Registered number
07681432
Building Plastics (Wales) Ltd
Filleted Accounts
30 June 2024
Building Plastics (Wales) Ltd
Registered number: 07681432
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 3,000 3,000
Tangible assets 4 88,273 79,334
91,273 82,334
Current assets
Stocks 196,355 204,000
Debtors 5 811 808
Cash at bank and in hand 88,092 58,648
285,258 263,456
Creditors: amounts falling due within one year 6 (177,623) (241,421)
Net current assets 107,635 22,035
Total assets less current liabilities 198,908 104,369
Creditors: amounts falling due after more than one year 7 (23,929) (35,622)
Net assets 174,979 68,747
Capital and reserves
Called up share capital 135,000 135,000
Profit and loss account 39,979 (66,253)
Shareholders' funds 174,979 68,747
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr M J Jones
Director
Approved by the board on 26 March 2025
Building Plastics (Wales) Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 3,000
At 30 June 2024 3,000
Amortisation
At 30 June 2024 -
Net book value
At 30 June 2024 3,000
At 30 June 2023 3,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 6,043 41,263 87,371 134,677
Additions - 5,112 12,995 18,107
At 30 June 2024 6,043 46,375 100,366 152,784
Depreciation
At 1 July 2023 - 24,680 30,663 55,343
Charge for the year - 4,191 4,977 9,168
At 30 June 2024 - 28,871 35,640 64,511
Net book value
At 30 June 2024 6,043 17,504 64,726 88,273
At 30 June 2023 6,043 16,583 56,708 79,334
5 Debtors 2024 2023
£ £
Trade debtors 281 278
Other debtors 530 530
811 808
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 262 202
Obligations under finance lease and hire purchase contracts - 12,000
Trade creditors 164,861 182,518
Taxation and social security costs 12,450 15,914
Other creditors 50 30,787
177,623 241,421
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,006 27,078
Obligations under finance lease and hire purchase contracts 6,923 8,544
23,929 35,622
8 Other information
Building Plastics (Wales) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
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