H.M.T. Plastics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01257992 (England and Wales)

H.M.T. Plastics Limited

Unaudited Financial Statements for the Year Ended 31 August 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M J Mears

Mrs P A Mears

SECRETARY:

Mrs P A Mears

REGISTERED OFFICE:

31a Framfield Road

Uckfield

East Sussex

TN22 5AH

REGISTERED NUMBER:

01257992 (England and Wales)

ACCOUNTANTS:

Swindells LLP

Chartered Accountants

Atlantic House

8 Bell Lane

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QL

FIXED ASSETS

Intangible assets

4

1,561

3,515

Tangible assets

5

2,282

3,385

3,843

6,900

CURRENT ASSETS

Stocks

2,250

2,250

Debtors

6

23,940

31,383

Cash at bank and in hand

78,755

60,939

104,945

94,572

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

38,484

38,206

NET CURRENT ASSETS

66,461

56,366

TOTAL ASSETS LESS CURRENT LIABILITIES

70,304

63,266

PROVISIONS FOR LIABILITIES

434

536

NET ASSETS

69,870

62,730

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

69,770

62,630

SHAREHOLDERS' FUNDS

69,870

62,730

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2022 and were signed on its behalf by:

Mr M J Mears - Director

Mrs P A Mears - Director

1.	STATUTORY INFORMATION

H.M.T. 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 represents revenue, net of VAT, from commercial transactions under which the company supplies customers the goods that it is in business to provide and it is recognised when it obtains, through performance under contract, the right to consideration for those services.

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.

Website development is being amortised evenly over its estimated useful life of four years.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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

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

Government grants

Government grants of a revenue nature are credited to a deferred income account and released to profit so as to match them with the expenditure to which they relate.

Going concern

The directors have assessed whether the going concern basis of preparation continues to be appropriate, based on whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. This assessment has been required in the light of the significant uncertainty around the short to medium term impact of the spread of the Covid-19 virus. At the time of approving the financial statements the directors believe that all appropriate measures have been or will be taken to ensure that the company will be able to continue its operations for at least the next 12 months and thus conclude that the going concern basis remains appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2020

and 31 August 2021

6,250

AMORTISATION

At 1 September 2020

2,735

Charge for year

1,954

At 31 August 2021

4,689

NET BOOK VALUE

At 31 August 2021

1,561

At 31 August 2020

3,515

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 September 2020

25,054

7,172

32,226

Disposals

(1,015

)

(692

)

(1,707

)

At 31 August 2021

24,039

6,480

30,519

DEPRECIATION

At 1 September 2020

22,122

6,719

28,841

Charge for year

704

62

766

Eliminated on disposal

(897

)

(473

)

(1,370

)

At 31 August 2021

21,929

6,308

28,237

NET BOOK VALUE

At 31 August 2021

2,110

172

2,282

At 31 August 2020

2,932

453

3,385

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

22,531

30,036

Other debtors

1,409

1,347

23,940

31,383

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

7,323

7,171

Taxation and social security

21,883

22,608

Other creditors

9,278

8,427

38,484

38,206

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

9.	OTHER FINANCIAL COMMITMENTS

The company has a commitment under a licence to occupy a premises amounting to £4,834 (2020- £nil) at the balance sheet date.

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £61,840 were paid to the directors .

At the balance sheet date the company owed the directors the aggregate sum of £3,038 (2020 - £2,574). The loan is unsecured, interest free and repayable on demand.