Plastic Products International Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02188508 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 December 2019

for

Plastic Products International Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr K Smith

REGISTERED OFFICE:

10-12 Mulberry Green

Old Harlow

Essex

CM17 0ET

REGISTERED NUMBER:

02188508 (England and Wales)

ACCOUNTANTS:

Giess Wallis Crisp LLP

Chartered Accountants

10/12 Mulberry Green

Old Harlow

Essex

CM17 0ET

BANKERS:

National Westminster Bank

12 The Rows

Harlow

Essex

CM20 1BZ

FIXED ASSETS

Tangible assets

4

330,322

350,695

CURRENT ASSETS

Stocks

5

109,913

151,115

Debtors

6

561,068

606,310

Cash at bank and in hand

71,997

22,166

742,978

779,591

CREDITORS

Amounts falling due within one year

7

587,938

631,869

NET CURRENT ASSETS

155,040

147,722

TOTAL ASSETS LESS CURRENT LIABILITIES

485,362

498,417

CREDITORS

Amounts falling due after more than one year

8

-

(35,728

)

PROVISIONS FOR LIABILITIES

10

(56,214

)

(57,728

)

NET ASSETS

429,148

404,961

CAPITAL AND RESERVES

Called up share capital

11

5,000

5,000

Retained earnings

424,148

399,961

SHAREHOLDERS' FUNDS

429,148

404,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2020 and were signed by:

Mr K Smith - Director

1.	STATUTORY INFORMATION

Plastic Products International Ltd 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 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.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from

other sources. The estimates and associated assumptions based on historical experience and other factors that

are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on ·an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to

the carrying amount of assets and liabilities

Turnover

Turnover is measured at 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

15% on reducing balance and Straight line over 3 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments

The company only enters into basic financial instruments that result in the recognition of financial assets and

liabilities such as trade debtors and creditors.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when

there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis

or to realise the asset and settle the liability simultaneously.

Debtors

Short terms debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by current accounts, cash in hand and deposits with financial institutions repayable without

penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no

more than three months from the date of acquisition and that are readily convertible to known amounts of cash

with insignificant risk of change in value.

Creditors

Short term creditors are measured at the transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

Foreign currencies

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

statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 25 (2018 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

Office

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2019

45,857

979,180

69,870

263,797

1,358,704

Additions

-

16,284

39,635

-

55,919

Disposals

-

(4,500

)

(3,729

)

-

(8,229

)

At 31 December 2019

45,857

990,964

105,776

263,797

1,406,394

DEPRECIATION

At 1 January 2019

45,856

724,281

49,679

188,193

1,008,009

Charge for year

-

51,154

9,644

11,848

72,646

Eliminated on disposal

-

(3,651

)

(932

)

-

(4,583

)

At 31 December 2019

45,856

771,784

58,391

200,041

1,076,072

NET BOOK VALUE

At 31 December 2019

1

219,180

47,385

63,756

330,322

At 31 December 2018

1

254,899

20,191

75,604

350,695

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2019

and 31 December 2019

198,492

DEPRECIATION

At 1 January 2019

98,558

Charge for year

19,986

At 31 December 2019

118,544

NET BOOK VALUE

At 31 December 2019

79,948

At 31 December 2018

99,934

5.

STOCKS

2019

2018

£

£

Stocks

109,913

151,115

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

550,351

600,099

Other debtors

10,717

6,211

561,068

606,310

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

35,728

35,728

Trade creditors

110,886

126,939

Taxation and social security

105,151

122,441

Other creditors

336,173

346,761

587,938

631,869

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

-

35,728

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

35,728

71,456

Obligations under hire purchase and finance lease contracts are secured on the assets concerned.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

56,214

57,728

Deferred

tax

£

Balance at 1 January 2019

57,728

Credit to Statement of Income and Retained Earnings during year

(1,514

)

Balance at 31 December 2019

56,214

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

5,000

Ordinary

£1

5,000

5,000