Norplast Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC059057 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 November 2018

for

Norplast Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N Downie

D Smith

S Wilkinson

SECRETARY:

L G Downie

REGISTERED OFFICE:

229 Fenwick Road

Giffnock

Glasgow

G46 6JQ

REGISTERED NUMBER:

SC059057 (Scotland)

ACCOUNTANTS:

Wallace & Company

Chartered Accountants

10 Clydesdale Street

Hamilton

ML3 ODP

FIXED ASSETS

Tangible assets

5

260

390

CURRENT ASSETS

Stocks

26,380

30,817

Debtors

6

30,265

34,466

Cash at bank and in hand

11,738

12,961

68,383

78,244

CREDITORS

Amounts falling due within one year

7

51,876

62,502

NET CURRENT ASSETS

16,507

15,742

TOTAL ASSETS LESS CURRENT
LIABILITIES

16,767

16,132

CAPITAL AND RESERVES

Called up share capital

8

750

Retained earnings

16,017

15,382

SHAREHOLDERS' FUNDS

16,767

16,132

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 22 August 2019 and were signed on its behalf by:

N Downie - Director

1.	STATUTORY INFORMATION

Norplast Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of sales tax, trade

discounts and customer returns. Turnover is recognised at the point at which the company has fulfilled its

contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.

Tangible fixed assets

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

Plant and machinery etc

-

20% 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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2017 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2017

and 30 November 2018

16,364

DEPRECIATION

At 1 December 2017

15,974

Charge for year

130

At 30 November 2018

16,104

NET BOOK VALUE

At 30 November 2018

260

At 30 November 2017

390

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade debtors

24,893

27,149

Amounts owed by group undertakings

3,538

5,661

Other debtors

1,834

1,656

30,265

34,466

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Trade creditors

17,095

25,647

Amounts owed to group undertakings

26,869

31,982

Taxation and social security

6,076

3,329

Other creditors

1,836

1,544

51,876

62,502

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

3,000

Ordinary shares

25p

750

9.	RELATED PARTY DISCLOSURES

During the year the company sold goods to other group companies of £61,140 (2017 - £60,334), purchased

goods of £13,059 (2017 - £10,819) and paid management and administration services of £6,835 (2017 - £7,491).

The amounts owed to other group companies as at the year end were as follows :-

ICL Plastics Limited £25,485 (2017 - £31,489)

Stockline Plastics Limited £1,204 (2017 - £493)

Plastics W. Graham Limited £180 (2017- £0)

The amounts owed by other group companies as at the year end were as follows :-

Brisbay Limited £3,538 (2017 - £5,500)

ICL Tech Limited £0 (2017 - £161)

The company occupies premises which are owned by the parent company, ICL Plastics Limited. No specific

charge is made for rent, instead this is reflected in the level of management charges levied.

The above premises are shared with fellow subsidiary, Brisbay Limited. Any running costs met by the individual

companies are recharged accordingly.

10.	ULTIMATE PARENT COMPANY

The directors regard ICL Plastics Limited, incorporated in Scotland, as being the company's ultimate parent

company.

Norplast Limited - Accounts to registrar (filleted) - small 18.2

Norplast Limited - Accounts to registrar (filleted) - small 18.2