Registration number:
for the
Year Ended
Carlton Building Plastics Limited
Contents
Section |
Page |
Company Information |
|
Directors' Report |
|
Statement of Income and Retained Earnings |
|
Statement of Financial Position |
|
Notes to the Financial Statements |
Carlton Building Plastics Limited
Company Information
Directors |
J Perry M Perry |
Company secretary |
J Perry |
Registered office |
|
Accountants |
|
Carlton Building Plastics Limited
Directors' Report for the Year Ended 31 December 2019
The directors present their annual report on the affairs of Carlton Building Plastics Limited, together with the financial statements for the year ended 31 December 2019.
Principal activity
The principal activity of the company is that of the supply of plastics to the construction industry
Directors of the company
The directors who served throughout the year and up to date of authorisation of this report were as follows:
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Small companies provision statement
The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.
The directors' report was approved by the Board on
.........................................
J Perry
Company secretary and director
Carlton Building Plastics Limited
Statement of Income and Retained Earnings
for the Year Ended 31 December 2019
Note |
2019 |
2018 |
|
Revenue |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Sales and marketing expenses |
( |
( |
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
151,106 |
144,757 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
104,290 |
151,106 |
Carlton Building Plastics Limited
(Registration number: 02308251)
Statement of Financial Position as at 31 December 2019
Note |
2019 |
2018 |
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Non current assets |
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Property, Plant and Equipment |
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Current assets |
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Inventories |
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Receivables |
|
|
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Cash at bank and in hand |
|
|
|
|
|
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Payables: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
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Total assets less current liabilities |
|
|
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Payables: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Equity |
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Called up share capital |
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|
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Retained earnings |
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|
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Total equity |
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For the financial year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements of Carlton Building Plastics Limited were approved and authorised for issue by the
.........................................
J Perry
Company secretary and director
Carlton Building Plastics Limited
Notes to the Financial Statements
for the Year Ended 31 December 2019
General information |
Carlton Building Plastics Limited (the 'company') is a private company limited by share capital incorporated in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors report on page 2.
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of value added tax.
The company recognises revenue when the amount of revenue can be reliably measured and it is
probable that future economic benefits will flow to the entity.
Carlton Building Plastics Limited
Notes to the Financial Statements
for the Year Ended 31 December 2019 (continued)
2 |
Accounting policies (continued) |
Taxation
The tax expense for the period comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Property, Plant and Equipment
Property, Plant and Equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% straight line |
Plant and machinery |
15% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Receivables
Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, inventories are assessed for impairment. If inventories are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in the income statement.
Carlton Building Plastics Limited
Notes to the Financial Statements
for the Year Ended 31 December 2019 (continued)
2 |
Accounting policies (continued) |
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Carlton Building Plastics Limited
Notes to the Financial Statements
for the Year Ended 31 December 2019 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Operating profit |
Arrived at after charging
2019 |
2018 |
|
Depreciation expense |
|
|
Amortisation expense |
|
( |
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Carlton Building Plastics Limited
Notes to the Financial Statements
for the Year Ended 31 December 2019 (continued)
Taxation |
Tax charged/(credited) in the income statement
2019 |
2018 |
|
Current taxation |
||
UK corporation tax |
|
|
The standard rate of UK corporation tax applied to the reported profit before tax for the year is
The difference between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax is as follows:
2019 |
2018 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit |
|
|
Tax increase (decrease) from effect of capital allowances and depreciation |
( |
( |
Total tax charge |
|
|
Carlton Building Plastics Limited
Notes to the Financial Statements
for the Year Ended 31 December 2019 (continued)
Property, Plant and Equipment |
Land and buildings |
Other property, plant and equipment |
Motor vehicles |
Total |
|
Cost |
||||
At 1 January 2019 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
- |
( |
( |
At 31 December 2019 |
|
|
|
|
Depreciation |
||||
At 1 January 2019 |
|
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 31 December 2019 |
|
|
|
|
Carrying amount |
||||
At 31 December 2019 |
- |
|
|
|
At 31 December 2018 |
- |
|
|
|
Inventories |
2019 |
2018 |
|
Stock |
|
|
Receivables |
2019 |
2018 |
|
Trade receivables |
|
|
Other receivables |
|
|
Prepayments |
|
|
|
|
Carlton Building Plastics Limited
Notes to the Financial Statements
for the Year Ended 31 December 2019 (continued)
Payables |
2019 |
2018 |
|
Due within one year |
||
Loans and borrowings |
|
|
Trade payables |
|
|
Corporation tax |
13,330 |
11,545 |
Social security and other taxes |
|
|
Other payables |
|
|
Accruals |
|
|
|
|
|
Due after one year |
||
Loans and borrowings |
|
|
Share capital and reserves |
Allotted, called up and fully paid shares
2019 |
2018 |
|||
No. |
£ |
No. |
£ |
|
|
|
650 |
|
700 |
|
|
300 |
|
300 |
|
|
50 |
- |
- |
|
|
|
|
Different rates of dividends may be declared on each class of share and dividends may be declared for one class of share and not for the other class.
The shares rank pari passu in all other respects.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
Carlton Building Plastics Limited
Notes to the Financial Statements
for the Year Ended 31 December 2019 (continued)
Loans and borrowings |
2019 |
2018 |
|
Non-current loans and borrowings |
||
HP and finance lease liabilities |
|
|
2019 |
2018 |
|
Current loans and borrowings |
||
HP and finance lease liabilities |
|
|
Directors' current account |
|
- |
|
|
Dividends |
2019 |
2018 |
|
£ |
£ |
Ordinary A shares |
79,385 |
59,700 |
||
Ordinary B shares |
1,998 |
1,499 |
||
Ordinary C shares |
46,135 |
- |
||
127,518 |
61,199 |
Related party transactions |
At 31 December 2019 J Perry was owed £172 by the company (2018: J Perry owed the company £44,828). At 31 December 2019 M Perry was owed £166 by the company (2018: £166). The loans are unsecured, interest free and have no fixed repayment schedules or dates.