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NORTH NORFOLK PLASTICS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Registered number: 08084383

 
NORTH NORFOLK PLASTICS LIMITED
REGISTERED NUMBER:08084383

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
80,980
13,373

Current assets
  

Stocks
  
90,000
85,000

Debtors: amounts falling due within one year
 5 
238,119
184,482

Cash at bank and in hand
  
28,902
19,856

  
357,021
289,338

Creditors: amounts falling due within one year
 6 
(174,575)
(154,272)

Net current assets
  
 
 
182,446
 
 
135,066

Total assets less current liabilities
  
263,426
148,439

Creditors: amounts falling due after more than one year
 7 
(75,255)
(24,167)

Provisions for liabilities
  

Deferred tax
  
(19,618)
(1,960)

Net assets
  
£168,553
£122,312


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
168,453
122,212

  
£168,553
£122,312


Page 1

 
NORTH NORFOLK PLASTICS LIMITED
REGISTERED NUMBER:08084383

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 October 2024.




M J Lewis
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
NORTH NORFOLK PLASTICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

North Norfolk Plastics Limited is a private company, limited by shares, domiciled in England and Wales, registration number 08084383. The company's principal place of business is Unit 1A, Middlebrook Way, Holt Road, Cromer, Norfolk, NR27 9JR.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services provided, exclusive of Value Added Tax, and net of trade discounts.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value over their expected useful lives.

Depreciation is provided on the following basis:

Motor vehicles
-
25% reducing balance
Fixtures and equipment
-
25% reducing balance

A full years depreciation charge is provided in the year of acquisition and none in the year of disposal.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

 
2.4

Stocks

Stocks are valued at the lower of cost and net realisable value.

 
2.5

Debtors

Debtors are measured at transaction price, less any impairment for bad or doubtful debts.

 
2.6

Cash and cash equivalents

Cash is represented by 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.

Page 3

 
NORTH NORFOLK PLASTICS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.

 
2.8

Creditors

Creditors are measured at transaction price.

 
2.9

Finance costs

Finance costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Operating leases: the Company as lessee

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

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

Interest income

Interest income is recognised in the Statement of Comprehensive Income in the year in which it is received.

  
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Page 4

 
NORTH NORFOLK PLASTICS LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Current and deferred taxation

The taxation expense for the year comprises current and deferred tax. Taxation is only recognised in the Statement of Comprehensive Income.
The current corporation tax charge is calculated on the basis of taxation rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.
The charge for taxation takes into account taxation deferred or accelerated as a result of all material timing differences between the treatment of certain items for taxation and accounting purposes. Deferred tax assets are recognised only to the extent that they are regarded as recoverable within the foreseeable future. Deferred tax assets and liabilities are not discounted.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 5).


4.


Tangible fixed assets





Motor vehicles
Fixtures and equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
38,095
13,775
51,870


Additions
94,605
-
94,605



At 31 December 2023

132,700
13,775
146,475



Depreciation


At 1 January 2023
28,513
9,984
38,497


Charge for the year on owned assets
6,551
950
7,501


Charge for the year on financed assets
19,497
-
19,497



At 31 December 2023

54,561
10,934
65,495



Net book value



At 31 December 2023
£78,139
£2,841
£80,980



At 31 December 2022
£9,582
£3,791
£13,373

Page 5

 
NORTH NORFOLK PLASTICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           4.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
58,488
-

£58,488
£-


5.


Debtors

2023
2022
£
£


Trade debtors
89,730
44,261

Other debtors
137,956
140,221

Prepayments and accrued income
10,433
-

£238,119
£184,482


Included within other debtors due within one year is a loan to M J Lewis, the director, amounting to £101,004 (2022 - £110,212). The maximum amount outstanding during the year was £113,304. Interest charged to the director at the prevailing official rate during the period of the loan amounted to £2,178.


6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
10,000
10,000

Trade creditors
102,925
70,298

Corporation tax
31,019
58,638

Other taxation and social security
9,263
9,837

Obligations under finance lease and hire purchase contracts
15,597
-

Accruals and deferred income
5,771
5,499

£174,575
£154,272


Page 6

 
NORTH NORFOLK PLASTICS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loan
14,167
24,167

Obligations under finance leases and hire purchase contracts
61,088
-

£75,255
£24,167


The finance leases and hire purchase contracts falling due within one year of £15,597 (2022 - £nil) and after more than one year of £61,088 (2022 - £nil) are secured on the assets concerned.


8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
15,597
-

Between 1-5 years
61,088
-

£76,685
£-


9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
£28,902
£28,902




Financial assets measured at fair value through profit or loss comprise...


10.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £2,982 (2022 - £2,200).


Page 7