REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Arnold Engineering Plastics Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 March 2023 |
for |
Arnold Engineering Plastics Limited |
Arnold Engineering Plastics Limited (Registered number: 01082972) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Arnold Engineering Plastics Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Registered Auditors |
Chartered Accountants |
1 Lucas Bridge Business Park |
Old Greens Norton Road |
Towcester |
Northamptonshire |
NN12 8AX |
SOLICITORS: |
8 Hazelwood Road |
Northampton |
NN1 1LP |
Arnold Engineering Plastics Limited (Registered number: 01082972) |
Abridged Balance Sheet |
31 March 2023 |
31.3.23 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
Arnold Engineering Plastics Limited (Registered number: 01082972) |
Abridged Balance Sheet - continued |
31 March 2023 |
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 Board of Directors and authorised for issue on |
Arnold Engineering Plastics Limited (Registered number: 01082972) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Arnold Engineering Plastics Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These are the first financial statements of the Company to be audited, and thus the comparatives were not audited. The auditors refer to this fact in their audit report. |
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 |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
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 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 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. |
Arnold Engineering Plastics Limited (Registered number: 01082972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
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 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
The net book value of assets held under hire purchase contracts at the year end was £459,726 (2022 - £583,850). |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 | 138,737 |
NET BOOK VALUE |
At 31 March 2023 | 138,737 |
At 31 March 2022 | 138,737 |
Arnold Engineering Plastics Limited (Registered number: 01082972) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
6. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
31.3.23 | 31.3.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
31.3.23 | 31.3.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.23 | 31.3.22 |
£ | £ |
Hire purchase contracts | 333,711 | 377,984 |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was qualified on the following basis: |
Basis for opinion |
The company was audit exempt for the year ended 31 March 2022 and thus did not observe the counting of the physical inventories at the beginning of the year. We were unable to satisfy ourselves by alternative means concerning stock quantities and condition held at 31 March 2022. Accordingly the amounts shown as cost of sales and profit for the year ended 31 March 2022 may not be comparable with the figures for the current period, and we were unable to determine whether any adjustment to the opening stock balance was necessary. |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion. |
for and on behalf of |