Plastic Systems Limited - Accounts to registrar (filleted) - small 18.2

PLASTIC SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JANUARY 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Accountants' Report

9

DIRECTORS:

P A Beddall

G R Potter

SECRETARY:

P A Beddall

REGISTERED OFFICE:

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

REGISTERED NUMBER:

05682115 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

102,593

105,718

102,593

105,718

CURRENT ASSETS

Stocks

500

500

Debtors

6

33,748

38,738

Cash at bank

129,629

70,516

163,877

109,754

CREDITORS

Amounts falling due within one year

7

85,726

55,619

NET CURRENT ASSETS

78,151

54,135

TOTAL ASSETS LESS CURRENT LIABILITIES

180,744

159,853

CREDITORS

Amounts falling due after more than one year

8

-

(27,639

)

PROVISIONS FOR LIABILITIES

(975

)

(1,216

)

NET ASSETS

179,769

130,998

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

179,669

130,898

SHAREHOLDERS' FUNDS

179,769

130,998

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2022 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 Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th August 2022 and were signed on its behalf by:

P A Beddall - Director

1.	STATUTORY INFORMATION

Plastic Systems 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.

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

The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to al periods presented unless otherwise stated.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid to Mr P Beddall for 'Switch & Sense', is being written off evenly over its estimated useful life of ten years from the commencement of trade date of 1st November 2007.

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

-

2% on cost

Improvements to property

-

Straight line over 10 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

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.

Going concern

In preparing the financial statements, the directors have considered the current financial position of the company and its likely future cash flows.

At the date of approving these financial statements the directors are satisfied that the company will have adequate resources to continue operations for the foreseeable future.

Accordingly, they continues to adopt the going concern basis in the preparation of the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st February 2021

and 31st January 2022

2,500

AMORTISATION

At 1st February 2021

and 31st January 2022

2,500

NET BOOK VALUE

At 31st January 2022

-

At 31st January 2021

-

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1st February 2021

113,339

3,900

35,345

Additions

-

-

334

At 31st January 2022

113,339

3,900

35,679

DEPRECIATION

At 1st February 2021

14,669

3,250

29,227

Charge for year

1,467

390

1,560

At 31st January 2022

16,136

3,640

30,787

NET BOOK VALUE

At 31st January 2022

97,203

260

4,892

At 31st January 2021

98,670

650

6,118

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st February 2021

504

9,384

162,472

Additions

-

-

334

At 31st January 2022

504

9,384

162,806

DEPRECIATION

At 1st February 2021

224

9,384

56,754

Charge for year

42

-

3,459

At 31st January 2022

266

9,384

60,213

NET BOOK VALUE

At 31st January 2022

238

-

102,593

At 31st January 2021

280

-

105,718

Included in cost of land and buildings is freehold land of £ 40,000 (2021 - £ 40,000 ) which is not depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/22

31/1/21

£

£

Trade debtors

31,986

31,251

Amounts recoverable on contract

1,200

2,126

Other debtors

562

-

Prepayments

-

5,361

33,748

38,738

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/22

31/1/21

£

£

Bank loans and overdrafts

27,530

5,293

Trade creditors

5,953

7,228

Corporation tax

30,007

20,950

Social security and other taxes

187

754

VAT

12,052

13,790

Other creditors

-

197

Directors' current accounts

9,680

6,858

Accrued expenses

317

549

85,726

55,619

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/1/22

31/1/21

£

£

Bank loans due in 2-5 years

-

23,317

Bank loans due after 5 years

-

4,322

-

27,639

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after 5 years

-

4,322

9.	SECURED DEBTS

The following secured debts are included within creditors:

31/1/22

31/1/21

£

£

Bank loans

27,530

32,932

The bank loan is secured by a legal mortgage over the company's freehold premises.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31/1/22

31/1/21

value:

£

£

80

ORDINARY

£1

80

80

20

ORDINARY B

£1

20

20

100

100

11.	CAPITAL COMMITMENTS

31/1/22

31/1/21

£

£

Contracted but not provided for in the

financial statements

10,722

10,722

12.	ULTIMATE CONTROLLING PARTY

There was no ultimate controlling party during the year due to the director's equal shareholdings

The following reproduces the text of the report prepared for the directors 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 Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors 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 Systems Limited for the year ended 31st January 2022 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 Board of Directors of Plastic Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Plastic Systems Limited and state those matters that we have agreed to state to the Board of Directors of Plastic Systems Limited, as a body, 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 Systems Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Plastic Systems 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 Systems Limited. You consider that Plastic Systems 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 Systems 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.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

5th September 2022