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COMPANY REGISTRATION NUMBER: NI040814
CARN PLASTICS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2024
CARN PLASTICS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
CONTENTS
PAGE
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
3
CARN PLASTICS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CARN PLASTICS LIMITED
YEAR ENDED 31 MAY 2024
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 May 2024, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HENRY MURRAY & CO LTD. Chartered Accountants
23 Church Place Lurgan Co Armagh BT66 6EY
11 October 2024
CARN PLASTICS LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
CURRENT ASSETS
Debtors
6
1,772
17,564
Cash at bank and in hand
3,965
149,091
-------
---------
5,737
166,655
CREDITORS: amounts falling due within one year
7
2,651
144,866
-------
---------
NET CURRENT ASSETS
3,086
21,789
-------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,086
21,789
-------
--------
NET ASSETS
3,086
21,789
-------
--------
CAPITAL AND RESERVES
Called up share capital
8
1,000
1,000
Profit and loss account
2,086
20,789
-------
--------
SHAREHOLDERS FUNDS
3,086
21,789
-------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 October 2024 , and are signed on behalf of the board by:
Mr J Lavery
Mrs P McManus
Director
Director
Company registration number: NI040814
CARN PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Parkside Industrial Estate, Victoria Street, LURGAN, Co Armagh, BT67 9DH.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% straight line
Fixtures and Fittings
-
20% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities .
4. TAX ON LOSS
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
( 170)
----
----
Tax on loss
( 170)
----
----
Reconciliation of tax income
The tax assessed on the loss on ordinary activities for the year is the same as (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Loss on ordinary activities before taxation
( 3,703)
( 19,407)
-------
--------
Adjustment to tax charge in respect of prior periods
( 170)
-------
--------
5. DIVIDENDS
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2024
2023
£
£
Equity dividends on ordinary shares
15,000
56,000
--------
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
1,769
Other debtors
3
17,564
-------
--------
1,772
17,564
-------
--------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
( 2,325)
Social security and other taxes
623
Other creditors
2,651
146,568
-------
---------
2,651
144,866
-------
---------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary A Shares shares of £ 1 each
800
800
800
800
Ordinary B Shares shares of £ 1 each
200
200
200
200
-------
-------
-------
-------
1,000
1,000
1,000
1,000
-------
-------
-------
-------
9. RELATED PARTY TRANSACTIONS