2022-06-012023-05-312023-05-31false09716631EUROPEAN POLYMERS 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EUROPEAN POLYMERS LIMITED

Registered Number
09716631
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2023

EUROPEAN POLYMERS LIMITED
Company Information
for the year from 1 June 2022 to 31 May 2023

Director

PECK, Christopher

Registered Address

50 High Pavement
Nottingham
NG1 1HW

Registered Number

09716631 (England and Wales)
EUROPEAN POLYMERS LIMITED
Balance Sheet as at
31 May 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets5157
157
Current assets
Debtors6672,3141,182,075
Cash at bank and on hand1,056,329506,536
1,728,6431,688,611
Creditors amounts falling due within one year7(1,173,179)(1,206,548)
Net current assets (liabilities)555,464482,063
Total assets less current liabilities555,465482,120
Net assets555,465482,120
Capital and reserves
Called up share capital5151
Profit and loss account555,414482,069
Shareholders' funds555,465482,120
The financial statements were approved and authorised for issue by the Director on 30 October 2023, and are signed on its behalf by:
PECK, Christopher
Director
Registered Company No. 09716631
EUROPEAN POLYMERS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
4.Employee information

20232022
Average number of employees during the year44
5.Property, plant and equipment

Office Equipment

Total

££
Cost or valuation
At 01 June 22549549
At 31 May 23549549
Depreciation and impairment
At 01 June 22492492
Charge for year5656
At 31 May 23548548
Net book value
At 31 May 2311
At 31 May 225757
6.Debtors

2023

2022

££
Trade debtors / trade receivables594,163931,324
Other debtors73,966246,000
Prepayments and accrued income4,1854,751
Total672,3141,182,075
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
7.Creditors within one year

2023

2022

££
Trade creditors / trade payables909,018871,283
Taxation and social security57,48370,072
Accrued liabilities and deferred income206,678265,193
Total1,173,1791,206,548
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.