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REGISTERED NUMBER: 07079469 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 October 2024

for

Peerless Plastics And Coatings Limited

Peerless Plastics And Coatings Limited (Registered number: 07079469)






Contents of the Financial Statements
for the Year Ended 31 October 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Peerless Plastics And Coatings Limited

Company Information
for the Year Ended 31 October 2024







DIRECTORS: M T Bromley
P P K Llewellyn-Stamp





REGISTERED OFFICE: 16-20 Howlett Way
Thetford
Norfolk
IP24 1HZ





REGISTERED NUMBER: 07079469 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Peerless Plastics And Coatings Limited (Registered number: 07079469)

Balance Sheet
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 768,923 607,347
Tangible assets 5 931,740 352,682
Investments 6 513,445 453,909
2,214,108 1,413,938

CURRENT ASSETS
Stocks 360,566 358,898
Debtors 7 763,204 674,938
Cash at bank and in hand 13,136 73,153
1,136,906 1,106,989
CREDITORS
Amounts falling due within one year 8 1,746,103 1,445,157
NET CURRENT LIABILITIES (609,197 ) (338,168 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,604,911 1,075,770

CREDITORS
Amounts falling due after more than one
year

9

(826,516

)

(754,206

)

PROVISIONS FOR LIABILITIES 12 (173,216 ) (7,727 )
NET ASSETS 605,179 313,837

CAPITAL AND RESERVES
Called up share capital 13 314 314
Share premium 9,986 9,986
Fair value reserve 14 43,896 -
Retained earnings 550,983 303,537
SHAREHOLDERS' FUNDS 605,179 313,837

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Peerless Plastics And Coatings Limited (Registered number: 07079469)

Balance Sheet - continued
31 October 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 March 2025 and were signed on its behalf by:





P P K Llewellyn-Stamp - Director


Peerless Plastics And Coatings Limited (Registered number: 07079469)

Notes to the Financial Statements
for the Year Ended 31 October 2024

1. STATUTORY INFORMATION

Peerless Plastics And Coatings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Peerless Plastics And Coatings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred Income and included as part of creditors due within one year.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost

Fixed assets are included at cost except plant and machinery whereby the revaluation model is used and is therefore included at market value.

Government grants
Grants are recognised on the accruals basis and are recognised in the Profit & Loss when the company receives the right to receive the grant.

Peerless Plastics And Coatings Limited (Registered number: 07079469)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Debt instruments, such as loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate, or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Peerless Plastics And Coatings Limited (Registered number: 07079469)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in profit and loss.

Going concern
Having estimated the projected results and cash flow of the company, it is expected that the company's results will improve in the next twelve months. The directors are confident that the cash demands of the company will be satisfied, and it is therefore appropriate to prepare the financial statements on the going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2023 - 51 ) .

Peerless Plastics And Coatings Limited (Registered number: 07079469)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 November 2023 706,565
Additions 233,860
At 31 October 2024 940,425
AMORTISATION
At 1 November 2023 99,218
Charge for year 72,284
At 31 October 2024 171,502
NET BOOK VALUE
At 31 October 2024 768,923
At 31 October 2023 607,347

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 November 2023 102,650 729,262 831,912
Additions - 244,648 244,648
Revaluations - (39,726 ) (39,726 )
At 31 October 2024 102,650 934,184 1,036,834
DEPRECIATION
At 1 November 2023 49,090 430,140 479,230
Charge for year 10,265 9,956 20,221
Revaluation adjustments - (394,357 ) (394,357 )
At 31 October 2024 59,355 45,739 105,094
NET BOOK VALUE
At 31 October 2024 43,295 888,445 931,740
At 31 October 2023 53,560 299,122 352,682

Peerless Plastics And Coatings Limited (Registered number: 07079469)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 October 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2013 - 98,254 98,254
Valuation in 2024 - (39,726 ) (39,726 )
Cost 102,650 875,656 978,306
102,650 934,184 1,036,834

Plant and machinery was valued on a fair value basis on 17 September 2024 by Tallon Associates Limited .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 November 2023 174,595
Additions 164,500
Revaluations (7,780 )
At 31 October 2024 331,315
DEPRECIATION
At 1 November 2023 77,231
Revaluation adjustments (77,231 )
At 31 October 2024 -
NET BOOK VALUE
At 31 October 2024 331,315
At 31 October 2023 97,364

Peerless Plastics And Coatings Limited (Registered number: 07079469)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2023 453,909
Additions 59,536
At 31 October 2024 513,445
NET BOOK VALUE
At 31 October 2024 513,445
At 31 October 2023 453,909

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 664,747 562,008
Other debtors 98,457 112,930
763,204 674,938

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 169,761 78,426
Hire purchase contracts (see note 10) 87,411 37,913
Invoice discounting advance 530,305 396,590
Trade creditors 555,748 563,912
Taxation and social security 218,571 231,884
Other creditors 184,307 136,432
1,746,103 1,445,157

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 313,961 324,789
Hire purchase contracts (see note 10) 104,252 57,156
Amounts owed to group undertakings 119,535 59,185
Other creditors 288,768 313,076
826,516 754,206

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 42,335

Peerless Plastics And Coatings Limited (Registered number: 07079469)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 87,411 37,913
Between one and five years 104,252 57,156
191,663 95,069

Non-cancellable operating leases
2024 2023
£    £   
Within one year 143,666 105,000
Between one and five years 459,097 420,000
In more than five years 1,890,000 1,995,000
2,492,763 2,520,000

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 483,722 403,215
Hire purchase contracts 191,663 95,069
Invoice discounting advance 530,305 396,590
1,205,690 894,874

There are fixed and floating charges over all the property or undertaking of the company.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 173,216 7,727

Deferred
tax
£   
Balance at 1 November 2023 7,727
Provided during year 165,489
Balance at 31 October 2024 173,216

Peerless Plastics And Coatings Limited (Registered number: 07079469)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
220 Ordinary A £1 220 220
31 Ordinary B £1 31 31
63 Ordinary C £1 63 63
314 314

14. RESERVES
Fair
value
reserve
£   
Revaluation movement 309,869
Distributable reserves (265,973 )

At 31 October 2024 43,896

The fair value reserves are non distributable.