Company Registration No. 03420011 (England and Wales)
F-L PLASTICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
F-L PLASTICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
F-L PLASTICS LIMITED
BALANCE SHEET
AS AT
31 JULY 2020
31 July 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
723,322
Current assets
Stocks
4
394,380
Debtors
5
1,647,079
509,398
Cash at bank and in hand
554,713
177,078
2,201,792
1,080,856
Creditors: amounts falling due within one year
6
(3,398,023)
(2,967,281)
Net current liabilities
(1,196,231)
(1,886,425)
Total assets less current liabilities
(1,196,231)
(1,163,103)
Provisions for liabilities
9
(73,000)
(150,660)
Net liabilities
(1,269,231)
(1,313,763)
Capital and reserves
Called up share capital
50,100
50,100
Profit and loss reserves
(1,319,331)
(1,363,863)
Total equity
(1,269,231)
(1,313,763)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 April 2021 and are signed on its behalf by:
Mr MJ Duffell
Director
Company Registration No. 03420011
F-L PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 2 -
1
Accounting policies
Company information
F-L Plastics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Guilden Sutton Lane, Guilden Sutton, Chester, Cheshire, England, CH3 7EX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
In accordance with Companies Act 2006 s393 regarding concern, the Company support the need for additional disclosures to provide a true and fair view of the financial statements. The following going concern statement has been prepared in respect of the Company.
true
The financial statements have been prepared under the principles of going concern. The directors consider the continued support of its fellow subsidiaries to be adequate for this basis.
The COVID-19 outbreak has created a major challenge and a high level of uncertainty for all companies. The business has been subject to a minimal impact from the current pandemic, this is not significant enough to affect the going concern status of the company. The situation is being monitored on an ongoing basis and the pandemic appears to have passed its peak, which will limit the chance of COVID-19 adversely affecting the going concern status of the company. If the virus were to have a resurgence, then the business is resilient to its impact as the cash position across the group is healthy and support can be received from other group companies.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
F-L PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 3 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
In accordance with the property
Plant and equipment
10% on cost
Fixtures and fittings
10% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
F-L PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.11
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
47
37
F-L PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 5 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2019
1,339
2,369,008
2,370,347
Additions
660
660
Disposals
(1,339)
(2,369,668)
(2,371,007)
At 31 July 2020
Depreciation and impairment
At 1 August 2019
1,339
1,645,686
1,647,025
Depreciation charged in the year
99,774
99,774
Eliminated in respect of disposals
(1,339)
(1,745,460)
(1,746,799)
At 31 July 2020
Carrying amount
At 31 July 2020
At 31 July 2019
723,322
723,322
4
Stocks
2020
2019
£
£
Stocks
-
394,380
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
819,816
422,336
Amounts owed by group undertakings
326,431
1,012
Other debtors
500,832
86,050
1,647,079
509,398
F-L PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 6 -
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
512,265
Trade creditors
95,685
181,280
Amounts owed to group undertakings
1,468,966
2,312,268
Corporation tax
23,750
Other taxation and social security
159,672
11,533
Other creditors
1,137,685
462,200
3,398,023
2,967,281
7
Loans and overdrafts
2020
2019
£
£
Bank overdrafts
512,265
Payable within one year
512,265
Bank borrowings are secured by a fixed and floating charge over the assets of the company.
Hire purchase obligations are secured on the assets acquired.
8
Finance lease obligations
2020
2019
Future minimum lease payments due under finance leases:
£
£
Within one year
23,528
F-L PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 7 -
9
Provisions for liabilities
2020
2019
£
£
Other provisions
-
93,420
Dilapidations provision
73,000
-
73,000
93,420
Deferred tax liabilities
57,240
73,000
150,660
Other provisions refer to an onerous property lease which expired in July 2020.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements
,
the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Hilene Henry.
The auditor was Wilson Henry LLP.
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2020
2019
£
£
451
94,645
12
Parent company
The controlling party is Lendlock Group Limited.
The company's ultimate parent undertaking and controlling party is Lendlock Group Limited. The results of the Company is consolidated at Lendlock Group Limited and the consolidated financial statements of this group are available from the following address:
Guilden Sutton Lane
Chester
United Kingdom
CH3 7EX
F-L PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 8 -
13
Related party disclosure
The following are subsidiaries to the company as they are all members of the same group:
Specialist Anodising Company Limited
Lendlock International Limited
Scott Closures International Limited
FL-Plastics Limited
The company is a wholly owned subsidiary at the balance sheet date and is not required to disclose subsidiary transactions under FRS 102 section 33.
14
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditor to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.