REGISTERED NUMBER: 02713251 (England and Wales)

PRINCIPALITY PLASTICS WAREHOUSE LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Mr M R Epps

Mr R K Hawkins

Ms N Owens

Mr J P Thomas

Mr M Epps

REGISTERED OFFICE:

321 Penarth Road

Cardiff

CF11 8TT

REGISTERED NUMBER:

02713251 (England and Wales)

ACCOUNTANTS:

Carston ETL

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

FIXED ASSETS

Intangible assets

4

12,877

-

Tangible assets

5

440,846

237,326

453,723

237,326

CURRENT ASSETS

Stocks

623,279

583,992

Debtors

6

675,745

922,142

Cash at bank and in hand

738,356

337,436

2,037,380

1,843,570

CREDITORS

Amounts falling due within one year

7

1,688,040

911,280

NET CURRENT ASSETS

349,340

932,290

TOTAL ASSETS LESS CURRENT LIABILITIES

803,063

1,169,616

PROVISIONS FOR LIABILITIES

-

42,686

NET ASSETS

803,063

1,126,930

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

802,963

1,126,830

803,063

1,126,930

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29th September 2025 and were signed on its behalf by:

Mr M R Epps - Director

1.	STATUTORY INFORMATION

Principality Plastics Warehouse 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Items included within branding relate to assets under construction.As at year end they had not been completed, amortisation will be charged upon implementation.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% straight line on cost

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% 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 Statement of Income and Retained Earnings, 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

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2023 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Branding

£

COST

Additions

12,877

At 31st December 2024

12,877

NET BOOK VALUE

At 31st December 2024

12,877

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1st January 2024

119,848

137,454

273,321

530,623

Additions

166,979

108,293

54,679

329,951

Disposals

(16,661

)

(1,884

)

(171,212

)

(189,757

)

At 31st December 2024

270,166

243,863

156,788

670,817

DEPRECIATION

At 1st January 2024

63,877

65,012

164,408

293,297

Charge for year

19,287

30,190

26,150

75,627

Eliminated on disposal

(13,835

)

(31

)

(125,087

)

(138,953

)

At 31st December 2024

69,329

95,171

65,471

229,971

NET BOOK VALUE

At 31st December 2024

200,837

148,692

91,317

440,846

At 31st December 2023

55,971

72,442

108,913

237,326

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

593,911

684,348

Amounts owed by group undertakings

-

170,041

Other debtors

81,834

67,753

675,745

922,142

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

1,111,331

736,987

Amounts owed to group undertakings

406,787

-

Taxation and social security

137,607

142,666

Other creditors

32,315

31,627

1,688,040

911,280

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

150,347

116,674

Between one and five years

534,438

410,159

In more than five years

512,794

512,794

1,197,579

1,039,627

9.	RELATED PARTY DISCLOSURES

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.