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Registration number: 06894671

Slater Plastics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Slater Plastics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Slater Plastics Limited

Company Information

Director

Mr Geoffrey David Eccleshall

Registered office

Unit 7
Hanborough Business Park
Long Hanborough
Witney
Oxfordshire
OX29 8LH

Accountants

Ward and Co Chartered Accountants
West Penhill Farm
Fremington
Barnstaple
Devon
EX31 2NG

 

Slater Plastics Limited

(Registration number: 06894671)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

194,615

190,551

Current assets

 

Stocks

6

25,000

23,000

Debtors

7

45,355

93,254

Cash at bank and in hand

 

159,341

100,207

 

229,696

216,461

Creditors: Amounts falling due within one year

8

(45,511)

(43,029)

Net current assets

 

184,185

173,432

Total assets less current liabilities

 

378,800

363,983

Provisions for liabilities

(1,499)

(730)

Net assets

 

377,301

363,253

Capital and reserves

 

Called up share capital

9

49

49

Capital redemption reserve

51

51

Retained earnings

377,201

363,153

Shareholders' funds

 

377,301

363,253

For the financial year ending 31 July 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 September 2024
 

 

Slater Plastics Limited

(Registration number: 06894671)
Balance Sheet as at 31 July 2024

.........................................
Mr Geoffrey David Eccleshall
Director

 

Slater Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 7
Hanborough Business Park
Long Hanborough
Witney
Oxfordshire
OX29 8LH

These financial statements were authorised for issue by the director 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 smaller 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 for each of the company's activities.

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.

 

Slater Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Plant and machinery

5 years straight line

Computer equipment

3 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Has been written off in full

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.

 

Slater Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

Leases

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.

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 the director) during the year, was 6 (2023 - 7).

 

Slater Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

30,000

30,000

At 31 July 2024

30,000

30,000

Amortisation

At 1 August 2023

30,000

30,000

At 31 July 2024

30,000

30,000

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

188,427

90,779

279,206

Additions

-

6,895

6,895

At 31 July 2024

188,427

97,674

286,101

Depreciation

At 1 August 2023

1,700

86,955

88,655

Charge for the year

-

2,831

2,831

At 31 July 2024

1,700

89,786

91,486

Carrying amount

At 31 July 2024

186,727

7,888

194,615

At 31 July 2023

186,727

3,824

190,551

Included within the net book value of land and buildings above is £186,727 (2023 - £186,727) in respect of freehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

25,000

23,000

 

Slater Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

42,534

90,692

Prepayments

2,821

2,562

 

45,355

93,254

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,227

423

Taxation and social security

17,356

23,419

Accruals and deferred income

9,048

4,000

Other creditors

14,880

15,187

45,511

43,029

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

49

49

49

49