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Unaudited Financial Statements for the Year Ended 31 July 2020 |
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Plastic Strapping Co Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 July 2020 |
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for |
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Plastic Strapping Co Limited |
Plastic Strapping Co Limited (Registered number: 01442855) |
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Contents of the Financial Statements |
for the Year Ended 31 July 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Plastic Strapping Co Limited |
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Company Information |
for the Year Ended 31 July 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Cabourn House |
Station Street |
Bingham |
Nottinghamshire |
NG13 8AQ |
Plastic Strapping Co Limited (Registered number: 01442855) |
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Balance Sheet |
31 July 2020 |
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31.7.20 | 31.7.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Plastic Strapping Co Limited (Registered number: 01442855) |
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Balance Sheet - continued |
31 July 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Plastic Strapping Co Limited (Registered number: 01442855) |
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Notes to the Financial Statements |
for the Year Ended 31 July 2020 |
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1. | STATUTORY INFORMATION |
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Plastic Strapping Co Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Long leasehold | - |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently, tangible fixed assets are measured at cost less accumulated depreciation and impairment losses. |
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Government grants |
Government grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Plastic Strapping Co Limited (Registered number: 01442855) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Long | Plant and | and | Motor |
leasehold | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2019 |
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Additions |
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Disposals |
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( |
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At 31 July 2020 |
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DEPRECIATION |
At 1 August 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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Plastic Strapping Co Limited (Registered number: 01442855) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 July 2020 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2019 |
and 31 July 2020 |
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NET BOOK VALUE |
At 31 July 2020 |
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At 31 July 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.20 | 31.7.19 |
£ | £ |
Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 19,726 | - |
Other creditors |
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8. | POST BALANCE SHEET EVENTS |
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In late 2019 China had alerted the World Health Organisation (WHO) of several cases of an unusual form of pneumonia in Wuhan. However, substantive information about what has now been identified as coronavirus (or COVID-19) only came to light in early 2020 with the UK lockdown ordered on March 23rd 2020. |
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As a result of this, the company utilised the governments coronavirus job retention scheme (CJRS) but has since resumed normal operations. Although there was a downturn in trade during the months of lockdown, this is not expected by management to have any material medium to long term financial impact. It also does not give rise to any uncertainty over the continued use of the going concern basis. The overall financial impact on the company cannot be reliably quantified. |