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Registration number: 02495369

Plas-Tech Thermoforming Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Plas-Tech Thermoforming Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 10

 

Plas-Tech Thermoforming Limited

Company Information

Directors

J A Jarvis

J R Rial

V J Rial

M R Wilson

M M Y Wong

C Jarvis

H E Rial

T E Rial

J F Rial

E Y Y Wong

C Q H Wong

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 Thermoforming Limited

(Registration number: 02495369)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,969,090

1,846,511

Current assets

 

Stocks

5

799,629

714,636

Debtors

6

2,137,795

2,490,830

Cash at bank and in hand

 

129,269

94,583

 

3,066,693

3,300,049

Creditors: Amounts falling due within one year

7

(1,501,662)

(1,630,919)

Net current assets

 

1,565,031

1,669,130

Total assets less current liabilities

 

3,534,121

3,515,641

Creditors: Amounts falling due after more than one year

7

(687,987)

(574,060)

Provisions for liabilities

(476,368)

(428,899)

Net assets

 

2,369,766

2,512,682

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

2,368,766

2,511,682

Shareholders' funds

 

2,369,766

2,512,682

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 Thermoforming 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 02495369.

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 Thermoforming 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 £714,636, 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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

Government grants received in respect of asset purchases are treated as deferred credits and credited to the profit and loss account over the estimated useful life of the relevant fixed asset.

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.

 

Plas-Tech Thermoforming Limited

Notes to the 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Freehold land and buildings

5 years on cost

Furniture, fittings and equipment

33% on cost and 15% reducing balance

Motor vehicles

15% reducing balance

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 Thermoforming 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

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 or the lease term, whichever is the shorter.

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 85 (2022 - 70).

 

Plas-Tech Thermoforming Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

18,786

3,437,096

395,501

3,851,383

Additions

-

402,663

218,229

620,892

Disposals

-

(238,115)

(120,640)

(358,755)

At 31 December 2023

18,786

3,601,644

493,090

4,113,520

Depreciation

At 1 January 2023

18,786

1,922,646

63,440

2,004,872

Charge for the year

-

255,737

98,594

354,331

Eliminated on disposal

-

(207,087)

(7,686)

(214,773)

At 31 December 2023

18,786

1,971,296

154,348

2,144,430

Carrying amount

At 31 December 2023

-

1,630,348

338,742

1,969,090

At 31 December 2022

-

1,514,450

332,061

1,846,511

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.
 

 

Plas-Tech Thermoforming Limited

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

5

Stocks

2023
£

2022
£

Work in progress

81,999

116,000

Other inventories

717,630

598,636

799,629

714,636

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,208,474

1,611,550

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

11

881,478

764,753

Prepayments

 

47,843

40,000

Other debtors

 

-

74,527

 

2,137,795

2,490,830

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

355,704

837,089

Trade creditors

 

445,629

304,428

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

11

125,000

25,000

Taxation and social security

 

328,272

305,649

Accruals and deferred income

 

169,366

127,003

Other creditors

 

77,691

31,750

 

1,501,662

1,630,919

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

687,987

574,060

 

Plas-Tech Thermoforming Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

687,987

574,060

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

132,755

658,174

Hire purchase contracts

190,203

128,393

Other borrowings

32,746

50,522

355,704

837,089

Hire purchase liabilities are secured on the related asset financed.

The invoice discounting facility, included within bank overdrafts, is secured on the related invoices financed.

The bank overdraft is secured over all assets.

Other borrowings are unsecured loans from the directors.

10

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

133,577

111,314

Later than one year and not later than five years

457,661

458,914

Later than five years

537,625

635,375

1,128,863

1,205,603

11

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.

During the year, the company paid rent to a related party totalling £97,752 (2022; £97,752).

 

Plas-Tech Thermoforming Limited

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

12

Parent and ultimate parent undertaking

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

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

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