Protomax Plastics Limited - Accounts to registrar (filleted) - small 18.2
Protomax Plastics Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2021 |
| for |
| Protomax Plastics Limited |
| Protomax Plastics Limited (Registered number: 05339421) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Protomax Plastics Limited |
| Company Information |
| for the Year Ended 31 March 2021 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| Protomax Plastics Limited (Registered number: 05339421) |
| Balance Sheet |
| 31 March 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| 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 |
| Protomax Plastics Limited (Registered number: 05339421) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2021 |
| 1. | STATUTORY INFORMATION |
| Protomax Plastics Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis which assumes that the company will continue to receive adequate financial support from its shareholders to enable it to continue its normal operations for the foreseeable future. |
| Turnover |
| Turnover represents the net invoiced value of sales of goods and services, including commissions receivable, excluding applicable Value Added Tax. Revenue is recognised on the basis of the contractual terms in place with customers. |
| Tangible fixed assets |
| Plant and machinery | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and | Computer |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2020 |
| Additions |
| At 31 March 2021 |
| DEPRECIATION |
| At 1 April 2020 |
| Charge for year |
| At 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| Protomax Plastics Limited (Registered number: 05339421) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2020 |
| and 31 March 2021 |
| NET BOOK VALUE |
| At 31 March 2021 |
| At 31 March 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Social security and other taxes |
| VAT |
| Other creditors |
| Director's current account |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Other loans |
| Director's loan account |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| Creditors: Amounts falling due within one year include £23,598 (2020: £23,598) due to NJ Stillwell. There are no formal terms for repayment of this loan which is unsecured and interest-free. |
| Creditors: Amounts falling due after more than one year include £300,000 (2020: £300,000) due to NJ Stillwell. This balance was subordinated in favour of all other creditors of the company with effect from 27 July 2011. There are no formal terms for repayment of this loan, which is unsecured and interest-free, other than that it is not repayable within twelve months of the balance sheet date. |
| Protomax Plastics Limited (Registered number: 05339421) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2021 |
| 10. | RELATED PARTY DISCLOSURES |
| Mrs S Stillwell |
| Wife of MI Stillwell and NJ Stilwell's mother |
| Amounts advanced to the company by Mrs S Stillwell are unsecured and interest-free and no repayment will be required within at least twelve months from the balance sheet date. |
| With effect from 27 July 2011 £100,000 of this loan was subordinated in favour of all other creditors of the company. |
| 2021 | 2020 |
| £ | £ |
| Amount due to related party at the balance sheet date | 119,377 | 119,377 |
| MI Stillwell |
| NJ Stillwell's father |
| Amounts advanced to the company by MI Stillwell are unsecured and interest-free and have no fixed date for repayment. |
| 2021 | 2020 |
| £ | £ |
| Amount due to related party at the balance sheet date | 139,116 | 139,336 |
| Upcycle Holdings Limited ("UH") |
| UH is a company registered in Ireland of which NJ Stillwell and CD Nicholson are shareholders. |
| 2021 | 2020 |
| £ | £ |
| Amount due from related party at the balance sheet date | 86,121 | 46,312 |
| Storm Board LLP ("SB") |
| CD Nicholson and MI Stillwell are the designated members of SB |
| 2021 | 2020 |
| £ | £ |
| Amount due from related party at the balance sheet date | 355,367 | 283,117 |
| 11. | ULTIMATE CONTROLLING PARTY |