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REGISTERED NUMBER: 02822342 (England and Wales)















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: B A Johnson
Mrs P Johnson
Mrs S P Hood





SECRETARY: Mrs S P Hood





REGISTERED OFFICE: 25 Seavy Road
Goole
East Yorkshire
DN14 6TA





REGISTERED NUMBER: 02822342 (England and Wales)





ACCOUNTANTS: Sowerby
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 4 321,687 336,206
Investments 5 200 200
321,887 336,406

CURRENT ASSETS
Stocks 35,000 35,000
Debtors 6 59,249 67,257
Cash at bank - 5,302
94,249 107,559
CREDITORS
Amounts falling due within one year 7 460,430 443,762
NET CURRENT LIABILITIES (366,181 ) (336,203 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(44,294

)

203

CREDITORS
Amounts falling due after more than one year 8 68,516 71,325
NET LIABILITIES (112,810 ) (71,122 )

SHERWOOD PLASTIC PRODUCTS LIMITED (REGISTERED NUMBER: 02822342)

BALANCE SHEET - continued
30 May 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Revaluation reserve 10 83,833 83,833
Retained earnings (197,643 ) (155,955 )
SHAREHOLDERS' FUNDS (112,810 ) (71,122 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 May 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2025 and were signed on its behalf by:





B A Johnson - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost and 5% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

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 5 (2023 - 8 ) .

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 318,989 1,019,316 18,991 15,940 1,373,236
DEPRECIATION
At 31 May 2023 81,839 920,551 18,700 15,940 1,037,030
Charge for year 6,380 7,848 291 - 14,519
At 30 May 2024 88,219 928,399 18,991 15,940 1,051,549
NET BOOK VALUE
At 30 May 2024 230,770 90,917 - - 321,687
At 30 May 2023 237,150 98,765 291 - 336,206


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 31 May 2023
and 30 May 2024 200
NET BOOK VALUE
At 30 May 2024 200
At 30 May 2023 200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 55,162 65,122
Other debtors 4,087 2,135
59,249 67,257

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 28,613 48,686
Trade creditors 58,440 42,906
Taxation and social security 40,198 25,891
Other creditors 333,179 326,279
460,430 443,762

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 68,516 71,325

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year - 3,834

10. RESERVES
Revaluation
reserve
£   
At 31 May 2023
and 30 May 2024 83,833

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.