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

REGISTERED NUMBER: 05592264 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 October 2020

for

Gap Plastics Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

G Fitzpatrick

S P Priestley

A Adderley

SECRETARY:

G Fitzpatrick

REGISTERED OFFICE:

Unit 16

Glossop Brook Business Park

Surrey Street

Glossop

Derbyshire

SK13 7AJ

REGISTERED NUMBER:

05592264 (England and Wales)

ACCOUNTANTS:

Lomas and Company Accountants Limited

Bridge House

12 Market Street

Glossop

Derbyshire

SK13 8AR

FIXED ASSETS

Tangible assets

4

504,489

577,898

CURRENT ASSETS

Stocks

136,933

135,012

Debtors

5

615,676

1,223,007

Cash at bank

286,854

247,157

1,039,463

1,605,176

CREDITORS

Amounts falling due within one year

6

113,797

546,000

NET CURRENT ASSETS

925,666

1,059,176

TOTAL ASSETS LESS CURRENT LIABILITIES

1,430,155

1,637,074

PROVISIONS FOR LIABILITIES

78,492

88,058

NET ASSETS

1,351,663

1,549,016

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

1,351,561

1,548,914

SHAREHOLDERS' FUNDS

1,351,663

1,549,016

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 March 2021 and were signed on its behalf by:

G Fitzpatrick - Director

1.	STATUTORY INFORMATION

Gap 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 represents the invoiced value of goods sold/services provided net of value added tax.

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

-

15% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% 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 Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 November 2019

1,544,342

42,196

4,340

1,590,878

Additions

22,000

-

-

22,000

Disposals

(49,500

)

-

-

(49,500

)

At 31 October 2020

1,516,842

42,196

4,340

1,563,378

DEPRECIATION

At 1 November 2019

972,908

35,845

4,227

1,012,980

Charge for year

88,117

1,270

37

89,424

Eliminated on disposal

(43,515

)

-

-

(43,515

)

At 31 October 2020

1,017,510

37,115

4,264

1,058,889

NET BOOK VALUE

At 31 October 2020

499,332

5,081

76

504,489

At 31 October 2019

571,434

6,351

113

577,898

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade debtors

145,839

1,105,931

Other debtors

469,837

117,076

615,676

1,223,007

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.20

31.10.19

£

£

Trade creditors

45,088

401,471

Taxation and social security

19,060

123,114

Other creditors

49,649

21,415

113,797

546,000

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019:

31.10.20

31.10.19

£

£

G Fitzpatrick

Balance outstanding at start of year

4,004

-

Amounts advanced

1,768

4,004

Amounts repaid

(4,004

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,768

4,004

S P Priestley

Balance outstanding at start of year

32,394

466

Amounts advanced

-

32,394

Amounts repaid

(32,394

)

(466

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

32,394

A Adderley

Balance outstanding at start of year

55,943

25

Amounts advanced

-

55,943

Amounts repaid

(55,943

)

(25

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

55,943

8.	RELATED PARTY DISCLOSURES

At the year ended 31st October 2020 other debtors includes £432,742 owed from First Property Leasing Ltd, a company controlled by a shareholder of GAP Plastics Limited. Interest of £2,752 was received by GAP Plastics Limited on this loan and is included within sundry receipts.

9.	ULTIMATE CONTROLLING PARTY

By virtue of their ordinary shareholdings Mr. S. P. Priestley, Mr. G. Fitzpatrick and Mr. A. Adderley are the controlling party.