Registration number:
Plastic Innovations Ltd
for the Year Ended 31 December 2018
AIMS Accountants for Business
8 Bromsgrove Road
Romsley
Halesowen
West Midlands
B62 0ET
Plastic Innovations Ltd
Contents
Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Plastic Innovations Ltd
Company Information
Directors |
Mr Arthur Pickett Mr Stephen Roskilly Mr Mark Falkingham |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Plastic Innovations Ltd
for the Year Ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Plastic Innovations Ltd for the year ended 31 December 2018 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
As practising members of the Association of Accounting Technicians, we are subject to its ethical and other professional requirements which are detailed at www.aat.org.uk/about-aat/professional-ethics
This report is made solely to the Board of Directors of Plastic Innovations Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Plastic Innovations Ltd and state those matters that we have agreed to state to the Board of Directors of Plastic Innovations Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plastic Innovations Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Plastic Innovations Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Plastic Innovations Ltd. You consider that Plastic Innovations Ltd 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 accounts of Plastic Innovations Ltd. 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 accounts.
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AIMS Accountants for Business
Romsley
Halesowen
West Midlands
B62 0ET
Page 2 |
Plastic Innovations Ltd
(Registration number: 06880147)
Abridged Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
Plastic Innovations Ltd
(Registration number: 06880147)
Abridged Balance Sheet as at 31 December 2018
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Mr Arthur Pickett
Director
Page 4 |
Plastic Innovations Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2018
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 5 |
Plastic Innovations Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2018
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
Straight line 25% |
Equipment |
Straight line 20% |
Furniture and fittings |
Straight line 25% |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 6 |
Plastic Innovations Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2018
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 7 |
Plastic Innovations Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2018
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Furniture, fittings and equipment |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Stocks |
2018 |
2017 |
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Raw materials and consumables |
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Work in progress |
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Finished goods and goods for resale |
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Share capital |
Allotted, called up and fully paid shares
Page 8 |
Plastic Innovations Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 December 2018
2018 |
2017 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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115 |
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115 |
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Dividends |
Interim dividends paid
2018 |
2017 |
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Interim dividend of £
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Interim dividend of £
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
2018 |
2017 |
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Remuneration |
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Page 9 |