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REGISTERED NUMBER: 01877530 (England and Wales)











Strong's Plastic Products Limited

Financial Statements

for the Year Ended 30 June 2024






Strong's Plastic Products Limited (Registered number: 01877530)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Strong's Plastic Products Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: D R Pinfold
J B Strong
S C Gregory





REGISTERED OFFICE: 18 Silica Road
Amington Industrial Estate
Tamworth
Staffordshire
B77 4DT





REGISTERED NUMBER: 01877530 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Strong's Plastic Products Limited (Registered number: 01877530)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 825,988 895,863

CURRENT ASSETS
Stocks 1,292,309 1,085,032
Debtors 5 1,488,058 1,906,788
Cash at bank and in hand 78,547 45,141
2,858,914 3,036,961
CREDITORS
Amounts falling due within one year 6 1,659,212 1,928,495
NET CURRENT ASSETS 1,199,702 1,108,466
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,025,690

2,004,329

CREDITORS
Amounts falling due after more than one year 7 (106,859 ) (127,053 )

PROVISIONS FOR LIABILITIES (89,550 ) (118,372 )
NET ASSETS 1,829,281 1,758,904

CAPITAL AND RESERVES
Called up share capital 10 1,530 1,530
Retained earnings 1,827,751 1,757,374
SHAREHOLDERS' FUNDS 1,829,281 1,758,904

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 26 March 2025 and were signed on its behalf by:





J B Strong - Director


Strong's Plastic Products Limited (Registered number: 01877530)

Notes to the Financial Statements
for the Year Ended 30 June 2024


1. STATUTORY INFORMATION

Strong's Plastic Products 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.

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.

The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. Budgets and cash flow projections compiled indicate that the company has sufficient reserves to continue to trade and the directors believe that support afforded, careful cashflow considerations, is sufficient upon which to adopt the going concern basis.

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Stock provisions. This is based on any bought in stock items that show inactivity for 2 years or more and a provision is made in full against such items.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Strong's Plastic Products Limited (Registered number: 01877530)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of Goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

- the Company has transferred the significant risks and rewards of ownership to the buyer;

- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the Company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Property improvements- 10% straight line
Plant and machinery- 10% and 20% straight line
Motor vehicles- 25% on reducing balance basis
Fixtures and fittings- 20% and 25% 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 the Statement of comprehensive income.

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. Work in progress and finished goods include labour and attributable overheads.

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 the Income Statement.

Strong's Plastic Products Limited (Registered number: 01877530)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

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.

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.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included within creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Income Statement so as to produce a constant periodic rate on the net obligation outstanding in each period.

Strong's Plastic Products Limited (Registered number: 01877530)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
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 the Income Statement 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 88 (2023 - 85 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2023 203,354 2,926,383 3,129,737
Additions 41,190 136,069 177,259
Disposals - (73,391 ) (73,391 )
At 30 June 2024 244,544 2,989,061 3,233,605
DEPRECIATION
At 1 July 2023 127,760 2,106,114 2,233,874
Charge for year 15,156 206,553 221,709
Eliminated on disposal - (47,966 ) (47,966 )
At 30 June 2024 142,916 2,264,701 2,407,617
NET BOOK VALUE
At 30 June 2024 101,628 724,360 825,988
At 30 June 2023 75,594 820,269 895,863

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,172,786 1,680,457
Other debtors 315,272 226,331
1,488,058 1,906,788

Strong's Plastic Products Limited (Registered number: 01877530)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,000 630,905
Hire purchase contracts (see note 8) 47,118 42,696
Trade creditors 1,154,322 713,641
Taxation and social security 275,016 410,706
Other creditors 142,756 130,547
1,659,212 1,928,495

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 40,000 80,000
Hire purchase contracts (see note 8) 66,859 47,053
106,859 127,053

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 47,118 42,696
Between one and five years 66,859 47,053
113,977 89,749

Non-cancellable operating leases
2024 2023
£    £   
Within one year 277,988 209,750
Between one and five years 776,563 588,050
1,054,551 797,800

Strong's Plastic Products Limited (Registered number: 01877530)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 590,905
Bank loans 80,000 120,000
Hire purchase contracts 113,977 89,749
193,977 800,654

Bank loans and overdrafts are secured by way of a fixed and floating charge over the assets of the company, both present and future.

Hire purchase liabilities are secured by way of a charge over the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
15,300 Ordinary £0.10 1,530 1,530

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2024 and 30 June 2023:

2024 2023
£    £   
J B Strong
Balance outstanding at start of year - 1,950
Amounts advanced 43,970 37,923
Amounts repaid (4,998 ) (39,873 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 38,972 -

B F Strong
Balance outstanding at start of year 53,682 (767 )
Amounts advanced 26,152 55,449
Amounts repaid - (1,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 79,834 53,682

Strong's Plastic Products Limited (Registered number: 01877530)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

D R Pinfold
Balance outstanding at start of year 10,000 10,000
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,000 10,000

The advances made to Directors are non-interest bearing and are repayable, in full, on demand.

13. ULTIMATE CONTROLLING PARTY

At the balance sheet date the controlling party was J B Strong by virtue of his voting rights in the company.

14. SHARE-BASED PAYMENT TRANSACTIONS

The share options are exercisable on the sale of the Company. All share options are in respect of Ordinary Shares and the number of employees holding share options as at 30 June 2024 was 1 (2023: 1).

WeightedWeighted
averageaverage
exerciseexercise
price (pence)Numberprice (pence)Number
2024202420232023

Outstanding at the beginning of the year3,4008573400857
Options issued/expired in year----

Outstanding at the end of the year3,4008573,400857

15. PENSION COMMITMENTS

The company operates a defined contributions pensions scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £58,608 (2023: £51,023). Contributions totalling £nil (2023: £nil) were payable to the fund at the balance sheet date and are included in creditors.