Plastic Systems Limited - Accounts to registrar - small 17.2

PLASTIC SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JANUARY 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

P A Beddall

G R Potter

SECRETARY:

P A Beddall

REGISTERED OFFICE:

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

REGISTERED NUMBER:

05682115 (England and Wales)

ACCOUNTANTS:

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Intangible assets

4

187

437

Tangible assets

5

116,366

120,936

116,553

121,373

CURRENT ASSETS

Stocks

1,300

1,063

Debtors

6

35,636

30,121

Cash at bank and in hand

17,084

72,055

54,020

103,239

CREDITORS

Amounts falling due within one year

7

52,076

104,783

NET CURRENT ASSETS/(LIABILITIES)

1,944

(1,544

)

TOTAL ASSETS LESS CURRENT LIABILITIES

118,497

119,829

CREDITORS

Amounts falling due after more than one year

8

(47,983

)

(52,604

)

PROVISIONS FOR LIABILITIES

(1,918

)

(2,466

)

NET ASSETS

68,596

64,759

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

68,496

64,659

SHAREHOLDERS' FUNDS

68,596

64,759

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 30th August 2017 and were signed on its behalf by:

P A Beddall - Director

G R Potter - Director

1.	STATUTORY INFORMATION

Plastic Systems 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to

the nearest £.

The significant accounting policies applied in the presentation of these financial statements are set out below.

These policies have been consistently applied to al periods presented unless otherwise stated.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid to Mr P Beddall for 'Switch & Sense', is being written off evenly over its

estimated useful life of ten years from the commencement of trade date of 1st November 2007.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

Straight line over 10 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st February 2016

and 31st January 2017

2,500

AMORTISATION

At 1st February 2016

2,063

Amortisation for year

250

At 31st January 2017

2,313

NET BOOK VALUE

At 31st January 2017

187

At 31st January 2016

437

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1st February 2016

113,339

3,900

28,038

Additions

-

-

392

At 31st January 2017

113,339

3,900

28,430

DEPRECIATION

At 1st February 2016

7,335

1,300

15,742

Charge for year

1,467

390

3,099

At 31st January 2017

8,802

1,690

18,841

NET BOOK VALUE

At 31st January 2017

104,537

2,210

9,589

At 31st January 2016

106,004

2,600

12,296

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st February 2016

138

2,230

147,645

Additions

-

-

392

At 31st January 2017

138

2,230

148,037

DEPRECIATION

At 1st February 2016

102

2,230

26,709

Charge for year

6

-

4,962

At 31st January 2017

108

2,230

31,671

NET BOOK VALUE

At 31st January 2017

30

-

116,366

At 31st January 2016

36

-

120,936

Included in cost of land and buildings is freehold land of £ 40,000 (2016 - £ 40,000 ) which is not depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

27,361

21,891

Doubtful debt provision

(196

)

(196

)

Amounts recoverable on contract

8,391

8,394

Other debtors

52

-

Prepayments

28

32

35,636

30,121

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

4,529

4,356

Trade creditors

4,470

9,512

Corporation tax

15,392

28,563

Social security and other taxes

357

217

VAT

9,490

17,848

Directors' current accounts

17,322

43,643

Accrued expenses

516

644

52,076

104,783

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans due in 2-5 years

19,953

19,189

Bank loans due after 5 years

28,030

33,415

47,983

52,604

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after 5 years

28,030

33,415

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

52,512

56,960

The bank loan is secured by a legal mortgage over the company's freehold premises.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

11.	ULTIMATE CONTROLLING PARTY

There was no ultimate controlling party during the year due to the director's equal shareholdings

12.	FIRST YEAR ADOPTION

No transitional adjustments were deemed necessary to distributable profits on transition to FRS 102 1A.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and

certain other primary statements and the Report of the Directors are not required to be filed with the Registrar

of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Plastic Systems Limited for the year ended 31st January 2017 which comprise the Statement of

Comprehensive Income, Balance Sheet, and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Plastic Systems Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Plastic Systems Limited and state those matters that we have agreed to state to the Board of Directors of Plastic Systems Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plastic Systems Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Plastic Systems Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Plastic Systems Limited. You consider that Plastic Systems Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Plastic Systems Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haines Watts

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

31st August 2017