Registered number
SC510541
Polish Ply Ltd
Filleted Accounts
31 July 2023
Polish Ply Ltd
Registered number: SC510541
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 30,031 39,973
Current assets
Debtors 4 236 677
Cash at bank and in hand 500,311 149,423
500,547 150,100
Creditors: amounts falling due within one year 5 (103,173) (33,843)
Net current assets 397,374 116,257
Net assets 427,405 156,230
Capital and reserves
Called up share capital 20 20
Profit and loss account 427,385 156,210
Shareholder's funds 427,405 156,230
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Marek Paszynski
Director
Approved by the board on 16 February 2024
Polish Ply Ltd
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant & Machinery Straight Line 3 Years
Motor Vehicles 25% Straight Line Method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
At 1 August 2022 617 40,823 41,440
Additions 339 - 339
At 31 July 2023 956 40,823 41,779
Depreciation
At 1 August 2022 617 850 1,467
Charge for the year 75 10,206 10,281
At 31 July 2023 692 11,056 11,748
Net book value
At 31 July 2023 264 29,767 30,031
At 31 July 2022 - 39,973 39,973
4 Debtors 2023 2022
£ £
VAT 236 317
Other taxes and social security - 360
236 677
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 1
Directors Loan Account 8,921 3,316
Corporation tax 94,011 30,526
Other taxes and social security 33 -
Other creditors 208 -
103,173 33,843
6 Other information
Polish Ply Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
19 Craigs Drive
Edinburgh
United Kingdom
EH12 8UW
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