REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
BEC Plastics Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
BEC Plastics Limited |
BEC Plastics Limited (Registered number: SC312673) |
Contents of the Financial Statements |
for the Year Ended 30 September 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BEC Plastics Limited |
Company Information |
for the Year Ended 30 September 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
76 Dumbarton Road |
Clydebank |
Glasgow |
G81 1UG |
BEC Plastics Limited (Registered number: SC312673) |
Balance Sheet |
30 September 2024 |
30.9.24 | 30.9.23 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investments | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
BEC Plastics Limited (Registered number: SC312673) |
Balance Sheet - continued |
30 September 2024 |
The financial statements were approved by the director and authorised for issue on |
BEC Plastics Limited (Registered number: SC312673) |
Notes to the Financial Statements |
for the Year Ended 30 September 2024 |
1. | STATUTORY INFORMATION |
BEC Plastics Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements and estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
Changes to estimates and underlying assumptions are recognised in the period in which the estimate is revised, where the revision affects only that period, or in the period of the revision and future periods, where the revision affects both current and future periods. |
The directors are of the opinion that there are no matters of significant judgements, estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes a party to the contractual provisions of the financial instrument. The Company holds basic financial instruments which comprise cash and cash equivalents, trade and other debtors, trade and other creditors and |
loans from banks and other related parties. |
Cash and cash equivalents comprise cash in hand and deposits held with banks. |
Trade and other debtors are initially recognised at the transaction cost, less any provision for impairment. At the end of each reporting year, the company assesses whether there is objective evidence that any asset may be impaired. A provision for impairment is established when there is objective evidence that the Company will not be able to collect all the amounts due according to the original terms of the financial assets. the amount of the provision is recognised immediately in the statement of income and retained earnings. |
Trade and other creditors are measured initially at the transaction price including any transaction costs. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. |
Bank loans are recognised at the fixed amount to be repaid. |
BEC Plastics Limited (Registered number: SC312673) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2023 |
and 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
BEC Plastics Limited (Registered number: SC312673) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 30 September 2024 is represented by: |
£ |
Valuation in 2020 | 25,524 |
Valuation in 2022 | 130,000 |
Cost | 244,476 |
400,000 |
If had not been revalued would have been included at the following historical cost: |
30.9.24 | 30.9.23 |
£ | £ |
Cost | 244,476 | 244,476 |
The investment properties were valued on a fair value basis on 8 August 2022 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Amounts owed by group undertakings |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.24 | 30.9.23 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.24 | 30.9.23 |
£ | £ |
The Royal Bank of Scotland Plc hold a Standard Security over 'All and Whole the Subjects known as 16, 17, 18, 19 and 20 Lenziemill Road, Cumbernauld, Glasgow G67 2RL - and a floating charge covering all the property or undertaking of the company. |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 October 2023 |
and 30 September 2024 |
BEC Plastics Limited (Registered number: SC312673) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2024 |
10. | RELATED PARTY DISCLOSURES |
During the year the company rented premises on a commercial basis to its subsidiary Wardpark Industries Ltd. The rent charged within the year to 30 September 2024 was £54,000 (2023 - £54,000). |
Included in Debtors is a balance due by Wardpark Industries Ltd £341,213. |
Included in Creditors is a balance due to BEC Plastics Holdings Ltd £508,646 (2023 - £208,646). |
Dividends totalling £300,000 were declared in relation to BEC Plastics Holdings Ltd. |
At 30 September 2024, Mr C McKinnon was also a director of Wardpark Industries Ltd, BEC Plastics Holdings Ltd and BEC industries Ltd. |
11. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of BEC Industries Ltd which is controlled by Colin McKinnon. |