Coda Plastics Limited - Limited company accounts 18.2
Coda Plastics Limited - Limited company accounts 18.2
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
FOR |
CODA PLASTICS LIMITED |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 6 |
Balance Sheet | 7 |
Statement of Changes in Equity | 8 |
Cash Flow Statement | 9 |
Notes to the Cash Flow Statement | 10 |
Notes to the Financial Statements | 11 |
CODA PLASTICS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2019 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditor |
54 Thorpe Road |
Norwich |
Norfolk |
NR1 1RY |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 MAY 2019 |
The directors present their strategic report for the year ended 31 May 2019. |
REVIEW OF BUSINESS |
The principal activity is that of injection moulding, blow moulding and plastic design, plastic development and |
prototyping. |
Turnover for the year increased £1,266,556 to £8,297,565, turnover on manufactured items increased by £1,857,345. |
Gross profit increased by £783,385 to £2,576,585 with the overall margin of 31.05% (25.50% in the prior year). Average |
employee numbers increased to 58 (52 in the prior year). |
The Board are pleased with the financial results for the year and reflect a number of changes that have happened within |
the business. The turnover for manufactured items has seen a 30% increase with a corresponding decrease for the |
reduced margin tooling business. The overall effect has had a beneficial impact on margin. |
The company has always had a loyal base of blue chip customers and during the year it has been successful in developing |
new relationships and expanding its customer base by using its reputation for quality products and service to win |
additional business. |
There have been a number of changes within the business during the last year or so including personnel changes and the |
acquisition of a new factory to support the growth aspirations of the business. The company is investing in a new IT |
system which should improve management information and hence aid efficiency. This will be delivered during the |
following year, all of which is geared towards enabling the company to deliver the planned growth efficiently. |
The company ends the year with a strong order book and enquiries from new prospects. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The use of plastics is coming under more scrutiny going forward and while there is no question over the size of the |
market and CODA's ability to be part of it there are increased costs associated with it both from raw material product |
pricing and associated direct and indirect taxation linked to the effects on the environment. These factors will put added |
pressure on margins going forward. |
The company has considered the impact of BREXIT on the importing of raw materials. While it has been in dialogue |
with key suppliers around the ongoing supply, there is uncertainty about what any impact may be. |
ON BEHALF OF THE BOARD: |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MAY 2019 |
The directors present their report with the financial statements of the company for the year ended 31 May 2019. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 May 2019 will be £ |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2018 to the date of this report. |
DIRECTORS THIRD PARTY INDEMNITY |
A third party indemnity policy exists for the benefit of all Directors. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors |
are aware of that information. |
AUDITORS |
The auditors, Berry & Warren Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CODA PLASTICS LIMITED |
Opinion |
We have audited the financial statements of Coda Plastics Limited (the 'company') for the year ended 31 May 2019 which |
comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement |
and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting |
policies. The financial reporting framework that has been applied in their preparation is applicable law and United |
Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard |
applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 May 2019 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
- | the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
- | the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CODA PLASTICS LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other matters |
In the previous accounting period the directors of the company took advantage of audit exemption under s477 of the |
Companies Act. Therefore the prior period financial statements were not subject to audit. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditor |
54 Thorpe Road |
Norwich |
Norfolk |
NR1 1RY |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 MAY 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
2,024,622 | 1,704,340 |
OPERATING PROFIT | 4 |
Amounts written off investments | 5 | 25,109 | - |
526,854 | 88,860 |
Interest payable and similar expenses | 6 |
PROFIT BEFORE TAXATION |
Tax on profit | 7 |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
BALANCE SHEET |
31 MAY 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 14 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 19 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors on by: |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MAY 2019 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2017 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 May 2018 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 May 2019 |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2019 |
2019 | 2018 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) | ( |
) |
Amount introduced by directors | 754 | 3,042 |
Amount withdrawn by directors | (456 | ) | (1,678 | ) |
Equity dividends paid | ( |
) |
Net cash from financing activities | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(156,835 |
) |
191,794 |
Cash and cash equivalents at end of year | 2 | ( |
) | ( |
) |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MAY 2019 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2019 | 2018 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Amounts written off investments | 25,109 | - |
Finance costs | 45,964 | 38,294 |
886,221 | 358,347 |
Increase in stocks | ( |
) | ( |
) |
(Increase)/decrease in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these |
Balance Sheet amounts: |
Year ended 31 May 2019 |
31.5.19 | 1.6.18 |
£ | £ |
Cash and cash equivalents | 107,776 | 106,943 |
Bank overdrafts | ( |
) | ( |
) |
(82,060 | ) | (156,835 | ) |
Year ended 31 May 2018 |
31.5.18 | 1.6.17 |
£ | £ |
Cash and cash equivalents | 106,943 | 191,794 |
Bank overdrafts | ( |
) |
(156,835 | ) | 191,794 |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
1. | STATUTORY INFORMATION |
Coda Plastics Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
In applying the company's accounting policies, the directors are required to make judgements, estimates and |
assumptions. These are continually evaluated and are based on historical experience and other factors that are |
considered to be relevant. Actual results may differ from these estimates. |
The estimates and assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the |
period in which the estimate is revised if the revision affects only that period or in the period of revision and |
future periods, if the revision affects both current and future periods. |
Those judgements and estimates that the directors deem significant are detailed below in respect of the |
depreciation of tangible fixed assets. |
Included within Plant and machinery are moulds and tooling work used for production. Due to their custom |
manufacture, often for a specific project, the directors have adopted a policy of 33% depreciation on a reducing |
balance. The carrying value is reviewed annually for those no longer in use and for which no alternative use is |
seen to exist at the time without significant modification. |
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 when products and services are supplied to customers in line with contractual |
arrangements. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
In determining the cost of stock, the average price is used, which includes an appropriate overhead and labour |
rate for work in progress and finished goods. |
Financial instruments |
The company only enter into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities such as trade and other debtors and creditors, loans from banks and an interest free loan to |
the parent. |
Assets and liabilities are measured at amortised cost. |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, 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. |
Foreign currencies |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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 |
2019 | 2018 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2019 | 2018 |
Management and administration | 12 | 12 |
Production | 44 | 38 |
Sales | 2 | 2 |
Agency staff were used at various times to meet demand which are not included above. |
2019 | 2018 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2019 | 2018 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2019 | 2018 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss/(profit) on disposal of fixed assets | ( |
) |
Auditors remuneration |
Foreign exchange differences | ( |
) |
Management fees to parent company |
5. | AMOUNTS WRITTEN OFF INVESTMENTS |
2019 | 2018 |
£ | £ |
Amounts written off |
investments | 25,109 | - |
The investment has been written down to a nominal sum due to losses and a dilution in the shareholding. |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2019 | 2018 |
£ | £ |
Factoring interest |
Bank loan interest |
Hire purchase interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2019 | 2018 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Deferred tax: |
Origination and reversal of timing differences | ( |
) |
Tax on profit |
UK corporation tax has been charged at 19% (2018 - 19%). |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
2019 | 2018 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2018 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) |
Total tax charge | 102,969 | 13,507 |
8. | DIVIDENDS |
2019 | 2018 |
£ | £ |
Interim |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
9. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 June 2018 |
Additions |
At 31 May 2019 |
DEPRECIATION |
At 1 June 2018 |
Charge for year |
At 31 May 2019 |
NET BOOK VALUE |
At 31 May 2019 |
At 31 May 2018 |
Included in cost of land and buildings is freehold land of £ 100,000 (2018 - £ 100,000 ) which is not depreciated. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 June 2018 |
Transfer to ownership | (422,871 | ) | (22,453 | ) | (445,324 | ) |
At 31 May 2019 |
DEPRECIATION |
At 1 June 2018 |
Charge for year |
Transfer to ownership | (256,368 | ) | (10,876 | ) | (267,244 | ) |
At 31 May 2019 |
NET BOOK VALUE |
At 31 May 2019 |
At 31 May 2018 |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
10. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 June 2018 |
Disposals | ( |
) |
Impairments | ( |
) |
At 31 May 2019 |
NET BOOK VALUE |
At 31 May 2019 |
At 31 May 2018 |
11. | STOCKS |
2019 | 2018 |
£ | £ |
Raw materials and work in progress |
Finished goods |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 13,178 | 13,476 |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Taxation |
Social security and other taxes |
Accruals and deferred income |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2019 | 2018 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans less than 1 year |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loan more than 5 years | 205,697 | 243,125 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
16. | LEASING AGREEMENTS - continued |
Non-cancellable operating |
leases |
2019 | 2018 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2019 | 2018 |
£ | £ |
Bank loans |
Hire purchase contracts | 271,854 | 475,289 |
Invoice finance | 189,836 | 263,778 |
The bank loans are secured against freehold premises. Hire purchase liabilities are secured against the assets |
financed. The invoice finance account is secured against trade debtors. A floating charge also exists in respect of |
the bank loans and invoice finance account. |
18. | FINANCIAL INSTRUMENTS |
Financial assets measured at amortised cost comprise cash at bank and debtors due within one year amounting to |
£2,300,330 (2018 £2,005,907). |
Financial liabilities measured at amortised cost cost comprise trade creditors due within one year and bank loans |
falling due within one year and after one year amounting to £1,700,439 (2018 £1,790,282). |
19. | PROVISIONS FOR LIABILITIES |
2019 | 2018 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 221,573 | 235,086 |
Deferred |
tax |
£ |
Balance at 1 June 2018 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 May 2019 |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
21. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2018 |
Profit for the year |
Dividends | ( |
) |
At 31 May 2019 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 May 2019 and 31 May 2018: |
2019 | 2018 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
CODA PLASTICS LIMITED (REGISTERED NUMBER: 01116956) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
23. | RELATED PARTY DISCLOSURES |
2019 | 2018 |
£ | £ |
Management charges paid to parent |
Rent paid to parent |
Amount due from parent |
Campbell & Tate Ltd is regarded by the directors as being the company's ultimate parent company. |
The company is a wholly owned subsidiary of and under the control of Campbell & Tate Ltd. |