Company No: 10975125 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	8,847		8,746
		8,847		8,746
Current assets
Stocks		26,500		25,000
Debtors	4	78,037		66,671
Cash at bank and in hand		62,186		61,191
		166,723		152,862
Creditors: amounts falling due within one year	5	( 146,887)		( 149,241)
Net current assets		19,836		3,621
Total assets less current liabilities		28,683		12,367
Creditors: amounts falling due after more than one year	6	0		( 4,167)
Provision for liabilities		( 66,940)		( 66,826)
Net liabilities		( 38,257)		( 58,626)
Capital and reserves
Called-up share capital	7	20		20
Capital redemption reserve		10		10
Profit and loss account		( 38,287 )		( 58,656 )
Total shareholders' deficit		( 38,257)		( 58,626)

For the financial year ending 31 December 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Plastics South West Limited (registered number: 10975125) were approved and authorised for issue by the Board of Directors on 23 April 2026. They were signed on its behalf by:

Mr P W Ewings Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Plastics South West Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4, Kestrel Park, Burrington Industrial Estate, Burrington Way, Plymouth, PL5 3LT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	25 % reducing balance
Office equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	6		5

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 January 2025	315		39,735		6,355		7,119		53,524
Additions	0		3,333		0		0		3,333
At 31 December 2025	315		43,068		6,355		7,119		56,857
Accumulated depreciation
At 01 January 2025	274		32,948		4,969		6,587		44,778
Charge for the financial year	10		2,530		348		344		3,232
At 31 December 2025	284		35,478		5,317		6,931		48,010
Net book value
At 31 December 2025	31		7,590		1,038		188		8,847
At 31 December 2024	41		6,787		1,386		532		8,746

4. Debtors

	2025		2024
	£		£
Trade debtors	71,887		60,896
Other debtors	6,150		5,775
	78,037		66,671

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans	4,167		10,000
Trade creditors	86,260		98,328
Taxation and social security	34,369		32,583
Other creditors	22,091		8,330
	146,887		149,241

6. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans	0		4,167

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
5 Ordinary A shares of £ 1.00 each	5		5
10 Ordinary C shares of £ 1.00 each	10		10
5 Ordinary B shares of £ 1.00 each	5		5
	20		20

8. Financial commitments

Other financial commitments

	2025		2024
	£		£
Commitments in respect of vehicle leases	14,639		41,523
Commitments in respect of property lease	69,300		92,400
	83,939		133,923

9. Related party transactions

Other related party transactions

The company pays rent for the premises it trades and operates from. These premises are owned by Mr P Ewings' and Mr J Ferris' pension fund and are therefore controlled by the two directors. Rents totalling £23,193 (2024: £23,100) were paid to the fund in the year and occurred under normal commercial terms. The total amount owed to the fund at the year end was £nil (2024: £nil).