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REGISTERED NUMBER: 12991447 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2024

for

Cygnet Plastics Ltd

Cygnet Plastics Ltd (Registered number: 12991447)






Contents of the Financial Statements
for the Year Ended 30 November 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Cygnet Plastics Ltd

Company Information
for the Year Ended 30 November 2024







DIRECTORS: D Jones
Y Liu





REGISTERED OFFICE: Swan Road
Mochdre Business Park
Mochdre
Colwyn Bay
LL28 5HB





REGISTERED NUMBER: 12991447 (England and Wales)





ACCOUNTANTS: Pritchett & Co
Chartered Accountants and Chartered Tax Advisers
16 Wynnstay Road
Colwyn Bay
Conwy
LL29 8NB

Cygnet Plastics Ltd (Registered number: 12991447)

Balance Sheet
30 November 2024

30/11/24 30/11/23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 181,425 173,395

CURRENT ASSETS
Stocks 136,950 136,950
Debtors 5 245,494 269,297
Prepayments and accrued income 9,593 1,400
Cash at bank and in hand 769 24,529
392,806 432,176
CREDITORS
Amounts falling due within one year 6 813,991 675,900
NET CURRENT LIABILITIES (421,185 ) (243,724 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(239,760

)

(70,329

)

CREDITORS
Amounts falling due after more than
one year

7

15,155

9,603
NET LIABILITIES (254,915 ) (79,932 )

Cygnet Plastics Ltd (Registered number: 12991447)

Balance Sheet - continued
30 November 2024

30/11/24 30/11/23
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (255,015 ) (80,032 )
SHAREHOLDERS' FUNDS (254,915 ) (79,932 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 11 August 2025 and were signed on its behalf by:





Y Liu - Director


Cygnet Plastics Ltd (Registered number: 12991447)

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

1. STATUTORY INFORMATION

Cygnet Plastics Ltd 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis on the assumption of the continued support of the companies bank and shareholders.

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.
Plant and machinery etc - 15% on reducing balance and 10% on reducing balance

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

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.


Cygnet Plastics Ltd (Registered number: 12991447)

Notes to the Financial Statements - continued
for the Year Ended 30 November 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 22 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 December 2023 248,589
Additions 31,642
At 30 November 2024 280,231
DEPRECIATION
At 1 December 2023 75,194
Charge for year 23,612
At 30 November 2024 98,806
NET BOOK VALUE
At 30 November 2024 181,425
At 30 November 2023 173,395

Cygnet Plastics Ltd (Registered number: 12991447)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/24 30/11/23
£    £   
Trade debtors 183,650 196,802
Other debtors 61,844 72,495
245,494 269,297

Trade debtors are subject to a floating charge covering advances made from time to time by a debenture holder. At 30 November 2024, there were advances outstanding of £143,102 (2023: £153,987).

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/24 30/11/23
£    £   
Bank loans and overdrafts 11,261 -
Hire purchase contracts 10,561 31,160
Trade creditors 67,376 84,119
Taxation and social security 72,222 50,828
Other creditors 652,571 509,793
813,991 675,900

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30/11/24 30/11/23
£    £   
Hire purchase contracts 15,155 9,603

8. SECURED DEBTS

The following secured debts are included within creditors:

30/11/24 30/11/23
£    £   
Hire purchase contracts 25,716 40,763

Cygnet Plastics Ltd (Registered number: 12991447)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/11/24 30/11/23
value: £    £   
100 Ordinary 1 100 100

10. RELATED PARTY DISCLOSURES

Included in Other Creditors, is an amount of £493,260 (2023: £346,522) owed to Mr Y Liu.