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REGISTERED NUMBER: 02831295 (England and Wales)










Unaudited Financial Statements

For The Year Ended 30 September 2023

for

Polymer Products (U.K.) Limited

Polymer Products (U.K.) Limited (Registered number: 02831295)






Contents of the Financial Statements
For The Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Polymer Products (U.K.) Limited

Company Information
For The Year Ended 30 September 2023







DIRECTORS: B A Hamilton
Mrs J C Hamilton
Miss B Hamilton





SECRETARY: Mrs J C Hamilton





REGISTERED OFFICE: Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN





REGISTERED NUMBER: 02831295 (England and Wales)





ACCOUNTANTS: Kingscott Dix Limited
Chartered Accountants
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN

Polymer Products (U.K.) Limited (Registered number: 02831295)

Balance Sheet
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,111,924 524,792

CURRENT ASSETS
Stocks 5 1,585,479 1,551,107
Debtors 6 531,304 633,615
Cash at bank 783,401 644,386
2,900,184 2,829,108
CREDITORS
Amounts falling due within one year 7 640,896 242,737
NET CURRENT ASSETS 2,259,288 2,586,371
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,371,212

3,111,163

PROVISIONS FOR LIABILITIES 17,528 11,547
NET ASSETS 3,353,684 3,099,616

CAPITAL AND RESERVES
Called up share capital 1,800 1,800
Capital redemption reserve 200 200
Retained earnings 3,351,684 3,097,616
SHAREHOLDERS' FUNDS 3,353,684 3,099,616

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Polymer Products (U.K.) Limited (Registered number: 02831295)

Balance Sheet - continued
30 September 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by:





B A Hamilton - Director


Polymer Products (U.K.) Limited (Registered number: 02831295)

Notes to the Financial Statements
For The Year Ended 30 September 2023

1. STATUTORY INFORMATION

Polymer Products (U.K.) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant & equipment - 25% on cost
Office equipment - 25% on cost
Motor vehicles - 20% on cost

No depreciation is charged on freehold land.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities
Basic financial liabilities, including trade and other creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest

Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company's obligations are discharged, cancelled, or they expire.

Polymer Products (U.K.) Limited (Registered number: 02831295)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 14 ) .

Polymer Products (U.K.) Limited (Registered number: 02831295)

Notes to the Financial Statements - continued
For The Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS
Freehold Plant & Office Motor
property equipment equipment vehicles Totals
£    £    £    £    £   
COST
At 1 October 2022 662,218 114,063 55,742 5,700 837,723
Additions 589,940 4,132 11,938 18,358 624,368
At 30 September 2023 1,252,158 118,195 67,680 24,058 1,462,091
DEPRECIATION
At 1 October 2022 173,854 89,321 47,500 2,256 312,931
Charge for year 17,677 10,469 4,223 4,867 37,236
At 30 September 2023 191,531 99,790 51,723 7,123 350,167
NET BOOK VALUE
At 30 September 2023 1,060,627 18,405 15,957 16,935 1,111,924
At 30 September 2022 488,364 24,742 8,242 3,444 524,792

5. STOCKS
30.9.23 30.9.22
£    £   
Stocks - goods for resale 1,585,479 1,551,107

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 505,965 611,424
Prepayments and accrued income 25,339 22,191
531,304 633,615

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 280,031 -
Trade creditors 129,703 14,933
Tax 132,312 131,714
Other taxation and social security 77,821 75,670
Accruals 21,029 20,420
640,896 242,737