Registration number:
AC Plastics Limited
for the Year Ended 31 December 2024
AC Plastics Limited
Contents
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Statement of Financial Position |
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Notes to the Financial Statements |
AC Plastics Limited
(Registration number: 02164843)
Statement of Financial Position as at 31 December 2024
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2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Capital redemption reserve |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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AC Plastics Limited
(Registration number: 02164843)
Statement of Financial Position as at 31 December 2024
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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AC Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is £ sterling.
Going concern
At the balance sheet date, the company's current liabilities exceeded its current assets. The company has a good working relationship with its creditors and received assurances from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements.
On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. However, should the financial support mentioned above be ot forthcoming the going concern used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
It is probable that future economic benefits will flow to the entity;
And specific criteria have been met for each of the company's activities.
AC Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Foreign currency transactions and balances
Tax
The tax credit for the year comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Land and buildings were previously shown at fair value, based on valuations by external independent valuers, performed on a regular basis. The latest valuation is now regarded as the deemed cost.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
4 to 8 years |
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Freehold property |
30 years |
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Leasehold improvements |
9 to10 years |
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Motor vehicles |
Over 4 years |
AC Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under hire purchase agreements are recognised at the lower of their fair value at inception of the agreement and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a hire purchase obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
AC Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Land and buildings |
Leasehold improvements |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £475,019 (2023 - £429,548) in respect of freehold land and buildings.
AC Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Revaluation
The fair value of the company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the gross cost would have been £
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Stocks |
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Raw materials and consumables |
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Finished goods and goods for resale |
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Debtors |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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All debtors are due within one year.
AC Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Non-current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Current loans and borrowings
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2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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Other borrowings |
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Hire purchase agreements are secured on the assets to which they relate. Bank loans are secured by a charge over the company's property and assets. Interest is charged at bank base rate plus a margin.
Balances advanced under invoice discounting are secured on book debts.
AC Plastics Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
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Parent and ultimate parent undertaking |
The company's immediate parent is