Formula Plastics Limited

Formula Plastics Ltd, based in Tyne & Wear, UK, is a small, active company founded 29 years ago. With 50 employees and £1,076,509 in assets, it's a well-established operation run by two directors and a solo founder. The company is an irregular importer of vehicles, parts, and accessories (not for trains or trams), with just one month of import activity recorded, and a regular exporter of the same items, boasting 30 months of export activity. It operates from a real address, and is a small company as it met two conditions of three: turnover less than £10.2 million, balance sheet less than £5.1 million, employees less than 50.

Formula Plastics specializes in plastic injection moulding solutions, offering services like tooling, twin shot moulding, and assembly. Its website highlights its experience and expertise, catering to sectors like automotive, lighting, and electronics. It even offers reshoring and tool transfer expertise, strengthening supply chains. The company's website uses cookies to ensure the best experience.

Financially, Formula Plastics shows some concerning trends. Accumulated depreciation for Land Buildings remains steady at £92,000, but Other Property Plant Equipment has increased by 4.6% to £1,600,000. The number of employees has decreased by 10% to 45. Bank borrowings have surged, with overdrafts increasing by 89% and non-financial instruments ballooning by 630%. Cash reserves have plummeted 73% to just £8,800. Creditors have remained relatively stable, but net assets have decreased to -£200,000. Trade debtors have increased by 44%, and other debt increased by 160%. There is no mention of an auditor, likely due to its small size.

Despite the concerning financial trends, Formula Plastics appears to be a resilient company with a long history and a diverse range of services. The decrease in cash reserves and increase in debt suggest it's burning through money, but the company's established reputation and expertise could help it weather the storm.

Registered in England/Wales under the registration number 03160525, with a registered address at NE3 3LS, Newcastle Upon Tyne, Suite 5, 2nd Floor, Bulman House Regent Centre, Gosforth.

WARNING:The numbers have been rounded for simplicity and may be inaccurate.Please, refer to the latest financial report for verification.