other debtors 67,753 64,234
922,142 720,791

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 736,987 730,787
Taxation and social security 142,666 331,897
Other creditors 31,627 14,457
911,280 1,077,141

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 116,674 96,162
Between one and five years 410,159 444,786
In more than five years 512,794 594,841
1,039,627 1,135,789

PRINCIPALITY PLASTICS WAREHOUSE LIMITED (REGISTERED NUMBER: 02713251)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was qualified on the following basis:

Basis for qualified 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical inventories at the end of the year. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 December 2023, which are included in the balance sheet at £583,992 by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary.

Steven Davies (Senior Statutory Auditor)
for and on behalf of Carston Chartered Accountants

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.