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Registration number: 00722875

Stanley Plastics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Stanley Plastics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Stanley Plastics Limited

Company Information

Directors

Mr M Simpson

Mr P Everley

Company secretary

Mr B I Gurling

Registered office

Units 4/7
Holmbush Industrial Estate
Midhurst
West Sussex
GU29 9HX

Accountants

A J Wheeler Ltd - Trading as Howard Smith & Co
Chartered Certified Accountants
338 London Road
Portsmouth
Hampshire
PO2 9JY

 

Stanley Plastics Limited

(Registration number: 00722875)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

300,001

286,287

Current assets

 

Stocks

5

297,365

381,418

Debtors

6

179,301

137,697

Cash at bank and in hand

 

388,988

712,477

 

865,654

1,231,592

Creditors: Amounts falling due within one year

7

(164,366)

(604,174)

Net current assets

 

701,288

627,418

Total assets less current liabilities

 

1,001,289

913,705

Provisions for liabilities

(75,000)

(71,572)

Net assets

 

926,289

842,133

Capital and reserves

 

Called up share capital

8

10,000

10,000

Retained earnings

916,289

832,133

Shareholders' funds

 

926,289

842,133

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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:
 

 

Stanley Plastics Limited

(Registration number: 00722875)
Balance Sheet as at 31 December 2023

.........................................
Mr M Simpson
Director

.........................................
Mr P Everley
Director

 

Stanley Plastics Limited

Notes to the Unaudited 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.

The address of its registered office is:
Units 4/7
Holmbush Industrial Estate
Midhurst
West Sussex
GU29 9HX

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 smaller 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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Stanley Plastics Limited

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

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Land and buildings

10 years on a straight line basis

Furniture, fittings and equipment

15% to 33% on a reducing balance basis

Motor vehicles

25% on a reducing balance basis

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.

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.

 

Stanley Plastics Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 21).

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

145,999

1,201,777

15,405

1,363,181

Additions

-

111,200

-

111,200

Disposals

-

(5,729)

-

(5,729)

At 31 December 2023

145,999

1,307,248

15,405

1,468,652

Depreciation

At 1 January 2023

133,913

927,639

15,342

1,076,894

Charge for the year

1,209

96,260

16

97,485

Eliminated on disposal

-

(5,728)

-

(5,728)

At 31 December 2023

135,122

1,018,171

15,358

1,168,651

Carrying amount

At 31 December 2023

10,877

289,077

47

300,001

At 31 December 2022

12,086

274,137

64

286,287

Included within the net book value of land and buildings above is £10,877 (2022 - £12,086) in respect of short leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Other inventories

297,365

381,418

 

Stanley Plastics Limited

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

103,438

60,275

Prepayments

43,156

35,040

Other debtors

32,707

42,382

 

179,301

137,697

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

62,079

512,766

Taxation and social security

43,794

66,218

Accruals and deferred income

6,978

11,327

Other creditors

51,515

13,863

164,366

604,174

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

10,000

10,000

10,000

10,000

         
 

Stanley Plastics Limited

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

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

136,212

137,549

Contributions paid to money purchase schemes

2,607

2,531

138,819

140,080