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REGISTERED NUMBER: 06603367 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

SILVERGATE PLASTICS LIMITED

SILVERGATE PLASTICS LIMITED (REGISTERED NUMBER: 06603367)

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


SILVERGATE PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Ms A D Bergeson
T W Johnson
D Philpot





SECRETARY: K M Chatburn





REGISTERED OFFICE: Unit 53 Clywedog Road South
Wrexham Industrial Estate
Wrexham
LL13 9XS





REGISTERED NUMBER: 06603367 (England and Wales)





AUDITORS: Crowe U.K. LLP
Black Country House
Rounds Green Road
Oldbury
West Midlands
B69 2DG

SILVERGATE PLASTICS LIMITED (REGISTERED NUMBER: 06603367)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,305,370 1,305,370

CURRENT ASSETS
Debtors 5 123,921 121,842
Cash at bank 1 1
123,922 121,843
CREDITORS
Amounts falling due within one year 6 1,108,611 1,062,682
NET CURRENT LIABILITIES (984,689 ) (940,839 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

320,681

364,531

CREDITORS
Amounts falling due after more than
one year

7

491,980

499,680
NET LIABILITIES (171,299 ) (135,149 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (172,299 ) (136,149 )
(171,299 ) (135,149 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





Ms A D Bergeson - Director


SILVERGATE PLASTICS LIMITED (REGISTERED NUMBER: 06603367)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Silvergate Plastics 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

2.1 Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the company as an individual undertaking and not about its group.

The following principal accounting policies have been applied:

2.2 Going concern
The Directors believe there are no material uncertainties that call into doubt the Company's ability to continue as a going concern and the accounts have therefore been prepared on the basis that the Company is a going concern.

Subsequent to the year end on 17 October 2024 Prisma Colour Limited purchased the entire share capital.

2.3 Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.

SILVERGATE PLASTICS LIMITED (REGISTERED NUMBER: 06603367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

2.4 Financial instruments
The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

3. EMPLOYEES AND DIRECTORS

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

SILVERGATE PLASTICS LIMITED (REGISTERED NUMBER: 06603367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


4. FIXED ASSET INVESTMENTS
Investments
in
subsidiary
companies
£   
COST
At 1 July 2023
and 30 June 2024 1,305,370
NET BOOK VALUE
At 30 June 2024 1,305,370
At 30 June 2023 1,305,370

The Company owns 100% of the equity share capital of AWB Plastics Limited (2023: 100%). The address of the registered office of AWB Plastics Limited is Unit 53 Clywedog Road South, Wrexham Industrial Estate, Wrexham, LL13 9XS.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 123,921 121,842

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 785,377 740,312
Corporation tax 610 610
Other creditors 322,624 321,760
1,108,611 1,062,682

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Share premium treated as debt 477,862 477,862
Other creditors 14,118 21,818
491,980 499,680

Shares classified as debt

The preference shares carry no right to votes in normal circumstances and are redeemable.

Each preference share is entitled pari passu to a preference dividend at the rate of 8% per annum on the subscription price for such preference share.

SILVERGATE PLASTICS LIMITED (REGISTERED NUMBER: 06603367)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. AUDITOR'S INFORMATION

The Auditor's Report that was included in the annual accounts and reports delivered to
Members was unqualified. The Audit Report was issued by Crowe U.K. LLP and was signed
by Mark Evans.

9. CONTINGENT LIABILITIES

The Company has provided a guarantee to its subsidiary company AWB Plastics Limited in relation to a loan taken out with DBW Investments (14) Limited. At the year end the balance outstanding was £262,006 (2023: £300,621).

This guarantee is secured by way of a fixed and floating charge over all fixed and current assets.

10. TRANSACTIONS WITH DIRECTORS

As at 30 June 2024, the balance on the directors loan account due to be repaid to the company was £92,802 (2023: £92,192). Interest is charged using the official rate of interest.

11. RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption contained within section 33.1A of FRS102 not to disclose transactions with wholly owned members of the same group.

12. SUBSEQUENT EVENTS

Subsequent to year end on 17 October 2024 Prisma Colour Limited purchased the entire share capital of Silvergate Plastics Limited.