REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
AWB PLASTICS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
AWB PLASTICS LIMITED |
AWB PLASTICS LIMITED (REGISTERED NUMBER: 06581267) |
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 |
AWB PLASTICS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Black Country House |
Rounds Green Road |
Oldbury |
West Midlands |
B69 2DG |
AWB PLASTICS LIMITED (REGISTERED NUMBER: 06581267) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 10 |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | ( |
) | ( |
) |
( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
AWB PLASTICS LIMITED (REGISTERED NUMBER: 06581267) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | GENERAL INFORMATION |
AWB Plastics Limited is a private limited Company (limited by shares), which is incorporated and registered in England and Wales (registered number 06581267). The trading address and registered office is Unit 53 Clywedog Road South, Wrexham Industrial Estate, Wrexham, LL13 9XS. |
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 presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound. |
The following principal accounting policies have been applied: |
2.2 Going concern |
The directors have assessed the Company's ability to continue as a going concern. As a result of this assessment, no material uncertainties have been identified that cast doubt about the ability of the Company to continue as a going concern. The directors anticipate that the Company has adequate resources to continue in operational existence for at least twelve months from the approval of the financial statements, and therefore continues to adopt the going concern basis of accounting in preparing these financial statements. |
Subsequent to year end on 17 October 2024 Prisma Colour Limited purchased the entire share capital of AWB Plastics Limited immediate parent company Silvergate Plastics Limited. |
2.3 Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. |
Sales are recognised when goods are despatched. |
2.4 Intangible assets |
Goodwill |
Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Income and Retained Earnings over its useful economic life of 15 years. |
AWB PLASTICS LIMITED (REGISTERED NUMBER: 06581267) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
2.5 Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
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: |
Plant & machinery | - 20 - 50% |
Motor vehicles | - 33% |
Fixtures & fittings | - 20% |
Computer equipment | - 20 - 50% |
2.6 Stocks |
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost included all direct costs and an appropriate proportion of fixed and variable overheads. |
2.7 Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
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. |
2.8 Provisions for liabilities |
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. |
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. |
Increases in provisions are generally charged as an expense to profit or loss. |
AWB PLASTICS LIMITED (REGISTERED NUMBER: 06581267) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
AMORTISATION |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | STOCKS |
2024 | 2023 |
£ | £ |
Raw materials and consumables |
Finished goods |
AWB PLASTICS LIMITED (REGISTERED NUMBER: 06581267) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans |
Trade creditors |
Social security and other taxes |
Other creditors |
Hire purchase contracts | - | 475 |
Accruals and deferred income |
Secured loans |
Other loans of £1,434,651 (2023: £1,573,658) are secured over certain trade debtor balances.The remainder of other loans are secured by way of fixed and floating charge over all fixed and current assets. |
The Company has a loan taken out with DBW Investments (14) Limited. At the year end the balance outstanding was £260,654 (2023: £300,621). There is a guarantee secured by way of a fixed and floating charge over all fixed and current assets. |
Finance lease agreements are secured against the assets to which they relate. |
Covenant Breach |
During the year end the Company was in breach of a covenant relating to the loan balance of £260,654 therefore the loan has been included within due within one year. |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
AWB PLASTICS LIMITED (REGISTERED NUMBER: 06581267) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
10. | PROVISIONS FOR LIABILITIES |
Dilapidations |
provision |
£ |
At 1 July 2023 | 74,268 |
At 30 June 2024 | 74,268 |
11. | CALLED UP SHARE CAPITAL |
2024 | 2023 |
£ | £ |
Authorised, allotted, called up and fully paid |
7,000 (2023 - 7,000) Ordinary shares of £1.00 each | 7,000 | 7,000 |
6,750 (2023 - 6,750) Ordinary A shares of £1.00 each | 6,750 | 6,750 |
444,780 (2023 - 444,780) Ordinary B shares of £1.00 each | 444,780 | 444,780 |
100 (2023 - 100) Ordinary C shares of £1.00 each | 100 | 100 |
458,630 | 458,630 |
Ordinary B and Ordinary C shares have no voting rights attached. |
Ordinary and Ordinary A shares rank Pari passu. |
12. | 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 |
13. | PENSION COMMITMENTS |
The Company operates a defined contributions pension scheme. Contributions totalling £15,115 (2023:£13,017) were payable to the fund at the balance sheet date and are included in other creditors. |
14. | RELATED PARTY TRANSACTIONS |
As a subsidiary undertaking of Silvergate Plastics Limited, the Company has taken advantage of the exemption in FRS 102 section 33 from disclosing transactions with other wholly owned members of the Group. |
15. | SUBSEQUENT EVENTS |
Subsequent to year end on 17 October 2024 Prisma Colour Limited purchased the entire share capital of AWB Plastics Limited immediate parent company Silvergate Plastics Limited. |
AWB PLASTICS LIMITED (REGISTERED NUMBER: 06581267) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
16. | CONTROLLING PARTY |
The Company is a subsidiary of Silvergate Plastics Limited which up to 17 October 2024, was the ultimate parent company incorporated in England and Wales, the registered office is Unit 53 Clywedog Road south, Wrexham Industrial Estate, Wrexham, LL13 9XS. |
The Company is controlled by A W Bestall through his shareholding in Silvergate Plastics Limited. |
From 18 October 2024 the Company' Ultimate controlling party is Prisma Colour Limited (No. 02658661) whose registered office is at Unit B, Thornsett Trading Estate, Birch Vale, High Peak SK22 1AH (Buyer). |