D.W. Plastics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01531156 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

FOR

D.W. PLASTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Davies

S A Jones

P M White

S E Burley

SECRETARY:

S E Burley

REGISTERED OFFICE:

Factory 7

Chandler Road

Terminus Road Industrial Estate

Chichester

West Sussex

PO19 8UE

REGISTERED NUMBER:

01531156 (England and Wales)

ACCOUNTANTS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

4

393,075

414,327

Investments

5

1

1

393,076

414,328

CURRENT ASSETS

Stocks

546,682

527,988

Debtors

6

2,120,064

1,862,961

Cash at bank and in hand

751,910

592,844

3,418,656

2,983,793

CREDITORS

Amounts falling due within one year

7

1,079,478

1,252,286

NET CURRENT ASSETS

2,339,178

1,731,507

TOTAL ASSETS LESS CURRENT LIABILITIES

2,732,254

2,145,835

PROVISIONS FOR LIABILITIES

63,433

65,374

NET ASSETS

2,668,821

2,080,461

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,667,821

2,079,461

SHAREHOLDERS' FUNDS

2,668,821

2,080,461

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 22 September 2020 and were signed on its behalf by:

S E Burley - Director

1.	STATUTORY INFORMATION

D.W. Plastics Limited is a private company, limited by shares, registered in England and Wales. The company's

registered office is Factory 7 Chandler Road, Chichester, West Sussex, PO19 8UE.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 the provisions of Section 1A "Small Entities" 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 also the functional currency of the company.

Revenue

Revenue described as turnover, represents the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

in accordance with the property lease

Plant and machinery

-

15% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, the cost figure includes an appropriate figure for

labour, after making due allowance for obsolete and slow moving items.

Financial instruments

Financial instruments are classified by the directors as basic following the conditions in FRS 102 Section 1A. Basic

financial instruments are recognised at amortised cost using the effective interest method.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling

at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 32 (2019 - 36 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Plant and

Computer

to property

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2019

94,392

1,625,924

53,376

1,773,692

Additions

1,166

47,615

4,865

53,646

At 31 March 2020

95,558

1,673,539

58,241

1,827,338

DEPRECIATION

At 1 April 2019

34,578

1,321,897

2,890

1,359,365

Charge for year

7,523

48,253

19,122

74,898

At 31 March 2020

42,101

1,370,150

22,012

1,434,263

NET BOOK VALUE

At 31 March 2020

53,457

303,389

36,229

393,075

At 31 March 2019

59,814

304,027

50,486

414,327

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

1

NET BOOK VALUE

At 31 March 2020

1

At 31 March 2019

1

The company's investments at the Balance Sheet date in the share capital of companies include the following:

IMI-Teak Ltd

Registered office: C/O D W Plastics Ltd Factory 7 Chandler Road, Terminus Road Industrial Estate, Chichester, West Sussex

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

743,212

671,960

Amounts owed by group undertakings

1,312,633

1,067,423

Other debtors

64,219

123,578

2,120,064

1,862,961

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

706,100

898,834

Taxation and social security

245,837

93,768

Other creditors

127,541

259,684

1,079,478

1,252,286

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

123,652

122,341

Between one and five years

444,067

437,760

In more than five years

205,751

298,800

773,470

858,901

9.	SECURED DEBTS

Security has been given to D W Plastics Group Limited, the parent of D.W. Plastics Limited, over two

arrangements.

The first is a £2,400,000 secured loan taken out on 29th March 2019. The loan is secured by a fixed and floating

charge over all of the company's assets and the assets of its parent D W Plastics Group Limited. The loan is fully

repayable by 28th March 2024.

The second is a secured loan of £250,000 (2019 - £2,350,000) taken out on 1st December 2016. The loan is also

secured by a fixed and floating charge over all of the company's assets and the assets of its parent D W Plastics

Group Limited. The loan is fully repayable by 1st December 2021.

10.	RELATED PARTY DISCLOSURES

At the balance sheet date there was an amount due from D W Plastics Group Limited of £1,312,633 (2019 -

£1,067,423). This loan is repayable on demand. No interest was charged on this loan.

11.	PARENT UNDERTAKING

The company is controlled by its parent company, D W Plastics Group Limited. The registered office of D W

Plastics Group Limited is Factory 7 Chandler Road, Chichester, West Sussex, PO19 8UE. D W Plastics Group

Limited is a company incorporated in England.