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REGISTERED NUMBER: 01365703 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST JANUARY 2024

FOR

PENTAGON PLASTICS LIMITED

PENTAGON PLASTICS LIMITED (REGISTERED NUMBER: 01365703)






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


PENTAGON PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JANUARY 2024







DIRECTORS: J B Edwards
P J Edwards





REGISTERED OFFICE: Unit 4
Blatchford Road
Horsham
West Sussex
RH13 5QR





REGISTERED NUMBER: 01365703 (England and Wales)





ACCOUNTANTS: Parkers
178-180 Church Road
Hove, East Sussex
BN3 2DJ

PENTAGON PLASTICS LIMITED (REGISTERED NUMBER: 01365703)

BALANCE SHEET
31ST JANUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 348,635 353,218
Investments 6 1,375,886 1,405,832
1,724,521 1,759,050

CURRENT ASSETS
Stocks 7 365,191 397,031
Debtors 8 1,390,125 1,013,435
Cash at bank and in hand 684,984 816,100
2,440,300 2,226,566
CREDITORS
Amounts falling due within one year 9 454,371 326,030
NET CURRENT ASSETS 1,985,929 1,900,536
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,710,450

3,659,586

PROVISIONS FOR LIABILITIES 10 51,233 55,050
NET ASSETS 3,659,217 3,604,536

CAPITAL AND RESERVES
Called up share capital 11 253,833 253,833
Capital redemption reserve 146,267 146,267
Retained earnings 3,259,117 3,204,436
SHAREHOLDERS' FUNDS 3,659,217 3,604,536

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.

PENTAGON PLASTICS LIMITED (REGISTERED NUMBER: 01365703)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th October 2024 and were signed on its behalf by:





P J Edwards - Director


PENTAGON PLASTICS LIMITED (REGISTERED NUMBER: 01365703)

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

1. STATUTORY INFORMATION

Pentagon Plastics 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 as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Pentagon Plastics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
No significant judgements have had to be made by the directors in preparing these financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of ten years.

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.
Improvements to property - 10% on reducing balance
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

PENTAGON PLASTICS LIMITED (REGISTERED NUMBER: 01365703)

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

2. ACCOUNTING POLICIES - continued

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stock is also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

PENTAGON PLASTICS LIMITED (REGISTERED NUMBER: 01365703)

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

2. ACCOUNTING POLICIES - continued

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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 33 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st February 2023
and 31st January 2024 170,933
AMORTISATION
At 1st February 2023
and 31st January 2024 170,933
NET BOOK VALUE
At 31st January 2024 -
At 31st January 2023 -

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1st February 2023 106,498 1,269,216 24,398 1,400,112
Additions 21,409 30,440 - 51,849
At 31st January 2024 127,907 1,299,656 24,398 1,451,961
DEPRECIATION
At 1st February 2023 70,835 951,662 24,397 1,046,894
Charge for year 4,234 52,198 - 56,432
At 31st January 2024 75,069 1,003,860 24,397 1,103,326
NET BOOK VALUE
At 31st January 2024 52,838 295,796 1 348,635
At 31st January 2023 35,663 317,554 1 353,218

PENTAGON PLASTICS LIMITED (REGISTERED NUMBER: 01365703)

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

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1st February 2023 400,000 1,405,832 1,805,832
Disposals - (4,446 ) (4,446 )
Revaluations - (25,500 ) (25,500 )
At 31st January 2024 400,000 1,375,886 1,775,886
PROVISIONS
At 1st February 2023
and 31st January 2024 400,000 - 400,000
NET BOOK VALUE
At 31st January 2024 - 1,375,886 1,375,886
At 31st January 2023 - 1,405,832 1,405,832

Cost or valuation at 31st January 2024 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2023 - 435,075 435,075
Cost 400,000 940,811 1,340,811
400,000 1,375,886 1,775,886

7. STOCKS
2024 2023
£    £   
Stocks 315,453 320,669
Work-in-progress 49,738 76,362
365,191 397,031

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 462,264 601,102
Amounts owed by group undertakings 849,091 352,668
Other debtors 78,770 59,665
1,390,125 1,013,435

PENTAGON PLASTICS LIMITED (REGISTERED NUMBER: 01365703)

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

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 169,439 172,398
Amounts owed to group undertakings 125,000 -
Taxation and social security 71,222 45,387
Other creditors 88,710 108,245
454,371 326,030

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 51,233 55,050

Deferred
tax
£   
Balance at 1st February 2023 55,050
Credit to Income Statement during year (3,817 )
Balance at 31st January 2024 51,233

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
12,695 Ordinary A £1 12,695 12,695
241,138 Ordinary B £1 241,138 241,138
253,833 253,833

12. RELATED PARTY DISCLOSURES

The company rents its premises from the JJR Executive Pension Scheme. The rent paid in the year was £97,500.

13. ULTIMATE CONTROLLING PARTY

The ultimate parent company is Pentagon Plastics Group Limited, whose registered address is Unit 4, Blatchford Road, Horsham, West Sussex, RH13 5QR.