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Company No: 09660777 (England and Wales)

AMTEK PLASTICS UK LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

AMTEK PLASTICS UK LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

AMTEK PLASTICS UK LIMITED

BALANCE SHEET

As at 31 March 2024
AMTEK PLASTICS UK LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 1 601
Tangible assets 4 382,407 438,072
382,408 438,673
Current assets
Stocks 65,455 62,888
Debtors 5 817,734 832,007
Cash at bank and in hand 194,393 305,056
1,077,582 1,199,951
Creditors: amounts falling due within one year 6 ( 419,828) ( 544,500)
Net current assets 657,754 655,451
Total assets less current liabilities 1,040,162 1,094,124
Creditors: amounts falling due after more than one year 7 ( 14,167) ( 25,625)
Provision for liabilities ( 95,602) ( 109,518)
Net assets 930,393 958,981
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 930,293 958,881
Total shareholders' funds 930,393 958,981

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Amtek Plastics UK Limited (registered number: 09660777) were approved and authorised for issue by the Director on 30 September 2024. They were signed on its behalf by:

Mr S Little
Director
AMTEK PLASTICS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
AMTEK PLASTICS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Amtek Plastics UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.

The address of the Company's registered office is:
Unit 7b International House
Battle Road
Heathfield Industrial Estate
Newton Abbot
TQ12 6RY
England
United Kingdom

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

There are no material departures from FRS 102.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

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 fairvalue is re-measured.

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

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

In respect of long term contracts and contracts for on-going services, turnover represents the value of work done in the period, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for on-going services is recognised by reference to stage of completion.

Employee benefits

Defined contribution schemes
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 benefit 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.

Taxation

Current tax
Tax is recognised in the 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 corporation tax charge is calculated on the basis of tax rates that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generated taxable income.

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results stated in the profit and loss account and other comprehensive income. Deferred 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 profits.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Computer software 5 years straight line
Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following acquisition and in other periods if events or changes in circumstances indicate that a carrying value may not be recoverable.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The costs of tangible assets include directly attributable incremental costs incurred in their acquisition and installation.

Leasehold improvements 6 - 7 years straight line
Plant and machinery 10 years straight line
Fixtures and fittings 10 years straight line
Leases

The Company as lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 12 12

3. Intangible assets

Goodwill Computer software Total
£ £ £
Cost
At 01 April 2023 1 3,000 3,001
At 31 March 2024 1 3,000 3,001
Accumulated amortisation
At 01 April 2023 0 2,400 2,400
Charge for the financial year 0 600 600
At 31 March 2024 0 3,000 3,000
Net book value
At 31 March 2024 1 0 1
At 31 March 2023 1 600 601

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 11,037 689,505 28,012 728,554
Additions 0 17,747 0 17,747
At 31 March 2024 11,037 707,252 28,012 746,301
Accumulated depreciation
At 01 April 2023 11,037 273,525 5,920 290,482
Charge for the financial year 0 70,606 2,806 73,412
At 31 March 2024 11,037 344,131 8,726 363,894
Net book value
At 31 March 2024 0 363,121 19,286 382,407
At 31 March 2023 0 415,980 22,092 438,072

5. Debtors

2024 2023
£ £
Trade debtors 270,407 294,934
Prepayments 55,252 38,178
Other debtors 492,075 498,895
817,734 832,007

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 8,542
Trade creditors 237,056 401,422
Amounts owed to director 39,335 22,845
Accruals 7,735 17,508
Taxation and social security 69,042 54,479
Other creditors 56,660 39,704
419,828 544,500

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 14,167 25,625

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Other related party transactions

At 31 March 2024, there was a balance owed from an associated company of £492,075. No interest has been charged on this balance.

10. Loans and Borrowings

Current loans and borrowings

2024 2023
£ £
Bank borrowings 10,000 6,833

Loans and borrowings due after one year

2024 2023
£ £
Bank borrowings 14,167 27,333

11. Financial commitments, guarantees and contingencies

The total amounts of financial commitments not included in the balance sheet is £Nil (2023 - £Nil). The director has provided a personal guarantee of not more than one year's rent for the duration of the company's lease of its business units, as well as the company's liability under certain hire purchase agreements.