Silverfin false 31/12/2021 31/12/2021 01/01/2021 Mr B A Aitken 25/11/2021 Mr I A J Buchan 25/11/2021 Mrs I Ferguson 01/02/2019 Mr F A G Hardie 01/08/1993 Ms G G Hardie 25/11/2021 01/02/2019 Mr J H Hardie 25/11/2021 01/02/2019 Mrs K J I Hardie 25/11/2021 31/03/1996 Mr S P Hardie 25/11/2021 01/02/2019 Mr B Komanski 25/11/2021 Mr J M Pirrie 25/11/2021 Mr J S Pirrie 25/11/2021 12 September 2022 The principal activity of the Company during the financial year continued to be that of a thermoplastics distributor. SC059189 2021-12-31 SC059189 bus:Director1 2021-12-31 SC059189 bus:Director2 2021-12-31 SC059189 bus:Director3 2021-12-31 SC059189 bus:Director4 2021-12-31 SC059189 bus:Director5 2021-12-31 SC059189 bus:Director6 2021-12-31 SC059189 bus:Director7 2021-12-31 SC059189 bus:Director8 2021-12-31 SC059189 bus:Director9 2021-12-31 SC059189 bus:Director10 2021-12-31 SC059189 bus:Director11 2021-12-31 SC059189 2020-12-31 SC059189 core:CurrentFinancialInstruments 2021-12-31 SC059189 core:CurrentFinancialInstruments 2020-12-31 SC059189 core:Non-currentFinancialInstruments 2021-12-31 SC059189 core:Non-currentFinancialInstruments 2020-12-31 SC059189 core:ShareCapital 2021-12-31 SC059189 core:ShareCapital 2020-12-31 SC059189 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC059189 core:RetainedEarningsAccumulatedLosses 2020-12-31 SC059189 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2020-12-31 SC059189 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2021-12-31 SC059189 core:PlantMachinery 2020-12-31 SC059189 core:FurnitureFittings 2020-12-31 SC059189 core:PlantMachinery 2021-12-31 SC059189 core:FurnitureFittings 2021-12-31 SC059189 bus:OrdinaryShareClass1 2021-12-31 SC059189 bus:PreferenceShareClass1 2021-12-31 SC059189 2021-01-01 2021-12-31 SC059189 bus:FullAccounts 2021-01-01 2021-12-31 SC059189 bus:SmallEntities 2021-01-01 2021-12-31 SC059189 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 SC059189 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 SC059189 bus:Director1 2021-01-01 2021-12-31 SC059189 bus:Director2 2021-01-01 2021-12-31 SC059189 bus:Director3 2021-01-01 2021-12-31 SC059189 bus:Director4 2021-01-01 2021-12-31 SC059189 bus:Director5 2021-01-01 2021-12-31 SC059189 bus:Director6 2021-01-01 2021-12-31 SC059189 bus:Director7 2021-01-01 2021-12-31 SC059189 bus:Director8 2021-01-01 2021-12-31 SC059189 bus:Director9 2021-01-01 2021-12-31 SC059189 bus:Director10 2021-01-01 2021-12-31 SC059189 bus:Director11 2021-01-01 2021-12-31 SC059189 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2021-01-01 2021-12-31 SC059189 core:PlantMachinery core:BottomRangeValue 2021-01-01 2021-12-31 SC059189 core:PlantMachinery core:TopRangeValue 2021-01-01 2021-12-31 SC059189 core:FurnitureFittings core:TopRangeValue 2021-01-01 2021-12-31 SC059189 2020-01-01 2020-12-31 SC059189 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2021-01-01 2021-12-31 SC059189 core:PlantMachinery 2021-01-01 2021-12-31 SC059189 core:FurnitureFittings 2021-01-01 2021-12-31 SC059189 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 SC059189 bus:OrdinaryShareClass1 2020-01-01 2020-12-31 SC059189 bus:PreferenceShareClass1 2021-01-01 2021-12-31 SC059189 bus:PreferenceShareClass1 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC059189 (Scotland)

HARDIE POLYMERS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH THE REGISTRAR

HARDIE POLYMERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

Contents

HARDIE POLYMERS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2021
HARDIE POLYMERS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2021
Note 2021 2020
£ £
Fixed assets
Intangible assets 3 0 708
Tangible assets 4 7,457 6,327
7,457 7,035
Current assets
Stocks 996,409 482,717
Debtors 5 1,294,818 1,183,669
Cash at bank and in hand 225,181 586,986
2,516,408 2,253,372
Creditors
Amounts falling due within one year 6 ( 1,570,534) ( 1,364,093)
Net current assets 945,874 889,279
Total assets less current liabilities 953,331 896,314
Creditors
Amounts falling due after more than one year 7 ( 250,000) ( 50,000)
Provision for liabilities ( 522) ( 522)
Net assets 702,809 845,792
Capital and reserves
Called-up share capital 8 1,240 1,240
Profit and loss account 701,569 844,552
Total shareholders' funds 702,809 845,792

For the financial year ending 31 December 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hardie Polymers Limited (registered number: SC059189) were approved and authorised for issue by the Director on 12 September 2022. They were signed on its behalf by:

Mr F A G Hardie
Director
HARDIE POLYMERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
HARDIE POLYMERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hardie Polymers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Cadder House 160 Clober Road, Milngavie, Glasgow, G62 7LW, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

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

Employee benefits

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

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

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Website costs 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 - 10 years straight line
Fixtures and fittings 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Cash and cash equivalents

Cash and cash equivalents 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 creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Profit and Loss Account immediately.

The Company does not apply hedge accounting.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 13

3. Intangible assets

Website costs Total
£ £
Cost
At 01 January 2021 4,250 4,250
At 31 December 2021 4,250 4,250
Accumulated amortisation
At 01 January 2021 3,542 3,542
Charge for the financial year 708 708
At 31 December 2021 4,250 4,250
Net book value
At 31 December 2021 0 0
At 31 December 2020 708 708

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 January 2021 23,413 7,248 30,661
Additions 2,197 312 2,509
At 31 December 2021 25,610 7,560 33,170
Accumulated depreciation
At 01 January 2021 20,102 4,232 24,334
Charge for the financial year 1,112 267 1,379
At 31 December 2021 21,214 4,499 25,713
Net book value
At 31 December 2021 4,396 3,061 7,457
At 31 December 2020 3,311 3,016 6,327

5. Debtors

2021 2020
£ £
Trade debtors 1,256,058 1,128,832
Other debtors 38,760 54,837
1,294,818 1,183,669

6. Creditors: amounts falling due within one year

2021 2020
£ £
Trade creditors 824,297 825,054
Other creditors 281,149 85,080
Corporation tax 155,939 64,013
Other taxation and social security 309,149 389,946
1,570,534 1,364,093

7. Creditors: amounts falling due after more than one year

2021 2020
£ £
Bank loans 0 50,000
Other loans 250,000 0
250,000 50,000

8. Called-up share capital

2021 2020
£ £
Allotted, called-up and fully-paid
1,000 A ordinary shares of £ 1.00 each 1,000 1,000
240 B redeemable preference shares of £ 1.00 each 240 240
1,240 1,240

9. Related party transactions

Transactions with the entity's directors

2021 2020
£ £
Amounts owed to key management personnel 0 56,470
0 0

Other related party transactions

2021 2020
£ £
Amounts owed to other related parties 100,000 0