Norplast Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC059057 (Scotland)

Unaudited Financial Statements

for the Year Ended 30 November 2020

for

Norplast Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

N Downie

D Smith

S Wilkinson

SECRETARY:

L G Downie

REGISTERED OFFICE:

229 Fenwick Road

Giffnock

Glasgow

G46 6JQ

REGISTERED NUMBER:

SC059057 (Scotland)

ACCOUNTANTS:

Wallace & Company

Chartered Accountants

10 Clydesdale Street

Hamilton

ML3 ODP

FIXED ASSETS

Tangible assets

5

18,695

30,720

CURRENT ASSETS

Stocks

120,499

151,365

Debtors

6

232,595

279,387

Cash at bank and in hand

5,895

11,263

358,989

442,015

CREDITORS

Amounts falling due within one year

7

363,278

457,631

NET CURRENT LIABILITIES

(4,289

)

(15,616

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

14,406

15,104

PROVISIONS FOR LIABILITIES

3,552

5,836

NET ASSETS

10,854

9,268

CAPITAL AND RESERVES

Called up share capital

8

750

Retained earnings

10,104

8,518

SHAREHOLDERS' FUNDS

10,854

9,268

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2020 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 30 July 2021 and were signed on its behalf by:

N Downie - Director

1.	STATUTORY INFORMATION

Norplast Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 net of sales tax, trade discounts and customer returns. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product have been transferred to the customer.

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 cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities; including creditors, bank loans and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2019 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 December 2019

and 30 November 2020

48,908

DEPRECIATION

At 1 December 2019

18,188

Charge for year

12,025

At 30 November 2020

30,213

NET BOOK VALUE

At 30 November 2020

18,695

At 30 November 2019

30,720

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Trade debtors

227,341

194,613

Amounts owed by group undertakings

10

79,903

Other debtors

5,244

4,871

232,595

279,387

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

Trade creditors

86,029

90,894

Amounts owed to group undertakings

176,860

298,819

Taxation and social security

81,542

47,519

Other creditors

18,847

20,399

363,278

457,631

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

3,000

Ordinary shares

25p

750

9.	RELATED PARTY DISCLOSURES

During the year the company sold goods to other group companies of £73,987 (2019 - £46,013), purchased goods of £105,175 (2019 - £154,217) and paid management and administration services of £56,472 (2019 - £9,280).

The amounts owed to other group companies as at the year end were as follows :-

ICL Plastics Limited £171,715 (2019 - £286,620)

ICL Tech Limited £5,145 (2019 - £12,199)

The amounts owed by other group companies as at the year end were as follows :-

Stockline Plastics Limited £10 (2019 - £340)

Brisbay Limited £nil (2019 - £79,563)

The company occupies premises which are owned by the parent company, ICL Plastics Limited. No specific charge is made for rent, instead this is reflected in the level of management charges levied.

The above premises were shared with fellow subsidiary, Brisbay Limited. Any running costs met by the individual companies were recharged accordingly.

10.	ULTIMATE PARENT COMPANY

The directors regard ICL Plastics Limited, incorporated in Scotland, as being the company's ultimate parent company.

Norplast Limited - Accounts to registrar (filleted) - small 18.2

Norplast Limited - Accounts to registrar (filleted) - small 18.2