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REGISTERED NUMBER: SC036982 (Scotland)











Unaudited Financial Statements

for the Year Ended 30 November 2024

for

ICL Plastics Limited

ICL Plastics Limited (Registered number: SC036982)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


ICL Plastics Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: C H Downie
J Downie
N Downie





REGISTERED OFFICE: 1 Wellington Road
Bishopbriggs
Glasgow
G64 2SA





REGISTERED NUMBER: SC036982 (Scotland)





ACCOUNTANTS: Wallace and Company C.A.
10 Clydesdale Street
Hamilton
Strathclyde
ML3 0DP

ICL Plastics Limited (Registered number: SC036982)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 650,326 667,787
Investments 6 59,500 59,500
709,826 727,287

CURRENT ASSETS
Debtors 7 516,685 481,175
Cash at bank and in hand 1,148,494 891,105
1,665,179 1,372,280
CREDITORS
Amounts falling due within one year 8 474,194 219,329
NET CURRENT ASSETS 1,190,985 1,152,951
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,900,811

1,880,238

CAPITAL AND RESERVES
Called up share capital 9 8,825 8,825
Retained earnings 1,891,986 1,871,413
SHAREHOLDERS' FUNDS 1,900,811 1,880,238

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2025 and were signed on its behalf by:



N Downie - Director


ICL Plastics Limited (Registered number: SC036982)

Notes to the Financial Statements
for the Year Ended 30 November 2024

1. STATUTORY INFORMATION

ICL Plastics Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about ICL Plastics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of sales tax, trade discounts and customer returns. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching 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.
Land and buildings - not provided
Plant and machinery etc - 20% on cost

Land and buildings comprise property used by the group in the production or supply of goods and services or for administrative purposes. The directors are of the opinion that the historical costs are representative of the fair value of these properties.

ICL Plastics Limited (Registered number: SC036982)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities; including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

ICL Plastics Limited (Registered number: SC036982)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 9 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 December 2023 567,413 484,465 1,051,878
Additions - 22,115 22,115
Disposals - (64,707 ) (64,707 )
At 30 November 2024 567,413 441,873 1,009,286
DEPRECIATION
At 1 December 2023 - 384,091 384,091
Charge for year - 39,576 39,576
Eliminated on disposal - (64,707 ) (64,707 )
At 30 November 2024 - 358,960 358,960
NET BOOK VALUE
At 30 November 2024 567,413 82,913 650,326
At 30 November 2023 567,413 100,374 667,787

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 December 2023
and 30 November 2024 59,500
NET BOOK VALUE
At 30 November 2024 59,500
At 30 November 2023 59,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 357,129 302,918
Other debtors 159,556 178,257
516,685 481,175

ICL Plastics Limited (Registered number: SC036982)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 173,091 27,623
Amounts owed to group undertakings 151,867 71,949
Taxation and social security 19,170 61,616
Other creditors 130,066 58,141
474,194 219,329

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
35,300 Ordinary 25p 8,825 8,825

10. CONTROL RELATIONSHIPS

The company is under the control of C.H. Downie who owns 68% of the issued share capital.