Flight Plastics (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03957267 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

FLIGHT PLASTICS (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K.P.J Mills

R.J Osborne

SECRETARY:

K.P.J Mills

REGISTERED OFFICE:

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

REGISTERED NUMBER:

03957267 (England and Wales)

ACCOUNTANTS:

Martin and Company

25 St Thomas Street

Winchester

Hampshire

SO23 9HJ

BANKERS:

Lloyds Bank Plc

49 High Street

Winchester

Hampshire

SO23 9BU

FIXED ASSETS

Tangible assets

4

1,244,135

1,502,059

CURRENT ASSETS

Stocks

552,705

398,313

Debtors

5

2,342,018

2,483,898

Cash at bank

318,976

76,421

3,213,699

2,958,632

CREDITORS

Amounts falling due within one year

6

1,713,521

1,802,153

NET CURRENT ASSETS

1,500,178

1,156,479

TOTAL ASSETS LESS CURRENT LIABILITIES

2,744,313

2,658,538

PROVISIONS FOR LIABILITIES

7

54,053

66,468

NET ASSETS

2,690,260

2,592,070

CAPITAL AND RESERVES

Called up share capital

8

2,300

2,300

Share premium

9

197,700

197,700

Retained earnings

9

2,490,260

2,392,070

SHAREHOLDERS' FUNDS

2,690,260

2,592,070

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 16 December 2018 and were signed on its behalf by:

K.P.J Mills - Director

1.	STATUTORY INFORMATION

Flight Plastics (UK) 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.

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.

Plant and machinery -18% to 100% on reducing balance

Fixtures and fittings - 18% to 100% on reducing balance

Motor vehicles - 18% on reducing balance

Property improvements - 18% reducing balance

The company has in previous years elected to depreciate its fixed assets in line with tax allowances

available.This year the first £200,000 (2017: £128,936 ) of additions were depreciated at 100% and the balance

at 18% per annum . If the company depreciated its assets on a systematic basis over their useful economic lives

using a depreciation rate of 25% per annum on a reducing balance basis, the company's profit for the year would

have been higher by £25,695 (2017 :profit would have been lower by £68,167) and the company's balance sheet

would show a cumulative increase in net assets of £101,226 (2017 : increase of £75,531).

Stocks

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

moving items.

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.

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.

Deferred taxation

Provision is made in full for all taxation deferred in respect of timing differences that have originated but not

reversed by the balance sheet date. No provision is made for taxation on permanent differences.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 21 ).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2017

26,451

3,795,558

38,454

33,546

3,894,009

Additions

-

215,183

1,049

-

216,232

At 31 March 2018

26,451

4,010,741

39,503

33,546

4,110,241

DEPRECIATION

At 1 April 2017

18,606

2,313,823

31,142

28,379

2,391,950

Charge for year

1,413

469,445

2,369

929

474,156

At 31 March 2018

20,019

2,783,268

33,511

29,308

2,866,106

NET BOOK VALUE

At 31 March 2018

6,432

1,227,473

5,992

4,238

1,244,135

At 31 March 2017

7,845

1,481,735

7,312

5,167

1,502,059

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

1,502,449

1,895,099

Other debtors

792,319

542,315

Prepayments

47,250

46,484

2,342,018

2,483,898

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade creditors

1,414,673

864,634

Tax

103,761

209,270

Social security and other taxes

17,949

21,225

VAT

110,201

134,034

Other creditors

19,306

470,860

Directors' loan accounts

32,347

68,834

Accruals and deferred income

15,284

33,296

1,713,521

1,802,153

7.	PROVISIONS FOR LIABILITIES

31.3.18

31.3.17

£

£

Deferred tax

54,053

66,468

Deferred

tax

£

Balance at 1 April 2017

66,468

Provided during year

(12,415

)

Balance at 31 March 2018

54,053

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.18

31.3.17

value:

£

£

1,150

Ordinary Class A

£1

1,150

1,150

1,150

Ordinary Class B

£1

1,150

1,150

2,300

2,300

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2017

2,392,070

197,700

2,589,770

Profit for the year

390,190

390,190

Dividends

(292,000

)

(292,000

)

At 31 March 2018

2,490,260

197,700

2,687,960

10.	RELATED PARTY DISCLOSURES

During the year the company paid rent of £186,750 (2017 : £172,500) to Abbey Way Property Limited, on an

arms length basis. K.P.J Mills and R.J Osborne (directors) are also directors of this company. At the year end the

company was owed £531,759 (2017: £522,463) by Abbey Way Property Limited.

At the year end K Mills (a director) was owed £32,348 (2017 :£68,834) by Flight Plastics (UK) Limited.

11.	ULTIMATE CONTROLLING PARTY

The company's issued share capital is owned equally by Flight Investments (UK) Limited and K.P.J. Mills (a

director of Flight Plastics (UK) Limited) and therefore no single party has ultimate control.