Company Registration No. 10827461 (England and Wales)
VISION PETLON POLYMERS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
VISION PETLON POLYMERS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
VISION PETLON POLYMERS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
- 1 -
2017
Notes
£
£
Fixed assets
Intangible assets
3
24,375
Tangible assets
4
2,062,641
Current assets
Stocks
421,251
Debtors
5
1,452,631
Cash at bank and in hand
254,084
2,127,966
Creditors: amounts falling due within one year
6
(2,155,453)
Net current liabilities
(27,487)
Total assets less current liabilities
2,059,529
Creditors: amounts falling due after more than one year
7
(1,636,503)
Net assets
423,026
Capital and reserves
Called up share capital
1
Capital contribution reserve
818,450
Profit and loss reserves
(395,425)
Total equity
423,026

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 31 December 2017 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.

The members have not required the company to obtain an audit of its financial statements for the period 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.

VISION PETLON POLYMERS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 November 2018 and are signed on its behalf by:
Mr H Ackerman
Director
Company Registration No. 10827461
VISION PETLON POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 3 -
1
Accounting policies
Company information

Vision Petlon Polymers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ward Industrial Estate, Church Road, Lydney, Gloucestershire, UK, GL15 5EL.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The accounts are prepared for the period of account from 11 September 2017 to 31 December 2017. For this reason all future periods of account will not be wholly comparable.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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 and volume rebates.

1.3
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years straight line.

1.4
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:

Plant and equipment
5% Reducing balance
Fixtures and fittings
5% Reducing balance
Computers
5% Reducing balance
Motor vehicles
5% 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.

VISION PETLON POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
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.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.8
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.

VISION PETLON POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

VISION PETLON POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 6 -
1.15

Going Concern

The directors believe that preparing the accounts on the going concern basis is appropriate due to the continued financial support of the ultimate parent Company, Sovereign International Holdings (UK) Ltd. The Directors have received confirmation that Sovereign International Holdings (UK) Ltd intend to support the Company for at least one year after these financial statements are signed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 33.

3
Intangible fixed assets
Goodwill
£
Cost
At 20 June 2017
-
Additions
25,000
At 31 December 2017
25,000
Amortisation and impairment
At 20 June 2017
-
Amortisation charged for the period
625
At 31 December 2017
625
Carrying amount
At 31 December 2017
24,375
VISION PETLON POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 20 June 2017
-
Additions
2,088,141
At 31 December 2017
2,088,141
Depreciation and impairment
At 20 June 2017
-
Depreciation charged in the period
25,500
At 31 December 2017
25,500
Carrying amount
At 31 December 2017
2,062,641
5
Debtors
2017
Amounts falling due within one year:
£
Trade debtors
1,209,691
Other debtors
242,940
1,452,631
6
Creditors: amounts falling due within one year
2017
£
Bank loans and overdrafts
1,168,702
Trade creditors
314,689
Other taxation and social security
144,216
Other creditors
527,846
2,155,453

A fixed and floating charge created on 17 November 2017 exists over all the property and undertaking of the company in favour of Siemens Financial Services Limited. The charge contains a negative pledge.

 

A fixed and floating charge created on 1 October 2017 exists over all the property and undertaking of the company in favour of Sovereign International Holdings (UK) Ltd. The charge contains a negative pledge.

VISION PETLON POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 8 -
7
Creditors: amounts falling due after more than one year
2017
£
Amounts due to group undertakings
870,602
Other creditors
765,901
1,636,503

A fixed and floating charge created on 17 November 2017 exists over all the property and undertaking of the company in favour of Siemens Financial Services Limited. The charge contains a negative pledge.

 

A fixed and floating charge created on 1 October 2017 exists over all the property and undertaking of the company in favour of Sovereign International Holdings (UK) Ltd. The charge contains a negative pledge.

 

Repayments to loans from group undertakings will commence in 3 years from the balance sheet date. The loans attract a rate of interest of 10% per annum.

8
Capital redemption reserve

A deed of waiver was signed on 25 September 2017 by the director of Sovereign International Holdings (UK) Ltd waiving all rights to recover the inter company loan balance of £818,450. The debt has been reclassified as equity.

9
Related party transactions

At the period end the Company owed £1,302 to Vision Gelpack Limited an associated Company. The balance includes interest of £23. Repayments are due to commence in 3 years from the balance sheet date. The amount is included within non current liabilities.

 

10
Directors' transactions

There have been no guarantees given or received by the directors during the period.

11
Parent company

The Ultimate parent Company is Sovereign International Holdings (UK) Ltd.

 

At the period end the company owed Sovereign International Holdings (UK) Ltd £869,300. This includes interest of £18,959. Payments are due to commence in 3 years from the balance sheet date. This amount is included within non current liabilities.

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