57 60 AC Plastics Limited 02164843 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is that of plastic injection moulding Digita Accounts Production Advanced 6.30.9574.0 true true true true 02164843 2024-01-01 2024-12-31 02164843 2024-12-31 02164843 core:CapitalRedemptionReserve 2024-12-31 02164843 core:RetainedEarningsAccumulatedLosses 2024-12-31 02164843 core:RevaluationReserve 2024-12-31 02164843 core:ShareCapital 2024-12-31 02164843 core:SharePremium 2024-12-31 02164843 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 02164843 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-12-31 02164843 core:CurrentFinancialInstruments 2024-12-31 02164843 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 02164843 core:Non-currentFinancialInstruments 2024-12-31 02164843 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 02164843 core:ConstructionInProgressAssetsUnderConstruction 2024-12-31 02164843 core:LandBuildings 2024-12-31 02164843 core:LandBuildings core:OwnedOrFreeholdAssets 2024-12-31 02164843 core:MotorVehicles 2024-12-31 02164843 core:PlantMachinery 2024-12-31 02164843 bus:SmallEntities 2024-01-01 2024-12-31 02164843 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 02164843 bus:FilletedAccounts 2024-01-01 2024-12-31 02164843 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 02164843 bus:RegisteredOffice 2024-01-01 2024-12-31 02164843 bus:Director8 2024-01-01 2024-12-31 02164843 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 02164843 core:Buildings 2024-01-01 2024-12-31 02164843 core:ConstructionInProgressAssetsUnderConstruction 2024-01-01 2024-12-31 02164843 core:LandBuildings 2024-01-01 2024-12-31 02164843 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 02164843 core:LeaseholdImprovements 2024-01-01 2024-12-31 02164843 core:MotorVehicles 2024-01-01 2024-12-31 02164843 core:PlantMachinery 2024-01-01 2024-12-31 02164843 1 2024-01-01 2024-12-31 02164843 countries:England 2024-01-01 2024-12-31 02164843 2023-12-31 02164843 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 02164843 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 02164843 core:MotorVehicles 2023-12-31 02164843 core:PlantMachinery 2023-12-31 02164843 2023-01-01 2023-12-31 02164843 2023-12-31 02164843 core:CapitalRedemptionReserve 2023-12-31 02164843 core:RetainedEarningsAccumulatedLosses 2023-12-31 02164843 core:RevaluationReserve 2023-12-31 02164843 core:ShareCapital 2023-12-31 02164843 core:SharePremium 2023-12-31 02164843 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 02164843 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 02164843 core:CurrentFinancialInstruments 2023-12-31 02164843 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02164843 core:Non-currentFinancialInstruments 2023-12-31 02164843 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 02164843 core:ConstructionInProgressAssetsUnderConstruction 2023-12-31 02164843 core:LandBuildings 2023-12-31 02164843 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 02164843 core:MotorVehicles 2023-12-31 02164843 core:PlantMachinery 2023-12-31 xbrli:pure iso4217:GBP

Registration number: 02164843

AC Plastics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

AC Plastics Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 9

 

AC Plastics Limited

(Registration number: 02164843)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,565,921

1,756,022

Current assets

 

Stocks

5

707,128

614,085

Debtors

6

2,030,815

1,843,562

Cash at bank and in hand

 

36,342

7,244

 

2,774,285

2,464,891

Creditors: Amounts falling due within one year

7

(3,474,944)

(2,799,033)

Net current liabilities

 

(700,659)

(334,142)

Total assets less current liabilities

 

865,262

1,421,880

Creditors: Amounts falling due after more than one year

7

(360,754)

(480,701)

Provisions for liabilities

(75,834)

(124,798)

Net assets

 

428,674

816,381

Capital and reserves

 

Called up share capital

91,686

91,686

Share premium reserve

37,500

37,500

Capital redemption reserve

5,000

5,000

Revaluation reserve

150,332

150,332

Retained earnings

144,156

531,863

Shareholders' funds

 

428,674

816,381

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 8 August 2025 and signed on its behalf by:
 

.........................................
Mr L P Thomalla
Director

   
     
 

AC Plastics Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Huyton Industrial Estate
Wilson Road
Huyton
Liverpool
L36 6AN
United Kingdom

These financial statements were authorised for issue by the Board on 8 August 2025.

2

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

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the income statement.

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:

Asset class

Depreciation method and rate

Plant and machinery

4 to 8 years

Freehold property

30 years

Leasehold improvements

9 to10 years

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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 57 (2023 - 60).

 

AC Plastics Limited

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

4

Tangible assets

Land and buildings
£

Leasehold improvements
 £

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

964,267

78,058

3,709,102

83,891

4,835,318

Additions

96,029

-

70,725

-

166,754

At 31 December 2024

1,060,296

78,058

3,779,827

83,891

5,002,072

Depreciation

At 1 January 2024

534,719

59,065

2,459,516

25,996

3,079,296

Charge for the year

50,558

9,204

287,030

10,063

356,855

At 31 December 2024

585,277

68,269

2,746,546

36,059

3,436,151

Carrying amount

At 31 December 2024

475,019

9,789

1,033,281

47,832

1,565,921

At 31 December 2023

429,548

18,993

1,249,586

57,895

1,756,022

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 15 February 2011 by an independent valuer.
This value has been adopted as deemed cost of the assets concerned on transition to FRS 102. The name and qualification of the independent valuer are Petty Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the gross cost would have been £802,135 (2023 - £802,135).

5

Stocks

2024
£

2023
£

Raw materials and consumables

170,998

201,240

Finished goods and goods for resale

536,130

412,845

707,128

614,085

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,654,570

1,467,794

Amounts owed by group undertakings and undertakings in which the company has a participating interest

318,500

318,500

Prepayments

 

57,745

57,268

 

2,030,815

1,843,562

All debtors are due within one year.

 

AC Plastics Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

1,551,120

1,355,315

Trade creditors

 

1,342,141

1,194,302

Taxation and social security

 

266,542

144,067

Accruals and deferred income

 

282,665

76,382

Other creditors

 

32,476

28,967

 

3,474,944

2,799,033

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

360,754

480,701

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

296,250

341,250

Hire purchase contracts

64,504

139,451

360,754

480,701

Current loans and borrowings

2024
£

2023
£

Bank borrowings

45,000

1,216,171

Hire purchase contracts

122,745

139,144

Other borrowings

1,383,375

-

1,551,120

1,355,315

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

9

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 £188,249 (2023 - £291,902).

10

Parent and ultimate parent undertaking

The company's immediate parent is Brabco 1022 Limited, incorporated in England and Wales and with its registered office located at Huyton Industrial Estate, Wilson Road, Huyton, Liverpool, L36 6AN.