A.S.H. Plastics (Wolverhampton) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 01651313 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

A.S.H. PLASTICS (WOLVERHAMPTON) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

R D Archer

J R Archer

D J Archer

REGISTERED OFFICE:

City House

Ettingshall Road

Wolverhampton

West Midlands

WV2 2JP

REGISTERED NUMBER:

01651313 (England and Wales)

ACCOUNTANTS:

Howards Limited

Chartered Certified Accountants

Newport House

Newport Road

Stafford

Staffordshire

ST16 1DA

FIXED ASSETS

Tangible assets

5

2,148,834

1,965,179

CURRENT ASSETS

Stocks

397,112

518,166

Debtors

6

637,428

1,033,265

Prepayments and accrued income

100,664

107,766

Cash at bank and in hand

1,546,132

772,452

2,681,336

2,431,649

CREDITORS

Amounts falling due within one year

7

779,790

889,269

NET CURRENT ASSETS

1,901,546

1,542,380

TOTAL ASSETS LESS CURRENT LIABILITIES

4,050,380

3,507,559

CREDITORS

Amounts falling due after more than one year

8

(125,616

)

(222,891

)

PROVISIONS FOR LIABILITIES

(307,063

)

(307,063

)

ACCRUALS AND DEFERRED INCOME

(120,955

)

(35,866

)

NET ASSETS

3,496,746

2,941,739

CAPITAL AND RESERVES

Called up share capital

12,250

12,250

Revaluation reserve

11

428,590

428,590

Capital redemption reserve

8,750

8,750

Retained earnings

3,047,156

2,492,149

SHAREHOLDERS' FUNDS

3,496,746

2,941,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 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 8th December 2023 and were signed on its behalf by:

D J Archer - Director

J R Archer - Director

1.	STATUTORY INFORMATION

A.S.H. Plastics (Wolverhampton) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 01651313 and the registered office address is City House, Ettingshall Road, Wolverhampton, West Midlands, WV2 2JP

The principal activity of the company is design and manufacture of plastics.

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

Functional currency

The financial statements are prepared in pound sterling (£) which is the functional currency of the company.

Significant judgements and estimates

In determining and applying accounting policies, judgement is often required in respect of items where the choice of specific policy, accounting estimate or assumption to be followed could materially affect the reported results or net asset position of the company; it may later be determined that a different choice would have been more appropriate. Management considers that certain accounting estimates and assumptions relating to revenue, taxation, tangible fixed assets, provisions and contingent liabilities, accruals and impairment are its critical accounting estimates.

Turnover

Turnover is measured at fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Freehold buildings

- 2% on cost

Plant and machinery

- 10% on reducing balance

Motor vehicle

- 25% on reducing balance

Computer equipment

- 10% on reducing balance

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss, and included in other operating income.

Stocks and work in progress

Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progress.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

Going concern

The company continues to remain profitable and as such the accounts have been prepared on a going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2022 - 37 ) .

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1st April 2022

750,000

2,147,230

52,923

229,952

3,180,105

Additions

-

349,365

-

2,869

352,234

At 31st March 2023

750,000

2,496,595

52,923

232,821

3,532,339

DEPRECIATION

At 1st April 2022

39,520

1,003,537

40,796

131,073

1,214,926

Charge for year

15,000

139,779

3,031

10,769

168,579

At 31st March 2023

54,520

1,143,316

43,827

141,842

1,383,505

NET BOOK VALUE

At 31st March 2023

695,480

1,353,279

9,096

90,979

2,148,834

At 31st March 2022

710,480

1,143,693

12,127

98,879

1,965,179

Cost or valuation at 31st March 2023 is represented by:

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2013

700,000

-

-

-

700,000

Valuation in 2019

50,000

-

-

-

50,000

Cost

-

2,496,595

52,923

232,821

2,782,339

750,000

2,496,595

52,923

232,821

3,532,339

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST OR VALUATION

At 1st April 2022

and 31st March 2023

385,566

DEPRECIATION

At 1st April 2022

and 31st March 2023

86,013

NET BOOK VALUE

At 31st March 2023

299,553

At 31st March 2022

299,553

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

636,745

1,033,265

Other debtors

683

-

637,428

1,033,265

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts (see note 9)

21,715

44,972

Hire purchase contracts

74,627

72,048

Trade creditors

305,601

458,853

Taxation and social security

271,673

309,200

Other creditors

106,174

4,196

779,790

889,269

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans (see note 9)

25,000

46,683

Hire purchase contracts

96,043

171,635

Other creditors

4,573

4,573

125,616

222,891

9.

LOANS

An analysis of the maturity of loans is given below:

2023

2022

£

£

Amounts falling due within one year or on demand:

Bank loans

21,715

44,972

Amounts falling due between one and two years:

Bank loans - 1-2 years

10,000

21,683

Amounts falling due between two and five years:

Bank loans - 2-5 years

15,000

25,000

10.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

170,670

243,683

Bank loan

11,715

46,655

182,385

290,338

11.

RESERVES

Revaluation

reserve

£

At 1st April 2022

and 31st March 2023

428,590

12.	OTHER FINANCIAL COMMITMENTS

The total of future minimum lease payments under non-cancellable operating leases were £23,161 (2022 - £26,425).