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Company No: 01701554 (England and Wales)

M J PLASTICS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

M J PLASTICS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

M J PLASTICS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
M J PLASTICS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
Directors A K Butler
D O Smith
Registered office Unit 9
D2 Trading Estate
Castle Road
Sittingbourne
Kent
ME10 3RN
United Kingdom
Company number 01701554 (England and Wales)
Accountant Kreston Reeves LLP
2nd Floor, Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF M J PLASTICS LIMITED

For the financial year ended 31 December 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF M J PLASTICS LIMITED (continued)

For the financial year ended 31 December 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 M J Plastics Limited for the financial year ended 31 December 2024 which comprise the Balance Sheet and the related notes 1 to 8 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that M J Plastics 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 profit of M J Plastics Limited. You consider that M J Plastics Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of M J Plastics 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.

This report is made solely to the Board of Directors of M J Plastics Limited, as a body, in accordance with the terms of our engagement letter dated 28 March 2022. Our work has been undertaken solely to prepare for your approval the financial statements of M J Plastics Limited and state those matters that we have agreed to state to the Board of Directors of M J Plastics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than M J Plastics Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

2nd Floor, Maritime Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QZ

26 March 2025

M J PLASTICS LIMITED

BALANCE SHEET

As at 31 December 2024
M J PLASTICS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 6,827 8,648
Investments 5 1,300 1,300
8,127 9,948
Current assets
Stocks 490,406 501,988
Debtors 6 233,164 245,949
Cash at bank and in hand 39,539 80,093
763,109 828,030
Creditors: amounts falling due within one year 7 ( 189,248) ( 208,312)
Net current assets 573,861 619,718
Total assets less current liabilities 581,988 629,666
Net assets 581,988 629,666
Capital and reserves
Called-up share capital 32,000 32,000
Capital redemption reserve 8,000 8,000
Profit and loss account 541,988 589,666
Total shareholders' funds 581,988 629,666

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of M J Plastics Limited (registered number: 01701554) were approved and authorised for issue by the Board of Directors on 26 March 2025. They were signed on its behalf by:

D O Smith
Director
M J PLASTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
M J PLASTICS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M J Plastics Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 9, D2 Trading Estate, Castle Road, Sittingbourne, Kent, ME10 3RN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 5 - 6 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Dividends on equity shares

2024 2023
£ £
Amounts recognised as distributions to equity holders in the financial year:
Dividends 92,000 106,000

4. Tangible assets

Vehicles Fixtures and fittings Total
£ £ £
Cost
At 01 January 2024 44,477 74,425 118,902
Additions 0 1,133 1,133
At 31 December 2024 44,477 75,558 120,035
Accumulated depreciation
At 01 January 2024 39,654 70,600 110,254
Charge for the financial year 1,206 1,747 2,953
At 31 December 2024 40,859 72,349 113,208
Net book value
At 31 December 2024 3,618 3,209 6,827
At 31 December 2023 4,823 3,825 8,648

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2024 1,300 1,300
At 31 December 2024 1,300 1,300
Carrying value at 31 December 2024 1,300 1,300
Carrying value at 31 December 2023 1,300 1,300

6. Debtors

2024 2023
£ £
Trade debtors 192,713 209,555
Other debtors 40,451 36,394
233,164 245,949

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 125,947 127,518
Accruals and deferred income 14,094 15,825
Taxation and social security 41,510 59,159
Other creditors 7,697 5,810
189,248 208,312

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 2,028 2,028
between one and five years 2,535 6,591
4,563 8,619