REGISTERED NUMBER: 01941001 (England and Wales)

Audited Financial Statements For The Year Ended 31 December 2024

for

Plastic Closures Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

J Jordan

J Hargreaves

REGISTERED OFFICE:

Unit 5a

New Cut Lane

Woolston

Warrington

WA1 4AG

REGISTERED NUMBER:

01941001 (England and Wales)

INDEPENDENT AUDITORS:

Robb Ferguson

Chartered Accountants & Statutory Auditors

Regent Court

70 West Regent Street

Glasgow

G2 2QZ

FIXED ASSETS

Tangible assets

4

988,523

947,245

CURRENT ASSETS

Stocks

335,766

278,494

Debtors

5

1,733,307

2,092,218

Cash at bank and in hand

190,809

99,121

2,259,882

2,469,833

CREDITORS

Amounts falling due within one year

6

1,267,886

875,607

NET CURRENT ASSETS

991,996

1,594,226

TOTAL ASSETS LESS CURRENT LIABILITIES

1,980,519

2,541,471

PROVISIONS FOR LIABILITIES

222,440

207,250

NET ASSETS

1,758,079

2,334,221

CAPITAL AND RESERVES

Called up share capital

10,500

10,500

Share premium

31,500

31,500

Retained earnings

1,716,079

2,292,221

SHAREHOLDERS' FUNDS

1,758,079

2,334,221

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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2025 and were signed on its behalf by:

J Jordan - Director

1.	STATUTORY INFORMATION

Plastic Closures 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.

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.

Financial reporting standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirement of Section 33 Related Party Disclosures paragraph 33.7.

Turnover

Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to the date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets

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

Leasehold improvements

-

2.5% on revalued amount

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value as follows:

Cost is calculated as follows:

Raw materials - purchase cost on a first in first out basis.

Work in progress & finished goods - cost of direct materials and labour plus attributable overheads.

Net realisable value is based on estimated selling price less further costs to be incurred to completion and disposal.

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 the 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

Current tax represents the amount of tax payable or receivable in respect of taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid of recovered 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 reserved at the statement of financial position date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the statement of financial position date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods difference from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of available evidence, it can be regarded as more likely than not there will be suitable taxable profits from which the future reversal of underlying timing differences can be deducted.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

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.

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.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Loans and borrowings that are classed as payable or receivable within one year on initial recognition are measured at the undiscounted amount of the cash or other consideration expected to be paid or received, net of impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

improvements

machinery

fittings

Totals

£

£

£

£

COST

At 1 January 2024

42,169

3,954,487

314,967

4,311,623

Additions

-

222,514

20,764

243,278

At 31 December 2024

42,169

4,177,001

335,731

4,554,901

DEPRECIATION

At 1 January 2024

26,220

3,098,695

239,463

3,364,378

Charge for year

1,069

181,744

19,187

202,000

At 31 December 2024

27,289

3,280,439

258,650

3,566,378

NET BOOK VALUE

At 31 December 2024

14,880

896,562

77,081

988,523

At 31 December 2023

15,949

855,792

75,504

947,245

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

895,359

883,881

Amount owed by holding company

695,345

1,190,025

Prepayments

142,603

18,312

1,733,307

2,092,218

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

413,230

344,052

Tax

91,429

114,423

Social security and other taxes

32,381

29,816

VAT

122,418

109,611

Amounts owed to group companies

444,045

187,363

Accrued expenses

164,383

90,342

1,267,886

875,607

7.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

46,778

46,778

Between one and five years

12,607

19,186

59,385

65,964

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Graham Cantlay (Senior Statutory Auditor)

for and on behalf of Robb Ferguson

9.	CAPITAL COMMITMENTS

The company has capital commitments totalling £46,914 (2023: nil) at the year end.

10.	ULTIMATE PARENT COMPANY

The ultimate parent company is Carrick Holdings Limited, a company registered in Scotland.