Carlton Building Plastics Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

1	General information

Carlton Building Plastics Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1.

2	Accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax.

The company recognises revenue when the amount of revenue can be reliably measured and it is
probable that future economic benefits will flow to the entity.

Carlton Building Plastics Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Property, Plant and Equipment

Property, Plant and Equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Motor vehicles	25% straight line
Plant and machinery	15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the income statement.

Carlton Building Plastics Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Payables

Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Carlton Building Plastics Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

2	Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

Carlton Building Plastics Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

4	Property, Plant and Equipment

	Land and buildings £	Motor vehicles  £	Other property, plant and equipment £	Total £
Cost or valuation
At 1 January 2024	26,121	267,380	87,430	380,931
Additions	-	39,875	1,223	41,098
Disposals	-	(102,720)	-	(102,720)
At 31 December 2024	26,121	204,535	88,653	319,309
Depreciation
At 1 January 2024	26,121	162,808	84,702	273,631
Charge for the year	-	25,877	-	25,877
Eliminated on disposal	-	(82,393)	-	(82,393)
At 31 December 2024	26,121	106,292	84,702	217,115
Carrying amount
At 31 December 2024	-	98,243	3,951	102,194
At 31 December 2023	-	104,572	2,728	107,300

5	Inventories

	2024 £	2023 £
Stock	189,735	179,394

6	Receivables

	2024 £	2023 £
Trade receivables	151,295	167,240
Prepayments	55,629	29,326
Other receivables	173	173
	207,097	196,739

Carlton Building Plastics Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

7	Cash and cash equivalents

	2024 £	2023 £
Cash at bank	-	83,075
Bank overdrafts	(12,518)	-
Cash and cash equivalents in statement of cash flows	(12,518)	83,075

8

Payables

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	11	72,528	43,083
Trade payables		147,767	191,721
Taxation and social security		53,349	77,675
Accruals and deferred income		4,040	13,715
Other payables		135,991	84,582
		413,675	410,776

9	Pension scheme

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £5,577 (2023 - £5,138).

Carlton Building Plastics Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024 (continued)

10	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
A Ordinary shares of £1 each	650	650	650	650
B Ordinary shares of £1 each	300	300	300	300
C Ordinary shares of £1 each	50	50	50	50
	1,000	1,000	1,000	1,000

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

11	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	4,823	15,471
HP and finance lease liabilities	15,227	-
	20,050	15,471

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	10,648	10,140
Bank overdrafts	12,518	-
Hire purchase contracts	15,824	32,605
Directors' current account	33,538	338
	72,528	43,083