REGISTERED NUMBER: 05283935

Unaudited Financial Statements for the Year Ended 31 December 2024

for

GFS Plastics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G P Rice

R A Rice

SECRETARY:

REGISTERED OFFICE:

Unit G

Rowan Court

Rawdon

Leeds

West Yorkshire

LS19 7DT

REGISTERED NUMBER:

05283935

ACCOUNTANTS:

Horley Green Chartered Accountants

Horley Green House

Horley Green Road

Claremount

Halifax

West Yorkshire

HX3 6AS

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

59,183

80,905

59,183

80,905

CURRENT ASSETS

Stocks

4,000

4,000

Debtors

6

37,615

32,924

Cash at bank

23,547

26,134

65,162

63,058

CREDITORS

Amounts falling due within one year

7

75,863

74,324

NET CURRENT LIABILITIES

(10,701

)

(11,266

)

TOTAL ASSETS LESS CURRENT LIABILITIES

48,482

69,639

CREDITORS

Amounts falling due after more than one year

8

31,923

35,824

NET ASSETS

16,559

33,815

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

16,459

33,715

16,559

33,815

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 30 September 2025 and were signed on its behalf by:

G P Rice - Director

1.	STATUTORY INFORMATION

GFS Plastics Limited is a private company, limited by shares , registered in Not specified/Other. 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 represents the net amount receivable for goods supplied and services provided, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on reducing balance

Computer equipment

-

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 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.

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 6 (2023 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

32,000

AMORTISATION

At 1 January 2024

and 31 December 2024

32,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2024

41,285

4,954

252,258

60,900

359,397

Additions

-

-

-

504

504

Disposals

-

-

(2,500

)

-

(2,500

)

At 31 December 2024

41,285

4,954

249,758

61,404

357,401

DEPRECIATION

At 1 January 2024

33,861

4,471

189,682

50,478

278,492

Charge for year

1,856

121

15,018

2,731

19,726

At 31 December 2024

35,717

4,592

204,700

53,209

298,218

NET BOOK VALUE

At 31 December 2024

5,568

362

45,058

8,195

59,183

At 31 December 2023

7,424

483

62,576

10,422

80,905

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

Motor

vehicles

£

COST

At 1 January 2024

and 31 December 2024

61,772

DEPRECIATION

At 1 January 2024

15,443

Charge for year

11,582

At 31 December 2024

27,025

NET BOOK VALUE

At 31 December 2024

34,747

At 31 December 2023

46,329

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

8,643

(825

)

Other debtors

20,000

24,897

Prepayments

8,972

8,852

37,615

32,924

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

3,721

33,198

Tax

22,279

9,327

Social security and other taxes

14,313

9,563

VAT

34,200

20,886

Accrued expenses

1,350

1,350

75,863

74,324

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Hire purchase contracts

31,923

35,824

9.

RESERVES

Retained

earnings

£

At 1 January 2024

33,715

Profit for the year

48,444

Dividends

(65,700

)

At 31 December 2024

16,459

10.	RELATED PARTY DISCLOSURES

The company is controlled by the company director.