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REGISTERED NUMBER: 05849623 (England and Wales)















LMC PLASTICS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024






LMC PLASTICS LIMITED (REGISTERED NUMBER: 05849623)






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 to 9


LMC PLASTICS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: David Raymond Merrick
Samantha Jane Merrick



SECRETARY: Samantha Jane Merrick



REGISTERED OFFICE: 9-11 Lower Road Trading Estate
Ledbury
Herefordshire
HR8 2DJ



REGISTERED NUMBER: 05849623 (England and Wales)



AUDITORS: Azets Audit Services
Chartered Accountants
Statutory Auditor
Titanium 1
King's Inch Place
Renfrew
PA4 8WF



BANKERS: HSBC plc
35 High Town
Hereford
HR1 2AQ

LMC PLASTICS LIMITED (REGISTERED NUMBER: 05849623)

BALANCE SHEET
31 DECEMBER 2024

31/12/24 31/12/23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,990,338 2,680,935

CURRENT ASSETS
Stocks 5 598,335 523,575
Debtors 6 404,376 797,460
Cash at bank and in hand 96,240 39,913
1,098,951 1,360,948
CREDITORS
Amounts falling due within one year 7 4,367,825 3,145,347
NET CURRENT LIABILITIES (3,268,874 ) (1,784,399 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(278,536

)

896,536

CREDITORS
Amounts falling due after more than one
year

8

(303,505

)

(962,386

)

PROVISIONS FOR LIABILITIES 10 (541,177 ) (441,971 )
NET LIABILITIES (1,123,218 ) (507,821 )

CAPITAL AND RESERVES
Called up share capital 50,100 50,100
Other reserves 19,563 19,563
Revaluation reserve 11 85,887 153,297
Retained earnings (1,278,768 ) (730,781 )
SHAREHOLDERS' FUNDS (1,123,218 ) (507,821 )

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:





David Raymond Merrick - Director


LMC PLASTICS LIMITED (REGISTERED NUMBER: 05849623)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

LMC Plastics Limited is a private company, limited by shares, registered in England and Wales. The company’s registered number is 05849623 and registered office address is 9-11 Lower Road Trading Estate, Ledbury, Herefordshire, HR8 2DJ.

The nature of the company's operations and its principal activities are that of the manufacture of extruded plastic products.

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 as modified by the revaluation of certain assets.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern
The directors have satisfied themselves that the loan received from group undertakings will remain in place for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Consideration is given to the point at which the Company is entitled to receive the income, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from the provision of services is recognised in the period in which the services are provided when all of the following conditions are satisfied:

• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due;
• the costs incurred can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Integral Features - 4% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Office Equipment - 20% on cost

Plant is carried at fair value and as such no depreciation is charged.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

LMC PLASTICS LIMITED (REGISTERED NUMBER: 05849623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

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

Stock at any stage of production is valued at its raw material component value only. Stock which is not bought for resale is valued at cost subject to a reduction for any obsolete or damaged goods.

Financial instruments
The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues' of FRS 102 to all of its 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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
Basic financial liabilities, including creditors, 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.


LMC PLASTICS LIMITED (REGISTERED NUMBER: 05849623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued
Taxation
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed.

Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

With the exception of changes arising on the initial recognition of a business combination, the tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income).

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Deferred tax assets and deferred tax liabilities are offset only if the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

LMC PLASTICS LIMITED (REGISTERED NUMBER: 05849623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

2. ACCOUNTING POLICIES - continued

Impairment of assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

Non-financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Financial assets
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Rental income
Rental income is included in the profit and loss account in the period in which it is receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2023 - 44 ) .

LMC PLASTICS LIMITED (REGISTERED NUMBER: 05849623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS
Integral Plant and
Plant Features machinery
£    £    £   
COST OR VALUATION
At 1 January 2024 192,008 300,837 2,600,713
Additions - 25,580 840,544
Disposals - - -
Revaluations (67,410 ) - -
At 31 December 2024 124,598 326,417 3,441,257
DEPRECIATION
At 1 January 2024 - 88,316 362,674
Charge for year - 11,795 447,465
Eliminated on disposal - - -
At 31 December 2024 - 100,111 810,139
NET BOOK VALUE
At 31 December 2024 124,598 226,306 2,631,118
At 31 December 2023 192,008 212,521 2,238,039

Fixtures
and Motor Office
fittings vehicles Equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 35,080 40,700 25,921 3,195,259
Additions - - 3,980 870,104
Disposals - (39,200 ) - (39,200 )
Revaluations - - - (67,410 )
At 31 December 2024 35,080 1,500 29,901 3,958,753
DEPRECIATION
At 1 January 2024 35,080 9,336 18,918 514,324
Charge for year - 1,305 2,667 463,232
Eliminated on disposal - (9,141 ) - (9,141 )
At 31 December 2024 35,080 1,500 21,585 968,415
NET BOOK VALUE
At 31 December 2024 - - 8,316 2,990,338
At 31 December 2023 - 31,364 7,003 2,680,935

LMC PLASTICS LIMITED (REGISTERED NUMBER: 05849623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2024 is represented by:

Integral Plant and
Plant Features machinery
£    £    £   
Valuation in 2023 192,008 300,837 2,600,713
Valuation in 2024 (67,410 ) 25,580 840,544
124,598 326,417 3,441,257

Fixtures
and Motor Office
fittings vehicles Equipment Totals
£    £    £    £   
Valuation in 2023 35,080 40,700 25,921 3,195,259
Valuation in 2024 - (39,200 ) 3,980 763,494
35,080 1,500 29,901 3,958,753

The net book value of tangible fixed assets includes £1,576,829 (2023 - £1,796,745) in respect of assets held under hire purchase contracts.

5. STOCKS
31/12/24 31/12/23
£    £   
Finished goods 598,335 523,575

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Trade debtors 351,905 379,152
Other debtors - 306,802
Prepayments 52,471 111,506
404,376 797,460

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Hire purchase contracts 608,918 562,875
Trade creditors 414,932 337,247
Amounts owed to group undertakings 3,019,814 2,085,024
Social security and other taxes 21,862 19,029
Value added tax 36,746 49,747
Other creditors 186,341 3,627
Accrued expenses 79,212 87,798
4,367,825 3,145,347

LMC PLASTICS LIMITED (REGISTERED NUMBER: 05849623)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/24 31/12/23
£    £   
Hire purchase contracts 303,505 962,386

9. SECURED DEBTS

The following secured debts are included within creditors:

31/12/24 31/12/23
£    £   
Hire purchase contracts 912,423 1,525,261

The hire purchase and lease creditors are secured over the assets which they relate.

10. PROVISIONS FOR LIABILITIES
31/12/24 31/12/23
£    £   
Deferred tax 541,177 441,971

Deferred
tax
£   
Balance at 1 January 2024 441,971
Originating and reversal of
timing differences 99,206
Balance at 31 December 2024 541,177

11. RESERVES
Revaluation
reserve
£   
At 1 January 2024 153,297
Revaluation of plant (67,410 )

At 31 December 2024 85,887

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

The Report of the Auditors was unqualified.

Alex Webb BAcc FCCA (Senior Statutory Auditor)
for and on behalf of Azets Audit Services

13. ULTIMATE CONTROLLING PARTY

The ultimate controlling party by virtue of his shareholding in Linthwaite Topco Limited is D R Merrick.