1.
General Information
Meena Plastics Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
07141523
. The registered office is Spitfire House, Hazel Road, Woolston, Southampton, Hampshire, SO19 7GB.
The presentation currency of the financial statements is the Pound Sterling (£).
Accounts are rounded to the nearest pound.
The accounts represent the company as an individual entity.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.
2.2.
Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership considered to have been transferred, this is deemed to be at the point of despatch.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
|
| Plant & Machinery |
|
| Motor Vehicles |
|
| Computer Equipment |
|
2.5.
Investments
Investments in listed shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
2.6.
Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over the longer of the lease term and their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7.
Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
Meena Plastics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
2.8.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an
enforceable right to set off the recognised amounts and there us an intention to settle on a net basis or to realise the assets and settle the liability simultaneously.
2.9.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.10.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.11.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised
when paid. Final equity dividends are recognised when approved by the shareholders at an annual general
meeting.
3.
Turnover
Analysis of turnover by geographical market is as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| United Kingdom |
|
|
|
| Rest of the world | - |
|
|
| 7,896,120 | 13,483,584 | ||
Meena Plastics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
4.
Other Operating Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other operating income |
|
|
|
| 14,195 | 12,735 | ||
5.
Operating Profit
The operating profit is stated after charging:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bad debts | 30,975 | - | |
| Depreciation of tangible fixed assets |
|
|
|
6.
Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Audit Services | |||
| Audit of the company's financial statements |
|
|
|
7.
Staff Costs
Staff costs, including directors' remuneration, were as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Social security costs |
|
|
|
8.
Average Number of Employees
Average number of employees during the year was: NIL (2024: NIL)
9.
Interest Receivable and Similar Income
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank interest receivable |
|
|
|
| Interest on DLA | 36,607 | 53,717 | |
| 123,363 | 74,021 | ||
Meena Plastics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
10.
Interest Payable and Similar Charges
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
|
|
|
| Finance charges payable under finance leases and hire purchase contracts | 7,898 | 4,697 | |
| Other finance charges |
|
|
|
| 74,998 | 34,990 | ||
11.
Tax on Profit
The tax charge on the profit for the year was as follows:
| Tax Rate | 2025 | 2024 | |||
|---|---|---|---|---|---|
| 2025 | 2024 | £ | £ | ||
| Current tax | |||||
| UK Corporation Tax | 25.0% | 25.0% |
|
|
|
| Deferred Tax | |||||
| Deferred taxation |
( |
( |
|||
| Total tax charge for the period |
|
|
|||
The actual charge for the year can be reconciled to the expected charge for the year based on the profit and the standard rate of corporation tax as follows:
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Profit before tax | 689,481 | 1,613,029 | |||
| Tax on profit at 25% (UK standard rate) |
|
|
|||
| Goodwill/depreciation not allowed for tax |
|
|
|||
| Expenses not deductible for tax purposes |
( |
( |
|||
| Deferred tax from unrecognised timing difference from a prior period |
( |
( |
|||
| Total tax charge for the period | 143,470 | 386,770 | |||
12.
Tangible Assets
| Land & Property | |||||
|---|---|---|---|---|---|
| Freehold | Plant & Machinery | Motor Vehicles | Computer Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| As at 1 November 2024 |
|
|
|
|
|
| Disposals |
|
|
( |
|
( |
| As at 31 October 2025 |
|
|
|
|
|
...CONTINUED
Meena Plastics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
| Depreciation | |||||
| As at 1 November 2024 |
|
|
|
|
|
| Provided during the period |
|
|
|
|
|
| Disposals |
|
|
( |
|
( |
| As at 31 October 2025 |
|
|
|
|
|
| Net Book Value | |||||
| As at 31 October 2025 |
|
|
|
|
|
| As at 1 November 2024 |
|
|
|
|
|
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Motor Vehicles |
|
|
|
13.
Investments
| Listed | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at 1 November 2024 |
|
| Revaluations |
|
| As at 31 October 2025 |
|
| Provision | |
| As at 1 November 2024 |
|
| As at 31 October 2025 |
|
| Net Book Value | |
| As at 31 October 2025 |
|
| As at 1 November 2024 |
|
Cost or valuation as at 31 October 2025 represented by:
|
|
Listed investments
£
|
|
Valuations to 2023
|
139,010
|
|
Valuation in 2024
|
65,948
|
|
Valuation in 2025
|
66,849
|
|
Cost
|
860,000
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none">
<line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/>
</svg>){kind=small}
|
|
1,131,807
|
If fixed asset investments had not been revalued they would have been included at the following historical cost:
Meena Plastics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
|
31.10.2024
£
|
31.10.2023
£
|
|
|
Cost
|
860,000
|
860,000
|
14.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
| Director's loan account |
|
|
|
| Amounts owed by related parties | 1,920,758 | 5,184,348 | |
|
|
|
||
15.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts |
|
|
|
| Trade creditors |
|
( |
|
| Corporation tax |
|
|
|
| Taxation and social security | 14,476 | 57,025 | |
| Accruals and deferred income | 16,770 | 12,770 | |
|
|
|
||
16.
Creditors: Amounts Falling Due After More Than One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Net obligations under finance lease and hire purchase contracts | - |
|
|
Of the creditors the following amounts are secured.
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other Creditors | (207,126) | (194,622) |
Proceeds of factored debts are secured by a fixed and floating charge over all the assets of the company. The factoring account held a debit balance at the company year end of £207,126 (2024: £194,622)
Meena Plastics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
17.
Obligations Under Finance Leases and Hire Purchase
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| The future minimum finance lease payments are as follows: | |||
| Not later than one year |
|
|
|
| Later than one year and not later than five years | - |
|
|
|
|
|
||
| Less: Finance charges allocated to future periods |
|
|
|
|
|
|
||
18.
Deferred Taxation
The provision for deferred tax is made up as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Other timing differences | 26,326 | 43,044 | |
19.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 November 2024 |
|
43,044 |
| Deferred taxation |
( |
( |
| Balance at 31 October 2025 |
|
26,325 |
21.
Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
| As at 1 November 2024 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 October 2025 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| Mr Vrind Mehta |
|
|
|
- |
|
The above loan is unsecured and repayable on demand.
22.
Dividends
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| On equity shares: | |||
| Interim dividend paid |
|
|
|
Meena Plastics Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 October 2025
23.
Related Party Disclosures
The company has taken advantage of exemption, under 33.1A of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose transactions with wholly owned subsidiaries within the group.
During the year the company purchased goods and services totalling £7,210,377 (2024: £11,653,892) from related parties and made sales totalling £3,874,076 (2024: £6,001,039) to related parties. At the year end amounts totalling £1,920,758 (2024: £5,184,348) were owed from related parties.
During the year rent totalling £12,735 (2024: £12,735) was received from a related party.
The above entities are related through common ownership.
24.
Controlling Parties
The company's ultimate controlling party is
Mr V Mehta and Ms Sara Mehta
by virtue of their interest in the share capital of the company.