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31/12/2020
2020-12-31
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2020-01-01
Sage Accounts Production 2020 Update 1 - FRS102_2019
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xbrli:shares
iso4217:GBP
03053913
2020-01-01
2020-12-31
03053913
2020-12-31
03053913
2019-12-31
03053913
2019-01-01
2019-12-31
03053913
2019-12-31
03053913
core:PlantMachinery
2020-01-01
2020-12-31
03053913
core:FurnitureFittingsToolsEquipment
2020-01-01
2020-12-31
03053913
bus:RegisteredOffice
2020-01-01
2020-12-31
03053913
bus:OrdinaryShareClass1
2020-01-01
2020-12-31
03053913
bus:LeadAgentIfApplicable
2020-01-01
2020-12-31
03053913
bus:Director1
2020-01-01
2020-12-31
03053913
bus:Director2
2020-01-01
2020-12-31
03053913
bus:Director3
2020-01-01
2020-12-31
03053913
bus:Director4
2020-01-01
2020-12-31
03053913
core:PlantMachinery
2019-12-31
03053913
core:FurnitureFittingsToolsEquipment
2019-12-31
03053913
core:PlantMachinery
2020-12-31
03053913
core:FurnitureFittingsToolsEquipment
2020-12-31
03053913
core:DeferredTaxation
2020-01-01
2020-12-31
03053913
core:WithinOneYear
2020-12-31
03053913
core:WithinOneYear
2019-12-31
03053913
core:ShareCapital
2020-12-31
03053913
core:ShareCapital
2019-12-31
03053913
core:CapitalRedemptionReserve
2020-12-31
03053913
core:CapitalRedemptionReserve
2019-12-31
03053913
core:RetainedEarningsAccumulatedLosses
2020-12-31
03053913
core:RetainedEarningsAccumulatedLosses
2019-12-31
03053913
bus:OrdinaryShareClass1
core:ShareCapital
2020-12-31
03053913
bus:OrdinaryShareClass1
core:ShareCapital
2019-12-31
03053913
core:BetweenOneFiveYears
2019-12-31
03053913
core:AcceleratedTaxDepreciationDeferredTax
2020-12-31
03053913
core:AcceleratedTaxDepreciationDeferredTax
2019-12-31
03053913
core:TaxLossesCarry-forwardsDeferredTax
2019-12-31
03053913
core:PlantMachinery
2019-12-31
03053913
core:FurnitureFittingsToolsEquipment
2019-12-31
03053913
core:DeferredTaxation
2019-12-31
03053913
core:DeferredTaxation
2020-12-31
03053913
bus:SmallEntities
2020-01-01
2020-12-31
03053913
bus:Audited
2020-01-01
2020-12-31
03053913
bus:FullAccounts
2020-01-01
2020-12-31
03053913
bus:SmallCompaniesRegimeForAccounts
2020-01-01
2020-12-31
03053913
bus:PrivateLimitedCompanyLtd
2020-01-01
2020-12-31
03053913
1
2020-01-01
2020-12-31
Premier Plastic Parts Limited
Filleted accounts
31 December 2020
Company registration number:
03053913
Premier Plastic Parts Limited
Directors and other information
|
|
|
|
Directors
|
P Hulin
|
|
|
C Edlund-Reeve
|
|
|
J Reeve
|
|
|
J C Reeve
|
|
|
|
|
|
|
|
Company number
|
03053913
|
|
|
|
|
|
|
|
Registered office
|
The Old Dairy
|
|
|
12 Stephen Road
|
|
|
Headington
|
|
|
Oxford
|
|
|
OX3 9AY
|
|
|
|
|
|
|
|
Auditor
|
Cox Hinkins & Co
|
|
|
The Old Dairy
|
|
|
12 Stephen Road
|
|
|
Headington
|
|
|
Oxford
|
|
|
OX3 9AY
|
|
|
|
|
|
|
Premier Plastic Parts Limited
Directors responsibilities statement
Year ended 31st December 2020
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Premier Plastic Parts Limited
Balance sheet
31st December 2020
|
|
|
2020
|
|
|
|
2019
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
5
|
418,311
|
|
|
|
438,609
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
418,311
|
|
|
|
438,609
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
123,837
|
|
|
|
129,756
|
|
|
Debtors
|
|
6
|
526,297
|
|
|
|
445,284
|
|
|
Cash at bank and in hand
|
|
|
6,159
|
|
|
|
756
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
656,293
|
|
|
|
575,796
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
7
|
(
1,008,689)
|
|
|
|
(
1,221,242)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current liabilities
|
|
|
|
|
(
352,396)
|
|
|
|
(
645,446)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
65,915
|
|
|
|
(
206,837)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
8
|
|
|
(
60,351)
|
|
|
|
(
44,010)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets/(liabilities)
|
|
|
|
|
5,564
|
|
|
|
(
250,847)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
10
|
|
|
68
|
|
|
|
68
|
Capital redemption reserve
|
|
|
|
|
34
|
|
|
|
34
|
Profit and loss account
|
|
|
|
|
5,462
|
|
|
|
(
250,949)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds/(deficit)
|
|
|
|
|
5,564
|
|
|
|
(
250,847)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
21 September 2021
, and are signed on behalf of the board by:
J C Reeve
Director
Company registration number:
03053913
Premier Plastic Parts Limited
Notes to the financial statements
Year ended 31st December 2020
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be that of injection moulding specialists.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the restrictions which were placed on businesses and people designed to reduce the spread of Covid-19 are being eased in the United Kingdom. The directors assume that the coronavirus epidemic will not have a significant impact on the future development of the company but it is not possible to foresee all the impacts which it may have.The company has taken steps to minimise any losses arising from the coronavirus epidemic by taking advantage of the available government support.Having regard to these facts, the directors have considered the potential implications for the company and are of the opinion that it is appropriate to prepare the accounts on the going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery
|
-
|
15 %
|
reducing balance
|
|
Fittings fixtures and equipment
|
-
|
25 %
|
reducing balance
|
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Cost is calculated using the first in, first out formula. Provision is made for damaged, obsolete and slow moving stock where appropriate.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities. The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
46
(2019:
38
).
5.
Tangible assets
|
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Total
|
|
|
|
|
|
|
£
|
£
|
£
|
|
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1st January 2020
|
783,800
|
98,100
|
881,900
|
|
|
|
|
|
Additions
|
39,596
|
10,698
|
50,294
|
|
|
|
|
|
Disposals
|
(
2,280)
|
(
593)
|
(
2,873)
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 31st December 2020
|
821,116
|
108,205
|
929,321
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1st January 2020
|
373,679
|
69,612
|
443,291
|
|
|
|
|
|
Charge for the year
|
63,249
|
7,343
|
70,592
|
|
|
|
|
|
Disposals
|
(
2,280)
|
(
593)
|
(
2,873)
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 31st December 2020
|
434,648
|
76,362
|
511,010
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31st December 2020
|
386,468
|
31,843
|
418,311
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
At 31st December 2019
|
410,121
|
28,488
|
438,609
|
|
|
|
|
|
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
209,858
|
242,481
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
|
276,432
|
180,295
|
|
Other debtors
|
|
40,007
|
22,508
|
|
|
|
_______
|
_______
|
|
|
|
526,297
|
445,284
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
262,047
|
251,857
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
|
499,572
|
846,155
|
|
Social security and other taxes
|
|
213,997
|
87,643
|
|
Other creditors
|
|
33,073
|
35,587
|
|
|
|
_______
|
_______
|
|
|
|
1,008,689
|
1,221,242
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Provisions
|
|
Deferred tax (note 9)
|
Total
|
|
|
|
|
|
£
|
£
|
|
|
|
|
At 1st January 2020
|
44,010
|
44,010
|
|
|
|
|
Additions
|
16,341
|
16,341
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
At 31st December 2020
|
60,351
|
60,351
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
9.
Deferred tax
The deferred tax included in the Balance sheet is as follows:
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Included in provisions (note 8)
|
|
60,351
|
44,010
|
|
|
|
_______
|
_______
|
|
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Accelerated capital allowances
|
|
60,351
|
59,677
|
|
Unused tax losses
|
|
-
|
(
15,667)
|
|
|
|
_______
|
_______
|
|
|
|
60,351
|
44,010
|
|
|
|
_______
|
_______
|
|
|
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
|
|
2020
|
|
|
|
2019
|
|
|
|
|
|
No
|
|
£
|
|
No
|
|
£
|
|
Ordinary
shares of £
1.00 each
|
|
68
|
|
68
|
|
68
|
|
68
|
|
|
|
_______
|
|
_______
|
|
_______
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
11.
Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
|
|
|
2020
|
2019
|
|
|
|
£
|
£
|
|
Tangible assets
|
|
-
|
5,919
|
|
|
|
_______
|
_______
|
|
|
|
|
|
12.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
12,500
|
50,000
|
Later than 1 year and not later than 5 years |
- |
12,500
|
|
_______ |
_______ |
|
12,500
|
62,500
|
|
_______ |
_______ |
|
|
|
13.
Contingencies
The company's bankers hold a charge over the assets of the company by way of security for any monies which may become due from time to time.At 31st December 2020 the liability covered by this charge amounted to £Nil (2019: £Nil).The company's bankers hold an unlimited multilateral guarantee given by Data Plastics Limited and its trading subsidiaries which includes the company. At 31 December 2020, the liability covered by these charges amounted to £Nil (2019: £Nil).
14.
Summary audit opinion
The auditor's report for the year dated
21 September 2021
was unqualified.
The senior statutory auditor was
Michael Howard Hinkins
for and on behalf of
Cox Hinkins & Co
15.
Controlling party
The company is under the control of Premier Plastics Holdings Ltd which owns 100% of theissued shares.
16.
Ultimate parent undertaking
Data Plastics Limited, a company incorporated in England and Wales, is regarded by the directors as being the company's ultimate holding company.