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Registration number: 01072569

Sun Plastics Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Sun Plastics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Sun Plastics Limited

Company Information

Director

Mr Kevin Wells

Registered office

Unit 10C Boyton Hall Farm
Roxwell
Chelmsford
Essex
CM1 4LN

Accountants

ESSEX & EAST LONDON ACCOUNTANTS LIMITED Suite G04 1 Quality Court
Chancery Lane
London
WC2A 1HR

 

Sun Plastics Limited

(Registration number: 01072569)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,039

4,304

Current assets

 

Stocks

5

55,872

62,017

Debtors

6

110,289

114,550

Cash at bank and in hand

 

43,320

70,734

 

209,481

247,301

Creditors: Amounts falling due within one year

7

(169,315)

(195,155)

Net current assets

 

40,166

52,146

Total assets less current liabilities

 

47,205

56,450

Creditors: Amounts falling due after more than one year

7

(26,332)

(31,817)

Provisions for liabilities

(7,730)

(6,918)

Net assets

 

13,143

17,715

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

13,043

17,615

Shareholders' funds

 

13,143

17,715

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 August 2025
 

 

Sun Plastics Limited

(Registration number: 01072569)
Balance Sheet as at 30 November 2024

.........................................
Mr Kevin Wells
Director

 

Sun Plastics Limited

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

1

General information

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

The address of its registered office is:
Unit 10C Boyton Hall Farm
Roxwell
Chelmsford
Essex
CM1 4LN
England

These financial statements were authorised for issue by the director on 27 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tax

The tax expense for the period comprises current 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.

 

Sun Plastics Limited

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

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 balance sheet 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.

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

20% on cost

Furniture and fittings

10% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Sun Plastics Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Sun Plastics Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2023

2,677

16,518

19,195

Additions

4,350

-

4,350

At 30 November 2024

7,027

16,518

23,545

Depreciation

At 1 December 2023

2,677

12,214

14,891

Charge for the year

145

1,470

1,615

At 30 November 2024

2,822

13,684

16,506

Carrying amount

At 30 November 2024

4,205

2,834

7,039

At 30 November 2023

-

4,304

4,304

5

Stocks

2024
£

2023
£

Other inventories

55,872

62,017

6

Debtors

Current

2024
£

2023
£

Trade debtors

109,064

105,901

Prepayments

1,225

1,218

Other debtors

-

7,431

 

110,289

114,550

7

Creditors

Creditors: amounts falling due within one year

 

Sun Plastics Limited

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

7,086

5,352

Trade creditors

 

115,215

128,508

Taxation and social security

 

16,066

31,914

Accruals and deferred income

 

4,452

-

Other creditors

 

26,496

29,381

 

169,315

195,155

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

26,332

31,817

8

Share capital

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

26,332

31,817

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,486

5,352

Bank overdrafts

1,600

-

7,086

5,352