REGISTERED NUMBER: 03376659 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PLASTIM LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

8

DIRECTOR:

Dr L M Castellanza

REGISTERED OFFICE:

Unit 100

Ashville Business Park

Commerce Road

Staverton

Gloucestershire

GL2 9QJ

REGISTERED NUMBER:

03376659 (England and Wales)

AUDITORS:

Smith Heath Holdings Limited

Brent House

382 Gloucester Road

Cheltenham

Gloucestershire

GL51 7AY

FIXED ASSETS

Tangible assets

4

1,436,800

1,378,972

CURRENT ASSETS

Stocks

488,631

656,681

Debtors

5

771,627

1,119,012

Cash at bank and in hand

440,265

613,459

1,700,523

2,389,152

CREDITORS

Amounts falling due within one year

6

608,404

1,203,558

NET CURRENT ASSETS

1,092,119

1,185,594

TOTAL ASSETS LESS CURRENT LIABILITIES

2,528,919

2,564,566

CREDITORS

Amounts falling due after more than one year

7

(39,741

)

(22,174

)

PROVISIONS FOR LIABILITIES

(58,630

)

(76,602

)

NET ASSETS

2,430,548

2,465,790

CAPITAL AND RESERVES

Called up share capital

10,200

10,200

Revaluation reserve

10

353,989

359,240

Capital redemption reserve

9,800

9,800

Retained earnings

2,056,559

2,086,550

SHAREHOLDERS' FUNDS

2,430,548

2,465,790

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 director and authorised for issue on 29 September 2025 and were signed by:

Dr L M Castellanza - Director

1.	STATUTORY INFORMATION

Plastim 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 as modified by the revaluation of certain assets.

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Land not depreciated and buildings 2% on cost

Plant and machinery

-

25% on reducing balance

Fixtures, fittings and equipment

-

25% on reducing balance

Office 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.

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 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Freehold

Plant and

and

property

machinery

equipment

£

£

£

COST OR VALUATION

At 1 January 2024

985,000

997,474

107,828

Additions

-

160,478

25,759

Disposals

-

(179,639

)

-

At 31 December 2024

985,000

978,313

133,587

DEPRECIATION

At 1 January 2024

64,725

586,749

91,235

Charge for year

16,181

124,797

8,378

Eliminated on disposal

-

(159,471

)

-

At 31 December 2024

80,906

552,075

99,613

NET BOOK VALUE

At 31 December 2024

904,094

426,238

33,974

At 31 December 2023

920,275

410,725

16,593

Motor

Office

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

-

153,989

2,244,291

Additions

49,810

8,377

244,424

Disposals

-

-

(179,639

)

At 31 December 2024

49,810

162,366

2,309,076

DEPRECIATION

At 1 January 2024

-

122,610

865,319

Charge for year

4,150

12,922

166,428

Eliminated on disposal

-

-

(159,471

)

At 31 December 2024

4,150

135,532

872,276

NET BOOK VALUE

At 31 December 2024

45,660

26,834

1,436,800

At 31 December 2023

-

31,379

1,378,972

The freehold property was valued on an open market basis on 29 November 2019 by the directors based on their informal discussions with an independent property consultant.

Cost or valuation at 31 December 2024 is represented by:

Fixtures,

fittings

Freehold

Plant and

and

property

machinery

equipment

£

£

£

Valuation in 2008

28,510

-

-

Valuation in 2012

5,000

-

-

Valuation in 2019

150,000

-

-

Cost

801,490

978,313

133,587

985,000

978,313

133,587

Motor

Office

vehicles

equipment

Totals

£

£

£

Valuation in 2008

-

-

28,510

Valuation in 2012

-

-

5,000

Valuation in 2019

-

-

150,000

Cost

49,810

162,366

2,125,566

49,810

162,366

2,309,076

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

2024

2023

£

£

Cost

801,490

801,490

Aggregate depreciation

251,390

251,390

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

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

159,000

-

159,000

Additions

-

49,810

49,810

At 31 December 2024

159,000

49,810

208,810

DEPRECIATION

At 1 January 2024

29,813

-

29,813

Charge for year

32,296

4,150

36,446

At 31 December 2024

62,109

4,150

66,259

NET BOOK VALUE

At 31 December 2024

96,891

45,660

142,551

At 31 December 2023

129,187

-

129,187

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

711,394

1,067,457

Other debtors

60,233

51,555

771,627

1,119,012

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

24,609

16,360

Trade creditors

368,664

773,530

Taxation and social security

199,617

398,153

Other creditors

15,514

15,515

608,404

1,203,558

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts (see note 8)

39,741

22,174

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

24,609

16,360

Between one and five years

39,741

22,174

64,350

38,534

Non-cancellable

operating leases

2024

2023

£

£

Within one year

1,412

706

Between one and five years

706

-

2,118

706

9.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

64,350

38,534

Bank borrowings are secured by a legal charge on the company's freehold property and by a fixed and floating charge over the assets on the company.

Hire purchase liabilities are secured on the assets concerned.

10.

RESERVES

Revaluation

reserve

£

At 1 January 2024

359,240

Depreciation transfer

(5,251

)

At 31 December 2024

353,989

The depreciation transfer to the revaluation reserve has no impact on the tax charge for the year.

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

The Report of the Auditors was unqualified.

Samantha Smith (Senior Statutory Auditor)

for and on behalf of Smith Heath Holdings Limited

12.	RELATED PARTY DISCLOSURES

The company is taking advantage of the exemption under FRS 102 Paragraph 33.1A not to disclose full details of group transactions.