Plas-Tech Injection Moulding Limited 08639939 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is manufacture of other plastic products. Digita Accounts Production Advanced 6.30.9574.0 true false true 08639939 2023-01-01 2023-12-31 08639939 2023-12-31 08639939 bus:OrdinaryShareClass1 2023-12-31 08639939 core:RetainedEarningsAccumulatedLosses 2023-12-31 08639939 core:ShareCapital 2023-12-31 08639939 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 08639939 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 08639939 core:CurrentFinancialInstruments 2023-12-31 08639939 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 08639939 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 08639939 core:Goodwill 2023-12-31 08639939 core:BetweenTwoFiveYears 2023-12-31 08639939 core:MoreThanFiveYears 2023-12-31 08639939 core:WithinOneYear 2023-12-31 08639939 core:FurnitureFittingsToolsEquipment 2023-12-31 08639939 core:MotorVehicles 2023-12-31 08639939 bus:SmallEntities 2023-01-01 2023-12-31 08639939 bus:Audited 2023-01-01 2023-12-31 08639939 bus:FullAccounts 2023-01-01 2023-12-31 08639939 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08639939 bus:RegisteredOffice 2023-01-01 2023-12-31 08639939 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 08639939 bus:Director1 2023-01-01 2023-12-31 08639939 bus:Director3 2023-01-01 2023-12-31 08639939 bus:Director4 2023-01-01 2023-12-31 08639939 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 08639939 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08639939 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 08639939 core:ShareCapital 2023-01-01 2023-12-31 08639939 core:Goodwill 2023-01-01 2023-12-31 08639939 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08639939 core:MotorVehicles 2023-01-01 2023-12-31 08639939 core:OfficeEquipment 2023-01-01 2023-12-31 08639939 core:PlantMachinery 2023-01-01 2023-12-31 08639939 1 2023-01-01 2023-12-31 08639939 1 2023-01-01 2023-12-31 08639939 countries:EnglandWales 2023-01-01 2023-12-31 08639939 2022-12-31 08639939 core:RetainedEarningsAccumulatedLosses 2022-12-31 08639939 core:ShareCapital 2022-12-31 08639939 core:Goodwill 2022-12-31 08639939 core:FurnitureFittingsToolsEquipment 2022-12-31 08639939 core:MotorVehicles 2022-12-31 08639939 2022-01-01 2022-12-31 08639939 2022-12-31 08639939 bus:OrdinaryShareClass1 2022-12-31 08639939 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 08639939 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 08639939 core:CurrentFinancialInstruments 2022-12-31 08639939 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 08639939 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 08639939 core:BetweenTwoFiveYears 2022-12-31 08639939 core:MoreThanFiveYears 2022-12-31 08639939 core:WithinOneYear 2022-12-31 08639939 core:FurnitureFittingsToolsEquipment 2022-12-31 08639939 core:MotorVehicles 2022-12-31 08639939 core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 08639939 core:ShareCapital 2022-01-01 2022-12-31 08639939 2021-12-31 08639939 core:RetainedEarningsAccumulatedLosses 2021-12-31 08639939 core:ShareCapital 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08639939

Plas-Tech Injection Moulding Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Plas-Tech Injection Moulding Limited

Contents

Company Information

1

Statement of Comprehensive Income

2

Balance Sheet

3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 12

 

Plas-Tech Injection Moulding Limited

Company Information

Directors

J A Jarvis

J R Rial

V J Rial

M R Wilson

Company secretary

J R Rial

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

Accountants

Forrester Boyd Robson
Chartered Accountants
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

Auditors

Smailes Goldie
Chartered Accountants
Regent’s Court
Princess Street
Hull
East Yorkshire
HU2 8BA

 

Plas-Tech Injection Moulding Limited

Statement of Comprehensive Income for the Year Ended 31 December 2023

2023
£

2022
£

Profit for the year

56,543

65,748

Total comprehensive income for the year

56,543

65,748

 

Plas-Tech Injection Moulding Limited

(Registration number: 08639939)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

161,664

201,214

Current assets

 

Stocks

6

28,312

40,347

Debtors

7

123,722

82,552

Cash at bank and in hand

 

101,380

35,775

 

253,414

158,674

Creditors: Amounts falling due within one year

8

(292,293)

(275,461)

Net current liabilities

 

(38,879)

(116,787)

Total assets less current liabilities

 

122,785

84,427

Creditors: Amounts falling due after more than one year

8

(24,543)

-

Provisions for liabilities

(40,416)

(50,304)

Net assets

 

57,826

34,123

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

57,825

34,122

Shareholders' funds

 

57,826

34,123

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
J A Jarvis
Director

 

Plas-Tech Injection Moulding Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

1

34,122

34,123

Profit for the year

-

56,543

56,543

Dividends

-

(32,840)

(32,840)

At 31 December 2023

1

57,825

57,826

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1

4,374

4,375

Profit for the year

-

65,748

65,748

Dividends

-

(36,000)

(36,000)

At 31 December 2022

1

34,122

34,123

 

Plas-Tech Injection Moulding Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 08639939.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

The principal place of business is:
Heyford House
Catfoss Airfield
Brandesburton
Driffield
East Yorkshire
YO25 8EJ

These financial statements were authorised for issue by the Board on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A small entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

 

Plas-Tech Injection Moulding Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Audit report

The Independent Auditor's Report was qualified. For the year ended 31 December 2021, the company was exempt from audit and consequently, we did not
observe the counting of physical stocks at the end of that financial period. We were unable to satisfy ourselves
by alternative means concerning the stock quantities held at 31 December 2021 by using other audit
procedures.

Furthermore, in the prior year period, the directors were unable to provide sufficient and appropriate evidence
in respect of stock quantities which were included in the balance sheet at £40,347, therefore we were unable
to perform certain audit procedures in respect of this balance. Consequently, we were unable to determine
whether any adjustments to these amounts were necessary.

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.
. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2024 was William Cowell ACA, who signed for and on behalf of Smailes Goldie.

.........................................

Revenue recognition

Turnover arises from the sale of goods. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the sale of goods in the normal course of business, net of discounts and other sales-related taxes.

Turnover from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, which is when the goods are delivered to the customer.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Plas-Tech Injection Moulding Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on cost

Office equipment

33% on cost

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods and the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Plas-Tech Injection Moulding Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 7 (2022 - 5).

 

Plas-Tech Injection Moulding Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

230,000

230,000

At 31 December 2023

230,000

230,000

Amortisation

At 1 January 2023

230,000

230,000

At 31 December 2023

230,000

230,000

Carrying amount

At 31 December 2023

-

-

 

Plas-Tech Injection Moulding Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Plant machinery and equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

434,496

-

434,496

Additions

12,350

33,700

46,050

At 31 December 2023

446,846

33,700

480,546

Depreciation

At 1 January 2023

233,282

-

233,282

Charge for the year

79,864

5,736

85,600

At 31 December 2023

313,146

5,736

318,882

Carrying amount

At 31 December 2023

133,700

27,964

161,664

At 31 December 2022

201,214

-

201,214

6

Stocks

2023
£

2022
£

Work in progress

329

-

Other inventories

27,983

40,347

28,312

40,347

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

76,150

34,993

Amounts owed by related parties

13

47,572

47,559

   

123,722

82,552

 

Plas-Tech Injection Moulding Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

6,670

1,203

Trade creditors

 

42,660

77,556

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

13

182,906

168,173

Taxation and social security

 

38,085

13,843

Accruals and deferred income

 

20,336

14,289

Other creditors

 

1,636

397

 

292,293

275,461

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

24,543

-

2023
£

2022
£

Due after more than five years

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

24,543

-

 

Plas-Tech Injection Moulding Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

5,467

-

Other borrowings

1,203

1,203

6,670

1,203

Hire purchase liabilities are secured on the related asset financed.

11

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

17,248

27,882

Later than one year and not later than five years

68,992

17,710

Later than five years

94,864

-

181,104

45,592

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2022 - £45,592). These amounts are in respect of commitments under non cancellable operating leases over the remaining life of those leases.

13

Related party transactions

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.

At the year end the company owed the directors £1,203 (2022: £1,203) in respect of a current account balance. Loans made to the company by the directors are unsecured, interest free and repayable on demand

14

Parent and ultimate parent undertaking

The Company's immediate parent is Poly Plastics Limited, incorporated in England & Wales.

 The ultimate parent is IGA Holdings Limited, incorporated in England & Wales.

  These financial statements are available upon request from Heyford House, Catfoss Airfield, Brandesburton, YO25 8EJ.

 

15

Non adjusting events after the financial period

The company changed it's name from Protomould Plastics Limited to Plas-Tech Injection Moulding Limited on 07 May 2024.