Company registration number 15091098 (England and Wales)
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
COMPANY INFORMATION
- 1 -
Directors
Mr. S. Ognall
(Appointed 23 August 2023)
Mr. J. Webster
(Appointed 23 August 2023)
Mr. J. Wilkinson
(Appointed 23 August 2023)
Mr. B. Lloyd
(Appointed 29 September 2023)
Company number
15091098
Registered office
Doubak Works
Barton Industrial Park
Mount Pleasant
Bilston
West Midlands
WV14 7LH
Accountants
Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
2024
Notes
£
£
Fixed assets
Investments
3
3,697,602
Current assets
Debtors
4
75
Creditors: amounts falling due within one year
5
(2,505,577)
Net current liabilities
(2,505,502)
Total assets less current liabilities
1,192,100
Creditors: amounts falling due after more than one year
6
(881,500)
Net assets
310,600
Capital and reserves
Called up share capital
7
375,100
Profit and loss reserves
(64,500)
Total equity
310,600
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 December 2024 and are signed on its behalf by:
Mr. J. Webster
Director
Company Registration No. 15091098
The notes on pages 4 to 8 form part of these financial statements
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Douglas Baker Plastics Limited is a private company limited by shares incorporated in England and Wales. The registered office is Doubak Works, Barton Industrial Park, Mount Pleasant, Bilston, West Midlands, WV14 7LH.
1.1
Reporting period
The financial statements have been prepared for a period less than one year due to it being the company's first period since incorporation.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
At the balance sheet date the company's current liabilities exceeded its current assets. The day to day operation of the company is dependent upontrue support from its lenders. On the assumption that such support will continue to be forthcoming, the director considers it appropriate to prepare the financial statements on a going concern basis.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
Number
Total
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 7 -
3
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
3,697,602
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 23 August 2023
-
Additions
3,697,602
At 30 June 2024
3,697,602
Carrying amount
At 30 June 2024
3,697,602
4
Debtors
2024
Amounts falling due within one year:
£
Other debtors
75
5
Creditors: amounts falling due within one year
2024
£
Amounts owed to group undertakings
2,286,277
Other creditors
219,300
2,505,577
The aggregate amount of creditors for which security has been given amounted to £219,300.
DOUGLAS BAKER PLASTICS LIMITED
(FORMERLY DB PLASTICS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 8 -
6
Creditors: amounts falling due after more than one year
2024
£
Other creditors
881,500
The aggregate amount of creditors for which security has been given amounted to £881,500.
7
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of 1p each
10,000
100
2024
2024
Preference share capital
Number
£
Issued and fully paid
Preference Shares of £1 each
375,000
375,000
Preference shares classified as equity
375,000
Total equity share capital
375,100
On incorporation, the company issued 7,500 Ordinary shares at par value for the consideration of cash.
On 29 September 2023, the company issued 2,500 Ordinary shares and 375,000 Preference shares at par value as an element of the consideration for the acquisition of Douglas Baker Holdings Limited (15027011).