Registered number
04111204
Newtown Plastics Limited
Unaudited Filleted Accounts
31 March 2024
Newtown Plastics Limited
Registered number: 04111204
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 256,641 233,910
Current assets
Stocks 42,012 56,671
Debtors 5 493,228 591,652
Cash at bank and in hand 11,336 57,834
546,576 706,157
Creditors: amounts falling due within one year 6 (107,030) (183,635)
Net current assets 439,546 522,522
Total assets less current liabilities 696,187 756,432
Creditors: amounts falling due after more than one year 7 (9,521) (17,297)
Provisions for liabilities (30,689) (37,189)
Net assets 655,977 701,946
Capital and reserves
Called up share capital 2 2
Profit and loss account 655,975 701,944
Shareholders' funds 655,977 701,946
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Church
Director
Approved by the board on 27 November 2024
Newtown Plastics Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover respresents net invoiced sales of goods, net of discounts and value added taxes.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery straight line - 10%
Motor vehicle straight line - 20%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Government grants
Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 10,000
At 31 March 2024 10,000
Amortisation
At 1 April 2023 10,000
At 31 March 2024 10,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 724,875 24,445 749,320
Additions 79,765 - 79,765
At 31 March 2024 804,640 24,445 829,085
Depreciation
At 1 April 2023 495,447 19,963 515,410
Charge for the year 52,552 4,482 57,034
At 31 March 2024 547,999 24,445 572,444
Net book value
At 31 March 2024 256,641 - 256,641
At 31 March 2023 229,428 4,482 233,910
5 Debtors 2024 2023
£ £
Trade debtors 144,311 241,849
Other debtors 348,917 349,803
493,228 591,652
Amounts due after more than one year included above 336,050 349,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 7,587 7,399
Trade creditors 34,252 73,734
Taxation and social security costs 18,243 44,007
Other creditors 46,948 58,495
107,030 183,635
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,521 17,297
8 Other information
Newtown Plastics Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
29 Mochdre Enterprise Park
Newtown
Powys
SY16 4LE
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