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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended |
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31 December 2019 |
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for |
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Plasticsheetsshop Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended |
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31 December 2019 |
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for |
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Plasticsheetsshop Ltd |
Plasticsheetsshop Ltd (Registered number: 10888041) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 2 |
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Plasticsheetsshop Ltd (Registered number: 10888041) |
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Balance Sheet |
31 December 2019 |
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2019 | 2018 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Plasticsheetsshop Ltd (Registered number: 10888041) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Plasticsheetsshop Ltd is a
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company's registered number and registered office address are as below: |
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Registered number: | 10888041 |
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Registered office: | 4315 Park Approach |
Thorpe Park |
Leeds |
LS15 8GB |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 |
"The Financial Reporting Standard applicable in UK and Republic of Ireland" and 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 give |
a true and fair view. |
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The financial statements have been prepared under the historical cost convention. |
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The functional and presentational currency of the company is considered to be pounds sterling. |
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Going concern |
The company meets its day-to-day working capital requirements through loans provided by group |
companies. |
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The company has received a letter of support from its immediate parent company, Online Plastics |
Group B.V, which states that it will continue to provide any necessary financial support for a period of |
not less than twelve months from the date that the financial statements for the period ended 31 |
December 2019 are approved by the Board. |
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Given the intentions of the wider group to support the business the directors therefore have a |
reasonable expectation that the company has adequate resources to continue in operational existence |
for the foreseeable future. Accordingly the going concern basis in preparing the annual report and |
financial statements has been adopted. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
"The Financial Reporting Standard applicable in UK and Republic of Ireland", not to disclose related |
party transactions with wholly owned companies within the group. |
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Turnover |
Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and |
rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is |
recognised on delivery. |
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Plasticsheetsshop Ltd (Registered number: 10888041) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered) |
using the tax rates and laws that have been enacted or substantively enacted by the balance sheet |
date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date where transactions or events that result in an obligation to pay more tax in the |
future or a right to pay less tax in the future have occurred at the balance sheet date. Timing |
differences are differences between the company's taxable profits and its results as stated in the |
financial statements that arise from the inclusion of gains and losses in tax assessments in periods |
different from those in which they are recognised in the financial statements. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis |
of all available evidence, it can be regarded as more likely than not that there will be suitable taxable |
profits from which the future reversal of the underlying timing differences can be deducted. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date and are expected to apply to the reversal of the timing difference. |
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Cash and cash equivalents |
Cash and cash equivalents include cash in hand and deposits held at call with banks. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are recognised in the profit and loss |
account. |
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Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes a party to the |
contractual provisions of the instrument. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all of its liabilities. |
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All financial assets and liabilities are initially measured at transaction price unless the arrangement |
constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial |
asset or financial liability is measured at the present value of the future payments discounted at a |
market rate of interest for a similar debt instrument. |
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The following assets and liabilities are classified as basic financial instruments - cash and bank |
balances, trade debtors, trade creditors, other creditors and inter-company balances. |
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Cash and bank balances, trade debtors, trade creditors, other creditors and inter-company balances, |
(being repayable on demand), are measured at the amortised cost equivalent to the undiscounted |
amount of cash or other consideration expected to be paid or received. |
Plasticsheetsshop Ltd (Registered number: 10888041) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each |
balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in |
profit and loss as described below. |
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Non financial assets |
An asset is impaired when there is objective evidence that, as a result of one or more events that |
occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The |
recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. |
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Financial assets |
For financial assets carried at cost less impairment, the impairment loss is the difference between the |
asset's carrying amount and the best estimate of the amount that would be received for the asset if it |
were sold at the reporting date. |
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Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively |
to an event occurring after the impairment was recognised, the prior impairment loss is tested to |
determine reversal. An impairment loss is reversed on an individual impaired financial asset to the |
extent that the revised recoverable value does not lead to a revised carrying amount higher than the |
carrying value had impairment not been recognised. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
Plasticsheetsshop Ltd (Registered number: 10888041) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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7. | ULTIMATE PARENT COMPANY |
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The ultimate parent company is Dolor Group B.V, a company registered in the Netherlands. The |
registered office of Dolor Group B.V is 33 De Amer, Dronten, 8253 RC. |