Registered number
10206963
Engineered Plastic Solutions Limited
Report and Accounts
31 March 2025
Engineered Plastic Solutions Limited
Registered number: 10206963
Balance Sheet
as at 31 March 2025
31st March 31st March
Notes 2025 2024
Fixed assets £ £
Tangible assets 3 57,992 74,851
Current assets
Stocks 34,752 44,383
Debtors 4 168,267 157,862
Cash at bank and in hand 590,748 548,907
793,767 751,152
Creditors: amounts falling due within one year 5 (143,835) (173,639)
Net current assets 649,932 577,513
Total assets less current liabilities 707,924 652,364
Creditors: amounts falling due after more than one year 6 (8,248) (17,246)
Provisions for liabilities 7 (14,498) (18,704)
Net assets 685,178 616,414
Capital and reserves
Called up share capital 4 4
Profit and loss account 685,174 616,410
Shareholder's funds 685,178 616,414
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs M McDonagh
Director
Approved by the board on 23 May 2025
Engineered Plastic Solutions Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Current and deferred tax liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
31st March 31st March
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 April 2024 5,481 101,015 106,496
Additions 665 - 665
Disposals - (15,595) (15,595)
At 31 March 2025 6,146 85,420 91,566
Depreciation
At 1 April 2024 3,913 27,732 31,645
Charge for the year 539 14,511 15,050
On disposals - (13,121) (13,121)
At 31 March 2025 4,452 29,122 33,574
Net book value
At 31 March 2025 1,694 56,298 57,992
At 31 March 2024 1,568 73,283 74,851
31st March 31st March
4 Debtors 2025 2024
£ £
Trade debtors 168,267 157,862
31st March 31st March
5 Creditors: amounts falling due within one year 2025 2024
£ £
Obligations under finance lease and hire purchase contracts 9,000 9,000
Trade creditors 63,427 66,200
Other taxation and social security costs 67,618 95,084
Accrued expenses 1,550 1,515
Director's loan account 2,240 1,840
143,835 173,639
6 Creditors: amounts falling due after more than one year
Obligations under finance lease and hire purchase contracts 8,248 17,246
8,248 17,246
7 Provision for liabilities
Deferred taxation:
Accelerated capital allowances
At 1 April 2024 18,704 12,450
Deferred tax charge in profit and loss account (4,206) 6,254
At 31 March 2025 14,498 18,704
8 Other information
Engineered Plastic Solutions Limited is a private company limited by shares and incorporated in England and Wales. The registered office is:
Unit C5
Hilton Trading Estate
Wolverhampton
WV4 6DW
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