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REGISTERED NUMBER: 02461161 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

POLYFLON TECHNOLOGY LIMITED

POLYFLON TECHNOLOGY LIMITED (REGISTERED NUMBER: 02461161)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


POLYFLON TECHNOLOGY LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2023







DIRECTORS: F. W. Pedley
Mrs J J Pedley
M S Pedley
Mrs C O Wright





SECRETARY: Mrs J J Pedley





REGISTERED OFFICE: Unit 16
Raleigh Hall
Eccleshall
Stafford
Staffordshire
ST21 6JL





REGISTERED NUMBER: 02461161 (England and Wales)

POLYFLON TECHNOLOGY LIMITED (REGISTERED NUMBER: 02461161)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 196,598 179,757
Investment property 5 160,000 160,000
356,598 339,757

CURRENT ASSETS
Stocks 849,963 846,808
Debtors 6 611,788 511,187
Investments 7 219,338 228,865
Cash at bank and in hand 1,382,726 783,639
3,063,815 2,370,499
CREDITORS
Amounts falling due within one year 8 582,786 304,311
NET CURRENT ASSETS 2,481,029 2,066,188
TOTAL ASSETS LESS CURRENT LIABILITIES 2,837,627 2,405,945

PROVISIONS FOR LIABILITIES 31,532 36,011
NET ASSETS 2,806,095 2,369,934

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 9 76,814 76,814
Retained earnings 2,729,181 2,293,020
SHAREHOLDERS' FUNDS 2,806,095 2,369,934

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

POLYFLON TECHNOLOGY LIMITED (REGISTERED NUMBER: 02461161)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 September 2023 and were signed on its behalf by:




F. W. Pedley - Director M S Pedley - Director




Mrs C O Wright - Director


POLYFLON TECHNOLOGY LIMITED (REGISTERED NUMBER: 02461161)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Polyflon Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax, as adjusted for opening and closing amounts recoverable under contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - Straight line over 3 years
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - Straight line over 3 years

In accordance with FRS102 : investment properties are revalued annually, by the directors unless stated otherwise, on a Fair Value basis, except where the revaluation is not considered to be material to the financial statements, and the aggregate surplus or deficit is transferred to a fair value reserve.

Investment property
Investment properties are shown at their most recent valuation, and which is undertaken by the directors, unless stated otherwise.

Stocks
Stocks of unallocated materials are valued at the lower of cost and net realisable value.

Amounts recoverable under contract, (formerly described as Work in progress), is valued to include related direct expenditure, an appropriate proportion of fixed and variable overheads, together with an addition for profit, net of any anticipated losses, reflected in the work completed to the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


POLYFLON TECHNOLOGY LIMITED (REGISTERED NUMBER: 02461161)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company makes contributions towards the personal pension premiums of two directors and some employees, the premiums for which are charged to the Profit and Loss Account as they are incurred.

Government grants
Where grants relate to Revenue expenditure, they are credited to the Profit and Loss Account on an accruals basis to match the expenditure. Grants relating to capital expenditure are credited to the Profit and Loss Account over the approximate life of the assets, any excess amounts being carried forward as accrued income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Office to Plant and
equipment property machinery
£    £    £   
COST
At 1 April 2022 18,555 5,334 309,432
Additions - - 80,481
Disposals - - -
At 31 March 2023 18,555 5,334 389,913
DEPRECIATION
At 1 April 2022 17,698 5,289 214,819
Charge for year 477 45 24,044
Eliminated on disposal - - -
At 31 March 2023 18,175 5,334 238,863
NET BOOK VALUE
At 31 March 2023 380 - 151,050
At 31 March 2022 857 45 94,613

POLYFLON TECHNOLOGY LIMITED (REGISTERED NUMBER: 02461161)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 139,890 79,900 49,525 602,636
Additions 1,125 - 1,283 82,889
Disposals - (47,950 ) - (47,950 )
At 31 March 2023 141,015 31,950 50,808 637,575
DEPRECIATION
At 1 April 2022 97,481 48,865 38,727 422,879
Charge for year 8,554 1,720 7,048 41,888
Eliminated on disposal - (23,790 ) - (23,790 )
At 31 March 2023 106,035 26,795 45,775 440,977
NET BOOK VALUE
At 31 March 2023 34,980 5,155 5,033 196,598
At 31 March 2022 42,409 31,035 10,798 179,757

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022
and 31 March 2023 160,000
NET BOOK VALUE
At 31 March 2023 160,000
At 31 March 2022 160,000

The directors consider the fair value of the the investment property at £160,000 at the Balance Sheet date.The Fair Value Reserve Account of £70,012 includes £20,038 in respect of investment property revaluations and £49,974 in respect of an investment bond, the latter of which is included in Current Assets.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2005 10,038
Valuation in 2007 10,000
Valuation in 2016 (15,000 )
Valuation in 2018 15,000
Cost 139,962
160,000

POLYFLON TECHNOLOGY LIMITED (REGISTERED NUMBER: 02461161)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

5. INVESTMENT PROPERTY - continued

Fixed Asset Investments, at the Balance Sheet date, relate to a residential investment property, situated at Cameron Wharf, Stone, Staffs. having a cost of £139962, purchased in March 2004 , and valued, by the directors at the Balance Sheet date, at £160,000. (2017 £145,000).
The directors estimate that a Corporation Tax liability of £Nil would arise in the event of the investment property being sold for its revalued amount.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 288,172 293,750
Amounts recoverable on contract 67,375 23,720
Other debtors 256,241 193,717
611,788 511,187

Debtors include loans to directors of £95,000 to Mrs. J.J.Pedley in February 2011 and £25000 to Mr. M.S.Pedley in September 2012. All loans are interest-free.The company has a right to set-off of balances owed to the directors in respect of their current accounts, and which balances are included in "Creditors; Amounts falling due within one year." See also Notes 9 and 11.

7. CURRENT ASSET INVESTMENTS

Current Assets include Investment Bonds at a value of £219,338 at the Balance Sheet date and which includes £60,536 valuation in excess of the cost of the investments.This amount, less a provision of £13,318 for Deferred Tax, is included in the Fair Value Reserve.

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 148,614 100,559
Taxation and social security 194,220 95,604
Other creditors 239,952 108,148
582,786 304,311

9. RESERVES

The Revaluation Reserve Account includes £20,038 in respect of investment property revaluations and £56,776, net of a provision for Deferred Taxation of £13,318, in respect of an investment bond, the latter of which is included in Current Assets. The total balance of £76,814 represents the amount of unrealised profits which the directors regards as undistributable.

POLYFLON TECHNOLOGY LIMITED (REGISTERED NUMBER: 02461161)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2023

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

2023 2022
£    £   
Mrs J J Pedley
Balance outstanding at start of year 90,082 90,700
Amounts advanced 1,281 -
Amounts repaid - (618 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 91,363 90,082

M S Pedley
Balance outstanding at start of year 43,549 40,905
Amounts advanced 3,920 2,644
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 47,469 43,549

Mrs C O Wright
Balance outstanding at start of year 10,695 8,934
Amounts advanced - 1,761
Amounts repaid (4,726 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,969 10,695

Debtors include loans to directors of £95,000 to Mrs. J.J.Pedley in February 2011 and £25000 to Mr. M.S.Pedley in September 2012. All loans are interest-free. The company has a right of set-off of balances owed to the directors in respect of their current accounts, and which balances are included in "Creditors; Amounts falling due within one year." See also Notes 7 and 9.