Rim Plastics Technology Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02073596

Rim Plastics Technology Limited

Filleted Unaudited Financial Statements

31 December 2024

Rim Plastics Technology Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Rim Plastics Technology Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Tangible assets	5	523,619	540,247
Investments	6	81,177	91,772
		---------	---------
		604,796	632,019

Current assets

Stocks		747,103	752,698
Debtors	7	893,114	1,190,589
Cash at bank and in hand		1,023,692	1,381,344
		------------	------------
		2,663,909	3,324,631

Creditors: amounts falling due within one year	8	636,804		798,623
		------------		------------
Net current assets			2,027,105		2,526,008
			------------		------------
Total assets less current liabilities			2,631,901		3,158,027

Provisions

Taxation including deferred tax	132,265	135,761
	------------	------------
Net assets	2,499,636	3,022,266
	------------	------------

Capital and reserves

Called up share capital	9	860	860
Capital redemption reserve		11,540	11,540
Profit and loss account		2,487,236	3,009,866
		------------	------------
Shareholders funds		2,499,636	3,022,266
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Rim Plastics Technology Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 17 September 2025 , and are signed on behalf of the board by:

A Hills

Director

Company registration number: 02073596

Rim Plastics Technology Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Wollaston Way, Basildon, Essex, SS13 1DJ. The ultimate holding company is Hills & Whyte Properties Limited (formerly known as Rim Plastic Holdings Limited). The holding company is incorporated in England and Wales with the same registered address.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are 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. Deferred tax is measured 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures, Fittings, Tools and Equipment	-	15% reducing balance
Plant and Equipment	-	20% reducing balance

Investments

Listed investments are measured at fair value with changes in fair value being recognised in the statement on comprehensive income.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

The company operates defined contribution pension schemes for employees in accordance with legislation. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 65 (2023: 81 ).

5. Tangible assets

	Fixtures, Fittings, Tools and Equipment	Plant and Equipment	Total
	£	£	£
Cost
At 1 January 2024	175,516	2,884,309	3,059,825
Additions	–	93,503	93,503
Disposals	–	( 18,000)	( 18,000)
	---------	------------	------------
At 31 December 2024	175,516	2,959,812	3,135,328
	---------	------------	------------
Depreciation
At 1 January 2024	145,098	2,374,480	2,519,578
Charge for the year	4,563	103,122	107,685
Disposals	–	( 15,554)	( 15,554)
	---------	------------	------------
At 31 December 2024	149,661	2,462,048	2,611,709
	---------	------------	------------
Carrying amount
At 31 December 2024	25,855	497,764	523,619
	---------	------------	------------
At 31 December 2023	30,418	509,829	540,247
	---------	------------	------------

6. Investments

	Listed Investments
	£
Market Value
At 1 January 2024	91,772
Revaluations	( 10,595)
	--------
At 31 December 2024	81,177
	--------
Impairment
At 1 January 2024 and 31 December 2024	–
	--------

Carrying amount
At 31 December 2024	81,177
	--------
At 31 December 2023	91,772
	--------

7. Debtors

	2024	2023
	£	£
Trade debtors	782,193	1,074,916
Prepayments and accrued income	109,921	112,511
Other debtors	1,000	3,162
	---------	------------
	893,114	1,190,589
	---------	------------

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£
Other debtors	1,000	1,000
	-------	-------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	–	3,618
Trade creditors	380,577	364,617
Amounts owed to group undertakings	2,370	–
Accruals and deferred income	22,023	43,523
Corporation tax	104,225	208,915
Social security and other taxes	127,609	177,950
	---------	---------
	636,804	798,623
	---------	---------

9. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
B Ordinary shares of £ 0.50 each	952	476	952	476
C Ordinary shares of £ 0.50 each	768	384	768	384
	-------	----	-------	----
	1,720	860	1,720	860
	-------	----	-------	----

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
	£	£
Not later than 1 year	266,043	253,905
Later than 1 year and not later than 5 years	951,596	930,258
Later than 5 years	281,250	506,250
	------------	------------
	1,498,889	1,690,413
	------------	------------

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Other related parties	( 261,000)	( 312,000)	( 136,470)	( 95,540)
	---------	---------	---------	--------

The Company has taken advantage of exemption, offered by FRS 102 (Related Party Disclosures) whereby transactions with other wholly-owned group companies are not disclosed in the financial statements.

12. Controlling party

The ultimate controlling party is Rim Plastics Holding Limited, a company registered in England. The registered office of Rim Plastics Holding Limited is 1 Wollaston Way, Basildon, Essex, United Kingdom, SS1 1DJ.