Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31272023-04-01falseNo description of principal activity30truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08010083 2023-04-01 2024-03-31 08010083 2022-04-01 2023-03-31 08010083 2024-03-31 08010083 2023-03-31 08010083 c:Director2 2023-04-01 2024-03-31 08010083 d:PlantMachinery 2023-04-01 2024-03-31 08010083 d:PlantMachinery 2024-03-31 08010083 d:PlantMachinery 2023-03-31 08010083 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08010083 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08010083 d:FurnitureFittings 2023-04-01 2024-03-31 08010083 d:FurnitureFittings 2024-03-31 08010083 d:FurnitureFittings 2023-03-31 08010083 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08010083 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08010083 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 08010083 d:LeasedAssetsHeldAsLessee 2023-04-01 2024-03-31 08010083 d:Goodwill 2024-03-31 08010083 d:Goodwill 2023-03-31 08010083 d:CurrentFinancialInstruments 2024-03-31 08010083 d:CurrentFinancialInstruments 2023-03-31 08010083 d:Non-currentFinancialInstruments 2024-03-31 08010083 d:Non-currentFinancialInstruments 2023-03-31 08010083 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08010083 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 08010083 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 08010083 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 08010083 d:ShareCapital 2024-03-31 08010083 d:ShareCapital 2023-03-31 08010083 d:RetainedEarningsAccumulatedLosses 2024-03-31 08010083 d:RetainedEarningsAccumulatedLosses 2023-03-31 08010083 c:FRS102 2023-04-01 2024-03-31 08010083 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 08010083 c:FullAccounts 2023-04-01 2024-03-31 08010083 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08010083 d:HirePurchaseContracts d:WithinOneYear 2024-03-31 08010083 d:HirePurchaseContracts d:WithinOneYear 2023-03-31 08010083 d:HirePurchaseContracts d:BetweenOneTwoYears 2024-03-31 08010083 d:HirePurchaseContracts d:BetweenOneTwoYears 2023-03-31 08010083 d:HirePurchaseContracts d:BetweenTwoFiveYears 2024-03-31 08010083 d:HirePurchaseContracts d:BetweenTwoFiveYears 2023-03-31 08010083 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 08010083 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 08010083 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-03-31 08010083 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-03-31 iso4217:GBP xbrli:pure

08010083







TARGET PLASTICS (EP) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MARCH 2024

































TARGET PLASTICS (EP) LIMITED
REGISTERED NUMBER:08010083

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 6 
313,307
278,667

Current assets
  

Stocks
  
194,963
169,826

Debtors: amounts falling due within one year
 7 
233,903
384,921

Bank and cash balances
  
427,627
430,235

  
856,493
984,982

Creditors: amounts falling due within one year
 8 
(742,939)
(697,020)

Net current assets
  
 
 
113,554
 
 
287,962

Total assets less current liabilities
  
426,861
566,629

Creditors: amounts falling due after more than one year
 9 
(38,727)
(90,148)

Provisions for liabilities
  

Deferred tax
 11 
(77,638)
(68,591)

  
 
 
(77,638)
 
 
(68,591)

Net assets
  
310,496
407,890


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
310,396
407,790

  
310,496
407,890


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

TARGET PLASTICS (EP) LIMITED
REGISTERED NUMBER:08010083
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S Tickle
Director

Date: 26 November 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

TARGET PLASTICS (EP) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Target Plastics (EP) Limited ("the Company") is a limited company domiciled and incorporated in England.
The address of the Company's registered office and principal place of business is The Arnold Business Park, Branbridges Road, East Peckham, Tonbridge, Kent, TN12 5LG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements have been presented in Pounds Sterling rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

TARGET PLASTICS (EP) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Revenue is recognised when customer orders are completed and invoiced.

 
2.4

Intangible assets

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of income and retained earnings over its useful economic life.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
7 years straight line
Fixtures and fittings
-
15% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

TARGET PLASTICS (EP) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.9

 Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

 Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

 Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

 
2.12

 Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 5

TARGET PLASTICS (EP) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

 Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.  


4.


Employees

The average monthly number of employees, including directors, during the year was 27 (2023 -30).

Page 6

TARGET PLASTICS (EP) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
296,000



At 31 March 2024

296,000



Amortisation


At 1 April 2023
296,000



At 31 March 2024

296,000



Net book value



At 31 March 2024
-



At 31 March 2023
-




6.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 April 2023
552,378
65,501
617,879


Additions
6,417
92,189
98,606



At 31 March 2024

558,795
157,690
716,485



Depreciation


At 1 April 2023
282,698
56,514
339,212


Charge for the year on owned assets
23,320
11,381
34,701


Charge for the year on financed assets
29,265
-
29,265



At 31 March 2024

335,283
67,895
403,178



Net book value



At 31 March 2024
223,512
89,795
313,307



At 31 March 2023
269,680
8,987
278,667

Page 7

TARGET PLASTICS (EP) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           6.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
146,297
175,562


7.


Debtors

2024
2023
£
£


Trade debtors
175,511
267,072

Amounts owed by group undertakings
42,835
103,805

Other debtors
-
6,508

Prepayments
15,557
7,536

233,903
384,921



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
53,821
60,830

Amounts owed to group undertakings
572,080
515,266

Corporation tax
-
7,164

Other taxation and social security
26,445
15,821

Obligations under finance lease and hire purchase contracts
51,421
51,421

Other creditors
478
1,527

Accruals and deferred income
38,694
44,991

742,939
697,020



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
38,727
90,148


Obligations under hire purchase contracts are secured upon the assets concerned.

Page 8

TARGET PLASTICS (EP) LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
51,421
51,421

Between 1-2 years
38,727
51,421

Between 2-5 years
-
38,727

90,148
141,569


11.


Deferred taxation




2024


£






At beginning of year
(68,591)


Charged to profit or loss
(9,047)



At end of year
(77,638)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
77,638
68,591

 
Page 9