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REGISTERED NUMBER: 04452705 (England and Wales)















Financial Statements for the Year Ended 31 December 2024

for

Plastic Coatings Limited

Plastic Coatings Limited (Registered number: 04452705)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Plastic Coatings Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: C R Allison
D J Sargeant
J M Stoke



REGISTERED OFFICE: Ham Lane
Kingswinford
West Midlands
DY6 7JY



REGISTERED NUMBER: 04452705 (England and Wales)



SENIOR STATUTORY AUDITOR: Matthew Baker FCA



AUDITORS: Haines Watts Wolverhampton Limited
Statutory Auditors
Keepers Lane
The Wergs
Wolverhampton
West Midlands
WV6 8UA

Plastic Coatings Limited (Registered number: 04452705)

Balance Sheet
31 December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,874,703 2,058,271

CURRENT ASSETS
Stocks 392,730 422,025
Debtors 5 1,390,536 1,205,727
Cash at bank and in hand 204,610 210,579
1,987,876 1,838,331
CREDITORS
Amounts falling due within one year 6 1,391,350 1,016,007
NET CURRENT ASSETS 596,526 822,324
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,471,229

2,880,595

CREDITORS
Amounts falling due after more than one
year

7

(1,169,528

)

(1,320,350

)

PROVISIONS FOR LIABILITIES 10 (123,880 ) (164,651 )
NET ASSETS 1,177,821 1,395,594

CAPITAL AND RESERVES
Called up share capital 915 915
Share premium 11 113,464 113,464
Retained earnings 11 1,063,442 1,281,215
1,177,821 1,395,594

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 21 July 2025 and were signed on its behalf by:




D J Sargeant - Director



C R Allison - Director


Plastic Coatings Limited (Registered number: 04452705)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Plastic Coatings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold Property - 50 years
Plant and machinery - 5 - 14 years
Fixtures and fittings - 3 - 15 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and recognised in profit or loss.

Capital projects that are not completed at the year end are capitalised at cost under assets under construction. They are not depreciated. Once the projects are completed, they are moved to the corresponding asset group and depreciated based on the asset groups depreciation policy.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Plastic Coatings Limited (Registered number: 04452705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

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.

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 77 (2023 - 79 ) .

4. TANGIBLE FIXED ASSETS
Assets Fixtures
Freehold under Plant and and
property construction machinery fittings Totals
£    £    £    £    £   
COST
At 1 January 2024 1,832,561 4,125 4,936,823 817,950 7,591,459
Additions - 37,710 33,626 10,892 82,228
Disposals - - (23,525 ) - (23,525 )
At 31 December 2024 1,832,561 41,835 4,946,924 828,842 7,650,162
DEPRECIATION
At 1 January 2024 531,804 - 4,276,964 724,420 5,533,188
Charge for year 38,356 - 179,854 43,249 261,459
Eliminated on disposal - - (19,188 ) - (19,188 )
At 31 December 2024 570,160 - 4,437,630 767,669 5,775,459
NET BOOK VALUE
At 31 December 2024 1,262,401 41,835 509,294 61,173 1,874,703
At 31 December 2023 1,300,757 4,125 659,859 93,530 2,058,271

Plastic Coatings Limited (Registered number: 04452705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,250,823 1,043,635
Amounts owed by group undertakings 1,000 -
Other debtors 138,713 162,092
1,390,536 1,205,727

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 560,737 287,009
Trade creditors 122,362 326,565
Taxation and social security 328,024 205,204
Other creditors 380,227 197,229
1,391,350 1,016,007

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,152,025 1,310,925
Other creditors 17,503 9,425
1,169,528 1,320,350

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 357,525 516,425

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 74,151 83,652
Between one and five years 88,137 162,288
162,288 245,940

Plastic Coatings Limited (Registered number: 04452705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 401,837 128,109
Bank loans 1,310,925 1,469,825
1,712,762 1,597,934

The bank loan and overdraft are secured against the premises in which the business operates.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 123,880 164,651

Deferred
tax
£   
Balance at 1 January 2024 164,651
Released during the year (40,771 )
Balance at 31 December 2024 123,880

11. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2024 1,281,215 113,464 1,394,679
Profit for the year 432,227 - 432,227
Dividends (650,000 ) - (650,000 )
At 31 December 2024 1,063,442 113,464 1,176,906

The dividends were paid to Plastic Coatings EOT Limited in order to meet their commitments in relation to deferred consideration following the purchase of Plastic Coatings Limited shares.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Matthew Baker FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Wolverhampton Limited

13. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £21,921 (2023 - £21,424) were payable to the fund at the balance sheet date.

Plastic Coatings Limited (Registered number: 04452705)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

14. ULTIMATE CONTROLLING PARTY

The controlling party is Plastic Coatings Eot Limited.