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COMPANY REGISTRATION NUMBER: SC724024
Plastrepair EU Limited
Filleted Unaudited Financial Statements
30 June 2024
Plastrepair EU Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Plastrepair EU Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Plastrepair EU Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plastrepair EU Limited for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the Board of Directors of Plastrepair EU Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Plastrepair EU Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plastrepair EU Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Plastrepair EU Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Plastrepair EU Limited. You consider that Plastrepair EU Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Plastrepair EU Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
GILLILAND & COMPANY Chartered accountants
216 West George Street Glasgow G2 2PQ
10 March 2025
Plastrepair EU Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,372
3,163
Current assets
Debtors
6
11,572
9,670
Cash at bank and in hand
13,955
3,529
--------
--------
25,527
13,199
Creditors: amounts falling due within one year
7
13,446
13,215
--------
--------
Net current assets/(liabilities)
12,081
( 16)
--------
-------
Total assets less current liabilities
14,453
3,147
Creditors: amounts falling due after more than one year
8
62,858
17,755
--------
--------
Net liabilities
( 48,405)
( 14,608)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 48,505)
( 14,708)
--------
--------
Shareholders deficit
( 48,405)
( 14,608)
--------
--------
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 comprehensive income has not been delivered.
For the year ending 30 June 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 .
Plastrepair EU Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 10 March 2025 , and are signed on behalf of the board by:
Mr Peter Mcaninch
Director
Company registration number: SC724024
Plastrepair EU Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 216 West George Street, Glasgow, G2 2PQ, Scotland.
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.
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.
Going concern
The company is reliant on the support of the directors and other group entities in order to continue in operational existence and meet its liabilities as the fall due. The directors will continue to support the company and as such the going concern basis is appropriate for the preparation of the accounts.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant and machinery
-
25% reducing balance
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. Tangible assets
Plant and machinery
£
Cost
At 1 July 2023 and 30 June 2024
4,165
-------
Depreciation
At 1 July 2023
1,002
Charge for the year
791
-------
At 30 June 2024
1,793
-------
Carrying amount
At 30 June 2024
2,372
-------
At 30 June 2023
3,163
-------
6. Debtors
2024
2023
£
£
Trade debtors
11,472
9,570
Other debtors
100
100
--------
-------
11,572
9,670
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,467
547
Social security and other taxes
7,929
6,651
Other creditors
4,050
6,017
--------
--------
13,446
13,215
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
62,858
17,755
--------
--------
9. Directors' advances, credits and guarantees
At the year end, a balance of £2,543 (2023: £2,543) was owed to the director. This loan is unsecured and interest free and has no fixed date of repayment
10. Related party transactions
Included in creditors there is a balance owed to Plastfix Industries Pty Ltd for £29,896 (2023: £14,636). This is a company a director has an interest in. Included in creditors there is a balanced owed to PPP Consultancy Ltd for £20,343 (2023:£3,000). This is a company a director has an interest in. Included in creditors there is a balanced owed to M&L Coachbuilders Ltd for £12,500. This is a company a director has an interest in.
11. Controlling party
The company was under the control of the directors in the year.