REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
POLYFLON TECHNOLOGY LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
POLYFLON TECHNOLOGY LIMITED (REGISTERED NUMBER: 02461161) |
BALANCE SHEET |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Investments | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Office equipment | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
Office | to | Plant and |
equipment | property | machinery |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Amounts recoverable on contract |
Other debtors |
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 |
Taxation and social security |
Other creditors |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |