Protool Plastic Components Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02107371 (England and Wales)

Protool Plastic Components Limited

Unaudited Financial Statements

for the Period 1st November 2021 to 30th June 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Anderson

C J Pearson

REGISTERED OFFICE:

28 Standard Way

Fareham Industrial Park

Fareham

Hampshire

PO16 8XG

REGISTERED NUMBER:

02107371 (England and Wales)

ACCOUNTANTS:

Smailes Goldie

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

302,588

357,632

CURRENT ASSETS

Stocks

192,621

230,679

Debtors

5

1,621,500

1,090,074

Cash at bank and in hand

408,538

784,846

2,222,659

2,105,599

CREDITORS

Amounts falling due within one year

6

1,065,240

1,302,909

NET CURRENT ASSETS

1,157,419

802,690

TOTAL ASSETS LESS CURRENT LIABILITIES

1,460,007

1,160,322

CREDITORS

Amounts falling due after more than one year

7

(106,689

)

(145,679

)

PROVISIONS FOR LIABILITIES

(74,871

)

(67,280

)

NET ASSETS

1,278,447

947,363

CAPITAL AND RESERVES

Called up share capital

10

10,000

10,000

Retained earnings

11

1,268,447

937,363

SHAREHOLDERS' FUNDS

1,278,447

947,363

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30th June 2022 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 26th September 2023 and were signed on its behalf by:

R J Anderson - Director

C J Pearson - Director

1.	STATUTORY INFORMATION

Protool Plastic Components 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.

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.

Leasehold Property

-

10% on cost

Plant and machinery

-

15% 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 period 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 period 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.

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.

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 Directors have reviewed the financial position of Protool Plastic Components including consideration of the uncertainties arising from varying export economic conditions and any consequential impact of this upon trading and financing.

The Directors recognise the 'risk' posed by an uncertain, volatile global supply chain and commodity pricing but believe this has reduced vs prior years.

The Directors are confident that the resilience the business developed over the last few years as a result of the global issues has strengthened its ability to adapt and mitigate these risks, therefore do not consider it to affect the Companies ability to operate as a going concern.

Based on the current order book, existing contracts, cost structure, current Balance Sheet, growth initiatives and increased investment plans, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future.

Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 26 (2021 - 29 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st November 2021

20,154

1,649,510

1,669,664

Additions

-

2,446

2,446

At 30th June 2022

20,154

1,651,956

1,672,110

DEPRECIATION

At 1st November 2021

20,154

1,291,878

1,312,032

Charge for period

-

57,490

57,490

At 30th June 2022

20,154

1,349,368

1,369,522

NET BOOK VALUE

At 30th June 2022

-

302,588

302,588

At 31st October 2021

-

357,632

357,632

Included within plant and machinery are assets held under hire purchase. The NBV of these assets are £256,120 (2021 - £313,390) and depreciation charged to the P&L of £63,401 (2021 - £87,030).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,139,246

1,008,150

Amounts owed by group undertakings

431,032

14,306

Other debtors

51,222

67,618

1,621,500

1,090,074

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts (see note 8)

-

250,000

Hire purchase contracts (see note 9)

67,162

96,024

Trade creditors

661,208

702,748

Taxation and social security

232,640

137,592

Other creditors

104,230

116,545

1,065,240

1,302,909

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts (see note 9)

106,689

145,679

8.

LOANS

An analysis of the maturity of loans is given below:

2022

2021

£

£

Amounts falling due within one year or on demand:

Bank loans

-

250,000

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2022

2021

£

£

Net obligations repayable:

Within one year

67,162

96,024

Between one and five years

106,689

145,679

173,851

241,703

Non-cancellable

operating leases

2022

2021

£

£

Within one year

76,781

76,781

Between one and five years

77,495

109,487

154,276

186,268

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

10,000

Ordinary

£1

10,000

10,000

11.

RESERVES

Retained

earnings

£

At 1st November 2021

937,363

Profit for the period

331,084

At 30th June 2022

1,268,447

12.	RELATED PARTY DISCLOSURES

During the year, the company paid dividends of £nil (2021 - £275,843) to Protool Plastics Group Limited. At the balance sheet date, Protool Plastics Group owed the company £431,032 (2021 - £14,306). Protool Plastics Group Limited owns 100% of the shares in Protool Plastic Components Limited.

13.	ULTIMATE PARENT COMPANY

The company's parent company is Protool Plastics Group Limited.

The company's ultimate parent company is Advanced Plastics Group Limited, within whose group accounts the results of the company are consolidated.

The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.