REGISTERED NUMBER: 02252031 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PENFOLD PLASTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P L M Penfold

Mr J M Cockram

Mr. M J Penfold

REGISTERED OFFICE:

Heathgate Farm

Hewish

Weston-super-Mare

Somerset

BS24 6SG

REGISTERED NUMBER:

02252031 (England and Wales)

ACCOUNTANTS:

Lawes & Co

Boyce's Building

40-42 Regent Street

Clifton

Bristol

BS8 4HU

FIXED ASSETS

Tangible assets

4

469,701

531,036

CURRENT ASSETS

Stocks

145,547

288,175

Debtors

5

1,026,951

558,649

Cash at bank and in hand

21,212

125,386

1,193,710

972,210

CREDITORS

Amounts falling due within one year

6

693,645

679,792

NET CURRENT ASSETS

500,065

292,418

TOTAL ASSETS LESS CURRENT LIABILITIES

969,766

823,454

CREDITORS

Amounts falling due after more than one year

7

(87,171

)

(122,701

)

PROVISIONS FOR LIABILITIES

10

(74,488

)

(53,379

)

NET ASSETS

808,107

647,374

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

808,007

647,274

SHAREHOLDERS' FUNDS

808,107

647,374

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 27 September 2025 and were signed on its behalf by:

Mr P L M Penfold - Director

1.	STATUTORY INFORMATION

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

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.

Freehold property

-

2% on cost

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% 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.

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.

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

The average number of employees during the year was 22 (2023 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

164,544

899,889

40,154

291,663

1,396,250

Additions

-

15,848

2,704

-

18,552

At 31 December 2024

164,544

915,737

42,858

291,663

1,414,802

DEPRECIATION

At 1 January 2024

3,839

713,336

27,265

120,774

865,214

Charge for year

3,291

39,650

2,768

34,178

79,887

At 31 December 2024

7,130

752,986

30,033

154,952

945,101

NET BOOK VALUE

At 31 December 2024

157,414

162,751

12,825

136,711

469,701

At 31 December 2023

160,705

186,553

12,889

170,889

531,036

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

1,017,577

548,195

Other debtors

9,374

10,454

1,026,951

558,649

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 8)

34,253

36,889

Trade creditors

145,918

160,752

Taxation and social security

150,812

59,635

Other creditors

362,662

422,516

693,645

679,792

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts (see note 8)

87,171

122,701

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.12.24

31.12.23

£

£

Net obligations repayable:

Within one year

34,253

36,889

Between one and five years

87,171

122,701

121,424

159,590

Non-cancellable

operating leases

31.12.24

31.12.23

£

£

Within one year

11,693

-

Between one and five years

8,756

-

20,449

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

£

Hire purchase contracts

121,424

159,590

Factoring account

304,952

251,028

426,376

410,618

The factoring account is included within 'Other creditors'. The factoring balance is secured by fixed and floating charges over the company's assets.

10.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

Accelerated capital allowances

74,488

88,183

Tax losses carried forward

-

(34,804

)

74,488

53,379

Deferred

tax

£

Balance at 1 January 2024

53,379

Reversal of timing differences

21,109

Balance at 31 December 2024

74,488

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

98

Ordinary 'A'

£1

98

98

1

Ordinary 'B'

£1

1

1

1

Ordinary 'C'

£1

1

1

100

100

12.	RELATED PARTY DISCLOSURES

The directors maintain interest free loan accounts with the company. At the balance sheet date, the company owed the directors £452 (2023: £179).

At the balance sheet date, the company was owed £348,320 (2023: £251,410) by Penfold Metals and Rent, which shares common directors/members with Penfold Plastics Limited.

13.	ULTIMATE CONTROLLING PARTY

The company is controlled by Mr P L M Penfold, director.