Inpress Plastics Ltd
|
Registered number: |
03556496
|
Statement of Financial Position |
as at 31 December 2017
|
|
Notes |
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|
2017 |
|
|
2016 |
£ |
£ |
Fixed assets |
Intangible assets |
4 |
|
|
346,519 |
|
|
183,955 |
Tangible assets |
5 |
|
|
1,435,686 |
|
|
985,375 |
|
|
|
|
1,782,205 |
|
|
1,169,330 |
|
Current assets |
Stocks |
|
|
252,235 |
|
|
161,761 |
Debtors |
6 |
|
520,551 |
|
|
249,098 |
Cash at bank and in hand |
|
|
108,935 |
|
|
892 |
|
|
|
881,721 |
|
|
411,751 |
|
Creditors: amounts falling due within one year |
7 |
|
(1,124,415) |
|
|
(586,818) |
|
Net current liabilities |
|
|
|
(242,694) |
|
|
(175,067) |
|
Total assets less current liabilities |
|
|
|
1,539,511 |
|
|
994,263 |
|
Creditors: amounts falling due after more than one year |
8 |
|
|
(593,450) |
|
|
(400,434) |
|
Provisions for liabilities |
|
|
|
(57,708) |
|
|
(3,093) |
|
|
Net assets |
|
|
|
888,353 |
|
|
590,736 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
2 |
|
|
2 |
Non-distributable reserve |
10 |
|
|
719,636 |
|
|
461,642 |
Profit and loss account |
|
|
|
168,715 |
|
|
129,092 |
|
Shareholders' funds |
|
|
|
888,353 |
|
|
590,736 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
|
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
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|
|
|
|
Mr W Powell |
Director |
Approved by the board on 2 October 2018
|
|
Inpress Plastics Ltd
|
Notes to the Accounts |
for the year ended 31 December 2017
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|
|
1 |
Accounting policies |
|
|
Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
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|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods . Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
|
|
|
Intangible fixed assets |
|
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
|
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
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|
|
Freehold buildings |
No depreciation |
|
Plant and machinery |
14 years straight line |
|
Motor vehicles |
25% reducing balance |
|
|
Investments |
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Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Unlisted investments (other than investments in subsidiaries, associates and joint ventures) are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value/Impairment losses are included in the profit and loss account.
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|
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Inventories |
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Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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|
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Debtors |
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Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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Creditors |
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Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
|
|
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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|
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Leased assets |
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A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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|
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Pensions |
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The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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|
2 |
Exceptional items |
2017 |
|
2016 |
£ |
£ |
|
|
Value adjustments on fixed assets and current asset investments |
212,447 |
|
- |
|
|
|
|
|
|
212,447 |
|
- |
|
|
|
|
|
|
|
|
|
|
3 |
Employees |
2017 |
|
2016 |
Number |
Number |
|
|
Average number of persons employed by the company |
45 |
|
37 |
|
|
|
|
|
|
|
|
|
4 |
Intangible fixed assets |
|
Total |
Goodwill |
|
Research & development |
|
Cost |
£ |
£ |
£ |
|
At 1 January 2017 |
322,979 |
|
- |
|
322,979 |
|
Additions |
255,582 |
|
185,676 |
|
69,906 |
|
At 31 December 2017 |
578,561 |
|
185,676 |
|
392,885 |
|
|
|
|
|
|
|
|
|
|
|
|
Amortisation |
|
At 1 January 2017 |
139,024 |
|
- |
|
139,024 |
|
Provided during the year |
93,018 |
|
37,135 |
|
55,883 |
|
At 31 December 2017 |
232,042 |
|
37,135 |
|
194,907 |
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2017 |
346,519 |
|
148,541 |
|
197,978 |
|
At 31 December 2016 |
183,955 |
|
- |
|
183,955 |
|
|
|
|
|
|
|
|
|
|
|
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Research and development is being written off in equal annual instalments over the estimated economic life of 5 years, from the year after it has been incurred. |
|
|
Goodwill is being written off in equal annual instalments over the estimated economic life of 5 years. |
|
5 |
Tangible fixed assets |
|
|
Land and buildings |
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2017 |
649,127 |
|
427,020 |
|
39,254 |
|
1,115,401 |
|
Additions |
24,438 |
|
159,997 |
|
- |
|
184,435 |
|
Fair value movements |
200,873 |
|
- |
|
- |
|
200,873 |
|
Disposals |
- |
|
(39,767) |
|
- |
|
(39,767) |
|
At 31 December 2017 |
874,438 |
|
547,250 |
|
39,254 |
|
1,460,942 |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2017 |
- |
|
91,520 |
|
38,506 |
|
130,026 |
|
Charge for the year |
- |
|
50,110 |
|
187 |
|
50,297 |
|
On disposals |
- |
|
(155,067) |
|
- |
|
(155,067) |
|
At 31 December 2017 |
- |
|
(13,437) |
|
38,693 |
|
25,256 |
|
|
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2017 |
874,438 |
|
560,687 |
|
561 |
|
1,435,686 |
|
At 31 December 2016 |
649,127 |
|
335,500 |
|
748 |
|
985,375 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Debtors |
2017 |
|
2016 |
£ |
£ |
|
|
Trade debtors |
507,080 |
|
249,098 |
|
Other debtors |
13,471 |
|
- |
|
|
|
|
|
|
520,551 |
|
249,098 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
£ |
£ |
|
|
Bank loans and overdrafts |
45,744 |
|
- |
|
Obligations under finance lease and hire purchase contracts |
11,184 |
|
32,754 |
|
Trade creditors |
246,437 |
|
159,426 |
|
Accruals |
83,307 |
|
12,052 |
|
Directors' current accounts |
- |
|
2,072 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
143,675 |
|
61,402 |
|
Corporation tax |
37,766 |
|
16,470 |
|
Other taxes and social security costs |
84,743 |
|
52,877 |
|
Factoring loans |
436,067 |
|
212,901 |
|
Mortgages |
30,578 |
|
30,578 |
|
Other creditors |
4,914 |
|
6,286 |
|
|
|
|
|
|
1,124,415 |
|
586,818 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due after one year |
2017 |
|
2016 |
£ |
£ |
|
|
Bank loans |
212,354 |
|
- |
|
Obligations under finance lease and hire purchase contracts |
- |
|
99 |
|
Mortgages |
381,096 |
|
400,335 |
|
|
|
|
|
|
593,450 |
|
400,434 |
|
|
|
|
|
|
|
|
|
9 |
Loans |
2017 |
|
2016 |
£ |
£ |
|
Creditors include: |
|
|
Mortgages and Factoring loans |
1,060,095 |
|
643,814 |
|
|
|
|
|
|
|
|
|
|
The balances due under Mortgages are secured on the Land & Buildings of the company and the balances due under Factoring loans are secured over the invoices booked by the company represented by the Trade debtors balance under note 6.
|
|
|
10 |
Non-distributable reserve |
2017 |
|
2016 |
£ |
£ |
|
|
At 1 January 2017 |
461,642 |
|
461,642 |
|
Gain on revaluation of land and buildings |
355,940 |
|
- |
|
Deferred taxation arising on the revaluation of land and buildings |
(57,708) |
|
- |
|
Release of revaluation on P&M |
|
|
|
|
(40,238) |
|
- |
|
|
At 31 December 2017 |
719,636 |
|
461,642 |
|
|
|
|
|
|
|
|
|
|
11 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
C/fwd |
£ |
£ |
£ |
£ |
£ |
|
Mr W Powell
|
|
Repayable on demand
|
- |
|
8,129 |
|
- |
|
8,129 |
|
|
Mr H Powell
|
|
Repayable on demand
|
- |
|
5,342 |
|
- |
|
5,342 |
|
|
|
- |
|
13,471 |
|
- |
|
13,471 |
|
|
|
|
|
|
|
|
|
|
|
|
These balances are to be repaid within nine months of the year end. |
|
12 |
Controlling party |
|
|
The parent company is Inpress Holding Ltd with registered office: 1 Harwood Industrial Estate, Harwood Road, Littlehampton, West Sussex, BN17 7AU.
|
|
13 |
Other information |
|
|
Inpress Plastics Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
|
1 Harwood Industrial Estate |
|
Harwood Road |
|
Littlehampton |
|
West Sussex |
|
BN17 7AU |