Company Registration No. 02092450 (England and Wales)
ALTERNATIVE PLASTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
ALTERNATIVE PLASTICS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
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 2019
- 1 -
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 2019 which comprise, 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 (ICAEW), 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:
5 February 2020
ALTERNATIVE PLASTICS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2019
30 June 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
367,222
395,569
Current assets
Stocks
654,600
587,472
Debtors
5
372,230
303,514
Cash at bank and in hand
572,023
515,129
1,598,853
1,406,115
Creditors: amounts falling due within one year
6
(282,244)
(187,759)
Net current assets
1,316,609
1,218,356
Total assets less current liabilities
1,683,831
1,613,925
Provisions for liabilities
7
(43,262)
(47,201)
Net assets
1,640,569
1,566,724
Capital and reserves
Called up share capital
8
4,156
4,156
Capital redemption reserve
844
844
Profit and loss reserves
1,635,569
1,561,724
Total equity
1,640,569
1,566,724
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ALTERNATIVE PLASTICS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2019
30 June 2019
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 19 December 2019 and are signed on its behalf by:
Mr Robert Hill
Director
Company Registration No. 02092450
ALTERNATIVE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 4 -
1
Accounting policies
Company information
Alternative Plastics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 1 Buckingham Close, St Georges Way, Bermuda Industrial Estate, Nuneaton, Warwickshire, CV10 7JT.
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 £.
1.2
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
.
1.3
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 property
2% on cost
Fixtures and fittings
10% reducing balance
Motor vehicles
25% reducing balance
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
.
1.4
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.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
ALTERNATIVE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 5 -
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.
1.7
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2018 - 13).
3
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
54,337
72,264
Deferred tax
Origination and reversal of timing differences
(3,939)
(5,068)
Total tax charge
50,398
67,196
ALTERNATIVE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 6 -
4
Tangible fixed assets
Leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2018
220,727
497,919
17,183
735,829
Additions
-
528
-
528
At 30 June 2019
220,727
498,447
17,183
736,357
Depreciation and impairment
At 1 July 2018
77,682
245,947
16,630
340,259
Depreciation charged in the year
3,505
25,237
134
28,876
At 30 June 2019
81,187
271,184
16,764
369,135
Carrying amount
At 30 June 2019
139,540
227,263
419
367,222
At 30 June 2018
143,044
251,972
553
395,569
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
331,987
271,142
Other debtors
40,243
32,372
372,230
303,514
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
172,375
60,217
Corporation tax
54,333
72,257
Other taxation and social security
51,495
49,253
Other creditors
4,041
6,032
282,244
187,759
ALTERNATIVE PLASTICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 7 -
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Accelerated capital allowances
43,262
47,201
2019
Movements in the year:
£
Liability at 1 July 2018
47,201
Credit to profit or loss
(3,939)
Liability at 30 June 2019
43,262
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
4,156 Ordinary shares of £1 each
4,156
4,156