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REGISTERED NUMBER: 02188508 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 31 December 2023

for

Plastic Products International Limited

Plastic Products International Limited (Registered number: 02188508)

Contents of the Financial Statements
For The Year Ended 31 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Plastic Products International Limited

Company Information
For The Year Ended 31 December 2023







DIRECTORS: Mr K Smith
Mrs F L Smith



REGISTERED OFFICE: 10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET



REGISTERED NUMBER: 02188508 (England and Wales)



ACCOUNTANTS: Giess Wallis Crisp LLP
Chartered Accountants
10/12 Mulberry Green
Old Harlow
Essex
CM17 0ET



BANKERS: National Westminster Bank
12 The Rows
Harlow
Essex
CM20 1BZ

Plastic Products International Limited (Registered number: 02188508)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 176,235 115,837
Tangible assets 5 594,850 537,736
771,085 653,573

CURRENT ASSETS
Stocks 6 259,916 208,840
Debtors 7 537,080 579,681
Cash at bank 67,647 180,349
864,643 968,870
CREDITORS
Amounts falling due within one year 8 1,083,405 921,096
NET CURRENT (LIABILITIES)/ASSETS (218,762 ) 47,774
TOTAL ASSETS LESS CURRENT
LIABILITIES

552,323

701,347

CREDITORS
Amounts falling due after more than one
year

9

(208,882

)

(290,220

)

PROVISIONS FOR LIABILITIES 11 (100,219 ) (96,431 )
NET ASSETS 243,222 314,696

CAPITAL AND RESERVES
Called up share capital 12 5,000 5,000
Retained earnings 238,222 309,696
SHAREHOLDERS' FUNDS 243,222 314,696

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Plastic Products International Limited (Registered number: 02188508)

Statement of Financial Position - continued
31 December 2023


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 14 September 2024 and were signed on its behalf by:





Mr K Smith - Director


Plastic Products International Limited (Registered number: 02188508)

Notes to the Financial Statements
For The Year Ended 31 December 2023


1. STATUTORY INFORMATION

Plastic Products International 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.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on ·an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a customer list in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - Straight line over 5 years
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 15% on reducing balance and Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Plastic Products International Limited (Registered number: 02188508)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Plastic Products International Limited (Registered number: 02188508)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 32 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 133,563
Additions 79,591
At 31 December 2023 213,154
AMORTISATION
At 1 January 2023 17,726
Amortisation for year 19,193
At 31 December 2023 36,919
NET BOOK VALUE
At 31 December 2023 176,235
At 31 December 2022 115,837

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Office
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 45,857 1,183,756 274,837 316,636 1,821,086
Additions 69,095 78,269 72,818 27,092 247,274
Disposals - - (73,841 ) - (73,841 )
At 31 December 2023 114,952 1,262,025 273,814 343,728 1,994,519
DEPRECIATION
At 1 January 2023 45,857 901,595 101,165 234,733 1,283,350
Charge for year 7,509 69,123 41,115 19,768 137,515
Eliminated on disposal - - (21,196 ) - (21,196 )
At 31 December 2023 53,366 970,718 121,084 254,501 1,399,669
NET BOOK VALUE
At 31 December 2023 61,586 291,307 152,730 89,227 594,850
At 31 December 2022 - 282,161 173,672 81,903 537,736

Plastic Products International Limited (Registered number: 02188508)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 138,345 84,910 223,255
Additions - 54,758 54,758
Disposals - (29,549 ) (29,549 )
At 31 December 2023 138,345 110,119 248,464
DEPRECIATION
At 1 January 2023 105,625 40,515 146,140
Charge for year 6,544 16,710 23,254
Eliminated on disposal - 14,659 14,659
At 31 December 2023 112,169 71,884 184,053
NET BOOK VALUE
At 31 December 2023 26,176 38,235 64,411
At 31 December 2022 32,720 44,395 77,115

6. STOCKS
2023 2022
£    £   
Stocks 259,916 208,840

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 447,019 566,724
Other debtors 90,061 12,957
537,080 579,681

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 49,661 48,241
Trade creditors 104,437 162,841
Taxation and social security 142,466 127,509
Other creditors 786,841 582,505
1,083,405 921,096

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 111,660 159,665
Other creditors 97,222 130,555
208,882 290,220

Plastic Products International Limited (Registered number: 02188508)

Notes to the Financial Statements - continued
For The Year Ended 31 December 2023


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal - 6,944

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 161,321 207,906

Obligations under hire purchase and finance lease contracts are secured on the assets concerned.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 100,219 96,431

Deferred
tax
£   
Balance at 1 January 2023 96,431
Provided during year 3,788
Balance at 31 December 2023 100,219

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
5,000 Ordinary £1 5,000 5,000