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PLASTIC SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JANUARY 2024






PLASTIC SYSTEMS LIMITED (REGISTERED NUMBER: 05682115)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

PLASTIC SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: P A Beddall
G R Potter





SECRETARY: P A Beddall





REGISTERED OFFICE: First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN





REGISTERED NUMBER: 05682115 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

PLASTIC SYSTEMS LIMITED (REGISTERED NUMBER: 05682115)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 99,127 101,041
99,127 101,041

CURRENT ASSETS
Stocks 500 500
Debtors 6 33,361 40,400
Cash at bank 223,819 147,197
257,680 188,097
CREDITORS
Amounts falling due within one year 7 129,422 69,038
NET CURRENT ASSETS 128,258 119,059
TOTAL ASSETS LESS CURRENT
LIABILITIES

227,385

220,100

PROVISIONS FOR LIABILITIES 1,214 1,326
NET ASSETS 226,171 218,774

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 226,071 218,674
SHAREHOLDERS' FUNDS 226,171 218,774

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PLASTIC SYSTEMS LIMITED (REGISTERED NUMBER: 05682115)

BALANCE SHEET - continued
31ST JANUARY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22nd October 2024 and were signed on its behalf by:





P A Beddall - Director


PLASTIC SYSTEMS LIMITED (REGISTERED NUMBER: 05682115)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JANUARY 2024

1. STATUTORY INFORMATION

Plastic Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to al periods presented unless otherwise stated.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid to Mr P Beddall for 'Switch & Sense', is being written off evenly over its estimated useful life of ten years from the commencement of trade date of 1st November 2007.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - Straight line over 10 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PLASTIC SYSTEMS LIMITED (REGISTERED NUMBER: 05682115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st February 2023
and 31st January 2024 2,500
AMORTISATION
At 1st February 2023
and 31st January 2024 2,500
NET BOOK VALUE
At 31st January 2024 -
At 31st January 2023 -

PLASTIC SYSTEMS LIMITED (REGISTERED NUMBER: 05682115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st February 2023 113,339 3,900 35,725
Additions - - -
At 31st January 2024 113,339 3,900 35,725
DEPRECIATION
At 1st February 2023 17,603 3,900 30,622
Charge for year 1,467 - 1,279
At 31st January 2024 19,070 3,900 31,901
NET BOOK VALUE
At 31st January 2024 94,269 - 3,824
At 31st January 2023 95,736 - 5,103

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1st February 2023 504 9,384 162,852
Additions - 910 910
At 31st January 2024 504 10,294 163,762
DEPRECIATION
At 1st February 2023 302 9,384 61,811
Charge for year 31 47 2,824
At 31st January 2024 333 9,431 64,635
NET BOOK VALUE
At 31st January 2024 171 863 99,127
At 31st January 2023 202 - 101,041

Included in cost of land and buildings is freehold land of £ 40,000 (2023 - £ 40,000 ) which is not depreciated.

PLASTIC SYSTEMS LIMITED (REGISTERED NUMBER: 05682115)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JANUARY 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 32,036 39,344
Doubtful debt provision (1,127 ) -
Amounts recoverable on contract 2,432 945
Other debtors 20 111
33,361 40,400

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 5,578 9,074
Corporation tax 40,548 29,986
Social security and other taxes 217 221
VAT 13,780 15,135
Other creditors - 597
Shareholder loans 60,000 -
Directors' current accounts 8,080 13,680
Accrued expenses 1,219 345
129,422 69,038

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80 ORDINARY £1 80 80
20 ORDINARY B £1 20 20
100 100

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PLASTIC SYSTEMS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plastic Systems Limited for the year ended 31st January 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Plastic Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Plastic Systems Limited and state those matters that we have agreed to state to the Board of Directors of Plastic Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plastic Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Plastic Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Plastic Systems Limited. You consider that Plastic Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Plastic Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


23rd October 2024