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REGISTERED NUMBER: 02558644 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

PLASTICS PLUS LIMITED

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


PLASTICS PLUS LIMITED

COMPANY INFORMATION
for the Year Ended 31st December 2024







DIRECTORS: S P W White
T John
R R White





SECRETARY: S P W White





REGISTERED OFFICE: Unit 9 Stafford Road
Wolverhampton
WV10 6HH





REGISTERED NUMBER: 02558644 (England and Wales)





AUDITORS: M.T.Manley & Co Limited (Statutory Auditor)
696 Yardley Wood Road
Billesley
Birmingham
West Midlands
B13 0HY

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

STRATEGIC REPORT
for the Year Ended 31st December 2024


The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS
The accounts disclose a pretax profit of £64,495 (2023: £156,499) and total assets of £2,667,161 (2023: £2,645,377).

We entered into Quarter 1 of 2024 with a positive belief that although things would be challenging that we may enjoy more stability.
Unfortunately we again faced rising raw material costs and shortages but with strong partnerships with our manufacturers secured material to service customer demands.
The business strategy remains, focus on added value business returning good GP, whilst securing volume business from a loyal customer base.

Staff retention is good and further investment in new employees remains key to strengthen the team.

Further investment in new machines and vehicles and a rising wage cost will provide us with a good base for 2025, which will again be extremely challenging with the unknown world events we are experiencing.

PRINCIPAL RISKS AND UNCERTAINTIES
The company is subject to market and competitive risks. The markets the company operates within are quite resilient even in a general economic downturn. However the company is always aware that it needs to provide excellent service and competitive pricing to maintain and increase its market share.

The business is dependent upon the skills and performance of its employees and the effectiveness of all employees is subject to careful management.

DEVELOPMENT AND PERFORMANCE
The company's strategic plan is under constant review with the aim of increasing market share at increasing operating margins.

Analysis using Key Performance Indicators

Gross Profit £1,952,471 (2023: £1,873,799)
EBITDA £317,392 (2023: £397,433)
(Earning before interest,taxation,depreciation and exceptional items)

ON BEHALF OF THE BOARD:





S P W White - Director


11th April 2025

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

REPORT OF THE DIRECTORS
for the Year Ended 31st December 2024


The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of stockholders of polycarbonate,extruded and cast acrylic sheeting.

DIVIDENDS
Dividends were paid amounting to £1,000 (2023: £3,000) in the year.The directors do not recommend payment of a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2024 to the date of this report.

S P W White
T John
R R White

Other changes in directors holding office are as follows:

B White deceased - resigned 14th April 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, M.T.Manley & Co Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S P W White - Director


11th April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLASTICS PLUS LIMITED


Opinion
We have audited the financial statements of Plastics Plus Limited (the 'company') for the year ended 31st December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLASTICS PLUS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLASTICS PLUS LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures inline with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are detailed below:

We design our procedures so as to obtain sufficient appropriate audit evidence that the financial statements are not materially misstated due to non-compliance with laws and regulations or due to fraud or error.

We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations - this responsibility lies with management with the oversight of the Directors.

Based on our understanding of the company and industry and discussions with management we identified financial reporting standards and Companies Act 2006 as having a direct effect on the amounts and disclosures in the financial statements.
As part of the engagement team discussion about how and where the company's financial statements may be materially misstated due to fraud, we did not identify any areas with an increased risk of fraud.

Our audit procedures included:
- enquiry of management about the company's policies, procedures and related controls regarding compliance with laws and regulations and if there are any known instances of non-compliance;
- examining supporting documents for all material balances, transactions and disclosures;
- review of the Board of directors minutes;
- enquiry of management and review and inspection of relevant correspondence with any legal firms;
- evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions;
- analytical procedures to identify any unusual or unexpected relationships;
- testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;
- review of accounting estimates for biases;

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK).

The potential effects of inherent limitations are particularly significant in the case of misstatement resulting from fraud because fraud may involve sophisticated and carefully organized schemes designed to conceal it, including deliberate failure to record transactions, collusion or intentional misrepresentations being made to us.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PLASTICS PLUS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Graham Collins (Senior Statutory Auditor)
for and on behalf of M.T.Manley & Co Limited (Statutory Auditor)
696 Yardley Wood Road
Billesley
Birmingham
West Midlands
B13 0HY

11th April 2025

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

INCOME STATEMENT
for the Year Ended 31st December 2024

31/12/24 31/12/23
Notes £    £   

TURNOVER 11,415,750 10,898,343

Cost of sales 9,470,813 9,024,544
GROSS PROFIT 1,944,937 1,873,799

Administrative expenses 1,911,545 1,735,273
OPERATING PROFIT 4 33,392 138,526

Interest receivable and similar income 47,215 30,714
80,607 169,240

Interest payable and similar expenses 5 13,646 12,741
PROFIT BEFORE TAXATION 66,961 156,499

Tax on profit 6 42,365 39,546
PROFIT FOR THE FINANCIAL YEAR 24,596 116,953

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

OTHER COMPREHENSIVE INCOME
for the Year Ended 31st December 2024

31/12/24 31/12/23
Notes £    £   

PROFIT FOR THE YEAR 24,596 116,953


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

24,596

116,953

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

BALANCE SHEET
31st December 2024

31/12/24 31/12/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 458,231 514,469

CURRENT ASSETS
Stocks 9 1,058,138 780,865
Debtors 10 1,582,654 1,901,823
Cash at bank and in hand 2,626,880 2,302,918
5,267,672 4,985,606
CREDITORS
Amounts falling due within one year 11 2,886,595 2,668,276
NET CURRENT ASSETS 2,381,077 2,317,330
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,839,308

2,831,799

CREDITORS
Amounts falling due after more than one year 12 (90,005 ) (119,362 )

PROVISIONS FOR LIABILITIES 14 (80,330 ) (67,060 )
NET ASSETS 2,668,973 2,645,377

CAPITAL AND RESERVES
Called up share capital 15 100,000 100,000
Retained earnings 16 2,568,973 2,545,377
SHAREHOLDERS' FUNDS 2,668,973 2,645,377

The financial statements were approved by the Board of Directors and authorised for issue on 11th April 2025 and were signed on its behalf by:





S P W White - Director


PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31st December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2023 100,000 2,431,424 2,531,424

Changes in equity
Dividends - (3,000 ) (3,000 )
Total comprehensive income - 116,953 116,953
Balance at 31st December 2023 100,000 2,545,377 2,645,377

Changes in equity
Dividends - (1,000 ) (1,000 )
Total comprehensive income - 24,596 24,596
Balance at 31st December 2024 100,000 2,568,973 2,668,973

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

CASH FLOW STATEMENT
for the Year Ended 31st December 2024

31/12/24 31/12/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 557,845 (94,620 )
Interest element of hire purchase payments
paid

(13,646

)

(12,741

)
Tax paid (31,716 ) (46,813 )
Net cash from operating activities 512,483 (154,174 )

Cash flows from investing activities
Purchase of tangible fixed assets (191,818 ) (279,935 )
Sale of tangible fixed assets 13,500 44,249
Interest received 47,215 30,714
Net cash from investing activities (131,103 ) (204,972 )

Cash flows from financing activities
Capital repayments in year (43,205 ) 88,173
Amount introduced/withdrawn by directors (13,213 ) (701 )
Equity dividends paid (1,000 ) (3,000 )
Net cash from financing activities (57,418 ) 84,472

Increase/(decrease) in cash and cash equivalents 323,962 (274,674 )
Cash and cash equivalents at beginning
of year

2

2,302,918

2,577,592

Cash and cash equivalents at end of year 2 2,626,880 2,302,918

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

NOTES TO THE CASH FLOW STATEMENT
for the Year Ended 31st December 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31/12/24 31/12/23
£    £   
Profit before taxation 66,961 156,499
Depreciation charges 240,984 244,317
Profit on disposal of fixed assets (6,429 ) (29,006 )
Finance costs 13,646 12,741
Finance income (47,215 ) (30,714 )
267,947 353,837
(Increase)/decrease in stocks (277,273 ) 322,218
Decrease in trade and other debtors 319,170 22,429
Increase/(decrease) in trade and other creditors 248,001 (793,104 )
Cash generated from operations 557,845 (94,620 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 2,626,880 2,302,918
Year ended 31st December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 2,302,918 2,577,592


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank and in hand 2,302,918 323,962 2,626,880
2,302,918 323,962 2,626,880
Debt
Finance leases (255,507 ) 43,205 (212,302 )
(255,507 ) 43,205 (212,302 )
Total 2,047,411 367,167 2,414,578

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st December 2024


1. STATUTORY INFORMATION

Plastics Plus 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling (£)

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see below)

Judgements in applying accounting policies and estimation uncertainty
The preparation of the financial statements in conformity with generally accepted accounting policies require the directors to make estimates and assumptions that effect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results in the future could differ from those estimates. In this respect, the directors believe that the critical accounting policies where judgements or estimates are necessarily applied are as follows:

Stock
The company hold a significant level of stock. Provision is needed for slow-moving and potential obsolete stock, this by its very nature, requires management to make judgements. These are based on historical experience and on other factor's that are believed to be relevant in the circumstances.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost
Fixtures and fittings - 33% on cost and 15% on cost
Motor vehicles - 25% on cost

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

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in nonconvertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

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.


PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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
31/12/24 31/12/23
£    £   
Wages and salaries 1,697,553 1,621,242
Social security costs 183,479 168,305
Other pension costs 156,890 110,402
2,037,922 1,899,949

The average number of employees during the year was as follows:
31/12/24 31/12/23

Directors 3 4
Office and Management 11 10
Selling and distribution 25 23
39 37

31/12/24 31/12/23
£    £   
Directors' remuneration 542,044 584,143

Information regarding the highest paid director is as follows:
31/12/24 31/12/23
£    £   
Emoluments etc 351,999 340,000

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2024


4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31/12/24 31/12/23
£    £   
Hire of plant and machinery 2,762 4,334
Depreciation - owned assets 77,961 54,166
Depreciation - assets on hire purchase contracts 163,025 190,151
Profit on disposal of fixed assets (6,429 ) (29,006 )
Auditors' remuneration 2,500 2,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31/12/24 31/12/23
£    £   
Hire purchase 13,646 12,741

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31/12/24 31/12/23
£    £   
Current tax:
UK corporation tax 29,095 31,716

Deferred tax 13,270 7,830
Tax on profit 42,365 39,546

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31/12/24 31/12/23
£    £   
Profit before tax 66,961 156,499
Profit multiplied by the standard rate of corporation tax in the UK of
23.474% (2023 - 22.639%)

15,718

35,430

Effects of:
Expenses not deductible for tax purposes 5,952 6,741
Capital allowances in excess of depreciation - (10,455 )
Depreciation in excess of capital allowances 7,425 -
Deferred tax movement 13,270 7,830
Total tax charge 42,365 39,546

7. DIVIDENDS
31/12/24 31/12/23
£    £   
Ordinary A shares of £1 each
Interim 1,000 3,000

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2024


8. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st January 2024 860,748 138,988 758,009 1,757,745
Additions 33,630 - 158,188 191,818
Disposals (34,497 ) - (28,138 ) (62,635 )
At 31st December 2024 859,881 138,988 888,059 1,886,928
DEPRECIATION
At 1st January 2024 617,055 138,988 487,232 1,243,275
Charge for year 98,072 - 142,914 240,986
Eliminated on disposal (34,497 ) - (21,067 ) (55,564 )
At 31st December 2024 680,630 138,988 609,079 1,428,697
NET BOOK VALUE
At 31st December 2024 179,251 - 278,980 458,231
At 31st December 2023 243,693 - 270,777 514,470

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2024 367,913 284,095 652,008
Additions - 117,984 117,984
Transfer to ownership (169,176 ) (109,667 ) (278,843 )
At 31st December 2024 198,737 292,412 491,149
DEPRECIATION
At 1st January 2024 141,617 134,740 276,357
Charge for year 73,948 89,077 163,025
Transfer to ownership (136,070 ) (82,340 ) (218,410 )
At 31st December 2024 79,495 141,477 220,972
NET BOOK VALUE
At 31st December 2024 119,242 150,935 270,177
At 31st December 2023 226,296 149,355 375,651

9. STOCKS
31/12/24 31/12/23
£    £   
Stocks 1,058,138 780,865

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Trade debtors 1,551,913 1,837,185
Prepayments 30,741 64,638
1,582,654 1,901,823

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2024


11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/24 31/12/23
£    £   
Hire purchase contracts (see note 13) 122,297 136,145
Trade creditors 1,268,978 1,317,205
Tax 29,095 31,716
Social security and other taxes 46,259 41,817
VAT 188,385 188,866
Other creditors 9,888 15,502
Directors' current accounts 159,817 173,030
Accrued expenses 1,061,876 763,995
2,886,595 2,668,276

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31/12/24 31/12/23
£    £   
Hire purchase contracts (see note 13) 90,005 119,362

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/24 31/12/23
£    £   
Net obligations repayable:
Within one year 122,297 136,145
Between one and five years 90,005 119,362
212,302 255,507

Non-cancellable operating leases
31/12/24 31/12/23
£    £   
Within one year 229,000 109,900
Between one and five years 497,417 5,404
726,417 115,304

14. PROVISIONS FOR LIABILITIES
31/12/24 31/12/23
£    £   
Deferred tax
Accelerated capital allowances 80,330 67,060

Deferred
tax
£   
Balance at 1st January 2024 67,060
Provided during year 13,270
Balance at 31st December 2024 80,330

PLASTICS PLUS LIMITED (REGISTERED NUMBER: 02558644)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st December 2024


15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/24 31/12/23
value: £    £   
65,000 Ordinary A £1 65,000 65,000
10,000 Ordinary B £1 10,000 10,000
25,000 Ordinary C £1 25,000 25,000
100,000 100,000

The ordinary A shares, ordinary B Shares and ordinary C shares rank pari passu. All classes of shares carry equal voting rights, participate in a winding up of the company and dividends can be paid on one class of share irrespective of the other classes of shares.

16. RESERVES
Retained
earnings
£   

At 1st January 2024 2,545,377
Profit for the year 24,596
Dividends (1,000 )
At 31st December 2024 2,568,973

17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets are held separately from those of the company in an independently administrated fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £227,279 (2023: £110,402).

18. CONTROLLING PARTY

The company's ultimate controlling party is the estate of Mr. B White due to its majority shareholding.

19. TRANSACTIONS WITH DIRECTORS

At the year end the balance due to a director was £159,817 (2023: £173,030)
The loan is interest free,unsecured and has no fixed repayment date.