Halcyon Plastics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01387371 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

HALCYON PLASTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P Bexon

SECRETARY:

H Stanton

REGISTERED OFFICE:

Top Farm

Shefford Road

Beadlow

Bedfordshire

SG17 5PL

REGISTERED NUMBER:

01387371 (England and Wales)

ACCOUNTANTS:

Fortus Midlands Limited

1 Rushmills

Bedford Road

Northampton

Northamptonshire

NN4 7YB

CURRENT ASSETS

Debtors

5

412,423

495,141

Cash at bank and in hand

40,741

18,912

453,164

514,053

CREDITORS

Amounts falling due within one year

6

358,866

400,726

NET CURRENT ASSETS

94,298

113,327

TOTAL ASSETS LESS CURRENT LIABILITIES

94,298

113,327

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

94,198

113,227

SHAREHOLDERS' FUNDS

94,298

113,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 24 December 2021 and were signed by:

P Bexon - Director

1.	STATUTORY INFORMATION

Halcyon 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.

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.

There were no material departures that standard.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

50% on cost

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.

Going concern

The director has considered the impact of COVID-19 in relation to their assessment of going concern and in their opinion has taken all reasonable steps to mitigate these factors.

As at the point of authorising the accounts, and for the foreseeable future, the director considers the going concern assumption to still be appropriate.

The director acknowledges that given the currently rapidly changing business and social environment, there are likely to be significant unknown factors which may present themselves. Such factors are considered by the director to represent a general inherent level of risk in relation to the going concern assumption albeit not quantifiable at this time.

Government grants

Government grants relating to the Coronavirus Job Retention Scheme are recognised in income in the period in which it becomes receivable under the performance model.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

7,303

45,311

52,614

DEPRECIATION

At 1 April 2020

and 31 March 2021

7,303

45,311

52,614

NET BOOK VALUE

At 31 March 2021

-

-

-

At 31 March 2020

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

292,496

361,589

Other debtors

3,000

3,551

Directors' current accounts

90,888

90,888

Tax

16,269

19,091

Deferred tax asset

Accelerated capital allowances

9,770

9,770

Prepayments and accrued income

-

10,252

412,423

495,141

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

7,867

24,378

Trade creditors

250,131

308,960

Corporation tax

241

241

Social security and other taxes

13,767

20,387

VAT

25,212

20,864

Other creditors

50,000

-

Accruals and deferred income

11,648

25,896

358,866

400,726

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

1

100

100

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

P Bexon

Balance outstanding at start of year

90,888

90,888

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

90,888

No interest is being charged on this balance. The balance outstanding is repayable on demand.

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

At year end the ultimate controlling party was Consolidated Plastics Limited. At the date of signing the accounts the controlling party is P. Bexon by virtue of him having acquired the shares of the company.