Clinical Polymer Technologies Ltd. 05651620 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the manufacture of rubber products. Digita Accounts Production Advanced 6.30.9574.0 true true 05651620 2022-04-01 2023-03-31 05651620 2023-03-31 05651620 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-03-31 05651620 core:RetainedEarningsAccumulatedLosses 2023-03-31 05651620 core:ShareCapital 2023-03-31 05651620 core:CurrentFinancialInstruments 2023-03-31 05651620 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05651620 core:Non-currentFinancialInstruments 2023-03-31 05651620 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05651620 core:Goodwill 2023-03-31 05651620 core:WithinOneYear 2023-03-31 05651620 core:FurnitureFittingsToolsEquipment 2023-03-31 05651620 core:LandBuildings 2023-03-31 05651620 core:OtherPropertyPlantEquipment 2023-03-31 05651620 1 2023-03-31 05651620 bus:SmallEntities 2022-04-01 2023-03-31 05651620 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05651620 bus:FullAccounts 2022-04-01 2023-03-31 05651620 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05651620 bus:RegisteredOffice 2022-04-01 2023-03-31 05651620 bus:Director1 2022-04-01 2023-03-31 05651620 bus:Director2 2022-04-01 2023-03-31 05651620 bus:Director3 2022-04-01 2023-03-31 05651620 bus:Director4 2022-04-01 2023-03-31 05651620 bus:Director5 2022-04-01 2023-03-31 05651620 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-04-01 2023-03-31 05651620 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05651620 core:Goodwill 2022-04-01 2023-03-31 05651620 core:FurnitureFittings 2022-04-01 2023-03-31 05651620 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05651620 core:LandBuildings 2022-04-01 2023-03-31 05651620 core:LeaseholdImprovements 2022-04-01 2023-03-31 05651620 core:OfficeEquipment 2022-04-01 2023-03-31 05651620 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 05651620 core:PlantMachinery 2022-04-01 2023-03-31 05651620 1 2022-04-01 2023-03-31 05651620 countries:EnglandWales 2022-04-01 2023-03-31 05651620 1 2022-04-01 2023-03-31 05651620 2022-03-31 05651620 core:Goodwill 2022-03-31 05651620 core:FurnitureFittingsToolsEquipment 2022-03-31 05651620 core:LandBuildings 2022-03-31 05651620 core:OtherPropertyPlantEquipment 2022-03-31 05651620 1 2022-03-31 05651620 2021-04-01 2022-03-31 05651620 2022-03-31 05651620 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-03-31 05651620 core:RetainedEarningsAccumulatedLosses 2022-03-31 05651620 core:ShareCapital 2022-03-31 05651620 core:CurrentFinancialInstruments 2022-03-31 05651620 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05651620 core:Non-currentFinancialInstruments 2022-03-31 05651620 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05651620 core:Goodwill 2022-03-31 05651620 core:WithinOneYear 2022-03-31 05651620 core:FurnitureFittingsToolsEquipment 2022-03-31 05651620 core:LandBuildings 2022-03-31 05651620 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05651620

Clinical Polymer Technologies Ltd.

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Clinical Polymer Technologies Ltd.

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Clinical Polymer Technologies Ltd.

Company Information

Directors

G. Shaw

M. Lord

A. Holmes

A. P. Hooley

D. M. McClellan

Registered office

Unit 3
Gee Road
Coalville
Leicestershire
LE67 4NB

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Clinical Polymer Technologies Ltd.

(Registration number: 05651620)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

-

Tangible assets

5

61,763

53,221

 

61,763

53,221

Current assets

 

Stocks

6

100,215

124,205

Debtors

7

1,052,996

1,269,572

Cash at bank and in hand

 

529,302

242,301

 

1,682,513

1,636,078

Creditors: Amounts falling due within one year

8

(695,051)

(528,443)

Net current assets

 

987,462

1,107,635

Total assets less current liabilities

 

1,049,225

1,160,856

Creditors: Amounts falling due after more than one year

8

(270,000)

(390,621)

Provisions for liabilities

(15,020)

(9,957)

Net assets

 

764,205

760,278

Capital and reserves

 

Called up share capital

9

6

6

Retained earnings

764,199

760,272

Shareholders' funds

 

764,205

760,278

 

Clinical Polymer Technologies Ltd.

(Registration number: 05651620)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 19 October 2023 and signed on its behalf by:
 

.........................................
A. Holmes
Director

 

Clinical Polymer Technologies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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:
Unit 3
Gee Road
Coalville
Leicestershire
LE67 4NB

These financial statements were authorised for issue by the Board on 19 October 2023.

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 or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Clinical Polymer Technologies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold property improvements

20% straight line

Plant and machinery

20% straight line

Fixtures and fittings

25% straight line

Office equipment

25% straight line

 

Clinical Polymer Technologies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

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

Goodwill

10 years

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.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtor.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Clinical Polymer Technologies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the useful life of the asset. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Clinical Polymer Technologies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2022 - 20).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

15,929

15,929

At 31 March 2023

15,929

15,929

Amortisation

At 1 April 2022

15,929

15,929

At 31 March 2023

15,929

15,929

Carrying amount

At 31 March 2023

-

-

At 31 March 2022

-

-

 

Clinical Polymer Technologies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Leasehold property improvements
£

Fixtures, fittings and office equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

52,822

43,797

267,347

363,966

Additions

-

8,891

23,993

32,884

Disposals

-

-

(495)

(495)

At 31 March 2023

52,822

52,688

290,845

396,355

Depreciation

At 1 April 2022

50,708

38,129

221,908

310,745

Charge for the year

430

4,580

18,911

23,921

Eliminated on disposal

-

-

(74)

(74)

At 31 March 2023

51,138

42,709

240,745

334,592

Carrying amount

At 31 March 2023

1,684

9,979

50,100

61,763

At 31 March 2022

2,114

5,668

45,439

53,221

6

Stocks

2023
£

2022
£

Raw materials and consumables

100,215

124,205

 

Clinical Polymer Technologies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

318,923

314,340

Amounts owed by group undertakings

696,115

929,494

Prepayments

16,844

23,663

Other debtors

21,114

2,075

 

1,052,996

1,269,572

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Loans and borrowings

120,954

127,245

Trade creditors

120,354

130,063

Taxation and social security

352,710

177,677

Accruals and deferred income

88,647

89,812

Other creditors

12,386

3,646

695,051

528,443

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £120,954 (2022 - £127,245).

2023
£

2022
£

Current loans and borrowings

Bank borrowings

120,000

120,000

Hire purchase and finance lease liabilities

954

7,245

120,954

127,245

 

Clinical Polymer Technologies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

270,000

390,621

Creditors include bank loans and net obligations under finance lease and hire purchase contracts which are secured of £270,000 (2022 - £390,621).

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

270,000

390,000

Hire purchase and finance lease liabilities

-

621

270,000

390,621

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

6

6

6

6

         

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

-

28,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £28,000 (2022 - £28,000).

11

Capital commitments

The total amount of capital commitments not included in the balance sheet is £77,496 (2022 - £Nil).

 

Clinical Polymer Technologies Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

12

Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 Section 1A Appendix C.34-36 not to disclose transactions with other group entities whose voting rights are 100% controlled within the group.

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Director's loan accounts

1,652

79,747

(80,810)

589

         
       

 

13

Parent and ultimate parent undertaking

The company's immediate parent is Clinipol Holdings Ltd, incorporated in England and Wales.

  These financial statements are available from Companies House.