Company registration number SC486964 (Scotland)
POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr J J Currie
Mr I T Steel
Secretary
Miss C E McArthur
Company number
SC486964
Registered office
Garroch Business Park
Garroch Loaning
Dumfries
DG2 8PN
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,861,780
2,193,749
Current assets
Stocks
49,237
39,679
Debtors
4
1,125,744
717,555
Cash at bank and in hand
232,804
177,700
1,407,785
934,934
Creditors: amounts falling due within one year
5
(847,681)
(568,008)
Net current assets
560,104
366,926
Total assets less current liabilities
3,421,884
2,560,675
Creditors: amounts falling due after more than one year
6
(609,812)
(380,662)
Provisions for liabilities
7
(567,111)
(392,399)
Deferred grants
9
(390,967)
(50,727)
Net assets
1,853,994
1,736,887
Capital and reserves
Called up share capital
10
460,000
460,000
Profit and loss reserves
1,393,994
1,276,887
Total equity
1,853,994
1,736,887

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 November 2023 and are signed on its behalf by:
Mr J J Currie
Mr I T Steel
Director
Director
Company Registration No. SC486964
POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

Polymer Extrusion Technologies (UK) Limited is a private company limited by shares incorporated in Scotland. The registered office is Garroch Business Park, Garroch Loaning, Dumfries, DG2 8PN. The company's registration number is SC486964.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Reporting period

The company's accounting reference date was changed from 31 December to 2021 March. These financial statements cover the period 1 January 2022 to 31 March 2023. As a result the comparatives shown in the statement of comprehensive income and related notes are not entirely comparable.

1.3
Turnover

Turnover represents the net invoiced sales of goods and services, excluding value added tax. The company provides polymerisation and extrusion services to the plastics industry as well as selling some of its own product. All work carried out to date is invoiced in full at each month end.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
15% reducing balance
Plant and equipment
10% - 15% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit and loss account. Reversals of impairment losses are also recognised in the profit and loss account.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value, and are depreciated in accordance with the above depreciation policies.

 

Future instalments payable under such agreements, net of finance charges, are included within creditors. Rentals payable are apportioned between the capital element, which reduces the outstanding obligation included within creditors, and the finance element, which is charged to the profit and loss account on a straight line basis.

Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in the profit and loss account.

POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 7 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2021
Total
24
23
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022
9,181
3,777,568
29,300
3,816,049
Additions
110,028
936,978
-
0
1,047,006
At 31 March 2023
119,209
4,714,546
29,300
4,863,055
Depreciation and impairment
At 1 January 2022
3,543
1,612,042
6,715
1,622,300
Depreciation charged in the period
7,000
364,917
7,058
378,975
At 31 March 2023
10,543
1,976,959
13,773
2,001,275
Carrying amount
At 31 March 2023
108,666
2,737,587
15,527
2,861,780
At 31 December 2021
5,638
2,165,526
22,585
2,193,749
4
Debtors
2023
2021
Amounts falling due within one year:
£
£
Trade debtors
759,235
500,580
Other debtors
366,509
216,975
1,125,744
717,555
POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 8 -
5
Creditors: amounts falling due within one year
2023
2021
£
£
Bank loans
44,445
44,445
Trade creditors
323,536
143,922
Taxation and social security
30,798
50,904
Other creditors
448,902
328,737
847,681
568,008

The bank loan is secured by a bond and floating charge.

 

Included within other creditors are amounts totalling £208,489 (2021 - £171,015) relating to hire purchase contracts which are secured over the assets to which they relate.

6
Creditors: amounts falling due after more than one year
2023
2021
£
£
Bank loans
48,148
103,703
Other creditors
561,664
276,959
609,812
380,662

The bank loan is secured by a bond and floating charge.

 

Included within other creditors are amounts totalling £561,664 (2021 - £276,959) relating to hire purchase contracts which are secured over the assets to which they relate.

7
Provisions for liabilities
2023
2021
£
£
Deferred tax liabilities
8
567,111
392,399
8
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2021
Balances:
£
£
Accelerated capital allowances
567,111
392,399
POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
8
Deferred taxation
(Continued)
- 9 -
2023
Movements in the period:
£
Liability at 1 January 2022
392,399
Charge to profit or loss
174,712
Liability at 31 March 2023
567,111
9
Government grants
2023
2021
£
£
Arising from government grants
390,967
50,727
10
Called up share capital
2023
2021
£
£
Ordinary share capital
Issued and fully paid
450,000 A Ordinary of £1
450,000
450,000
10,000 B Ordinary of £1
10,000
10,000
460,000
460,000

All classes of share rank pari passu in all respects. However, when paying dividends the directors may differentiate between the classes of shares to which payments are being made in respect of the amount or percentage of dividend payable.

11
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2021
£
£
55,136
70,340
12
Capital commitments

Amounts contracted for but not provided in the financial statements:

2023
2021
£
£
Acquisition of tangible fixed assets
-
403,191
POLYMER EXTRUSION TECHNOLOGIES (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 10 -
13
Related party transactions

The premises from which the company trades is owned by director, K N Currie's pension scheme. During the period the company paid rent of £56,250 (2021 - £45,000).

 

Included in other creditors are amounts totalling £nil (2021 - £70,000) due to the directors. These loans are unsecured and interest free.

 

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

 

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