Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-304Sale of plastic goods.2023-10-01false4truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07764654 2023-10-01 2024-09-30 07764654 2022-10-01 2023-09-30 07764654 2024-09-30 07764654 2023-09-30 07764654 c:Director1 2023-10-01 2024-09-30 07764654 d:PlantMachinery 2023-10-01 2024-09-30 07764654 d:PlantMachinery 2024-09-30 07764654 d:PlantMachinery 2023-09-30 07764654 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07764654 d:OfficeEquipment 2023-10-01 2024-09-30 07764654 d:OfficeEquipment 2024-09-30 07764654 d:OfficeEquipment 2023-09-30 07764654 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07764654 d:ComputerEquipment 2023-10-01 2024-09-30 07764654 d:ComputerEquipment 2024-09-30 07764654 d:ComputerEquipment 2023-09-30 07764654 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07764654 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 07764654 d:CurrentFinancialInstruments 2024-09-30 07764654 d:CurrentFinancialInstruments 2023-09-30 07764654 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 07764654 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 07764654 d:ShareCapital 2024-09-30 07764654 d:ShareCapital 2023-09-30 07764654 d:SharePremium 2024-09-30 07764654 d:SharePremium 2023-09-30 07764654 d:CapitalRedemptionReserve 2024-09-30 07764654 d:CapitalRedemptionReserve 2023-09-30 07764654 d:RetainedEarningsAccumulatedLosses 2024-09-30 07764654 d:RetainedEarningsAccumulatedLosses 2023-09-30 07764654 d:AcceleratedTaxDepreciationDeferredTax 2024-09-30 07764654 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 07764654 c:OrdinaryShareClass1 2023-10-01 2024-09-30 07764654 c:OrdinaryShareClass1 2024-09-30 07764654 c:OrdinaryShareClass1 2023-09-30 07764654 c:FRS102 2023-10-01 2024-09-30 07764654 c:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 07764654 c:FullAccounts 2023-10-01 2024-09-30 07764654 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07764654 2 2023-10-01 2024-09-30 07764654 e:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07764654









SOLUTION PLASTICS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SOLUTION PLASTICS LTD
REGISTERED NUMBER: 07764654

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

FIXED ASSETS
  

Tangible assets
 4 
4,591
4,505

  
4,591
4,505

CURRENT ASSETS
  

Stocks
  
2,300
2,300

Debtors: amounts falling due within one year
 5 
8,394
15,580

Cash at bank and in hand
  
49,233
66,217

  
59,927
84,097

Creditors: amounts falling due within one year
 6 
(6,226)
(7,226)

NET CURRENT ASSETS
  
 
 
53,701
 
 
76,871

TOTAL ASSETS LESS CURRENT LIABILITIES
  
58,292
81,376

PROVISIONS FOR LIABILITIES
  

Deferred tax
 7 
-
(1,126)

  
 
 
-
 
 
(1,126)

NET ASSETS
  
58,292
80,250


CAPITAL AND RESERVES
  

Called up share capital 
 8 
60
60

Share premium account
  
3,474
3,474

Capital redemption reserve
  
15,480
15,480

Profit and loss account
  
39,278
61,236

  
58,292
80,250


Page 1

 
SOLUTION PLASTICS LTD
REGISTERED NUMBER: 07764654
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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 by: 




P Allen
Director

Date: 13 February 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
SOLUTION PLASTICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


GENERAL INFORMATION

Solution Plastics Ltd is a private company limited by shares and incorporated in England and Wales. The Company's registered office address is Sutton Road, Catfield, Great Yarmouth.
The Company's functional and presentational currency is GBP.

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

TURNOVER

Turnover comprises revenue recognised by the Company in respect of the sale of plastic products during the year, exclusive of Value Added Tax and trade discounts. Income is recognised when the goods are delivered to the customer.

 
2.3

INTEREST INCOME

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

 
2.4

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 Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
SOLUTION PLASTICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.6

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.

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:

Plant and machinery
-
25%
Reducing balance
Office equipment
-
25%
Reducing balance
Computer equipment
-
33%
Straight line

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 profit or loss.

Page 4

 
SOLUTION PLASTICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.7

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.

At each balance sheet 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 profit or loss.

 
2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

 
2.9

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.

 
2.10

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.

 
2.11

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES



The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
SOLUTION PLASTICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


TANGIBLE FIXED ASSETS





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



COST OR VALUATION


At 1 October 2023
55,366
1,009
1,278
57,653


Additions
1,080
-
607
1,687



At 30 September 2024

56,446
1,009
1,885
59,340



DEPRECIATION


At 1 October 2023
50,917
953
1,278
53,148


Charge for the year on owned assets
1,383
15
203
1,601



At 30 September 2024

52,300
968
1,481
54,749



NET BOOK VALUE



At 30 September 2024
4,146
41
404
4,591



At 30 September 2023
4,449
56
-
4,505


5.


DEBTORS

2024
2023
£
£


Trade debtors
6,040
13,346

Prepayments
2,354
2,234

8,394
15,580


Page 6

 
SOLUTION PLASTICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
1,576
1,114

Corporation tax
-
375

Other taxation and social security
1,416
2,737

Other creditors
34
-

Accruals
3,200
3,000

6,226
7,226



7.


DEFERRED TAXATION




2024


£






At beginning of year
(1,126)


Charged to profit or loss
1,126



AT END OF YEAR
-

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
-
(1,126)

-
(1,126)


8.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



60 (2023 - 60) Ordinary shares of £1.00 each
60
60


 
Page 7