A.S. Rubber & Plastics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03124058 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

A.S. RUBBER & PLASTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S L Weale

REGISTERED OFFICE:

Elwell Street

West Bromwich

West Midlands

B70 0DN

REGISTERED NUMBER:

03124058 (England and Wales)

ACCOUNTANTS:

Astbury Accountants Limited

12 Northgate

Bridgnorth

Shropshire

WV16 4ER

FIXED ASSETS

Tangible assets

4

205,073

156,692

Investments

5

100

100

205,173

156,792

CURRENT ASSETS

Stocks

706,668

416,989

Debtors

6

997,787

971,119

Prepayments and accrued income

17,715

15,841

Cash at bank and in hand

625,271

637,513

2,347,441

2,041,462

CREDITORS

Amounts falling due within one year

7

1,110,436

1,097,950

NET CURRENT ASSETS

1,237,005

943,512

TOTAL ASSETS LESS CURRENT LIABILITIES

1,442,178

1,100,304

PROVISIONS FOR LIABILITIES

38,987

29,772

NET ASSETS

1,403,191

1,070,532

CAPITAL AND RESERVES

Called up share capital

104

104

Share premium

19,996

19,996

Retained earnings

1,383,091

1,050,432

SHAREHOLDERS' FUNDS

1,403,191

1,070,532

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 director acknowledges his 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 director and authorised for issue on 17 September 2022 and were signed by:

S L Weale - Director

1.	STATUTORY INFORMATION

A.S. Rubber & 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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

Turnover from the sale of plastic goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

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

-

25% on reducing balance and 15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries

Investment in the subsidiary undertaking is recognised at its impaired value.

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

(i) Cash and cash Equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, and bank overdrafts.

(ii) Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are stated at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

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.

Hire purchase and leasing commitments

Assets acquired under hire purchase are capitalised and depreciated over the expected useful life of the asset. Hire purchase payments are apportioned between the finance charge and the reduction of the outstanding hire purchase liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2020 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2021

512,584

Additions

85,404

At 31 December 2021

597,988

DEPRECIATION

At 1 January 2021

355,892

Charge for year

37,023

At 31 December 2021

392,915

NET BOOK VALUE

At 31 December 2021

205,073

At 31 December 2020

156,692

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2021

and 31 December 2021

100

NET BOOK VALUE

At 31 December 2021

100

At 31 December 2020

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade debtors

997,787

971,119

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.21

31.12.20

£

£

Trade creditors

746,854

778,003

Taxation and social security

287,348

221,880

Other creditors

76,234

98,067

1,110,436

1,097,950

8.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £3,189 (2020 - £58,986).