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Registered number: 02281896









PLASMOTEC LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024

 
PLASMOTEC LIMITED
REGISTERED NUMBER: 02281896

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,174,105
1,737,107

Current assets
  

Stocks
 5 
149,107
151,057

Debtors: amounts falling due within one year
 6 
245,724
276,830

Cash at bank and in hand
 7 
176,926
166,691

  
571,757
594,578

Creditors: amounts falling due within one year
 8 
(210,497)
(263,699)

Net current assets
  
 
 
361,260
 
 
330,879

Total assets less current liabilities
  
2,535,365
2,067,986

Creditors: amounts falling due after more than one year
 9 
(600,000)
(375,000)

Provisions for liabilities
  

Deferred tax
 10 
(58,515)
(42,742)

Net assets
  
1,876,850
1,650,244


Capital and reserves
  

Called up share capital 
 11 
106,653
106,653

Share premium account
  
26,188
26,188

Revaluation reserve
  
71,681
71,681

Capital redemption reserve
  
182,863
182,863

Profit and loss account
  
1,489,465
1,262,859

  
1,876,850
1,650,244


Page 1

 
PLASMOTEC LIMITED
REGISTERED NUMBER: 02281896
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 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 comprehensive income 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 on 24 January 2025.




J W Rankin
Director

The notes on pages 5 to 12 form part of these financial statements.

Page 2
 

 
PLASMOTEC LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 May 2023
106,653
26,188
182,863
71,681
1,262,859
1,650,244



Comprehensive income for the year


Profit for the year
-
-
-
-
226,606
226,606

Total comprehensive income for the year
-
-
-
-
226,606
226,606



At 30 April 2024
106,653
26,188
182,863
71,681
1,489,465
1,876,850



The notes on pages 5 to 12 form part of these financial statements.

Page 3

 

 
PLASMOTEC LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2023



Called up share capital
Share premium account
Capital redemption reserve
Revaluation reserve
Profit and loss account
Total equity


£
£
£
£
£
£


At 1 May 2022
106,653
26,188
182,863
71,681
1,170,874
1,558,259



Comprehensive income for the year


Profit for the year
-
-
-
-
91,985
91,985

Total comprehensive income for the year
-
-
-
-
91,985
91,985



At 30 April 2023
106,653
26,188
182,863
71,681
1,262,859
1,650,244



The notes on pages 5 to 12 form part of these financial statements.

Page 4
 
PLASMOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Plasmotec Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is G2-G4 Lincoln Park, Ward Road, Buckingham Road Industrial Estate, Brackley, Northamptonshire, England, NN13 7LE.
The company specialises in injection moulding.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The directors have taken consideration of the impact of inflationary pressures and the increases in costs of living on the business. However the directors are mindful that conditions in the market are uncertain and at the date of this report, it is not possible to reliably determine the effects that these events will have on the company in the future. Nevertheless, the directors note that the company is trading adequately and if this continues, they will have sufficient working capital and other finance available to continue for a period of not less than 12 months from the date these financial statements are approved. As such the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

Page 5

 
PLASMOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

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 reporting 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 reporting 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 reporting date.

 
2.8

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.

Page 6

 
PLASMOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
not depreciated
Plant and machinery
-
at varying rates on cost
Fixtures and fittings
-
at varying rates on cost
Standard tooling
-
at varying rates on cost
Computer equipment
-
at varying rates on cost

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 the Statement of comprehensive income.

  
2.9

Freehold property

No depreciation is provided on freehold property. This is contrary to Companies Act 2006, which requires that fixed assets should be depreciated. In the opinion of the directors, this accounting treatment is necessary in order to show a true and fair view of the position of the group.

 
2.10

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Statement of financial position date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. 
Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in the Statement of comprehensive income.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 the Statement of comprehensive income.

Page 7

 
PLASMOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

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.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 24).

Page 8

 
PLASMOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Standard tooling
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 May 2023
1,510,905
1,419,473
154,803
272,245
211,230
3,568,656


Additions
417,300
57,699
10,833
-
23,065
508,897


Disposals
-
(58,792)
-
-
(32,374)
(91,166)



At 30 April 2024

1,928,205
1,418,380
165,636
272,245
201,921
3,986,387



Depreciation


At 1 May 2023
-
1,296,428
124,634
265,856
144,631
1,831,549


Charge for the year 
-
37,037
8,023
5,471
18,822
69,353


Disposals
-
(57,522)
-
-
(31,098)
(88,620)



At 30 April 2024

-
1,275,943
132,657
271,327
132,355
1,812,282



Net book value



At 30 April 2024
1,928,205
142,437
32,979
918
69,566
2,174,105



At 30 April 2023
1,510,905
123,045
30,169
6,389
66,599
1,737,107

Cost or valuation at 30 April 2024 is as follows:

Freehold property
£


At cost
1,856,524
At valuation:

2017 revaluation
71,681



1,928,205

Page 9

 
PLASMOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

           4.Tangible fixed assets (continued)

If the freehold land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
1,856,524
1,439,224

Net book value
1,856,524
1,439,224

Freehold property was valued on an open market basis on 12 June 2017 by Underwoods, Chartered Surveyors. The directors do not believe that there has been a material change to any of the properties values since the last revaluation.


5.


Stocks

2024
2023
£
£

Raw materials and consumables
50,374
62,554

Work in progress
8,757
15,308

Finished goods
89,976
73,195

149,107
151,057



6.


Debtors

2024
2023
£
£


Trade debtors
245,724
214,052

Amounts owed by group undertakings
-
62,778

245,724
276,830



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
176,926
166,691

176,926
166,691


Page 10

 
PLASMOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
91,952
171,748

Corporation tax
69,428
18,155

Other taxation and social security
38,377
60,190

Other creditors
-
3,231

Accruals and deferred income
10,740
10,375

210,497
263,699



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
600,000
375,000

600,000
375,000



10.


Deferred taxation




2024


£






At beginning of year
42,742


Charged to the Statement of comprehensive income
15,773



At end of year
58,515

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
58,515
42,742

58,515
42,742

Page 11

 
PLASMOTEC LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



106,653 Ordinary shares of £1 each
106,653
106,653



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £14,791 (2023 - £16,981). Contributions totalling £Nil (2023 - £3,231) were payable to the fund at the reporting date and are included in creditors.


13.


Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 and has not disclosed transactions between wholly owned group members.


14.


Prior year restatement

The directors have amended the analysis of certain items in the Statement of comprehensive income between cost of sales and administrative expenses to better reflect the nature of the expenditure. This has resulted in cost of sales for the year ended 30 April 2023 increasing by £99,722, gross profit decreasing by £99,722 and administrative expenses decreasing by £99,722. There have been no changes to the operating profit, the retained profit for the year or the Statement of financial position.


15.


Ultimate parent undertaking and controlling party

The ultimate parent undertaking of the company is Rankins Partners Limited, a company incorporated in England and Wales. The registered office of this company is 3 C Drakes Farm, Drakes Drive, Long Crendon, Buckinghamshire, HP18 9BA. The company is under the control of   by virtue of his shareholding in the parent undertaking.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

The audit report was signed on 24 January 2025 by Mark Hancock (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 12