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Registration number: 05230463

T M Plastics Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

T M Plastics Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

T M Plastics Limited

(Registration number: 05230463)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

15,023

28,712

Current assets

 

Stocks

5

20,410

18,910

Debtors

6

148,206

218,487

Cash at bank and in hand

 

101,585

50,726

 

270,201

288,123

Creditors: Amounts falling due within one year

7

(117,168)

(156,943)

Net current assets

 

153,033

131,180

Total assets less current liabilities

 

168,056

159,892

Creditors: Amounts falling due after more than one year

7

(11,852)

(21,852)

Provisions for liabilities

(3,505)

(10,227)

Net assets

 

152,699

127,813

Capital and reserves

 

Called up share capital

1

1

Retained earnings

152,698

127,812

Shareholders' funds

 

152,699

127,813

 

T M Plastics Limited

(Registration number: 05230463)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2024 and signed on its behalf by:
 

.........................................
Mr G E Marmion
Company secretary and director

 

T M Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
Units 4 5 & 6
Fairoak Court Whitehouse Industrial Estate
Runcorn
Cheshire
WA7 3DX

These financial statements were authorised for issue by the Board on 13 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.

 

T M Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

 

T M Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Furniture, fixtures and equipment

20% straight line

Motor Vehicles

25% straight line

Plant & Machinery

20% straight line

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.

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.

 

T M Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 March 2023

12,446

26,978

188,547

227,971

At 29 February 2024

12,446

26,978

188,547

227,971

Depreciation

At 1 March 2023

7,776

26,978

164,505

199,259

Charge for the year

1,668

-

12,021

13,689

At 29 February 2024

9,444

26,978

176,526

212,948

Carrying amount

At 29 February 2024

3,002

-

12,021

15,023

At 28 February 2023

4,670

-

24,042

28,712

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

20,410

18,910

 

T M Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Debtors

2024
£

2023
£

Trade debtors

147,117

217,288

Prepayments

1,089

1,199

148,206

218,487

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,648

10,648

Trade creditors

 

67,517

54,132

Taxation and social security

 

15,475

44,809

Accruals and deferred income

 

5,067

4,431

Other creditors

 

18,461

42,923

 

117,168

156,943

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

11,852

21,852

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,852

21,852

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,648

10,648