| Newtown Plastics Limited |
| Registered number: |
04111204 |
| Balance Sheet |
| as at 31 March 2017 |
|
| Notes |
|
|
2017 |
|
|
2016 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
4 |
|
|
280,513 |
|
|
280,270 |
|
| Current assets |
| Stocks |
|
|
56,469 |
|
|
42,508 |
| Debtors |
5 |
|
279,960 |
|
|
192,829 |
| Cash at bank and in hand |
|
|
16,140 |
|
|
46,572 |
|
|
|
352,569 |
|
|
281,909 |
|
| Creditors: amounts falling due within one year |
6 |
|
(132,487) |
|
|
(77,453) |
|
| Net current assets |
|
|
|
220,082 |
|
|
204,456 |
|
| Total assets less current liabilities |
|
|
|
500,595 |
|
|
484,726 |
|
|
| Provisions for liabilities |
|
|
|
(52,964) |
|
|
(55,533) |
|
|
| Net assets |
|
|
|
447,631 |
|
|
429,193 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
2 |
|
|
2 |
| Profit and loss account |
|
|
|
447,629 |
|
|
429,191 |
|
| Shareholders' funds |
|
|
|
447,631 |
|
|
429,193 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr S Church |
| Director |
| Approved by the board on 10 November 2017 |
|
| Newtown Plastics Limited |
| Notes to the Accounts |
| for the year ended 31 March 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents net invoiced sales of goods, net of discounts and value added taxes. |
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Plant, machinery and equipment |
straight line - 10% |
|
Furniture and fittings |
straight line - 10% |
|
|
Stocks |
|
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
6 |
|
6 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Intangible fixed assets |
£ |
|
Goodwill: |
|
|
Cost |
|
At 1 April 2016 |
10,000 |
|
At 31 March 2017 |
10,000 |
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 April 2016 |
10,000 |
|
At 31 March 2017 |
10,000 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
- |
|
|
|
|
|
|
|
|
|
|
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. |
|
|
|
| 4 |
Tangible fixed assets |
|
|
|
|
Plant, machinery and equipment |
|
Furniture & Fittings |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 April 2016 |
532,705 |
|
43,634 |
|
576,339 |
|
Additions |
46,675 |
|
- |
|
46,675 |
|
At 31 March 2017 |
579,380 |
|
43,634 |
|
623,014 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2016 |
266,351 |
|
29,718 |
|
296,069 |
|
Charge for the year |
42,186 |
|
4,246 |
|
46,432 |
|
At 31 March 2017 |
308,537 |
|
33,964 |
|
342,501 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2017 |
270,843 |
|
9,670 |
|
280,513 |
|
At 31 March 2016 |
266,354 |
|
13,916 |
|
280,270 |
|
|
| 5 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade debtors |
110,263 |
|
83,282 |
|
Other debtors |
169,697 |
|
109,547 |
|
|
|
|
|
|
279,960 |
|
192,829 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
102,419 |
|
50,083 |
|
Corporation tax |
16,341 |
|
13,814 |
|
Other taxes and social security costs |
3,097 |
|
10,084 |
|
Other creditors |
10,630 |
|
3,472 |
|
|
|
|
|
|
132,487 |
|
77,453 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Share capital |
|
|
Alloted, issued and fully paid: |
|
Number: |
Class: |
Nominal value: |
2017 |
|
2016 |
| £ |
£ |
|
2 |
Ordinary |
£1 |
|
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Mr S Church |
|
Loan |
21,355 |
|
9,660 |
|
(20,000) |
|
11,015 |
|
|
Mrs C Church |
|
Loan |
21,356 |
|
9,659 |
|
(20,000) |
|
11,015 |
|
|
|
42,711 |
|
19,319 |
|
(40,000) |
|
22,030 |
|
|
|
|
|
|
|
|
|
|
Interest was charged on this loan, at the official rate for beneficial loans, included in other income and is payable on demand £957 (2016 £1539) |
|
|
| 9 |
Related party transactions |
|
|
KWR Pro Limited, formally Newtown Plastics Holdings Limited |
|
A Company in which Mr and Mrs Church (directors) are also directors. |
|
|
During the year KWR Pro Limited invoiced sales in relation to rent, in the sum of £32,000 (2016 £32,000). At 31 March 2017 included in other debtors is £135,000 (2016 £54,000), due from KWR Pro Limited. |
|
|
There is a cross guarantee between Newtown Plastics Limited and KWR Pro Limited in respect of a bank loan held by KWR Pro Limited. At 31 March 2017, the balance owed on the bank loan was £29,928 (2016 £75,868) |
|
| 10 |
Other information |
|
|
Newtown Plastics Limited is a private company limited by shares and incorporated in Wales. Its registered office is: |
|
29 Mochdre Enterprise Park |
|
Newtown |
|
Powys |
|
SY16 4LE |
