Plater Chemicals Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 03218866 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

Plater Chemicals Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

B S Hendon

REGISTERED OFFICE:

Alrewas House

Main Street

Alrewas

Burton on Trent

Staffordshire

DE13 7ED

REGISTERED NUMBER:

03218866 (England and Wales)

AUDITORS:

Tomkinson Teal

(Lichfield) LLP

Hanover Court

5 Queen Street

Lichfield

Staffordshire

WS13 6QD

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

722,020

771,596

722,020

771,596

CURRENT ASSETS

Stocks

611,011

620,167

Debtors

6

3,004,169

2,369,037

Cash at bank and in hand

515,514

72,624

4,130,694

3,061,828

CREDITORS

Amounts falling due within one year

7

(1,518,546

)

(1,182,482

)

NET CURRENT ASSETS

2,612,148

1,879,346

TOTAL ASSETS LESS CURRENT LIABILITIES

3,334,168

2,650,942

CREDITORS

Amounts falling due after more than one year

8

-

(937

)

PROVISIONS FOR LIABILITIES

(129,163

)

(135,732

)

NET ASSETS

3,205,005

2,514,273

CAPITAL AND RESERVES

Called up share capital

11

37,000

37,000

Retained earnings

12

3,168,005

2,477,273

SHAREHOLDERS' FUNDS

3,205,005

2,514,273

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 26 May 2017 and were signed by:

B S Hendon - Director

1.	STATUTORY INFORMATION

Plater Chemicals 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised

evenly over its estimated useful life of ten years.

Additional goodwill was acquired in 2011 and is being amortised evenly over its estimated useful life of three

years.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Stocks

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

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 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.

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

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.

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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 48 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

125,002

AMORTISATION

At 1 April 2016

and 31 March 2017

125,002

NET BOOK VALUE

At 31 March 2017

-

At 31 March 2016

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

1,095,940

Additions

88,941

At 31 March 2017

1,184,881

DEPRECIATION

At 1 April 2016

324,344

Charge for year

138,517

At 31 March 2017

462,861

NET BOOK VALUE

At 31 March 2017

722,020

At 31 March 2016

771,596

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

Plant and

machinery

etc

£

COST

At 1 April 2016

36,995

Transfer to ownership

(12,000

)

At 31 March 2017

24,995

DEPRECIATION

At 1 April 2016

9,249

Charge for year

6,936

Transfer to ownership

(5,250

)

At 31 March 2017

10,935

NET BOOK VALUE

At 31 March 2017

14,060

At 31 March 2016

27,746

6.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

1,310,008

1,095,525

Other debtors

183,978

167,794

1,493,986

1,263,319

2017

2016

£

£

Amounts falling due after more than one year:

Amounts owed by group undertakings

1,510,183

1,105,718

Aggregate amounts

3,004,169

2,369,037

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 9)

937

17,282

Trade creditors

949,538

671,535

Taxation and social security

429,232

316,011

Other creditors

138,839

177,654

1,518,546

1,182,482

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts (see note 9)

-

937

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

937

17,282

Between one and five years

-

937

937

18,219

Non-cancellable operating

leases

2017

2016

£

£

Within one year

326,574

337,169

Between one and five years

494,637

821,211

821,211

1,158,380

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

937

-

Royal Bank of Scotland hold a fixed and floating charge over all assets of the company

RBS Invoice Finance hold a fixed and floating charge over all assets of the company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

37,000

Ordinary

£1

37,000

37,000

12.

RESERVES

Retained

earnings

£

At 1 April 2016

2,477,273

Profit for the year

955,829

Dividends

(265,097

)

At 31 March 2017

3,168,005

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Kelvin Teal (Senior Statutory Auditor)

for and on behalf of Tomkinson Teal

14.	RELATED PARTY DISCLOSURES

B S Hendon

Director

During the financial year, the company paid £11,838 (2016 - £11,838) rent for occupation of a business

premises, which is owned by Mr B S Hendon. The charge is at a market rate.

2017

2016

£

£

Amount due to related party at the balance sheet date

82,535

51,439

Plater Chemicals Properties Limited

Fellow subsidiary

During the year ended 31 March 2017, rent of £300,000 (2016 - £300,000) was paid to Plater Chemicals

Properties Limited.

At 31 March 2017, Plater Chemicals Limited owed £30,000 (2016 - £30,000) to Plater Chemicals Properties

Limited in respect of rent.

15.	ULTIMATE CONTROLLING PARTY

The controlling party is Plater Chemicals Group Limited.

The ultimate controlling party is B S Hendon.

16.	FIRST YEAR ADOPTION

These financial statements for the year ended 31 December 2016 are the first financial statements that comply

with FRS 102 Section 1A "Small Entities". The date of transition is 1 January 2016.

The transition to FRS 102 section 1A has resulted in a small number of changes in accounting policies to those

used previously. However, none of the changes have impacted on the opening equity or the profit for the

comparative period.