Pyramid Plastics UK Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01928992 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2021

for

Pyramid Plastics UK Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B J Bowser

Ms K J Wilkes

SECRETARY:

A Bowser

REGISTERED OFFICE:

Unit 22

Corringham Rd Ind Est

Gainsborough

Lincolnshire

DN21 1QB

REGISTERED NUMBER:

01928992 (England and Wales)

ACCOUNTANTS:

ABC Accounting Services

Unit 1, Sandars Road

Heapham Rd Ind Estate

Gainsborough

Lincolnshire

DN21 1RZ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

106,754

107,352

106,754

107,352

CURRENT ASSETS

Stocks

590,469

369,796

Debtors

6

74,890

24,742

Cash at bank and in hand

147,281

241,068

812,640

635,606

CREDITORS

Amounts falling due within one year

7

262,066

204,666

NET CURRENT ASSETS

550,574

430,940

TOTAL ASSETS LESS CURRENT LIABILITIES

657,328

538,292

CREDITORS

Amounts falling due after more than one year

8

(28,358

)

(36,449

)

PROVISIONS FOR LIABILITIES

(3,410

)

(3,756

)

NET ASSETS

625,560

498,087

CAPITAL AND RESERVES

Called up share capital

10

25,000

25,000

Retained earnings

11

600,560

473,087

SHAREHOLDERS' FUNDS

625,560

498,087

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2022 and were signed on its behalf by:

B J Bowser - Director

1.	STATUTORY INFORMATION

Pyramid Plastics UK 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 sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2007, 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.

Freehold property

-

4% on cost

Plant and machinery

-

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 Income Statement, 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.

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.

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 14 (2020 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

5,115

AMORTISATION

At 1 January 2021

and 31 December 2021

5,115

NET BOOK VALUE

At 31 December 2021

-

At 31 December 2020

-

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1 January 2021

212,207

193,526

405,733

Additions

4,072

10,502

14,574

At 31 December 2021

216,279

204,028

420,307

DEPRECIATION

At 1 January 2021

123,920

174,461

298,381

Charge for year

7,001

8,171

15,172

At 31 December 2021

130,921

182,632

313,553

NET BOOK VALUE

At 31 December 2021

85,358

21,396

106,754

At 31 December 2020

88,287

19,065

107,352

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

36,394

19,724

Other debtors

1,125

-

R & D tax credit

36,312

-

Prepayments

1,059

5,018

74,890

24,742

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans and overdrafts

7,857

7,857

Trade creditors

95,947

88,327

Credit card

649

639

Corporation tax

37,671

36,393

Social security and other taxes

18,511

33,336

Other creditors

60,228

36,464

Directors' current accounts

7,500

-

Accrued expenses

33,703

1,650

262,066

204,666

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.21

31.12.20

£

£

Bank loans repayable 2-5 years

by instalments

28,358

36,449

28,358

36,449

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.21

31.12.20

£

£

Bank loans

36,215

44,306

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.21

31.12.20

value:

£

£

25,000

Ordinary

£1

25,000

25,000

11.

RESERVES

Retained

earnings

£

At 1 January 2021

473,087

Profit for the year

187,473

Dividends

(60,000

)

At 31 December 2021

600,560

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by the directors and family members. As at the year end the directors were owed £7,500, (2020, £Nil).