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Registered number: 08495431










POLYSTAR PLASTICS (HOLDINGS) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
POLYSTAR PLASTICS (HOLDINGS) LIMITED
REGISTERED NUMBER: 08495431

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
9,195,526
12,105,526

  
9,195,526
12,105,526

Current liablities
  

Debtors: amounts falling due after more than one year
 5 
250,000
750,000

Debtors: amounts falling due within one year
 5 
66,964
48,225

Cash at bank and in hand
 6 
186,724
131,999

Current liablities
  
503,688
930,224

Creditors: amounts falling due within one year
 7 
(974,232)
(1,064,097)

Net current liabilities
  
 
 
(470,544)
 
 
(133,873)

Total assets less current liabilities
  
8,724,982
11,971,653

Creditors: amounts falling due after more than one year
 8 
(6,066,573)
(6,750,229)

Net assets
  
2,658,409
5,221,424


Capital and reserves
  

Called up share capital 
 10 
100
100

Profit and loss account
  
2,658,309
5,221,324

  
2,658,409
5,221,424


The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
 
Page 1

 
POLYSTAR PLASTICS (HOLDINGS) LIMITED
REGISTERED NUMBER: 08495431

BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


J Talwar
Director

Date: 10 April 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
POLYSTAR PLASTICS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Polystar Plastics Holdings Limited is a private company limited by shares, incorporated in England and Wales. The registered office of the Company is Peel House, Peel Street, Northam, Southampton, SO14 5QT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises rental income and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.4

Investment property

Investment property is carried at fair value. Changes in fair value are recognised in the Profit and loss account. 
Fair value is determined annually by directors and where the directors consider appropiate by external valuers. Valuations are derived from the current market rents and investment property yields for comparable property.

Page 3

 
POLYSTAR PLASTICS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The company only enters into basic financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that matire in no more than three months from the date of acquisition and that are readily convertible to know amounts of cash with insignificant risk of change in value.
Short term debtors and creditors are measured at the transaction price. Other financial instruments, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

Page 4

 
POLYSTAR PLASTICS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
12,105,526


Transfers intra group
(2,910,000)



At 31 July 2023
9,195,526


Comprising


Cost
12,583,941



Annual revaluation (deficit): 2022
(478,415)

Transfer intra group
(2,910,000)

At 31 July 2023
9,195,526

The 2023 valuations were made by the Directors, on an open market value for existing use basis.




Page 5

 
POLYSTAR PLASTICS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Amounts due from related companies
250,000
750,000


2023
2022
£
£

Trade debtors
39,972
21,505

Other debtors
10,100
10,100

Prepayments and accrued income
16,892
16,620

66,964
48,225



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
186,724
131,999



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
770,808
752,298

Trade creditors
17,185
-

Corporation tax
101,726
219,602

Other taxation and social security
16,765
38,323

Other creditors
67,748
53,874

974,232
1,064,097



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
6,066,573
6,750,229


Page 6

 
POLYSTAR PLASTICS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
770,808
752,298


770,808
752,298

Amounts falling due 1-2 years

Bank loans
812,876
770,838


812,876
770,838

Amounts falling due 2-5 years

Bank loans
2,643,004
2,423,496


2,643,004
2,423,496

Amounts falling due after more than 5 years

Bank loans
2,610,693
3,555,895

2,610,693
3,555,895

6,837,381
7,502,527


Secured loans
Bank loans are secured by fixed and floating charges over the assets of the Company.


10.


Share capital

2023
2022
£
£
Allotted, called up and partly paid



100 (2022 - 100) Ordinary shares of £1 each
100
100


Page 7

 
POLYSTAR PLASTICS (HOLDINGS) LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

11.


Related party transactions

The Company received rent and other income of £216,733 (2022: £887,830) from Polystar Plastics Limited, a company owned and controlled by the Directors.  
At the year end £250,000 (2022: £750,000) was owed by Polystar Plastics Limited and is included in other debtors.



Page 8