Advanced Plastics (South) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02107371 (England and Wales)

Advanced Plastics (South) Limited

Financial Statements for the Year Ended 31st December 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R J Anderson

C J Pearson

J Heasty

L Arand

M Spence

P I Tyler

REGISTERED OFFICE:

28 Standard Way

Fareham Industrial Park

Fareham

Hampshire

PO16 8XG

REGISTERED NUMBER:

02107371 (England and Wales)

AUDITORS:

Smailes Goldie

Chartered Accountants

Statutory Auditor

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

158,126

215,691

CURRENT ASSETS

Stocks

184,362

142,902

Debtors

5

1,110,106

2,154,024

Cash at bank and in hand

406,824

412,188

1,701,292

2,709,114

CREDITORS

Amounts falling due within one year

6

1,024,731

645,198

NET CURRENT ASSETS

676,561

2,063,916

TOTAL ASSETS LESS CURRENT
LIABILITIES

834,687

2,279,607

CREDITORS

Amounts falling due after more than one
year

7

-

(381

)

PROVISIONS FOR LIABILITIES

(39,094

)

(53,369

)

NET ASSETS

795,593

2,225,857

CAPITAL AND RESERVES

Called up share capital

10

10,000

Retained earnings

11

785,593

2,215,857

SHAREHOLDERS' FUNDS

795,593

2,225,857

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st September 2026 and were signed on its behalf by:

R J Anderson - Director

C J Pearson - Director

1.	STATUTORY INFORMATION

Advanced Plastics (South) 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.

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

The directors have performed a robust assessment of the company's ability to continue as a going concern, considering the principal risks and uncertainties facing the business, including those specific to the plastic products manufacturing sector, such as fluctuations in raw material prices, supply chain disruptions, and demand volatility.

This assessment included but was not limited to:

Forecasts and business plans for the four year period to 31st December 2029.

Review of cash flow forecasts which demonstrate sufficient liquidity to meet the company's obligations as they fall due.

Analysis of current and projected financial performance, including sales order books and customer contracts.

Evaluation of the company's access to external financing if required, and testing against covenants to ensure that sufficient headroom exists without breach.

The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern.

They reasonably expect the company to have adequate resources to continue in operational existence for 12 months from the date these financial statements were approved, and therefore, have prepared the financial statements on a going concern basis.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

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 risk 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

The stage of completion of the contract at the end of the reporting period can be measured reliably;
and,

-

the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

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

Leasehold Property

-

10% on cost

Plant and machinery

-

15% on cost

Stocks

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

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.

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2024 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1st January 2025

20,154

1,782,643

1,802,797

Additions

-

12,168

At 31st December 2025

20,154

1,794,811

1,814,965

DEPRECIATION

At 1st January 2025

20,154

1,566,952

1,587,106

Charge for year

-

69,733

At 31st December 2025

20,154

1,636,685

1,656,839

NET BOOK VALUE

At 31st December 2025

-

158,126

At 31st December 2024

-

215,691

Included within plant and machinery are assets held under hire purchase. The Net Book Value of these assets are £0 (2024 - £82,991) and depreciation charged to the Profit and Loss Accounts is £0 (2024 - £42,826).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

685,515

666,072

Amounts owed by group undertakings

377,198

1,451,679

Other debtors

47,393

36,273

1,110,106

2,154,024

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Hire purchase contracts (see note 8)

-

25,908

Trade creditors

248,678

241,728

Amounts owed to group undertakings

241

-

Taxation and social security

164,599

238,308

Other creditors

611,213

139,254

1,024,731

645,198

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

Hire purchase contracts (see note 8)

-

381

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

Net obligations repayable:

Within one year

-

25,908

Between one and five years

-

381

-

26,289

Non-cancellable

operating leases

2025

2024

£

Within one year

83,250

Between one and five years

249,750

333,000

416,250

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Other creditors

611,213

-

The above liabilities and the bank borrowings referred to in note 12 are secured by debentures and legal charges over the company's assets.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

10,000

Ordinary

£1

10,000

11.

RESERVES

Retained

earnings

£

At 1st January 2025

2,215,857

Profit for the year

369,736

Dividends

(1,800,000

)

At 31st December 2025

785,593

12.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Bramall BSc FCA (Senior Statutory Auditor)

for and on behalf of Smailes Goldie

13.	CONTINGENT LIABILITIES

The company has entered into a multilateral guarantee in respect of the wider groups bank borrowings. At 31st December 2025 the potential net liability of the company under the arrangement was £5,271,398 (2024 £1,191,706).

14.	ULTIMATE CONTROLLING PARTY

The company's parent company is Advanced Plastics (Intermediate 1) Limited.

The company's immediate and ultimate parent company is Advanced Plastics Group Limited, which is the only company within whose financial statements the results of the company are consolidated.

The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.

The company is ultimately controlled by the Advanced Plastics Group Employee Ownership Trust.