REGISTERED NUMBER: 05339421 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Protomax Plastics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N J Stillwell - Chief Executive

C D Nicholson - Chairman

SECRETARY:

M I Stillwell

REGISTERED OFFICE:

Snarlton Farm

Wingfield

Trowbridge

Wiltshire

BA14 9LH

REGISTERED NUMBER:

05339421 (England and Wales)

FIXED ASSETS

Tangible assets

4

3,227

3,490

Investments

5

1

1

3,228

3,491

CURRENT ASSETS

Stocks

14,997

1,739

Debtors

6

236,209

382,422

Cash at bank

21,673

4,572

272,879

388,733

CREDITORS

Amounts falling due within one year

7

151,285

200,176

NET CURRENT ASSETS

121,594

188,557

TOTAL ASSETS LESS CURRENT LIABILITIES

124,822

192,048

CREDITORS

Amounts falling due after more than one year

8

419,377

419,377

NET LIABILITIES

(294,555

)

(227,329

)

CAPITAL AND RESERVES

Called up share capital

9

56,252

56,252

Share premium

272,769

272,769

Retained earnings

(623,576

)

(556,350

)

SHAREHOLDERS' FUNDS

(294,555

)

(227,329

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

N J Stillwell - Chief Executive - Director

1.	STATUTORY INFORMATION

Protomax Plastics 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.

Going Concern

Although the company has net liabilities at the end of the period, it has net current assets. The company is financially supported by its directors when required. As a consequence, the directors have a reasonable expectation that the company is well placed to manage its business risks successfully and accordingly.

Turnover

Turnover represents the net invoiced value of sales of goods and services, including commissions receivable, excluding applicable Value Added Tax. Revenue is recognised on the basis of the contractual terms in place with customers.

Tangible fixed assets

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

Plant and machinery

-

33% on straight line basis and 20% on straight line basis

Office equipment

-

15% on straight line basis

Computer equipment

-

33% on straight line basis

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

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

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Office

Computer

machinery

equipment

equipment

Totals

£

£

£

£

COST

At 1 April 2024

25,569

-

5,081

30,650

Additions

-

3,294

1,031

4,325

At 31 March 2025

25,569

3,294

6,112

34,975

DEPRECIATION

At 1 April 2024

22,079

-

5,081

27,160

Charge for year

3,490

1,098

-

4,588

At 31 March 2025

25,569

1,098

5,081

31,748

NET BOOK VALUE

At 31 March 2025

-

2,196

1,031

3,227

At 31 March 2024

3,490

-

-

3,490

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2024

and 31 March 2025

1

NET BOOK VALUE

At 31 March 2025

1

At 31 March 2024

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

185,590

124,255

Other debtors

49,469

256,982

VAT

-

957

Prepayments

1,150

228

236,209

382,422

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

27,231

4,035

Social security and other taxes

187

186

VAT

3,562

-

Other creditors

93,326

188,691

Director's current account

24,125

-

Accrued expenses

2,854

7,264

151,285

200,176

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other loans

119,377

119,377

Other creditors

300,000

300,000

419,377

419,377

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

39,377

Ordinary A

£1.00

39,377

39,377

16,875

Ordinary B

£1.00

16,875

16,875

56,252

56,252

10.	RELATED PARTY DISCLOSURES

At the year end, balances of £24,125 (2024: £24,125) included within other creditors were due to the directors. These loans are unsecured, interest-free and repayable on demand.

At the end of the period, there is a balance of £19,234 (2024: £Nil) included within trade creditors that is due to companies under common control. The balance is interest free and repayable on demand.

At the year end, a balance of £300,000 (2024: £300,000) included within other creditors was due to a director. The balance was subordinated in favour of all other creditors of the company with effect from 27 July 2022. The loan is unsecured, interest-free and not repayable within twelve months of the balance sheet date.

At the year end, a balance of £48,526 (2024: £335,040) was owed by a company under common control. This balance is unsecured, interest-free and repayable on demand.

Mrs S Stillwell

Wife of MI Stillwell and NJ Stilwell's mother

Amounts advanced to the company by Mrs S Stillwell are unsecured and interest-free and no repayment will be required within at least twelve months from the balance sheet date.

With effect from 27 July 2011 £100,000 of this loan was subordinated in favour of all other creditors of the company.

MI Stillwell

NJ Stillwell's father

Amounts advanced to the company by MI Stillwell are unsecured and interest-free and have no fixed date for repayment.

Upcycle Holdings Limited ("UH")

UH is a company registered in Ireland of which NJ Stillwell and CD Nicholson are shareholders.