20 20 Plastics Limited - Filleted accounts

Registered number

04277862

20 20 Plastics Limited

Unaudited Filleted Accounts

31 December 2024

20 20 Plastics Limited
Registered number:		04277862
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Fixed assets
Intangible assets	3		200			200
Tangible assets	4		730,223			647,480
			730,423			647,680

Current assets
Stocks		118,212			83,523
Debtors	5	50,251			45,914
Cash at bank and in hand		2,440			46,670
		170,903			176,107

Creditors: amounts falling due within one year	6	(309,953)			(345,458)

Net current liabilities			(139,050)			(169,351)

Total assets less current liabilities			591,373			478,329

Creditors: amounts falling due after more than one year	7		(180,741)			(81,254)

Provisions for liabilities			(16,621)			(16,621)


Net assets			394,011			380,454

Capital and reserves
Called up share capital			100			100
Revaluation reserve	8		69,324			69,324
Profit and loss account			324,587			311,030

Shareholder's funds			394,011			380,454

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Mr. J. A. Cox
Director
Approved by the board on 30 September 2025

20 20 Plastics Limited
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Intangible fixed assets
	Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			1% over 50 years
	Plant and machinery			20% reducing balance
	Motor vehicles			20% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					12		10


3	Intangible fixed assets							£
	Goodwill:

	Cost
	At 1 January 2024							22,000
	At 31 December 2024							22,000

	Amortisation
	At 1 January 2024							21,800
	At 31 December 2024							21,800

	Net book value
	At 31 December 2024							200
	At 31 December 2023							200

	Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.


4	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 January 2024	560,000		459,886		93,223		1,113,109
	Additions	-		23,587		115,786		139,373
	Disposals	-		-		(35,783)		(35,783)
	At 31 December 2024	560,000		483,473		173,226		1,216,699

	Depreciation
	At 1 January 2024	-		414,882		50,747		465,629
	Charge for the year	-		20,448		30,520		50,968
	On disposals	-		-		(30,121)		(30,121)
	At 31 December 2024	-		435,330		51,146		486,476

	Net book value
	At 31 December 2024	560,000		48,143		122,080		730,223
	At 31 December 2023	560,000		45,004		42,476		647,480


	Freehold land and buildings:					2024		2023
£							£
	Historical cost					488,558		488,558
	Cumulative depreciation based on historical cost					-		-
						488,558		488,558


5	Debtors					2024		2023
£							£

	Trade debtors					21,471		42,821
	Other debtors					4,150		3,093
	Other debtors HP Interest					24,630		-
						50,251		45,914


6	Creditors: amounts falling due within one year					2024		2023
£							£

	Bank loans and overdrafts					47,007		69,031
	2020 Plastics Mortgage					26,661		32,500
	NatWest bounce back loan					8,333		8,333
	Obligations under finance lease and hire purchase contracts					33,741		13,076
	Trade creditors					7,545		12,776
	Directors loan account					120,730		158,241
	Taxation and social security costs					17,166		42,077
	Other creditors					48,770		9,424
						309,953		345,458


7	Creditors: amounts falling due after one year					2024		2023
£							£

	Bank loans					64,680		51,468
	Obligations under finance lease and hire purchase contracts					116,061		29,786
						180,741		81,254


8	Revaluation reserve					2024		2023
£							£

	At 1 January 2024					69,324		69,324

	At 31 December 2024					69,324		69,324


9	Controlling party

	The ultimate controlling party is Mr. J. A. Cox who owns the whole of the issued share capital.


10	Other information

	20 20 Plastics Limited is a private company limited by shares and incorporated in England. Its registered office is:
	2 Cavalier Road
	Heathfield Industrial Estate
	Newton Abbot
	Devon
	TQ12 6TQ