Company Registration No. 02092450 (England and Wales)
ALTERNATIVE PLASTICS LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2016
ALTERNATIVE PLASTICS LIMITED
CONTENTS
Page
Accountants' report
1
Abbreviated balance sheet
2
Notes to the abbreviated accounts
3 - 4
ALTERNATIVE PLASTICS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALTERNATIVE PLASTICS LIMITED FOR THE YEAR ENDED 30 JUNE 2016
- 1 -
The following reproduces the text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited abbreviated financial statements set out on pages 2 to 4 have been prepared.
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Alternative Plastics Limited for the year ended 30 June 2016 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Alternative Plastics Limited, as a body, in accordance with the terms of our engagement letter dated 10 August 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Alternative Plastics Limited and state those matters that we have agreed to state to the Board of Directors of Alternative Plastics Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Alternative Plastics Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Alternative Plastics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Alternative Plastics Limited. You consider that Alternative Plastics Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Alternative Plastics Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
28 October 2016
ALTERNATIVE PLASTICS LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 JUNE 2016
30 June 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
456,111
482,805
Current assets
Stocks
505,990
446,492
Debtors
311,211
296,313
Cash at bank and in hand
292,561
285,882
1,109,762
1,028,687
Creditors: amounts falling due within one year
(224,953)
(227,199)
Net current assets
884,809
801,488
Total assets less current liabilities
1,340,920
1,284,293
Provisions for liabilities
(59,894)
(64,686)
1,281,026
1,219,607
Capital and reserves
Called up share capital
3
4,156
4,156
Other reserves
844
844
Profit and loss account
1,276,026
1,214,607
Shareholders' funds
1,281,026
1,219,607
For the financial year ended 30 June 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 October 2016
Mr Robert Hill
Director
Company Registration No. 02092450
ALTERNATIVE PLASTICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2016
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Leasehold property
2% on cost
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reducing balance
1.5
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.6
Stock
Stock is valued at the lower of cost and net realisable value.
1.7
Pensions
The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employees' service lives on the basis of a constant percentage of earnings. Any difference between the charge to the profit and loss account and the contributions paid to the scheme is shown as an asset or liability in the balance sheet.
1.8
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
1.9
The company has agreed to provide certain additional post-retirement benefits to selected senior employees. The estimated cost of providing such benefits is charged against profits on a systematic basis over the employee's working lives within the company.
1.10
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
ALTERNATIVE PLASTICS LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2016
- 4 -
2
Fixed assets
Tangible assets
£
Cost
At 1 July 2015
724,090
Additions
8,639
At 30 June 2016
732,729
Depreciation
At 1 July 2015
241,285
Charge for the year
35,333
At 30 June 2016
276,618
Net book value
At 30 June 2016
456,111
At 30 June 2015
482,805
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
4,156 Ordinary shares of £1 each
4,156
4,156