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COMPANY REGISTRATION NUMBER: 04378508
Premier Plastics Thetford Ltd.
Unaudited financial statements
30 November 2024
Premier Plastics Thetford Ltd.
Statement of financial position
30 November 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
199,094
183,824
Current assets
Stocks
5,500
5,500
Debtors
6
138,599
130,683
Cash at bank and in hand
77,326
89,762
---------
---------
221,425
225,945
Creditors: Amounts falling due within one year
7
( 110,431)
( 110,105)
---------
---------
Net current assets
110,994
115,840
---------
---------
Total assets less current liabilities
310,088
299,664
Creditors: Amounts falling due after more than one year
8
( 68,164)
( 56,639)
Provisions
Taxation including deferred tax
( 43,319)
( 36,903)
---------
---------
Net assets
198,605
206,122
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
198,505
206,022
---------
---------
Shareholders funds
198,605
206,122
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Premier Plastics Thetford Ltd.
Statement of financial position (continued)
30 November 2024
These financial statements were approved by the board of directors and authorised for issue on 26 March 2025 , and are signed on behalf of the board by:
B W Green
Director
Company registration number: 04378508
Premier Plastics Thetford Ltd.
Notes to the financial statements
Year ended 30 November 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 43 Saint Helens Court, Fison Way Industrial Estate, Thetford, Norfolk, IP24 1HG.
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 measured at fair value through the income statement. The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 & 10% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of employees during the year was 9 (2023: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 December 2023
337,216
26,121
41,310
4,320
408,967
Additions
48,784
48,784
---------
-------
-------
------
---------
At 30 November 2024
386,000
26,121
41,310
4,320
457,751
---------
-------
-------
------
---------
Depreciation
At 1 December 2023
191,483
24,735
5,164
3,761
225,143
Charge for the year
22,284
346
10,328
556
33,514
---------
-------
-------
------
---------
At 30 November 2024
213,767
25,081
15,492
4,317
258,657
---------
-------
-------
------
---------
Carrying amount
At 30 November 2024
172,233
1,040
25,818
3
199,094
---------
-------
-------
------
---------
At 30 November 2023
145,733
1,386
36,146
559
183,824
---------
-------
-------
------
---------
6. Debtors
2024
2023
£
£
Trade debtors
129,160
96,750
Other debtors
9,439
33,933
---------
---------
138,599
130,683
---------
---------
7. Creditors: Amounts falling due within one year
2024
2023
£
£
Trade creditors
35,544
41,769
Social security and other taxes
29,858
39,274
Other creditors
45,029
29,062
---------
---------
110,431
110,105
---------
---------
Included in creditors is a hire purchase liability of £30,925 (2023: £27,896) which is secured on the assets involved.
8. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Other creditors
68,164
56,639
-------
-------
Included in creditors is a hire purchase liability of £68,164 (2023: £56,639) which is secured on the assets involved.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
14,742
7,380
Later than 1 year and not later than 5 years
29,448
880
Later than 5 years
13,497
-------
------
57,687
8,260
-------
------
10. Director's advances, credits and guarantees
Included within debtors at the year end is a directors loan account of £Nil (2023: £20,910). The maximum overdrawn balance during the year was £58,775. Interest of £266 was charged at the official rate.