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Registered number: 03703232
Proplastix Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Davis & Co Accountants
Jon Dowdeswell F M A A T
Brinkley Middle Road
Tiptoe
Lymington
SO41 6FX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 03703232
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 167,956 151,899
167,956 151,899
CURRENT ASSETS
Stocks 5 115,696 64,646
Debtors 6 118,408 122,403
Cash at bank and in hand 59,060 46,730
293,164 233,779
Creditors: Amounts Falling Due Within One Year 7 (216,033 ) (183,529 )
NET CURRENT ASSETS (LIABILITIES) 77,131 50,250
TOTAL ASSETS LESS CURRENT LIABILITIES 245,087 202,149
Creditors: Amounts Falling Due After More Than One Year 8 (20,231 ) (30,151 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (31,912 ) (27,632 )
NET ASSETS 192,944 144,366
CAPITAL AND RESERVES
Called up share capital 10 142 142
Share premium account 39,958 49,958
Revaluation reserve 11 23,000 23,000
Profit and Loss Account 129,844 71,266
SHAREHOLDERS' FUNDS 192,944 144,366
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Milton Verity
Director
31st August 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Proplastix Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03703232 . The registered office is The Old Cart Shed, Court Lane, Avon, Christchurch, Dorset, BH23 7BN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 5% Straight Line
Motor Vehicles 16.66% Straight Line
Fixtures & Fittings 15% Straight Line
Computer Equipment 25% Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 8)
9 8
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 179,033 22,500 10,545 6,109 218,187
Additions 31,699 - - 1,029 32,728
As at 31 July 2024 210,732 22,500 10,545 7,138 250,915
Depreciation
As at 1 August 2023 44,826 8,750 7,757 4,955 66,288
Provided during the period 12,451 3,749 324 147 16,671
As at 31 July 2024 57,277 12,499 8,081 5,102 82,959
Net Book Value
As at 31 July 2024 153,455 10,001 2,464 2,036 167,956
As at 1 August 2023 134,207 13,750 2,788 1,154 151,899
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Page 5
5. Stocks
2024 2023
£ £
Stock 115,696 64,646
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 106,268 116,165
Other debtors 3,183 6,238
Director's loan account 8,957 -
118,408 122,403
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 40,225 55,584
Trade creditors 101,002 95,410
Bank loans and overdrafts 37,171 19,465
Corporation tax 11,050 -
Other taxes and social security 2,585 3,730
VAT 8,322 3,557
Other creditors 15,678 5,688
Director's loan account - 95
216,033 183,529
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 20,231 30,151
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 40,225 55,584
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Page 6
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 142 142
11. Reserves
Revaluation Reserve
£
As at 1 August 2023 23,000
As at 31 July 2024 23,000
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