D.W. Plastics Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 01531156 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

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 Burley

SECRETARY:

S 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

395,909

359,853

Investments

5

1

-

395,910

359,853

CURRENT ASSETS

Stocks

470,762

424,425

Debtors

6

2,792,900

1,099,332

Investments

7

-

500,000

Cash at bank and in hand

622,322

993,847

3,885,984

3,017,604

CREDITORS

Amounts falling due within one year

8

1,265,916

996,455

NET CURRENT ASSETS

2,620,068

2,021,149

TOTAL ASSETS LESS CURRENT LIABILITIES

3,015,978

2,381,002

PROVISIONS FOR LIABILITIES

68,791

60,366

NET ASSETS

2,947,187

2,320,636

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

2,946,187

2,319,636

SHAREHOLDERS' FUNDS

2,947,187

2,320,636

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 29 August 2017 and were signed on its behalf by:

S 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 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 also the functional currency of the company.

Revenue

Revenue 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.

Improvements to property

-

in accordance with the property lease

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

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.

Comparatives

The comparatives in the profit and loss have been adjusted to reflect the reallocation of charges to customers

relating to carriage and packaging from cost of sales to turnover.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2016 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Motor

property

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2016

94,392

1,446,653

22,113

1,563,158

Additions

-

97,556

-

97,556

Disposals

-

-

(22,113

)

(22,113

)

At 31 March 2017

94,392

1,544,209

-

1,638,601

DEPRECIATION

At 1 April 2016

16,427

1,166,425

20,453

1,203,305

Charge for year

3,172

56,668

-

59,840

Eliminated on disposal

-

-

(20,453

)

(20,453

)

At 31 March 2017

19,599

1,223,093

-

1,242,692

NET BOOK VALUE

At 31 March 2017

74,793

321,116

-

395,909

At 31 March 2016

77,965

280,228

1,660

359,853

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

1

At 31 March 2017

1

NET BOOK VALUE

At 31 March 2017

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

2017

2016

£

£

Trade debtors

976,077

994,261

Amounts owed by group undertakings

1,715,016

-

Other debtors

101,807

105,071

2,792,900

1,099,332

7.	CURRENT ASSET INVESTMENTS

2017

2016

£

£

Unlisted investments

-

500,000

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

901,708

717,820

Taxation and social security

204,920

253,922

Other creditors

159,288

24,713

1,265,916

996,455

9.	SECURED DEBTS

Security has been given to D W Plastics Group Limited, the parent of D.W. Plastics Limited, in relation to a

£2,600,000 10% secured loan note which was taken out on 1st December 2016. The loan note is secured by a

fixed and floating charge over all of the company's assets and 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 £1,715,016. This loan is

repayable on demand. No interest was charged on this loan.

At the balance sheet date there was an amount owing to the director, Mr A Davies, of £173 (2016 : there was an

amount owing from Mr A Davies of £1,898)

11.	ULTIMATE CONTROLLING PARTY

The company is controlled by its parent company, D W Plastics Group Limited, a company incorporated in

England.