Bosworth Plastics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03324004 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2020

for

Bosworth Plastics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J P Robertshaw

G A Jakes

REGISTERED OFFICE:

Unit K, Radius Court

Tungsten Park

Off Coventry Road

Hinckley

Leicestershire

LE10 3BE

REGISTERED NUMBER:

03324004 (England and Wales)

ACCOUNTANTS:

torr waterfield

Park House

37 Clarence Street

Leicester

Leicestershire

LE1 3RW

FIXED ASSETS

Intangible assets

4

9,195

9,714

Tangible assets

5

276,248

253,466

Investments

6

20,000

20,000

305,443

283,180

CURRENT ASSETS

Stocks

57,324

21,999

Debtors

7

345,661

416,601

Cash at bank and in hand

360,744

215,219

763,729

653,819

CREDITORS

Amounts falling due within one year

8

312,203

267,200

NET CURRENT ASSETS

451,526

386,619

TOTAL ASSETS LESS CURRENT LIABILITIES

756,969

669,799

CREDITORS

Amounts falling due after more than one year

9

(64,395

)

(49,809

)

PROVISIONS FOR LIABILITIES

(52,079

)

(46,966

)

NET ASSETS

640,495

573,024

CAPITAL AND RESERVES

Called up share capital

11

600

600

Revaluation reserve

12

35,995

72,590

Retained earnings

603,900

499,834

SHAREHOLDERS' FUNDS

640,495

573,024

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 4 December 2020 and were signed on its behalf by:

G A Jakes - Director

1.	STATUTORY INFORMATION

Bosworth Plastics 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of four years.

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 leasehold

-

10% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

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

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

The average number of employees during the year was 8 (2019 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 April 2019

186,548

Additions

1,890

At 31 March 2020

188,438

AMORTISATION

At 1 April 2019

176,834

Amortisation for year

2,409

At 31 March 2020

179,243

NET BOOK VALUE

At 31 March 2020

9,195

At 31 March 2019

9,714

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 April 2019

42,233

556,458

29,154

Additions

-

134,064

-

Disposals

-

(78,000

)

-

At 31 March 2020

42,233

612,522

29,154

DEPRECIATION

At 1 April 2019

35,956

314,145

26,189

Charge for year

4,132

81,212

445

Eliminated on disposal

-

(53,320

)

-

At 31 March 2020

40,088

342,037

26,634

NET BOOK VALUE

At 31 March 2020

2,145

270,485

2,520

At 31 March 2019

6,277

242,313

2,965

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2019

14,218

7,079

649,142

Additions

-

-

134,064

Disposals

-

-

(78,000

)

At 31 March 2020

14,218

7,079

705,206

DEPRECIATION

At 1 April 2019

12,881

6,505

395,676

Charge for year

334

479

86,602

Eliminated on disposal

-

-

(53,320

)

At 31 March 2020

13,215

6,984

428,958

NET BOOK VALUE

At 31 March 2020

1,003

95

276,248

At 31 March 2019

1,337

574

253,466

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

20,000

NET BOOK VALUE

At 31 March 2020

20,000

At 31 March 2019

20,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

327,236

383,549

Other debtors

18,425

33,052

345,661

416,601

Other debtors includes prepayments of £17,807 (2019 £6,934).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

31,487

26,114

Trade creditors

169,977

87,882

Taxation and social security

104,522

148,003

Other creditors

6,217

5,201

312,203

267,200

Other creditors includes accruals of £5,100 (2019 £4,000).

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.20

31.3.19

£

£

Hire purchase contracts

64,395

49,809

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Hire purchase contracts

95,882

75,923

Hire purchase liabilities are secured on the individual assets being so acquired.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

360

Ordinary 'A'

£1

360

360

60

Ordinary 'B'

£1

60

60

30

Ordinary 'C'

£1

30

30

150

Ordinary 'D'

£1

150

150

600

600

12.

RESERVES

Revaluation

reserve

£

At 1 April 2019

72,590

Transfer between reserves - excess depreciation on revalued assets

(33,601

)

Deferred tax movement on assets held at valuation

(2,994

)

At 31 March 2020

35,995

13.	OTHER FINANCIAL COMMITMENTS

The total amount of financial commitments, guarantees and contingencies that are not included in the balance sheet at 31 March 2020 is £90,827 (2019: £157,085).