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Registration number: 02813653

Plasticom Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Plasticom Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 14

 

Plasticom Ltd.

Company Information

Directors

Mr E Simmonds

Mrs S M I Simmonds

Mr B B Simmonds

Miss M M Simmonds

Registered office

Hilton Road
Cobbs Wood Estate
Ashford
Kent
TN23 1EW

 

Plasticom Ltd.

(Registration number: 02813653)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

31,786

54,158

Tangible assets

5

3,520,991

3,561,976

Investments

6

12,250

12,250

 

3,565,027

3,628,384

Current assets

 

Stocks

7

214,322

239,247

Debtors

8

186,646

213,442

Cash at bank and in hand

 

15,936

103,455

 

416,904

556,144

Creditors: Amounts falling due within one year

9

(398,731)

(430,249)

Net current assets

 

18,173

125,895

Total assets less current liabilities

 

3,583,200

3,754,279

Creditors: Amounts falling due after more than one year

9

(261,624)

(276,385)

Provisions for liabilities

(321,700)

(324,268)

Net assets

 

2,999,876

3,153,626

Capital and reserves

 

Called up share capital

58,800

58,800

Other reserves

938,653

938,653

Retained earnings

2,002,423

2,156,173

Shareholders' funds

 

2,999,876

3,153,626

 

Plasticom Ltd.

(Registration number: 02813653)
Balance Sheet as at 31 December 2024 (continued)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 April 2025 and signed on its behalf by:
 

.........................................
Mr E Simmonds
Director

.........................................
Mrs S M I Simmonds
Director

 
     
 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Hilton Road
Cobbs Wood Estate
Ashford
Kent
TN23 1EW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

not depreciated - fair value adjustments included

Plant and machinery

7.25% Reducing balance & 25% Straight line

Fixtures and fittings

25% Reducing balance

Motor vehicles

25% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Development costs

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

Over the product life

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 18).

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 January 2024

657,450

657,450

At 31 December 2024

657,450

657,450

Amortisation

At 1 January 2024

603,292

603,292

Amortisation charge

22,372

22,372

At 31 December 2024

625,664

625,664

Carrying amount

At 31 December 2024

31,786

31,786

At 31 December 2023

54,158

54,158

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

2,350,000

2,799,645

18,041

5,167,686

Additions

-

52,920

-

52,920

Disposals

-

(10,733)

-

(10,733)

At 31 December 2024

2,350,000

2,841,832

18,041

5,209,873

Depreciation

At 1 January 2024

-

1,590,314

15,396

1,605,710

Charge for the year

-

91,261

2,645

93,906

Eliminated on disposal

-

(10,734)

-

(10,734)

At 31 December 2024

-

1,670,841

18,041

1,688,882

Carrying amount

At 31 December 2024

2,350,000

1,170,991

-

3,520,991

At 31 December 2023

2,350,000

1,209,331

2,645

3,561,976

Included within the net book value of land and buildings above is £2,350,000 (2023 - £2,350,000) in respect of freehold land and buildings.

The Directors undertake a fair value adjustment each year and any adjustment to the fair value is made. During the year the Directors have reviewed the current values and discussed with local Agents and the value of the property has subsequently not changed in value this year.

The property has been revalued historically on 31 December 2022 at £2,350,000, 31 December 2020 at £2,116,250 and 31 December 2018 at £1,282,181.
 

If the freehold land and buildings had not been included at valuation they would have been included under the historical cost basis as follows:
 

2024
£

2023
 £

Cost

1,254,427

1,254,427

Depreciation b/fwd

(266,135)

(253,591)

Depreciation charge for year

(12,544)

(12,544)

Accumulated depreciation

(278,679)

(266,135)

Net book value

975,748

988,292

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Investments

2024
£

2023
£

Investments in subsidiaries

12,250

12,250

Subsidiaries

£

Cost or valuation

At 1 January 2024

12,250

Provision

Carrying amount

At 31 December 2024

12,250

At 31 December 2023

12,250

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Ashford Mouldings Ltd

Hilton Road
Cobbs Wood Estate
Ashford
Kent
TN23 1EW

England and Wales

Ordinary shares

90%

90%

D G Mortimer & Co Limited

Hilton Road
Cobbs Wood Estate
Ashford
Kent
TN23 1EW

England and Wales

Ordinary shares

100%

100%

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

6

Investments (continued)

Subsidiary undertakings

Ashford Mouldings Ltd

The principal activity of Ashford Mouldings Ltd is Dormant.

D G Mortimer & Co Limited

The principal activity of D G Mortimer & Co Limited is Dormant.

7

Stocks

2024
£

2023
£

Raw materials and consumables

214,322

239,247

8

Debtors

Current

2024
£

2023
£

Trade debtors

115,569

149,624

Prepayments

35,837

51,853

Other debtors

35,240

11,965

 

186,646

213,442

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

187,183

152,318

Trade creditors

 

187,537

238,113

Taxation and social security

 

19,971

35,778

Accruals and deferred income

 

4,040

4,040

 

398,731

430,249

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

261,624

276,385

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

136,205

188,351

HP and finance lease liabilities

125,419

88,034

261,624

276,385

Current loans and borrowings

2024
£

2023
£

Bank borrowings

51,591

49,645

Bank overdrafts

55,533

-

Directors current account

6,329

30,633

Hire purchase liabilities

73,730

72,040

187,183

152,318

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

11

Related party transactions

Dividends paid to directors

2024
£

2023
£

Mr E Simmonds

Interim dividend

-

5,000

 

 

Mrs S M I Simmonds

Interim dividend

-

5,000

 

 

Summary of transactions with subsidiaries


Ashford Mouldings Limited


 
(Plasticom Limited owns 90% of the issued share capital of Ashford Mouldings Limited)
There were no transactions between the parties as Ashford Mouldings Limited is dormant. At the balance sheet date the amount due to Ashford Mouldings Limited was £Nil (2022 - £Nil).


D G Mortimer & Co Limited


(Plasticom Limited owns 100% of the issued share capital of D G Mortimer & Co Limited)
There were no transactions between the parties as D G Mortimer & Co Limited is dormant. At the balance sheet date the amount due to D G Mortimer & Co Limited was £Nil (2022 - £Nil).

 

Loans from related parties

2024

Key management
£

Total
£

At start of period

30,633

30,633

Advanced

12,000

12,000

Repaid

(36,304)

(36,304)

At end of period

6,329

6,329

 

Plasticom Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024 (continued)

11

Related party transactions (continued)

2023

Key management
£

Total
£

At start of period

38,137

38,137

Advanced

10,000

10,000

Repaid

(17,504)

(17,504)

At end of period

30,633

30,633