Polymet Limited 02750520 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is metal polishers Digita Accounts Production Advanced 6.30.9574.0 true true 02750520 2022-04-01 2023-03-31 02750520 2023-03-31 02750520 core:RetainedEarningsAccumulatedLosses 2023-03-31 02750520 core:ShareCapital 2023-03-31 02750520 core:CurrentFinancialInstruments 2023-03-31 02750520 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02750520 core:Non-currentFinancialInstruments 2023-03-31 02750520 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02750520 core:FurnitureFittingsToolsEquipment 2023-03-31 02750520 core:MotorVehicles 2023-03-31 02750520 core:OtherPropertyPlantEquipment 2023-03-31 02750520 bus:SmallEntities 2022-04-01 2023-03-31 02750520 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02750520 bus:FullAccounts 2022-04-01 2023-03-31 02750520 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 02750520 bus:RegisteredOffice 2022-04-01 2023-03-31 02750520 bus:CompanySecretaryDirector1 2022-04-01 2023-03-31 02750520 bus:Director1 2022-04-01 2023-03-31 02750520 bus:Director2 2022-04-01 2023-03-31 02750520 bus:Director4 2022-04-01 2023-03-31 02750520 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02750520 core:FurnitureFittings 2022-04-01 2023-03-31 02750520 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 02750520 core:MotorVehicles 2022-04-01 2023-03-31 02750520 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 02750520 countries:AllCountries 2022-04-01 2023-03-31 02750520 2022-03-31 02750520 core:FurnitureFittingsToolsEquipment 2022-03-31 02750520 core:MotorVehicles 2022-03-31 02750520 core:OtherPropertyPlantEquipment 2022-03-31 02750520 2021-04-01 2022-03-31 02750520 2022-03-31 02750520 core:RetainedEarningsAccumulatedLosses 2022-03-31 02750520 core:ShareCapital 2022-03-31 02750520 core:CurrentFinancialInstruments 2022-03-31 02750520 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 02750520 core:Non-currentFinancialInstruments 2022-03-31 02750520 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 02750520 core:FurnitureFittingsToolsEquipment 2022-03-31 02750520 core:MotorVehicles 2022-03-31 02750520 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 02750520

Polymet Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Polymet Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Polymet Limited

Company Information

Directors

Mr R J Harwood

Mr S C Harwood

Mrs A Harwood

Mr P Crowe

Company secretary

Mrs A Harwood

Registered office

Station House
Station Road
Whalley
Lancashire
BB7 9RT

 

Polymet Limited

(Registration number: 02750520)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

68,834

83,822

Current assets

 

Stocks

5

24,013

63,818

Debtors

6

162,763

283,758

Cash at bank and in hand

 

20,619

189,829

 

207,395

537,405

Creditors: Amounts falling due within one year

7

(71,777)

(310,279)

Net current assets

 

135,618

227,126

Total assets less current liabilities

 

204,452

310,948

Creditors: Amounts falling due after more than one year

7

(23,289)

(33,226)

Provisions for liabilities

(6,938)

(14,872)

Net assets

 

174,225

262,850

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

173,225

261,850

Shareholders' funds

 

174,225

262,850

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 14 November 2023 and signed on its behalf by:
 

 

Polymet Limited

(Registration number: 02750520)
Balance Sheet as at 31 March 2023


Mr R J Harwood
Director


Mr S C Harwood
Director

 

Polymet Limited

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 & Wales.

The address of its registered office is:
Station House
Station Road
Whalley
Lancashire
BB7 9RT
Great Britain

These financial statements were authorised for issue by the Board on 14 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates 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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

Polymet Limited

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

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% reducing balance

Motor vehicles

25% reducing balance

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 merchandise 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 receivables.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Polymet Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 24).

 

Polymet Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 April 2022

75,199

130,016

183,411

388,626

Additions

1,089

-

701

1,790

Disposals

-

(20,883)

-

(20,883)

At 31 March 2023

76,288

109,133

184,112

369,533

Depreciation

At 1 April 2022

51,275

114,421

139,108

304,804

Charge for the year

2,484

2,660

6,678

11,822

Eliminated on disposal

-

(15,927)

-

(15,927)

At 31 March 2023

53,759

101,154

145,786

300,699

Carrying amount

At 31 March 2023

22,529

7,979

38,326

68,834

At 31 March 2022

23,924

15,595

44,303

83,822

5

Stock

2023
£

2022
£

Work in progress

13,472

59,078

Stock

10,541

4,740

24,013

63,818

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

43,411

197,186

Amounts owed by related parties

7,038

1,836

Prepayments

 

16,687

8,736

Accrued Income

 

82,345

76,000

Corporation tax

 

13,282

-

   

162,763

283,758

 

Polymet Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

9,937

9,681

Trade creditors

 

36,400

221,013

Amounts owed to directors

11,027

27,778

VAT and PAYE

 

7,981

31,531

Credit cards and wages

 

383

848

Pension contributions

 

612

555

Accrued expenses

 

5,437

5,589

Corporation tax

 

-

13,284

 

71,777

310,279

Due after one year

 

Loans and borrowings

8

23,289

33,226

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

23,289

33,226

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,289

33,226

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,937

9,681