Plastech Solutions Limited - Period Ending 2022-01-31

Plastech Solutions Limited - Period Ending 2022-01-31


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Registration number: 08265760

Plastech Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2022

 

Plastech Solutions Limited

Contents


 

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Plastech Solutions Limited

Registration number: 08265760

Balance Sheet as at 31 January 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

65,608

52,997

Current assets

 

Debtors

5

133,941

140,670

Cash at bank and in hand

 

365,439

313,745

 

499,380

454,415

Creditors: Amounts falling due within one year

6

(245,347)

(243,557)

Net current assets

 

254,033

210,858

Total assets less current liabilities

 

319,641

263,855

Creditors: Amounts falling due after more than one year

6

(24,768)

(34,151)

Net assets

 

294,873

229,704

Capital and reserves

 

Called up share capital

500

500

Profit and loss account

294,373

229,204

Total equity

 

294,873

229,704

The director's statements required by sections 475 (2) and (3) are shown on the following page which forms part of this Balance Sheet.

 

Plastech Solutions Limited

Registration number: 08265760

Balance Sheet as at 31 January 2022 (continued)

For the financial year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 23 August 2022 and signed on its behalf by:
 


 

P Baker

Director

 

Plastech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 118
Towers Business Park
Wheelhouse Road
Rugeley
Staffordshire
WS15 1UL
England

The principal place of business is:
Unit 118
Towers Business Park
Wheelhouse Road
Rugeley
Staffordshire
WS15 1UL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

 

Plastech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Plastech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Plastech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2021 - 7).

 

Plastech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022 (continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2021

12,323

87,000

3,451

102,774

Additions

308

36,250

2,434

38,992

Disposals

(3,130)

(24,600)

(53)

(27,783)

At 31 January 2022

9,501

98,650

5,832

113,983

Depreciation

At 1 February 2021

8,768

38,990

2,019

49,777

Charge for the year

809

19,970

577

21,356

Eliminated on disposal

(2,504)

(20,221)

(33)

(22,758)

At 31 January 2022

7,073

38,739

2,563

48,375

Carrying amount

At 31 January 2022

2,428

59,911

3,269

65,608

At 31 January 2021

3,555

48,010

1,432

52,997

5

Debtors

2022
£

2021
£

Trade debtors

123,152

138,299

Other debtors

10,789

2,371

Total current trade and other debtors

133,941

140,670

 

Plastech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

6,000

4,000

Trade creditors

 

129,393

119,151

Directors' loan accounts

2,035

1,982

Taxation and social security

 

62,513

109,200

Other creditors

 

41,523

5,690

HP and finance lease liability 1 (under 1yr)

 

3,883

3,534

 

245,347

243,557


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £9,883 (2021 - £7,534).

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

20,500

26,000

HP and finance lease liability 1 (1-2 yrs)

 

4,268

8,151

 

24,768

34,151

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £24,768 (2021 - £34,151).

 

Plastech Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2022 (continued)

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A £1 of £1 each

425

425

425

425

Ordinary B £1 of £1 each

25

25

25

25

Ordinary C £1 of £1 each

25

25

25

25

Ordinary D £1 of £1 each

25

25

25

25

 

500

500

500

500