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COMPANY REGISTRATION NUMBER: 02378589
Sentinel Plastics Limited
Filleted Unaudited Financial Statements
31 May 2024
Sentinel Plastics Limited
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
555,878
346,614
Current assets
Stocks
138,344
172,591
Debtors
6
621,384
403,129
Cash at bank and in hand
27,322
70,134
---------
---------
787,050
645,854
Creditors: amounts falling due within one year
7
801,182
685,962
---------
---------
Net current liabilities
14,132
40,108
---------
---------
Total assets less current liabilities
541,746
306,506
Creditors: amounts falling due after more than one year
8
270,581
140,076
Provisions
63,940
2,354
---------
---------
Net assets
207,225
164,076
---------
---------
Capital and reserves
Called up share capital
9
100
100
Profit and loss account
207,125
163,976
---------
---------
Shareholders funds
207,225
164,076
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sentinel Plastics Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 12 February 2025 , and are signed on behalf of the board by:
Mr S J Inston
Director
Company registration number: 02378589
Sentinel Plastics Limited
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 39 Wrights Lane, Cradley Heath, West Midlands, B64 6QY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a small entity as defined in FRS 102 and section 382 of the Companies Act 2006 and has taken advantage of the disclosure exemptions available under paragraph 1A.7 of FRS 102.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
4% straight line
Property improvements
-
4% straight line
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2023: 26 ).
5. Tangible assets
Freehold property
Property improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
£
Cost
At 1 June 2023
193,783
181,112
1,431,598
38,378
1,844,871
Additions
293,994
749
294,743
Disposals
( 10,000)
( 10,000)
---------
---------
------------
--------
------------
At 31 May 2024
193,783
181,112
1,715,592
39,127
2,129,614
---------
---------
------------
--------
------------
Depreciation
At 1 June 2023
71,051
80,434
1,310,560
36,212
1,498,257
Charge for the year
7,751
7,244
69,155
1,309
85,459
Disposals
( 9,980)
( 9,980)
---------
---------
------------
--------
------------
At 31 May 2024
78,802
87,678
1,369,735
37,521
1,573,736
---------
---------
------------
--------
------------
Carrying amount
At 31 May 2024
114,981
93,434
345,857
1,606
555,878
---------
---------
------------
--------
------------
At 31 May 2023
122,732
100,678
121,038
2,166
346,614
---------
---------
------------
--------
------------
6. Debtors
2024
2023
£
£
Trade debtors
569,229
348,447
Prepayments and accrued income
19,860
10,730
Other debtors
32,295
43,952
---------
---------
621,384
403,129
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,509
21,154
Trade creditors
198,887
168,725
Amounts owed to group undertakings
319,472
296,767
Accruals and deferred income
12,274
11,234
Corporation tax
55,976
59,682
Social security and other taxes
117,958
104,686
Obligations under finance leases and hire purchase contracts
73,360
21,942
Other creditors
1,746
1,772
---------
---------
801,182
685,962
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
56,744
76,509
Obligations under finance leases and hire purchase contracts
213,837
63,567
---------
---------
270,581
140,076
---------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
10,000
100
10,000
100
--------
----
--------
----
10. Secured debts
The bank borrowings are secured by a fixed and floating charge over assets of the company.
11. Controlling party
The controlling party is S & L Plastics Limited, and the registered office is 39 Wrights Lane, Cradley Heath, West Midlands B64 6QY.