COYS Polymers Limited 09610869 false 2021-06-01 2022-05-31 2022-05-31 The principal activity of the company is PVC window recycling. Digita Accounts Production Advanced 6.30.9574.0 true 09610869 2021-06-01 2022-05-31 09610869 2022-05-31 09610869 bus:Director2 1 2022-05-31 09610869 core:CurrentFinancialInstruments 2022-05-31 09610869 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 09610869 core:Non-currentFinancialInstruments 2022-05-31 09610869 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 09610869 core:OtherResidualIntangibleAssets 2022-05-31 09610869 core:FurnitureFittingsToolsEquipment 2022-05-31 09610869 bus:SmallEntities 2021-06-01 2022-05-31 09610869 bus:AuditExemptWithAccountantsReport 2021-06-01 2022-05-31 09610869 bus:FullAccounts 2021-06-01 2022-05-31 09610869 bus:SmallCompaniesRegimeForAccounts 2021-06-01 2022-05-31 09610869 bus:RegisteredOffice 2021-06-01 2022-05-31 09610869 bus:Director2 2021-06-01 2022-05-31 09610869 bus:Director2 1 2021-06-01 2022-05-31 09610869 bus:PrivateLimitedCompanyLtd 2021-06-01 2022-05-31 09610869 core:IntangibleAssetsOtherThanGoodwill 2021-06-01 2022-05-31 09610869 core:OtherResidualIntangibleAssets 2021-06-01 2022-05-31 09610869 core:FurnitureFittings 2021-06-01 2022-05-31 09610869 core:FurnitureFittingsToolsEquipment 2021-06-01 2022-05-31 09610869 core:OfficeEquipment 2021-06-01 2022-05-31 09610869 core:PlantMachinery 2021-06-01 2022-05-31 09610869 countries:EnglandWales 2021-06-01 2022-05-31 09610869 2021-05-31 09610869 bus:Director2 1 2021-05-31 09610869 core:OtherResidualIntangibleAssets 2021-05-31 09610869 core:FurnitureFittingsToolsEquipment 2021-05-31 09610869 2020-06-01 2021-05-31 09610869 2021-05-31 09610869 bus:Director2 1 2021-05-31 09610869 core:CurrentFinancialInstruments 2021-05-31 09610869 core:CurrentFinancialInstruments core:WithinOneYear 2021-05-31 09610869 core:Non-currentFinancialInstruments 2021-05-31 09610869 core:Non-currentFinancialInstruments core:AfterOneYear 2021-05-31 09610869 core:OtherResidualIntangibleAssets 2021-05-31 09610869 core:FurnitureFittingsToolsEquipment 2021-05-31 09610869 bus:Director2 1 2020-06-01 2021-05-31 09610869 bus:Director2 1 2020-05-31 iso4217:GBP xbrli:pure

Registration number: 09610869

COYS Polymers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

COYS Polymers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

COYS Polymers Limited

(Registration number: 09610869)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

5

8,000

10,000

Tangible assets

6

214,167

162,889

 

222,167

172,889

Current assets

 

Stocks

7

118,870

88,000

Debtors

8

302,088

402,824

Cash at bank and in hand

 

102,930

9,683

 

523,888

500,507

Creditors: Amounts falling due within one year

9

(289,039)

(322,663)

Net current assets

 

234,849

177,844

Total assets less current liabilities

 

457,016

350,733

Creditors: Amounts falling due after more than one year

9

(60,827)

(50,000)

Net assets

 

396,189

300,733

Capital and reserves

 

Called up share capital

100

100

Retained earnings

396,089

300,633

Shareholders' funds

 

396,189

300,733

 

COYS Polymers Limited

(Registration number: 09610869)
Balance Sheet as at 31 May 2022

For the financial year ending 31 May 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

Approved and authorised by the director on 13 September 2022
 

.........................................
Mr P A Goodwin
Director

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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 for PVC window recycling goods and services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

25% Reducing balance

Fixtures & fittings

25% Reducing balance

Plant & machinery

25% Reducing balance

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Intangible assets

Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Customer base

10% straight line

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.

Debtors

Trade debtors are amounts due from customers for PVC window recycling performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

3

Other operating income

2022

2021

£

£

Government grants

-

6,909

Rental income

-

-

Miscellaneous other income

-

-

-

6,909

4

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2021 - 1).

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2021

20,000

20,000

At 31 May 2022

20,000

20,000

Amortisation

At 1 June 2021

10,000

10,000

Amortisation charge

2,000

2,000

At 31 May 2022

12,000

12,000

Carrying amount

At 31 May 2022

8,000

8,000

At 31 May 2021

10,000

10,000

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2021

194,897

194,897

Additions

92,000

92,000

At 31 May 2022

286,897

286,897

Depreciation

At 1 June 2021

32,008

32,008

Charge for the year

40,722

40,722

At 31 May 2022

72,730

72,730

Carrying amount

At 31 May 2022

214,167

214,167

At 31 May 2021

162,889

162,889

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

7

Stocks

2022
£

2021
£

Other inventories

118,870

88,000

8

Debtors

2022
£

2021
£

Trade debtors

283,747

388,933

Other debtors

18,341

13,891

302,088

402,824

Current

2022
£

2021
£

Trade debtors

283,747

388,933

Other debtors

18,341

13,891

 

302,088

402,824

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

9

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Loans and borrowings

38,101

-

Trade creditors

117,600

109,149

Taxation and social security

11,943

13,235

Other creditors

121,395

200,279

289,039

322,663

10

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

38,101

-

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

60,827

50,000

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

11

Related party transactions

Transactions with the director

2022

At 1 June 2021
£

Advances to director
£

Repayments by director
£

At 31 May 2022
£

Mr P A Goodwin

Transactions during the year

(178,574)

110,679

(50,000)

(117,895)

         
       

 

2021

At 1 June 2020
£

Advances to director
£

Repayments by director
£

At 31 May 2021
£

Mr P A Goodwin

Transactions during the year

-

16,826

(195,400)

(178,574)