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Registration number: 08735232

Plastic Worx Uk Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Plastic Worx Uk Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Plastic Worx Uk Ltd

Company Information

Director

Mr Rafal Data

Registered office

68-70 Ground Floor
Market Street
Hyde
SK14 1ES

Accountants

Accountancy 4 You Ltd
68-70 Market Street
Hyde
SK14 1ES

 

Plastic Worx Uk Ltd

(Registration number: 08735232)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

233,589

180,473

Cash at bank and in hand

 

112,313

82,205

 

345,902

262,678

Creditors: Amounts falling due within one year

5

(276,001)

(227,582)

Total assets less current liabilities

 

69,901

35,096

Creditors: Amounts falling due after more than one year

5

(60,000)

(34,000)

Net assets

 

9,901

1,096

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

8,901

96

Shareholders' funds

 

9,901

1,096

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.

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 September 2024
 

.........................................
Mr Rafal Data
Director

 

Plastic Worx Uk Ltd

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

1

General information

The address of its registered office is:
68-70 Ground Floor
Market Street
Hyde
SK14 1ES
England

These financial statements were authorised for issue by the director on 17 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.

 

Plastic Worx Uk Ltd

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

Tax

The tax expense for the period comprises current 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.

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

Plastic Worx Uk Ltd

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 47 (2022 - 48).

4

Debtors

Current

2023
£

2022
£

Trade debtors

225,309

163,258

Prepayments

8,280

8,280

Other debtors

-

8,935

 

233,589

180,473

 

Plastic Worx Uk Ltd

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

25,638

78,424

Trade creditors

 

133,387

72,875

Taxation and social security

 

115,004

74,311

Accruals and deferred income

 

1,972

1,972

 

276,001

227,582

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

60,000

34,000

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

ordinary of £10 each

100

1,000

100

1,000

       

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

60,000

34,000

Current loans and borrowings

2023
£

2022
£

Other borrowings

25,638

78,424

8

Dividends

Final dividends paid

 

Plastic Worx Uk Ltd

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

2023
£

2022
£

Final dividend of £Nil per each ordinary

-

-

 

 

9

Related party transactions

The company`s share are owned by Plastic Worx SP.Z O.O.

Summary of transactions with parent

Business loan with parent company Plastic Worx Polska sp. z o.o
 

10

Transition to FRS 102

Balance Sheet at 1 January 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-

 

Plastic Worx Uk Ltd

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

Balance Sheet at 31 December 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Total equity

-

-

-

-