Kings Plastics Limited 00583975 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of designers in perspex and engravers of name plates in brass and bronze Digita Accounts Production Advanced 6.30.9574.0 true true 00583975 2023-07-01 2024-06-30 00583975 2024-06-30 00583975 core:RetainedEarningsAccumulatedLosses 2024-06-30 00583975 core:ShareCapital 2024-06-30 00583975 core:SharePremium 2024-06-30 00583975 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-06-30 00583975 core:CurrentFinancialInstruments 2024-06-30 00583975 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 00583975 core:Non-currentFinancialInstruments 2024-06-30 00583975 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 00583975 core:ConstructionInProgressAssetsUnderConstruction 2024-06-30 00583975 core:FurnitureFittingsToolsEquipment 2024-06-30 00583975 core:MotorVehicles 2024-06-30 00583975 core:OtherPropertyPlantEquipment 2024-06-30 00583975 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-06-30 00583975 core:OtherRelatedParties 2024-06-30 00583975 bus:SmallEntities 2023-07-01 2024-06-30 00583975 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 00583975 bus:FilletedAccounts 2023-07-01 2024-06-30 00583975 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 00583975 bus:RegisteredOffice 2023-07-01 2024-06-30 00583975 bus:Director2 2023-07-01 2024-06-30 00583975 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 00583975 core:ConstructionInProgressAssetsUnderConstruction 2023-07-01 2024-06-30 00583975 core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 00583975 core:LeaseholdImprovements 2023-07-01 2024-06-30 00583975 core:MotorVehicles 2023-07-01 2024-06-30 00583975 core:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 00583975 core:PlantMachinery 2023-07-01 2024-06-30 00583975 core:KeyManagementPersonnel 2023-07-01 2024-06-30 00583975 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-01 2024-06-30 00583975 core:OtherRelatedParties 2023-07-01 2024-06-30 00583975 countries:EnglandWales 2023-07-01 2024-06-30 00583975 2023-06-30 00583975 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 00583975 core:FurnitureFittingsToolsEquipment 2023-06-30 00583975 core:MotorVehicles 2023-06-30 00583975 core:OtherPropertyPlantEquipment 2023-06-30 00583975 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 00583975 core:OtherRelatedParties 2023-06-30 00583975 2022-07-01 2023-06-30 00583975 2023-06-30 00583975 core:RetainedEarningsAccumulatedLosses 2023-06-30 00583975 core:ShareCapital 2023-06-30 00583975 core:SharePremium 2023-06-30 00583975 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-06-30 00583975 core:CurrentFinancialInstruments 2023-06-30 00583975 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 00583975 core:Non-currentFinancialInstruments 2023-06-30 00583975 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 00583975 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 00583975 core:FurnitureFittingsToolsEquipment 2023-06-30 00583975 core:MotorVehicles 2023-06-30 00583975 core:OtherPropertyPlantEquipment 2023-06-30 00583975 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 00583975 core:OtherRelatedParties 2023-06-30 00583975 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-07-01 2023-06-30 00583975 core:OtherRelatedParties 2022-07-01 2023-06-30 00583975 2022-06-30 00583975 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-30 00583975 core:OtherRelatedParties 2022-06-30 iso4217:GBP xbrli:pure

Registration number: 00583975

Kings Plastics Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Kings Plastics Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Kings Plastics Limited

(Registration number: 00583975)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

23,494

27,002

Current assets

 

Stocks

5

66,900

67,596

Debtors

6

107,180

90,021

Cash at bank and in hand

 

99,882

98,725

 

273,962

256,342

Creditors: Amounts falling due within one year

7

(258,512)

(220,592)

Net current assets

 

15,450

35,750

Total assets less current liabilities

 

38,944

62,752

Creditors: Amounts falling due after more than one year

7

(20,874)

(50,544)

Provisions for liabilities

(3,942)

(4,500)

Net assets

 

14,128

7,708

Capital and reserves

 

Called up share capital

5,875

5,875

Share premium reserve

2,221

2,221

Retained earnings

6,032

(388)

Shareholders' funds

 

14,128

7,708

 

Kings Plastics Limited

(Registration number: 00583975)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 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.

Approved and authorised by the Board on 6 January 2025 and signed on its behalf by:
 

M L Underhill
Director

   
     
 

Kings Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Kelso House Waterloo Street
St. Philips
Bristol
BS2 0PH

These financial statements were authorised for issue by the Board on 6 January 2025.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

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 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;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- specific criteria have been met for each of the company's activities; and
- the entity retains no effective control over the goods.

 

Kings Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Finance income and costs policy

Interest income and expenses are recognised using the effective interest rate method.

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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.

Depreciation

Depreciation is provided on tangible assets so as to write off the cost or valuation, less any estimated residual value, over their expected economic life as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

10% reducing balance

Motor vehicles

25% straight line

Leasehold property improvements

10% straight line

Plant and machinery

10% reducing balance and 25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Kings Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 stocks 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.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Kings Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 14 (2023 - 14).

4

Tangible assets

Fixtures, fittings and equipment
 £

Motor vehicles
 £

Leasehold property improvements
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

29,872

42,350

40,418

163,331

275,971

At 30 June 2024

29,872

42,350

40,418

163,331

275,971

Depreciation

At 1 July 2023

29,761

42,350

39,963

136,895

248,969

Charge for the year

111

-

57

3,340

3,508

At 30 June 2024

29,872

42,350

40,020

140,235

252,477

Carrying amount

At 30 June 2024

-

-

398

23,096

23,494

At 30 June 2023

111

-

455

26,436

27,002

 

Kings Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Stocks

2024
£

2023
£

Raw materials and consumables

59,725

63,753

Work in progress

7,175

3,843

66,900

67,596

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

106,980

80,794

Amounts owed by related parties

10

-

7,931

Other debtors

 

200

200

Prepayments

 

-

1,096

 

107,180

90,021

7

Creditors

Due within one year

Note

2024
£

2023
£

Bank loans

8

29,663

38,526

Trade creditors

 

85,930

67,405

Amounts owed to related parties

10

13,195

11,909

Social security and other taxes

 

69,306

54,201

Accruals and deferred income

 

53,114

48,551

Corporation tax liability

 

7,304

-

 

258,512

220,592

Current loans and borrowings

2024
£

2023
£

Bank borrowings

29,663

33,742

HP and finance lease liabilities

-

4,784

29,663

38,526


Creditors within one year include net obligations under finance lease and hire purchase contracts which are secured of £Nil (2023 - £4,784) and secured bank loans of £29,663 (2023 - £33,742).


 

 

Kings Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,999

44,669

Redeemable preference shares

5,875

5,875

20,874

50,544


Creditors over one year include secured bank loans of £14,999 (2023 - £44,669).

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

29,663

33,742

Hire purchase contracts

-

4,784

29,663

38,526

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

14,999

44,669

Redeemable preference shares

5,875

5,875

20,874

50,544

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £68,999 (2023 - £91,998).

 

Kings Plastics Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

10

Related party transactions

Loans to related parties

2024

Key management
£

Other related parties
£

Total
£

At start of period

4,204

3,727

7,931

Repaid

(4,204)

-

(4,204)

Written off

-

(3,727)

(3,727)

At end of period

-

-

-

2023

Key management
£

Other related parties
£

Total
£

At start of period

3,899

4,092

7,991

Advanced

17,873

-

17,873

Repaid

(17,568)

(365)

(17,933)

At end of period

4,204

3,727

7,931

Terms of loans to related parties

Interest is charged on the loans to key management at 5%. The loan for other related parties include close family members of key management, which has been written off during the year. All loans are repayable on demand.

Loans from related parties

2024

Key management
£

Total
£

At start of period

11,909

11,909

Advanced

27,836

27,836

Repaid

(26,550)

(26,550)

At end of period

13,195

13,195

2023

Key management
£

Total
£

At start of period

10,400

10,400

Advanced

8,174

8,174

Repaid

(6,665)

(6,665)

At end of period

11,909

11,909

Terms of loans from related parties

Loans from key management are charged at 5% and are repayable on demand.