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

REGISTERED NUMBER: 03565384 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2018

FOR

PLASTIPACK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

E H Campbell-Salmon

A P Adlington

P B Ralph

I P Jones

SECRETARY:

E H Campbell-Salmon

REGISTERED OFFICE:

Wainwright House

Wainwright Close

St Leonards on Sea

East Sussex

TN38 9PP

REGISTERED NUMBER:

03565384 (England and Wales)

AUDITORS:

Ashdown Hurrey Auditors Limited

Statutory Auditor

20 Havelock Road

Hastings

East Sussex

TN34 1BP

FIXED ASSETS

Intangible assets

4

2,049

4,741

Tangible assets

5

717,915

685,771

719,964

690,512

CURRENT ASSETS

Stocks

1,186,939

958,559

Debtors

6

597,081

616,374

Cash at bank and in hand

2,167,905

2,254,980

3,951,925

3,829,913

CREDITORS

Amounts falling due within one year

7

988,205

1,061,543

NET CURRENT ASSETS

2,963,720

2,768,370

TOTAL ASSETS LESS CURRENT LIABILITIES

3,683,684

3,458,882

PROVISIONS FOR LIABILITIES

89,485

82,408

NET ASSETS

3,594,199

3,376,474

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

3,544,199

3,326,474

SHAREHOLDERS' FUNDS

3,594,199

3,376,474

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 17 July 2019 and were signed on its behalf by:

A P Adlington - Director

1.	STATUTORY INFORMATION

Plastipack 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.

The directors have made an assessment about the company's ability to continue as a going concern and they do

not consider there to be any material uncertainties. As a result they have adopted the going concern basis of

accounting.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is recognised at the point when the goods leave Plastipack's premises.

Intangible assets

Assets reflect Trade Marks purchased by the company in respect of new products being researched and

developed. Each asset is being depreciated at a rate of 10% on cost.

Tangible fixed assets

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

Improvements to property

-

over term of lease

Plant and machinery

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% 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.

Stock is valued by the company using a Standard Costing method as is common with manufacturers. This

standard cost is periodically reviewed to ensure that it also reflects actual cost.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 of exchange

ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 35 (2017 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2018

and 31 December 2018

37,034

AMORTISATION

At 1 January 2018

32,293

Charge for year

2,692

At 31 December 2018

34,985

NET BOOK VALUE

At 31 December 2018

2,049

At 31 December 2017

4,741

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 January 2018

82,069

3,096,408

16,946

65,265

3,260,688

Additions

-

177,798

105

-

177,903

At 31 December 2018

82,069

3,274,206

17,051

65,265

3,438,591

DEPRECIATION

At 1 January 2018

80,168

2,414,596

14,888

65,265

2,574,917

Charge for year

1,521

143,926

312

-

145,759

At 31 December 2018

81,689

2,558,522

15,200

65,265

2,720,676

NET BOOK VALUE

At 31 December 2018

380

715,684

1,851

-

717,915

At 31 December 2017

1,901

681,812

2,058

-

685,771

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade debtors

227,595

380,447

Other debtors

369,486

235,927

597,081

616,374

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.18

31.12.17

£

£

Trade creditors

654,679

579,926

Taxation and social security

186,590

278,371

Other creditors

146,936

203,246

988,205

1,061,543

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

The Report of the Auditors was unqualified.

Simon Lawrence FCCA (Senior Statutory Auditor)

for and on behalf of Ashdown Hurrey Auditors Limited

9.	CONTINGENT LIABILITIES

Regulatory action is being taken against the company by the HSE following an accident in the factory during the

year under review. The company is expecting to receive a fine relating to this incident. The amount is not

expected to be material in value and is considered non-adjusting. Disclosure in respect of this is however deemed

appropriate.

10.	CAPITAL COMMITMENTS

At the balance sheet date the company had committed to purchasing plant and machinery to the value of

£160,437. This figure is disclosed within prepayments. A deposit of £44,398 has been paid prior to the balance

sheet date with the remaining balance of £116,039 due post year end upon delivery of the asset.This balance is

disclosed within trade creditors.

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £700,000 were paid to the directors.

Loans to the company have been made by the directors, and after advances and repayments, £53,315 was

repayable by the company at the year end.

12.	APB ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns

to the tax authorities and assist with the preparation of the financial statements.