Plastic Machining Services Limited - Accounts to registrar (filleted) - small 18.2

Plastic Machining Services Limited - Accounts to registrar (filleted) - small 18.2

PLASTIC MACHINING SERVICES LIMITED - Company Information

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REGISTERED NUMBER: 02960372 (England and Wales)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 SEPTEMBER 2020

FOR

PLASTIC MACHINING SERVICES LIMITED
PLASTIC MACHINING SERVICES LIMITED (REGISTERED NUMBER: 02960372)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020




Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


PLASTIC MACHINING SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2020







DIRECTOR: Ms T M Tonks





REGISTERED OFFICE: 11 Queen Street
Wellington
Telford
Shropshire
TF1 1EH





REGISTERED NUMBER: 02960372 (England and Wales)





ACCOUNTANTS: Davies Grindrod & Co
Chartered Accountants & Registered Auditors
11 Queen Street
Wellington
Telford
Shropshire
TF1 1EH
Page 1
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PLASTIC MACHINING SERVICES LIMITED

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plastic Machining Services Limited for the year ended 30 September 2020 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Plastic Machining Services Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Plastic Machining Services Limited and state those matters that we have agreed to state to the director of Plastic Machining Services Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plastic Machining Services Limited and its director for our work or for this report.

It is your duty to ensure that Plastic Machining Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Plastic Machining Services Limited. You consider that Plastic Machining Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Plastic Machining Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Davies Grindrod & Co
Chartered Accountants & Registered Auditors
11 Queen Street
Wellington
Telford
Shropshire
TF1 1EH


24 June 2021

This page does not form part of the statutory financial statements

Page 2
PLASTIC MACHINING SERVICES LIMITED (REGISTERED NUMBER: 02960372)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2020

2020 2019
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 104,708 139,539
104,708 139,539

CURRENT ASSETS
Stocks 7,400 8,000
Debtors 6 100,449 127,718
Cash at bank and in hand 301,412 219,709
409,261 355,427
CREDITORS
Amounts falling due within one year 7 80,793 71,968
NET CURRENT ASSETS 328,468 283,459
TOTAL ASSETS LESS CURRENT
LIABILITIES
433,176
422,998

PROVISIONS FOR LIABILITIES 11,478 16,249
NET ASSETS 421,698 406,749

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 411,698 396,749
SHAREHOLDERS' FUNDS 421,698 406,749

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 notes form part of these financial statements

Page 3 continued...
PLASTIC MACHINING SERVICES LIMITED (REGISTERED NUMBER: 02960372)

STATEMENT OF FINANCIAL POSITION - continued
30 SEPTEMBER 2020


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 director and authorised for issue on 24 June 2021 and were signed by:





Ms T M Tonks - Director


The notes form part of these financial statements

Page 4
PLASTIC MACHINING SERVICES LIMITED (REGISTERED NUMBER: 02960372)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020

1. STATUTORY INFORMATION

Plastic Machining Services 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.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations or future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. In the opinion of the directors there are no estimates nor assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 1994, is being amortised evenly over its estimated useful life of five years.

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.

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 etc - 20% 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 statement of financial position date.


Page 5 continued...
PLASTIC MACHINING SERVICES LIMITED (REGISTERED NUMBER: 02960372)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 11 (2019 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2019
and 30 September 2020 33,925
AMORTISATION
At 1 October 2019
and 30 September 2020 33,925
NET BOOK VALUE
At 30 September 2020 -
At 30 September 2019 -

Page 6 continued...
PLASTIC MACHINING SERVICES LIMITED (REGISTERED NUMBER: 02960372)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2020

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2019 1,055,340
Additions 2,413
Disposals (823,780 )
At 30 September 2020 233,973
DEPRECIATION
At 1 October 2019 915,801
Charge for year 37,244
Eliminated on disposal (823,780 )
At 30 September 2020 129,265
NET BOOK VALUE
At 30 September 2020 104,708
At 30 September 2019 139,539

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade debtors 99,276 124,037
Other debtors 1,173 3,681
100,449 127,718

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£    £   
Trade creditors 36,840 40,373
Taxation and social security 37,126 25,321
Other creditors 6,827 6,274
80,793 71,968

8. RELATED PARTY DISCLOSURES

During the year, total dividends of £19,500 (2019 - £83,993) were paid to the director .

9. ULTIMATE CONTROLLING PARTY

The controlling party is Ms T M Tonks.

The ultimate controlling party is Ms T M Tonks.

Page 7