REGISTERED NUMBER: SC059993 (Scotland)

Financial Statements For The Year Ended 31 May 2025

for

North Sea Plastics Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

D M Tullis

G Q Monje

REGISTERED OFFICE:

Unit 2

5 Campsie Road

Kirkintilloch

G66 1SL

REGISTERED NUMBER:

SC059993 (Scotland)

ACCOUNTANTS:

Robb Ferguson Chartered Accountants

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

41,739

297,713

CURRENT ASSETS

Stocks

306,740

415,667

Debtors

445,392

513,970

Cash at bank and in hand

664,701

419,298

1,416,833

1,348,935

CREDITORS

Amounts falling due within one year

486,346

712,336

NET CURRENT ASSETS

930,487

636,599

TOTAL ASSETS LESS CURRENT LIABILITIES

972,226

934,312

CREDITORS

Amounts falling due after more than one year

(5,000

)

(48,766

)

PROVISIONS FOR LIABILITIES

(10,052

)

(16,679

)

NET ASSETS

957,174

868,867

CAPITAL AND RESERVES

Called up share capital

750

750

Revaluation reserve

-

36,659

Capital redemption reserve

750

750

Retained earnings

955,674

830,708

SHAREHOLDERS' FUNDS

957,174

868,867

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 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.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 May 2025 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

D M Tullis - Director

1.	STATUTORY INFORMATION

North Sea Plastics Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

Freehold property

-

2% on valuation

Plant & machinery

-

50% on cost, 33.33% on cost and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% 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 non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in statement of comprehensive income. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the statement of comprehensive income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, 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 statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 the statement of comprehensive income in the period to which they relate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2024 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST OR VALUATION

At 1 June 2024

605,723

Additions

4,063

Disposals

(309,465

)

At 31 May 2025

300,321

DEPRECIATION

At 1 June 2024

308,010

Charge for year

24,396

Eliminated on disposal

(73,824

)

At 31 May 2025

258,582

NET BOOK VALUE

At 31 May 2025

41,739

At 31 May 2024

297,713

Cost or valuation at 31 May 2025 is represented by:

Totals

£

Cost

300,321

If the property had not been revalued it would have been included at the following historical cost:

2025

2024

£

£

Cost

312,171

312,171

Aggregate depreciation

170,425

166,002

The property was valued on an open market basis on 24 September 2014 by D M Hall .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST OR VALUATION

At 1 June 2024

91,055

Disposals

(24,465

)

At 31 May 2025

66,590

DEPRECIATION

At 1 June 2024

37,374

Charge for year

12,374

Eliminated on disposal

(12,811

)

At 31 May 2025

36,937

NET BOOK VALUE

At 31 May 2025

29,653

At 31 May 2024

53,681

5.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

31,931

17,507

Between one and five years

-

33,766

31,931

51,273

Non-cancellable

operating leases

2025

2024

£

£

Within one year

40,502

6,019

Between one and five years

148,333

501

188,835

6,520

6.	SECURED DEBTS

The National Westminster Bank Plc hold a floating charge over the undertaking, assets and rights owned now or in the future of the company.

7.	RELATED PARTY DISCLOSURES

During the year, the company made purchases of £10,000 (2024: £nil) from North Sea Plastics (Holdings) Limited, a company under control of a common director. As at year end, a balance of £10,000 (2024: £85,500) was due to North Sea Plastics (Holdings) Limited.

8.	ULTIMATE CONTROLLING PARTY

The company is under the control of Gabriel Quero Monje by virtue of shareholdings in Tectrain Soluciones Técnicas, S.L., a company registered in Spain which in turn controls Agruquero Thermoplastics, S.L., the North Sea Plastics Limited immediate parent.