Peerless Plastics and Coatings Limited - Accounts to registrar (filleted) - small 23.2.5
Peerless Plastics and Coatings Limited - Accounts to registrar (filleted) - small 23.2.5
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
| FOR |
| PEERLESS PLASTICS AND COATINGS LIMITED |
| PEERLESS PLASTICS AND COATINGS LIMITED (REGISTERED NUMBER: 07079469) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| PEERLESS PLASTICS AND COATINGS LIMITED (REGISTERED NUMBER: 07079469) |
| BALANCE SHEET |
| 31 OCTOBER 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Fair value reserve |
| Retained earnings |
| 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. |
| PEERLESS PLASTICS AND COATINGS LIMITED (REGISTERED NUMBER: 07079469) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2023 |
| 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 |
| PEERLESS PLASTICS AND COATINGS LIMITED (REGISTERED NUMBER: 07079469) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 1. | STATUTORY INFORMATION |
| Peerless Plastics and Coatings Limited is a |
| Registered number: |
| Registered office: |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| At 31 October 2023, the company had net current liabilities of £338,169. The company meets its day to day working capital requirements through the support of its directors, bank, other third parties and related companies. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| 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. |
| Tangible fixed assets |
| Leasehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost less impairment. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| 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. |
| PEERLESS PLASTICS AND COATINGS LIMITED (REGISTERED NUMBER: 07079469) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 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. |
| Grants |
| Grants of a revenue nature are credited to the profit and loss account in the same period as the related expenditure. Unspent grants are shown on the balance sheet as liabilities. |
| 3. | EMPLOYEES |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1 November 2022 |
| Additions |
| At 31 October 2023 |
| AMORTISATION |
| At 1 November 2022 |
| Charge for year |
| At 31 October 2023 |
| NET BOOK VALUE |
| At 31 October 2023 |
| At 31 October 2022 |
| PEERLESS PLASTICS AND COATINGS LIMITED (REGISTERED NUMBER: 07079469) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Leasehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 November 2022 |
| Additions |
| At 31 October 2023 |
| DEPRECIATION |
| At 1 November 2022 |
| Charge for year |
| At 31 October 2023 |
| NET BOOK VALUE |
| At 31 October 2023 |
| At 31 October 2022 |
| Cost or valuation at 31 October 2023 is represented by: |
| Fixtures |
| Leasehold | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| Valuation in 2013 | - | 98,254 | - | - | 98,254 |
| Cost | 102,650 | 580,353 | 50,656 | 3,499 | 737,158 |
| 102,650 | 678,607 | 50,656 | 3,499 | 835,412 |
| Plant and machinery was valued on a fair value basis on 30 April 2013 by the directors . |
| The directors consider the valuation is still appropriate at 31 October 2022. |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST OR VALUATION |
| At 1 November 2022 |
| Additions |
| At 31 October 2023 |
| DEPRECIATION |
| At 1 November 2022 |
| Charge for year |
| At 31 October 2023 |
| NET BOOK VALUE |
| At 31 October 2023 |
| At 31 October 2022 |
| PEERLESS PLASTICS AND COATINGS LIMITED (REGISTERED NUMBER: 07079469) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 November 2022 |
| Additions |
| Impairments | ( |
) |
| At 31 October 2023 |
| NET BOOK VALUE |
| At 31 October 2023 |
| At 31 October 2022 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| All of the above trade debtors are subject to invoice discounting. |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Invoice discounting advance |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2023 | 2022 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Amounts owed to group undertakings |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 42,335 | 86,742 |
| PEERLESS PLASTICS AND COATINGS LIMITED (REGISTERED NUMBER: 07079469) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2023 | 2022 |
| £ | £ |
| Hire purchase contracts | 95,069 | 113,099 |
| Invoice discounting advance | 396,590 | 306,250 |
| Bank loans | 311,963 | 511,607 |
| The directors of the company have provided personal guarantees in respect of a proportion of the outstanding bank loan liability. |
| 11. | OTHER FINANCIAL COMMITMENTS |
| The total amount of commitments, guarantees and contingencies is £420,000 (2022 - £425,000). |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022: |
| 2023 | 2022 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| A personal guarantee has been provided to Lloyds Bank plc by the director, Mr M T Bromley, in respect of the company's bank facility. |
| PEERLESS PLASTICS AND COATINGS LIMITED (REGISTERED NUMBER: 07079469) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2023 |
| 13. | RELATED PARTY DISCLOSURES |
| Highland Associates (2008) Limited |
| At the period end, the company owed Highland Associates (2008) Limited, a company with a common director, Mr M T Bromley, £247,586 (2022 - £60,000). |
| AFS Supplies Limited |
| During the year, the company made sales of £11,048 (2022 - £11,804) to and purchases of £15,766 (2022 - £2,176) from AFS Supplies Limited. At the period end, the company owed AFS Supplies Limited £7,538 (2022 was owed - £465) for a loan amount. The loan was interest free. |
| Highlands Products Limited |
| During the year, the company made purchases of £Nil (2022 - £74,601) from Highlands Products Limited. At the period end, the company owed Highland Products Limited, a company with a common director, Mr M T Bromley, £34,979 (2022 - £85,618). |
| Advanced Animal Health Limited |
| At the period end, the company owed £7,280 (2022 - £7,280) to Advanced Animal Health Limited, a company with a common director, Mr M T Bromley. |
| R S Coatings Limited |
| During the year, the company made sales of £Nil (2022 - £36,450) to and purchases of £47,462 (2022 - £Nil) from R S Coatings Limited. At the period end, the company owed £34,186 (2022 was owed - £10,786) by R S Coatings Limited, a subsidiary company under the control of Mr M T Bromley. |
| R S Combined Limited |
| At the period end, the company owed £24,999 (2022 - £24,999) to R S Combined Limited, a subsidiary company under the control of Mr M T Bromley. |
| Survivo Wellness Limited |
| During the year, the company made sales of £Nil (2022 - £1,553) to Survivo Wellness Limited. At the period end, the company was owed £Nil, (2022 - 6,224). A balance of £11,092 due from this company has been fully written off during the year due to that company being dissolved after the year end. Survivo Wellness Limited, was a company with a common director, Mr P P K Llewellyn-Stamp . |
| Bred Thorough Limited |
| At the period end, the company was owed £1,650 (2022 - £Nil) by Bred Thorough Limited, a company with a common director, Mr M T Bromley. |
| 14. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |