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REGISTERED NUMBER:
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COUNTY PLASTICS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017 |
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REGISTERED NUMBER:
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COUNTY PLASTICS LIMITED |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2017 |
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COUNTY PLASTICS LIMITED (REGISTERED NUMBER: 02293253) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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COUNTY PLASTICS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
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BANKERS: |
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19 Knowsley Street |
Bolton |
Lancashire |
BL1 2AS |
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SOLICITORS: |
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18 Church Street |
Radcliffe |
Manchester |
M26 9SQ |
COUNTY PLASTICS LIMITED (REGISTERED NUMBER: 02293253) |
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STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Property, plant and equipment | 5 |
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CURRENT ASSETS |
Inventories |
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Debtors | 6 |
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Cash at bank and in hand |
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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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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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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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Capital redemption reserve |
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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. |
COUNTY PLASTICS LIMITED (REGISTERED NUMBER: 02293253) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 AUGUST 2017 |
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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 on
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COUNTY PLASTICS LIMITED (REGISTERED NUMBER: 02293253) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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1. | STATUTORY INFORMATION |
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County Plastics Limited is a private company, limited by shares, registered in England and Wales. The |
company's registered number is 02293253. The registered office address is 74 Countess Lane, Radcliffe, |
Manchester, M26 3NH. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The company has transitioned to Financial Reporting Standard 102 and the Companies Act 2006 from UK |
Generally Accepted Accounting Practice. The date of transition to FRS 102 is 1 September 2015. There have not |
been any changes to the comparative figures as a result of the transition. |
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The directors have considered the business risks and believe that the company is well placed to manage these |
risks successfully, thus they continue to adopt the going concern basis of accounting in preparing the financial |
statements. |
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Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make estimates and |
judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ |
from these estimates. |
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The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which |
the estimate is revised. |
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The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying |
amount of assets and liabilities are outlined below. |
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Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements |
in calculating an appropriate depreciation charge. |
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In categorising leases as finance or operating leases, the directors make judgements as to whether significant |
risks and rewards of ownership have transferred to the company as lessee. |
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Making judgement based on historical experience on the level of provision required for impairment of |
inventories. Further information received after the statement of financial position date may impact on the level of |
provision required. |
COUNTY PLASTICS LIMITED (REGISTERED NUMBER: 02293253) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Revenue |
Revenue comprises the aggregate of the fair value of the sales of goods and services provided, net of value added |
tax and discounts. Revenue is recognised as follows: |
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Sale of goods |
Sales of goods are recognised when the company has delivered products to the customer, the customer has |
accepted the goods and collection of the related receivables is anticipated. |
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Sale of services |
Service revenues are recognised as those services are provided to customers. |
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Intangible fixed assets |
Goodwill, being the amount paid in connection with the acquisition of a business in 1995, has been written off |
evenly over its estimated useful life of ten years. |
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Property, plant and equipment |
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Plant and machinery etc | - |
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Inventories |
Inventories 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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Cost, representing latest purchase price, includes all direct expenditure and an appropriate proportion of fixed |
and variable overheads. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties and loans to related parties. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in the income statement. |
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Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, |
being the transaction price less any amounts settled. |
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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 statement of financial position date. |
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COUNTY PLASTICS LIMITED (REGISTERED NUMBER: 02293253) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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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 |
statement of financial position 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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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial |
position. 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. |
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The interest element of these obligations is charged to the income statement over the relevant period. The capital |
element of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to the income statement on a straight line basis over the period |
of the lease. |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 September 2016 |
and 31 August 2017 |
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AMORTISATION |
At 1 September 2016 |
and 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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COUNTY PLASTICS LIMITED (REGISTERED NUMBER: 02293253) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 September 2016 |
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Additions |
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Disposals | ( |
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At 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
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Plant and |
machinery |
etc |
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COST |
At 1 September 2016 |
and 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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COUNTY PLASTICS LIMITED (REGISTERED NUMBER: 02293253) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Hire purchase contracts | 54,752 | 78,217 |
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The hire purchase contracts are secured on the respective fixed assets. |