ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

Registered number: 08914626

PLASTECOWOOD LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED

31 DECEMBER 2024

01483 755 399

hamlyns.com

PLASTECOWOOD LIMITED

REGISTERED NUMBER: 08914626

BALANCE SHEET

AS AT 31 DECEMBER 2024


		2024		2023
		£		£

Fixed assets
Intangible assets	4		4,496,202		3,995,165
Tangible assets	5		1,611,854		2,031,464
			6,108,056		6,026,629
Current assets
Stocks		1,248,959		671,076
Debtors: amounts falling due within one year	6	801,743		921,198
Cash at bank and in hand		48,866		177,058
		2,099,568		1,769,332
Creditors: amounts falling due within one year	7	(1,621,865)		(1,419,556)
Net current assets			477,703		349,776
Total assets less current liabilities			6,585,759		6,376,405
Creditors: amounts falling due after more than one year	8		(1,154,812)		(1,100,728)
Provisions for liabilities
Deferred tax	10	(522,350)		(507,866)
			(522,350)		(507,866)
Net assets			4,908,597		4,767,811

Capital and reserves
Called up share capital	11	577,372	577,372
Non-distributable reserves		-	162,000
Profit and loss account		4,331,225	4,028,439
		4,908,597	4,767,811

Page 1

PLASTECOWOOD LIMITED

REGISTERED NUMBER: 08914626

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2025.

___________________________

John Northcott

Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Plastecowood Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 08914626 and registered office is located at Unit 2 Expressway Business Park, Bodelwyddan, Denbighshire, LL18 5SQ.

2.Accounting policies

2.1

Basis of preparation of 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.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Profit and loss account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.7

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
The assets of the plan are held separately from the Company in independently administered funds.

Page 4

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.9

Intangible assets

Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Development costs are capitalised within intangibles during the research and development phase. Once the products achieve commercial use and sold these costs are amortised over a useful life of 50 years.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

				Website	-	4	years
				Development expenditure	-	50	years

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Plant and machinery	-	10%	on cost
				Fixtures and fittings	-	25%	on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.11

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Employees

The average monthly number of employees, including directors, during the year was 44 (2023 - 35).

Page 6

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

4.	Intangible assets

	Development expenditure	Computer software	Total
	£	£	£
Cost
At 1 January 2024	4,236,861	11,328	4,248,189
Additions - internal	588,607	-	588,607
At 31 December 2024	4,825,468	11,328	4,836,796
Amortisation
At 1 January 2024	244,529	8,496	253,025
Charge for the year on owned assets	84,737	2,832	87,569
At 31 December 2024	329,266	11,328	340,594
Net book value
At 31 December 2024	4,496,202	-	4,496,202
At 31 December 2023	3,992,333	2,832	3,995,165

The individual intangible assets which are material to the financial statements are Development expenditure on new processes and products the company will use to enhance their product offering for the business and the environment.

Page 7

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

5.	Tangible fixed assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost or valuation
At 1 January 2024	2,229,915	165,854	2,395,769
Additions	209,698	92	209,790
Disposals	(17,316)	-	(17,316)
Reclassification	101,695	-	101,695
Revaluations	(200,000)	-	(200,000)
At 31 December 2024	2,323,992	165,946	2,489,938
Depreciation
At 1 January 2024	228,611	135,694	364,305
Charge for the year on owned assets	495,439	21,355	516,794
Disposals	(8,838)	-	(8,838)
Reclassification	5,823	-	5,823
At 31 December 2024	721,035	157,049	878,084
Net book value
At 31 December 2024	1,602,957	8,897	1,611,854
At 31 December 2023	2,001,304	30,160	2,031,464

The reclassification relates to a hire purchase liability being previously recognised within tangible fixed assets incorrectly, the balance is now correctly presented within creditors.
The reversal of the revaluation amount represents a change in accounting policy as detailed in note 13.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2024	2023
	£	£


Plant & Machinery	547,250	395,350
	547,250	395,350

Page 8

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	500,543	451,864
Other debtors	301,200	452,667
Prepayments and accrued income	-	16,667
	801,743	921,198

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	10,000	-
Bank loans	566,667	506,608
Trade creditors	446,113	465,449
Other taxation and social security	157,666	224,933
Obligations under finance lease and hire purchase contracts	166,861	91,036
Other creditors	274,558	131,530
	1,621,865	1,419,556

8.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	1,066,667	987,990
Net obligations under finance leases and hire purchase contracts	88,145	112,738
	1,154,812	1,100,728

The following liabilities were secured:
	2024	2023
	£	£


Bank loans	1,633,333	1,494,598
	1,633,333	1,494,598

Details of security provided:

Santander UK PLC has a registered charge resulting in a fixed charge in addition to a floating charge covering all the property or undertakings of the company dated 22 March 2022.

Page 9

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Amounts falling due within one year
Bank loans	566,667	506,608
	566,667	506,608
Amounts falling due after one year
Bank loans	1,066,667	987,990
	1,066,667	987,990


	1,633,334	1,494,598

Page 10

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.	Deferred taxation

		2024
		£

	At beginning of year	(507,866)
	Charged to profit or loss	(52,484)
	Utilised in year	38,000
	At end of year	(522,350)

The provision for deferred taxation is made up as follows:
	2024	2023
	£	£

	Accelerated capital allowances	(522,350)	(507,866)
		(522,350)	(507,866)

Page 11

PLASTECOWOOD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Share capital
		2024	2023
		£	£

Authorised, allotted, called up and fully paid

1,412 (2023 - 1,412) Ordinary Share Capital shares of £1 each	1,412	1,412
575,960(2023- 575,960) Redeemable preference shares of £1 each	575,960	575,960

	577,372	577,372

12.	Change of accounting policy

During the year, a review of the accounting policy for plant and machinery was undertaken and it was resolved that moving back to cost less depreciation provided a more true and fair view.
As a result the revaluation has been reversed along with any corresponding deferred tax against the non-distributable reserve of £200,000.

13.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £28,694 (2023 - £22,207).
Contributions totalling £3,929 (2023 - £3,646) were payable to the fund at the balance sheet date and are included in creditors.

Page 12