Tag Plastic Extrusions Limited - Period Ending 2017-03-31

Tag Plastic Extrusions Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 March 2017

Registration number: 1800102

Tag Plastic Extrusions Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Tag Plastic Extrusions Limited

Company Information

Directors

Mr M P Belcher Mr P M Belcher

Company secretary

Mr P M Belcher

Registered office

21 Marsh Green Road North Marsh Barton Trading Estate Exeter Devon EX2 8NY

Accountants

Francis Clark LLP Sigma House Oak View Close Edginswell Park Torquay TQ2 7FF

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Tag Plastic Extrusions Limited

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	355,234	226,906
Current assets
Stocks		50,821	40,681
Debtors	4	173,267	214,784
Cash at bank and in hand		52,692	40,528
		276,780	295,993
Creditors: Amounts falling due within one year	5	(217,221)	(112,549)
Net current assets		59,559	183,444
Total assets less current liabilities		414,793	410,350
Creditors: Amounts falling due after more than one year	5	(8,169)	(17,438)
Provisions for liabilities		(48,000)	(40,000)
Net assets		358,624	352,912
Capital and reserves
Called up share capital		300	300
Profit and loss account		358,324	352,612
Total equity		358,624	352,912

The notes on pages 4 to 8 form an integral part of these financial statements.

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Tag Plastic Extrusions Limited

Balance Sheet

31 March 2017

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 6 November 2017 and signed on its behalf by:
 

.........................................

Mr M P Belcher

Director

.........................................

Mr P M Belcher

Director

Company Registration Number: 1800102

The notes on pages 4 to 8 form an integral part of these financial statements.

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Tag Plastic Extrusions Limited

Notes to the Financial Statements

Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
21 Marsh Green Road North
Marsh Barton Trading Estate
Exeter
Devon
EX2 8NY

These financial statements were authorised for issue by the Board on 6 November 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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 Section 1A, and the Companies Act 2006.

There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 April 2015.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	10% straight line basis
Fixtures and fittings	25% reducing balance basis

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Tag Plastic Extrusions Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Motor vehicles	25% reducing balance basis
Leasehold property improvements	20% straight line basis

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Net realisable value is determined based on selling price less anticipated costs to completion and selling costs.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances;
• Finance lease and hire purchase agreements.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

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Tag Plastic Extrusions Limited

Notes to the Financial Statements

Year Ended 31 March 2017

3	Tangible assets

	Leasehold property improvements £	Fixtures and fittings  £	Motor vehicles  £	Plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	37,997	195,775	5,250	450,151	689,173
Additions	-	-	-	173,619	173,619
At 31 March 2017	37,997	195,775	5,250	623,770	862,792
Depreciation
At 1 April 2016	13,901	183,150	4,550	260,666	462,267
Charge for the year	4,819	3,161	175	37,136	45,291
At 31 March 2017	18,720	186,311	4,725	297,802	507,558
Carrying amount
At 31 March 2017	19,277	9,464	525	325,968	355,234
At 31 March 2016	24,096	12,625	700	189,485	226,906

Included within the net book value of land and buildings above is £19,277 (2016 - £24,096) in respect of long leasehold land and buildings.
 

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Tag Plastic Extrusions Limited

Notes to the Financial Statements

Year Ended 31 March 2017

Leased assets
Included within the net book value of tangible fixed assets is £106,934 (2016 - £80,702) in respect of assets held under finance leases and similar hire purchase agreements. Depreciation for the year on these assets was £11,478 (2016 - £9,592).

4

Debtors

	2017  £	2016  £
Trade debtors	153,280	125,353
Other debtors	15,528	88,838
Prepayments	4,459	593
	173,267	214,784

5

Creditors

	2017  £	2016  £
Due within one year
Hire purchase agreements	32,587	30,323
Trade creditors	133,333	68,751
Social security and other taxes	336	-
Other creditors	13,184	2,475
Accrued expenses	37,781	7,700
Corporation tax	-	3,300
	217,221	112,549
Due after one year
Hire purchase agreements	8,169	17,438

6	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Hire purchase agreements	8,169	17,438

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Tag Plastic Extrusions Limited

Notes to the Financial Statements

Year Ended 31 March 2017

	2017 £	2016 £
Current loans and borrowings
Hire purchase agreements	32,587	30,323

Finance lease liabilities and hire purchase agreements
Finance lease and hire purchase agreements are secured on the assets on which the finance lease and hire purchase agreements have been taken out.

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	300	300	300	300

8	Related party transactions

Summary of transactions with parent

The company's immediate and ultimate parent undertaking is Drakemead Limited, a company incorporated in England and Wales. The ultimate controlling party is Mr P M Belcher.
 

9	Transition to FRS 102

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 April 2015.

There were no changes to the previously stated equity as at 1 April 2015 and 31 March 2016 or in the profit for the year ended 31 March 2016 as a result of the transition to FRS 102.

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