Plasticraft Displays (Huddersfield) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00447962 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

Plasticraft Displays (Huddersfield)

Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

22,347

28,278

CURRENT ASSETS

Stocks

64,000

63,537

Debtors

5

91,936

67,217

Cash at bank

5,671

6,511

161,607

137,265

CREDITORS

Amounts falling due within one year

6

158,358

134,004

NET CURRENT ASSETS

3,249

3,261

TOTAL ASSETS LESS CURRENT LIABILITIES

25,596

31,539

CREDITORS

Amounts falling due after more than one year

7

(19,213

)

(12,461

)

PROVISIONS FOR LIABILITIES

(3,782

)

(4,807

)

NET ASSETS

2,601

14,271

CAPITAL AND RESERVES

Called up share capital

2,530

2,530

Retained earnings

71

11,741

SHAREHOLDERS' FUNDS

2,601

14,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 June 2020 and were signed on its behalf by:

M G Holland - Director

Miss T A Holland - Director

S G Holland - Director

1.	STATUTORY INFORMATION

Plasticraft Displays (Huddersfield) Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

00447962

Registered office:

Unit 2,

Bradley Junction Industrial Estate

Leeds Road

Huddersfield

HD2 1UR

The presentation currency of the financial statements is the Pound Sterling (£).

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

After making enquiries, the directors have a reasonable expectation that the company has adequate resources

to continue in operational existence for the foreseeable future, being the 12 month period from the date of

these accounts being approved, given the impact of the Coronavirus upon the economy. Therefore the financial

statements have been prepared on a going concern basis.

Turnover

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

value added tax and other sales taxes.

Revenue is recognised as the company becomes entitled to consideration for the goods supplied. Therefore,

turnover includes an element of work carried out but not yet invoiced.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Website development

-

Straight line over 10 years

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 Profit and Loss Account,

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.

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.

Website development

Website developments costs have been included in tangible fixed assets where the following conditions apply:

- the expenditure is separately identifiable;

- the technical feasibility and commercial viability of the website has been assessed with reasonable certainty;

- the website will generate sales or other revenues directly and the expenditure makes an enduring

contribution to the development of the revenue-generating capabilities of the website;

-there is a reasonable expectation that the present value of the future cash flows to be generated by the

website will be no less than the amounts capitalised;

- adequate resources exist to enable the website project to be completed and to meet any consequential need

for increased working capital.

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources

to continue in operational existence for the foreseeable future, being the 12 month period from the date of

these accounts being approved, given the impact of the Coronavirus upon the economy and therefore the

financial statements have been prepared on a going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2018 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Website

Plant and

and

development

machinery

fittings

£

£

£

COST

At 1 January 2019

and 31 December 2019

4,230

79,827

6,708

DEPRECIATION

At 1 January 2019

2,115

59,182

2,699

Charge for year

423

4,129

1,002

At 31 December 2019

2,538

63,311

3,701

NET BOOK VALUE

At 31 December 2019

1,692

16,516

3,007

At 31 December 2018

2,115

20,645

4,009

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2019

and 31 December 2019

12,240

5,287

108,292

DEPRECIATION

At 1 January 2019

11,488

4,530

80,014

Charge for year

188

189

5,931

At 31 December 2019

11,676

4,719

85,945

NET BOOK VALUE

At 31 December 2019

564

568

22,347

At 31 December 2018

752

757

28,278

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2019

and 31 December 2019

12,500

DEPRECIATION

At 1 January 2019

7,700

Charge for year

1,024

At 31 December 2019

8,724

NET BOOK VALUE

At 31 December 2019

3,776

At 31 December 2018

4,800

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

51,936

67,217

Other debtors

40,000

-

91,936

67,217

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

5,199

2,426

Hire purchase contracts

625

2,500

Trade creditors

71,729

59,334

Taxation and social security

12,163

12,853

Other creditors

68,642

56,891

158,358

134,004

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

19,213

11,836

Hire purchase contracts

-

625

19,213

12,461

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

625

3,125

Invoice discounting

36,202

39,175

36,827

42,300

RBS Invoice Financing Ltd have a fixed and floating charge over all the assets of the company.

The Debt is secured upon the asset the hire purchases relates too.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is S G Holland.