Plastech Solutions Limited - Period Ending 2019-01-31
Plastech Solutions Limited - Period Ending 2019-01-31
Registration number:
Plastech Solutions Limited
for the Year Ended 31 January 2019
Plastech Solutions Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Plastech Solutions Limited
Registration number: 08265760
Balance Sheet as at 31 January 2019
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2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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- |
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Profit and loss account |
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Total equity |
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The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.
Page 1 |
Plastech Solutions Limited
Registration number: 08265760
Balance Sheet as at 31 January 2019 (continued)
For the financial year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
N J Baker
Director
Page 2 |
Plastech Solutions Limited
Notes to the Financial Statements for the Year Ended 31 January 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
The principal place of business is:
Unit 118
Towers Business Park
Wheelhouse Road
Rugeley
Staffordshire
WS15 1UL
Accounting policies |
Summary of significant accounting policies and key accounting estimates
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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Page 3 |
Plastech Solutions Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover 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. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
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 |
Plant and machinery |
15% reducing balance |
Fixtures fittings and equipment |
25% reducing balance |
Page 4 |
Plastech Solutions Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
2 |
Accounting policies (continued) |
Motor vehicles |
25% reducing balance |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. 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 Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 5 |
Plastech Solutions Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2018 |
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Additions |
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- |
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At 31 January 2019 |
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Depreciation |
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At 1 February 2018 |
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Charge for the year |
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At 31 January 2019 |
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Carrying amount |
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At 31 January 2019 |
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At 31 January 2018 |
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Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Page 6 |
Plastech Solutions Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Directors' loan accounts |
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- |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Finance lease liabilities |
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Share capital |
Allotted, called up and fully paid shares
2019 |
2018 |
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No. |
£ |
No. |
£ |
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500 |
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500 |
Page 7 |
Plastech Solutions Limited
Notes to the Financial Statements for the Year Ended 31 January 2019 (continued)
Related party transactions |
Transactions with directors |
2019 |
At 1 February 2018 |
Advances to directors |
Repayments by director |
At 31 January 2019 |
S H Rundle |
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Loan |
13,260 |
- |
( |
- |
13,260 |
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(13,260) |
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S K Wade |
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Interest free loan |
- |
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( |
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- |
711 |
(218) |
493 |
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2018 |
Advances to directors |
At 31 January 2018 |
S H Rundle |
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Loan |
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13,260 |
13,260 |
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Page 8 |