14 14 R.M.P. Plastics Limited 01191595 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is The principal activity of the company during the year continued to be that of plastics manufacture. Digita Accounts Production Advanced 6.30.9574.0 true 01191595 2023-05-01 2024-04-30 01191595 2024-04-30 01191595 bus:Director3 1 2024-04-30 01191595 bus:OrdinaryShareClass1 2024-04-30 01191595 bus:OrdinaryShareClass2 2024-04-30 01191595 core:CurrentFinancialInstruments 2024-04-30 01191595 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 01191595 core:FurnitureFittingsToolsEquipment 2024-04-30 01191595 core:LandBuildings 2024-04-30 01191595 core:MotorVehicles 2024-04-30 01191595 core:OtherPropertyPlantEquipment 2024-04-30 01191595 bus:SmallEntities 2023-05-01 2024-04-30 01191595 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 01191595 bus:FilletedAccounts 2023-05-01 2024-04-30 01191595 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 01191595 bus:RegisteredOffice 2023-05-01 2024-04-30 01191595 bus:Director1 2023-05-01 2024-04-30 01191595 bus:Director3 2023-05-01 2024-04-30 01191595 bus:Director3 1 2023-05-01 2024-04-30 01191595 bus:Director4 2023-05-01 2024-04-30 01191595 bus:HighestPaidDirector 2023-05-01 2024-04-30 01191595 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 01191595 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 01191595 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 01191595 bus:Agent1 2023-05-01 2024-04-30 01191595 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 01191595 core:LandBuildings 2023-05-01 2024-04-30 01191595 core:MotorVehicles 2023-05-01 2024-04-30 01191595 core:OfficeEquipment 2023-05-01 2024-04-30 01191595 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 01191595 core:PlantMachinery 2023-05-01 2024-04-30 01191595 countries:EnglandWales 2023-05-01 2024-04-30 01191595 2023-04-30 01191595 bus:Director3 1 2023-04-30 01191595 core:FurnitureFittingsToolsEquipment 2023-04-30 01191595 core:LandBuildings 2023-04-30 01191595 core:MotorVehicles 2023-04-30 01191595 core:OtherPropertyPlantEquipment 2023-04-30 01191595 2022-05-01 2023-04-30 01191595 2023-04-30 01191595 bus:Director3 1 2023-04-30 01191595 bus:OrdinaryShareClass1 2023-04-30 01191595 bus:OrdinaryShareClass2 2023-04-30 01191595 core:CurrentFinancialInstruments 2023-04-30 01191595 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 01191595 core:FurnitureFittingsToolsEquipment 2023-04-30 01191595 core:LandBuildings 2023-04-30 01191595 core:MotorVehicles 2023-04-30 01191595 core:OtherPropertyPlantEquipment 2023-04-30 01191595 bus:Director3 1 2022-05-01 2023-04-30 01191595 bus:HighestPaidDirector 2022-05-01 2023-04-30 01191595 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 01191595 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 01191595 bus:Director3 1 2022-04-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 01191595

R.M.P. Plastics Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

R.M.P. Plastics Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 9

 

R.M.P. Plastics Limited

Company Information

Directors

Mrs. P.M. Porter

Mr. A.R. Porter

Mr. D. Grant

Registered office

6 Alphage Road
Brockhurst Industrial Estate
Gosport
Hampshire
PO12 4DU

Accountants

Palmer, Riley & Co.
Chartered AccountantsFirst Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

 

R.M.P. Plastics Limited

(Registration number: 01191595)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

394,471

407,679

Current assets

 

Stocks

5

115,000

122,000

Debtors

6

434,509

591,181

Cash at bank and in hand

 

958,819

668,900

 

1,508,328

1,382,081

Prepayments and accrued income

 

29,297

23,373

Creditors: Amounts falling due within one year

(253,780)

(126,624)

Net current assets

 

1,283,845

1,278,830

Total assets less current liabilities

 

1,678,316

1,686,509

Provisions for liabilities

(15,779)

(16,981)

Accruals and deferred income

 

(41,522)

(35,580)

Net assets

 

1,621,015

1,633,948

Capital and reserves

 

Called up share capital

7

2,655

2,655

Retained earnings

1,618,360

1,631,293

Shareholders' funds

 

1,621,015

1,633,948

For the financial year ending 30 April 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and 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.

 

R.M.P. Plastics Limited

(Registration number: 01191595)
Abridged Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 27 December 2024 and signed on its behalf by:
 

.........................................
Mr. A.R. Porter
Director

 

R.M.P. Plastics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 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:
6 Alphage Road
Brockhurst Industrial Estate
Gosport
Hampshire
PO12 4DU

These financial statements were authorised for issue by the Board on 27 December 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 abridged 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 abridged 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.

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.

Government grants

Job Retention Scheme Grant has been reported using the accrual model in the financial year.

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.

 

R.M.P. Plastics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

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.

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

Land and Buildings

2% per annum on cost

Plant and Machinery

25% reducing balance

Motor Vehicles

25% reducing balance

Office Equipment

15% reducing balance

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.

Trade 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 company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

R.M.P. Plastics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company 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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 company’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 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.

3

Staff numbers

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

 

R.M.P. Plastics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2023

384,010

34,485

25,962

231,882

676,339

Additions

-

358

-

18,285

18,643

At 30 April 2024

384,010

34,843

25,962

250,167

694,982

Depreciation

At 1 May 2023

65,706

14,372

11,451

177,131

268,660

Charge for the year

6,881

3,072

3,628

18,270

31,851

At 30 April 2024

72,587

17,444

15,079

195,401

300,511

Carrying amount

At 30 April 2024

311,423

17,399

10,883

54,766

394,471

At 30 April 2023

318,304

20,113

14,511

54,751

407,679

Included within the net book value of land and buildings above is £311,423 (2023 - £318,304) in respect of freehold land and buildings.
 

 

R.M.P. Plastics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
£

2023
£

Other inventories

115,000

122,000

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2,555

2,555

2,555

2,555

"A" Shares of £1 each

100

100

100

100

2,655

2,655

2,655

2,655

8

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £62.00 (2023 - £41.94) per each Ordinary Shares

158,410

107,157

Interim dividend of £245.00 (2023 - £262.00) per each "A" Shares

24,500

26,200

182,910

133,357

9

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr. A.R. Porter

Directors loan bearing interest at 2.25% p.a

10,052

62,690

(57,799)

14,943

 

R.M.P. Plastics Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

Mr. A.R. Porter

Directors loan bearing interest at 2.25% p.a

(723)

138,652

(127,877)

10,052

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

96,319

93,787

In respect of the highest paid director:

2024
£

2023
£

Remuneration

72,320

69,787