Registered number
02922002
Anglo Plastics Limited
Filleted Accounts
30 April 2024
Anglo Plastics Limited
Registered number: 02922002
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 462,754 476,529
Investments 5 250,000 154,605
712,754 631,134
Current assets
Stocks 375,800 207,285
Debtors 6 73,544 31,393
Cash at bank and in hand 644,684 933,331
1,094,028 1,172,009
Creditors: amounts falling due within one year 7 (175,514) (249,843)
Net current assets 918,514 922,166
Total assets less current liabilities 1,631,268 1,553,300
Creditors: amounts falling due after more than one year 8 (20,025) (53,222)
Provisions for liabilities (29,919) -
Net assets 1,581,324 1,500,078
Capital and reserves
Called up share capital 2 2
Fair value reserve 95,395 -
Profit and loss account 1,485,927 1,500,076
Shareholders' funds 1,581,324 1,500,078
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
DJ Isaac
Director
Approved by the board on 3 October 2024
Anglo Plastics Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain assets, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment Property
Investment properties are carried in the balance sheet at fair value (equivalent to open market value). The directors consider the valuation shown to be a fair market value of this property but no independent external valuation has been done. This asset has not been depreciated.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 1% on cost
Plant and machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 13
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 452,611 117,807 52,875 623,293
Additions - 1,002 - 1,002
Disposals - - (5,850) (5,850)
At 30 April 2024 452,611 118,809 47,025 618,445
Depreciation
At 1 May 2023 22,793 96,836 27,135 146,764
Charge for the year 2,263 5,493 6,240 13,996
On disposals - - (5,069) (5,069)
At 30 April 2024 25,056 102,329 28,306 155,691
Net book value
At 30 April 2024 427,555 16,480 18,719 462,754
At 30 April 2023 429,818 20,971 25,740 476,529
5 Investments
Investment
property Other
£ £ £
Cost
At 1 May 2023 154,605 - 154,605
Revaluation 95,395 - 95,395
At 30 April 2024 250,000 - 250,000
Historical cost
At 1 May 2023 154,605 -
At 30 April 2024 154,605 -
This asset has not been depreciated and is being carried at it's fair market value as determined by the directors.
6 Debtors 2024 2023
£ £
Trade debtors 73,544 31,393
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,952 -
Obligations under finance lease and hire purchase contracts 5,085 -
Trade creditors 47,565 73,742
Taxation and social security costs 10,216 47,095
Corporation tax 23,910 49,485
Other creditors 78,786 79,521
175,514 249,843
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 11,579 34,605
Obligations under finance lease and hire purchase contracts 8,446 18,617
20,025 53,222
9 Other information
Anglo Plastics Limited is a private company limited by shares and incorporated in England. Its registered office is:
New Brumby Industrial Estate
Rutland Road
Scunthorpe
DN161HX
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