| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 MAY 2024 |
| FOR |
| SHERWOOD PLASTIC PRODUCTS LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 MAY 2024 |
| FOR |
| SHERWOOD PLASTIC PRODUCTS LIMITED |
| SHERWOOD PLASTIC PRODUCTS LIMITED (REGISTERED NUMBER: 02822342) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 30 May 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| SHERWOOD PLASTIC PRODUCTS LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 30 May 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 50-52 Aire Street |
| Goole |
| DN14 5QE |
| SHERWOOD PLASTIC PRODUCTS LIMITED (REGISTERED NUMBER: 02822342) |
| BALANCE SHEET |
| 30 May 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET LIABILITIES | ( |
) | ( |
) |
| SHERWOOD PLASTIC PRODUCTS LIMITED (REGISTERED NUMBER: 02822342) |
| BALANCE SHEET - continued |
| 30 May 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 10 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| SHERWOOD PLASTIC PRODUCTS LIMITED (REGISTERED NUMBER: 02822342) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 30 May 2024 |
| 1. | STATUTORY INFORMATION |
| Sherwood Plastic Products Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at 25 Seavy Road, Goole, DN14 6TA. |
| The principal activity of the company is the manufacture and distribution of plastic products. |
| The presentational currency of the financial statements is Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Due to the impact of market conditions, the company is currently in a very difficult trading period. These conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. |
| Turnover |
| Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
| Turnover from the sale of goods is recognised at the point of sale. |
| Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Tangible fixed assets are held under the historical cost model. |
| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
| Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
| SHERWOOD PLASTIC PRODUCTS LIMITED (REGISTERED NUMBER: 02822342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 May 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock is calculated on the first in first out basis. |
| 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 the 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 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 the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. |
| Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| SHERWOOD PLASTIC PRODUCTS LIMITED (REGISTERED NUMBER: 02822342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 May 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 31 May 2023 |
| and 30 May 2024 |
| DEPRECIATION |
| At 31 May 2023 |
| Charge for year |
| At 30 May 2024 |
| NET BOOK VALUE |
| At 30 May 2024 |
| At 30 May 2023 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 31 May 2023 |
| and 30 May 2024 |
| NET BOOK VALUE |
| At 30 May 2024 |
| At 30 May 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| SHERWOOD PLASTIC PRODUCTS LIMITED (REGISTERED NUMBER: 02822342) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 30 May 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| 10. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 31 May 2023 |
| and 30 May 2024 |
| 11. | RELATED PARTY DISCLOSURES |
| Included within other creditors is an amount owed to the director of £253,475 (2023 : £231,869). This loan is interest free and repayable on demand. |