Martins Plastics Limited - Accounts to registrar (filleted) - small 23.2.5

MARTINS PLASTICS LIMITED - Company Information

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REGISTERED NUMBER: 01269656 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

MARTINS PLASTICS LIMITED

Page

Company Information

Statement of Financial Position

Notes to the Financial Statements

DIRECTORS:

Mrs M M Fitt

S C O Fitt

SECRETARY:

Mrs M M Fitt

REGISTERED OFFICE:

Heartsease Lane

Norwich

Norfolk

NR7 9NT

REGISTERED NUMBER:

01269656 (England and Wales)

ACCOUNTANTS:

NMP Accounting

Chartered Certified Accountant

Mill House

1 Mill Lane

Horsford

Norfolk

NR10 3ES

FIXED ASSETS

Tangible assets

6,634

7,826

CURRENT ASSETS

Stocks

49,286

49,240

Debtors

38,073

26,350

Cash at bank and in hand

1,067

1,829

88,426

77,419

CREDITORS

Amounts falling due within one year

56,459

51,021

NET CURRENT ASSETS

31,967

26,398

TOTAL ASSETS LESS CURRENT
LIABILITIES

38,601

34,224

CREDITORS

Amounts falling due after more than one
year

(27,407

)

(31,852

)

PROVISIONS FOR LIABILITIES

(1,300

)

(1,473

)

NET ASSETS

9,894

899

CAPITAL AND RESERVES

Called up share capital

100

Fair value reserve

8,961

Retained earnings

833

(8,162

)

SHAREHOLDERS' FUNDS

9,894

899

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 18 April 2024 and were signed on its behalf by:

S C O Fitt - Director

1.	STATUTORY INFORMATION

Martins 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.

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.

Plant and machinery etc

25% on cost and 10% 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 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

COST

At 1 April 2023

31,388

Disposals

(2,607

)

At 31 March 2024

28,781

DEPRECIATION

At 1 April 2023

23,562

Charge for year

1,121

Eliminated on disposal

(2,536

)

At 31 March 2024

22,147

NET BOOK VALUE

At 31 March 2024

6,634

At 31 March 2023

7,826

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

Trade debtors

28,391

22,276

Other debtors

9,682

4,074

38,073

26,350

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.24

31.3.23

Bank loans and overdrafts

4,283

Trade creditors

45,744

45,324

Taxation and social security

3,432

2,842

Other creditors

3,000

2,855

56,459

51,021

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31.3.24

31.3.23

Bank loans

27,407

31,852

RESERVES

Fair

value

reserve

At 1 April 2023

and 31 March 2024

8,961

9.	ULTIMATE CONTROLLING PARTY

The company is under the control of the directors, Mrs M Fitt and S Fitt, acting in concert.