Plas Cycle Limited Company Accounts
Plas Cycle Limited Company Accounts
COMPANY REGISTRATION NUMBER:
03480555
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Financial Statements |
Year ended 31st December 2016
Contents |
Page |
Statement of Financial Position |
1 |
Notes to the Financial Statements |
3 |
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Statement of Financial Position |
2016 |
2015 |
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Note |
£ |
£ |
£ |
£ |
Fixed Assets
Tangible assets |
5 |
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Current Assets
Stocks |
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– |
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Cash at bank and in hand |
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------- |
---- |
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Creditors: amounts falling due within one year |
6 |
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Net Current Liabilities |
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Total Assets Less Current Liabilities |
(
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(
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Provisions
Taxation including deferred tax |
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Net Liabilities |
(
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(
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Capital and Reserves
Called up share capital |
8 |
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Profit and loss account |
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Members Deficit |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
21 December 2017
, and are signed on behalf of the board by:
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Director |
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Company registration number:
03480555
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Notes to the Financial Statements |
Year ended 31st December 2016
1.
General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Emstrey House (North), Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG.
2.
Statement of Compliance
3.
Accounting Policies
Basis of Preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1st January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Judgements and Key Sources of Estimation Uncertainty
Revenue Recognition
Income Tax
Foreign Currencies
Tangible Assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery |
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Equipment |
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Impairment of Fixed Assets
Stocks
Provisions
Financial Instruments
4.
Staff Costs
The average number of persons employed by the company during the year, including the director, amounted to 1 (2015: 2).
5.
Tangible Assets
Plant and machinery |
Equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1st January 2016 and 31st December 2016 |
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Depreciation |
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At 1st January 2016 |
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Charge for the year |
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------- |
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At 31st December 2016 |
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Carrying amount |
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At 31st December 2016 |
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At 31st December 2015 |
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6.
Creditors:
amounts falling due within one year
2016 |
2015 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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The bank overdraft is secured against all assets of the company.
7.
Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2016 |
2015 |
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£ |
£ |
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Included in provisions |
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------- |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2016 |
2015 |
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£ |
£ |
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Accelerated capital allowances |
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------- |
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8.
Called Up Share Capital
Issued, called up and fully paid
2016 |
2015 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
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9.
Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2016 |
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Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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(
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– |
(
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2015 |
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Balance brought forward |
Advances/ (credits) to the director |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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(
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(
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The non-interest bearing loan is repayable on demand.
10.
Related Party Transactions
Included within other creditors due within one year is a loan from
Mr D Trow
, a former director and shareholder, amounting to £ 14,020
(2016 - £ 13,468
). The interest free loan is repayable on demand.
11.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st January 2015.
Reconciliation of equity
1st January 2015 |
31st December 2015 |
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As previously stated |
Effect of transition |
FRS 102 (as restated) |
As previously stated |
Effect of transition |
FRS 102 (as restated) |
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£ |
£ |
£ |
£ |
£ |
£ |
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Fixed assets |
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– |
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– |
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Current assets |
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– |
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– |
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Creditors: amounts falling due within one year |
(
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– |
(
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(
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– |
(
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--------- |
---- |
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---- |
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Net current liabilities |
(
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– |
(
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(
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– |
(
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--------- |
---- |
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Total assets less current liabilities |
(
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– |
(
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(
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– |
(
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Provisions |
– |
– |
– |
– |
(
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(
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--------- |
---- |
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------- |
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Net liabilities |
(
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– |
(
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(
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(
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(
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--------- |
---- |
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------- |
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---- |
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------- |
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Capital and reserves |
(
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– |
(
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(
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(
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(
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--------- |
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12.
Going Concern
The financial statements have been prepared on a going concern basis which assumes the continued support of the director.