Polypearl Limited 1898370 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is that of insulation contractors Digita Accounts Production Advanced 6.30.9574.0 true true 1898370 2022-08-01 2023-07-31 1898370 2023-07-31 1898370 bus:OrdinaryShareClass1 2023-07-31 1898370 core:RetainedEarningsAccumulatedLosses 2023-07-31 1898370 core:ShareCapital 2023-07-31 1898370 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 1898370 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-07-31 1898370 core:CurrentFinancialInstruments 2023-07-31 1898370 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 1898370 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 1898370 core:FurnitureFittingsToolsEquipment 2023-07-31 1898370 core:MotorVehicles 2023-07-31 1898370 bus:SmallEntities 2022-08-01 2023-07-31 1898370 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 1898370 bus:FullAccounts 2022-08-01 2023-07-31 1898370 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 1898370 bus:RegisteredOffice 2022-08-01 2023-07-31 1898370 bus:Director3 2022-08-01 2023-07-31 1898370 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 1898370 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 1898370 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 1898370 core:MotorVehicles 2022-08-01 2023-07-31 1898370 core:PlantMachinery 2022-08-01 2023-07-31 1898370 countries:England 2022-08-01 2023-07-31 1898370 2022-07-31 1898370 core:FurnitureFittingsToolsEquipment 2022-07-31 1898370 core:MotorVehicles 2022-07-31 1898370 2021-08-01 2022-07-31 1898370 2022-07-31 1898370 bus:OrdinaryShareClass1 2022-07-31 1898370 core:RetainedEarningsAccumulatedLosses 2022-07-31 1898370 core:ShareCapital 2022-07-31 1898370 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-07-31 1898370 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-07-31 1898370 core:CurrentFinancialInstruments 2022-07-31 1898370 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 1898370 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 1898370 core:FurnitureFittingsToolsEquipment 2022-07-31 1898370 core:MotorVehicles 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 1898370

Polypearl Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Polypearl Limited

(Registration number: 1898370)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

37,212

49,471

Current assets

 

Debtors

5

147

546

Cash at bank and in hand

 

84,476

119,738

 

84,623

120,284

Creditors: Amounts falling due within one year

6

(215,703)

(267,603)

Net current liabilities

 

(131,080)

(147,319)

Total assets less current liabilities

 

(93,868)

(97,848)

Creditors: Amounts falling due after more than one year

6

-

(5,903)

Provisions for liabilities

(4,343)

(6,073)

Net liabilities

 

(98,211)

(109,824)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(98,311)

(109,924)

Shareholders' deficit

 

(98,211)

(109,824)

For the financial year ending 31 July 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.

 

Polypearl Limited

(Registration number: 1898370)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 28 November 2023 and signed on its behalf by:
 


Mr I R Tebb
Director

   
 

Polypearl Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registered number 1898370.

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 in the ordinary course of the company’s activities. Turnover is shown net of 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 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.

 

Polypearl Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% per annum on written down value

Motor vehicles

25% per annum on written down value

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 in the ordinary course of business.

Trade debtors are recognised at the transaction price. 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.

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 at the transaction price.

 

Polypearl Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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 shorter of the useful life of the asset and the lease term. 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.

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 4 (2022 - 4).

 

Polypearl Limited

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

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

18,360

483,405

501,765

At 31 July 2023

18,360

483,405

501,765

Depreciation

At 1 August 2022

16,139

436,155

452,294

Charge for the year

443

11,816

12,259

At 31 July 2023

16,582

447,971

464,553

Carrying amount

At 31 July 2023

1,778

35,434

37,212

At 31 July 2022

2,221

47,250

49,471

5

Debtors

2023
£

2022
£

Other debtors

147

546

147

546

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

5,905

10,379

Trade creditors

 

800

1,661

Amounts due to group undertakings

194,014

242,986

Social security and other taxes

 

8,914

6,507

Other creditors

 

6,070

6,070

 

215,703

267,603

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

5,903

 

Polypearl Limited

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

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance leases

5,905

10,379

2023
£

2022
£

Non-current loans and borrowings

HP and finance leases

-

5,903

The HP and finance leases are secured upon the assets to which they relate.

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100