Plastic Systems Limited - Accounts to registrar (filleted) - small 18.1

PLASTIC SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST JANUARY 2018

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

Tangible assets

5

121,158

116,366

121,158

116,553

CURRENT ASSETS

Stocks

900

1,300

Debtors

6

32,205

35,636

Cash at bank and in hand

21,106

17,084

54,211

54,020

CREDITORS

Amounts falling due within one year

7

44,914

52,076

NET CURRENT ASSETS

9,297

1,944

TOTAL ASSETS LESS CURRENT LIABILITIES

130,455

118,497

CREDITORS

Amounts falling due after more than one year

8

(43,150

)

(47,983

)

PROVISIONS FOR LIABILITIES

(3,091

)

(1,918

)

NET ASSETS

84,214

68,596

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

84,114

68,496

SHAREHOLDERS' FUNDS

84,214

68,596

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2018 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 25th June 2018 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 stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all

costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and

condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and

slow-moving stock where appropriate.

Stocks that recognised in cost of sales during the year as an expense totalled £51,835. (2017; £58,523)

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st February 2017

and 31st January 2018

2,500

AMORTISATION

At 1st February 2017

2,313

Amortisation for year

187

At 31st January 2018

2,500

NET BOOK VALUE

At 31st January 2018

-

At 31st January 2017

187

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1st February 2017

113,339

3,900

28,429

Additions

-

-

4,250

At 31st January 2018

113,339

3,900

32,679

DEPRECIATION

At 1st February 2017

8,802

1,690

18,841

Charge for year

1,466

390

2,862

At 31st January 2018

10,268

2,080

21,703

NET BOOK VALUE

At 31st January 2018

103,071

1,820

10,976

At 31st January 2017

104,537

2,210

9,588

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st February 2017

138

2,230

148,036

Additions

-

7,154

11,404

At 31st January 2018

138

9,384

159,440

DEPRECIATION

At 1st February 2017

108

2,230

31,671

Charge for year

4

1,889

6,611

At 31st January 2018

112

4,119

38,282

NET BOOK VALUE

At 31st January 2018

26

5,265

121,158

At 31st January 2017

30

-

116,365

Included in cost of land and buildings is freehold land of £ 40,000 (2017 - £ 40,000 ) which is not depreciated.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

25,388

27,361

Doubtful debt provision

(196

)

(196

)

Amounts recoverable on contract

6,548

8,391

Other debtors

439

52

Prepayments

26

28

32,205

35,636

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

4,710

4,529

Trade creditors

3,169

4,470

Corporation tax

14,968

15,392

Social security and other taxes

201

357

VAT

7,815

9,490

Other creditors

32

-

Directors' current accounts

13,595

17,322

Accrued expenses

424

516

44,914

52,076

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans due in 2-5 years

20,752

19,953

Bank loans due after 5 years

22,398

28,030

43,150

47,983

Amounts falling due in more than five years:

Repayable by instalments

Bank loans due after 5 years

22,398

28,030

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

47,860

52,512

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

2018

2017

value:

£

£

80

Ordinary A

£1

80

100

(2017 - 100 )

20

Ordinary B

£1

20

-

100

100

11.	ULTIMATE CONTROLLING PARTY

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

The following reproduces the text of the report prepared for the directors 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 2018 which comprise the Statement of

Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 and its 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

26th June 2018