7 26 June 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2023 - FRS102_2023 269,375 53,940 215,435 215,435 xbrli:pure xbrli:shares iso4217:GBP 02740200 2022-11-01 2023-10-31 02740200 2023-10-31 02740200 2022-10-31 02740200 2021-11-01 2022-10-31 02740200 2022-10-31 02740200 2021-10-31 02740200 core:PlantMachinery 2022-11-01 2023-10-31 02740200 bus:Director6 2022-11-01 2023-10-31 02740200 core:PlantMachinery 2022-10-31 02740200 core:FurnitureFittings 2022-10-31 02740200 core:PlantMachinery 2023-10-31 02740200 core:FurnitureFittings 2023-10-31 02740200 core:FurnitureFittings 2022-11-01 2023-10-31 02740200 core:WithinOneYear 2023-10-31 02740200 core:WithinOneYear 2022-10-31 02740200 core:ShareCapital 2023-10-31 02740200 core:ShareCapital 2022-10-31 02740200 core:RetainedEarningsAccumulatedLosses 2023-10-31 02740200 core:RetainedEarningsAccumulatedLosses 2022-10-31 02740200 core:BetweenOneFiveYears 2023-10-31 02740200 core:BetweenOneFiveYears 2022-10-31 02740200 core:CostValuation core:Non-currentFinancialInstruments 2023-10-31 02740200 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-10-31 02740200 core:Non-currentFinancialInstruments 2023-10-31 02740200 core:Non-currentFinancialInstruments 2022-10-31 02740200 core:PlantMachinery 2022-10-31 02740200 core:FurnitureFittings 2022-10-31 02740200 bus:SmallEntities 2022-11-01 2023-10-31 02740200 bus:Audited 2022-11-01 2023-10-31 02740200 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 02740200 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 02740200 bus:FullAccounts 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 02740200
Polyjohn International Limited
Filleted Financial Statements
31 October 2023
Polyjohn International Limited
Financial Statements
Year ended 31 October 2023
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 6
Polyjohn International Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
35,154
33,311
Investments
6
215,435
215,435
---------
---------
250,589
248,746
Current assets
Stocks
2,275,986
1,193,876
Debtors
7
1,053,275
2,246,961
Cash at bank and in hand
883,314
396,007
------------
------------
4,212,575
3,836,844
Creditors: amounts falling due within one year
8
2,311,568
2,098,442
------------
------------
Net current assets
1,901,007
1,738,402
------------
------------
Total assets less current liabilities
2,151,596
1,987,148
------------
------------
Net assets
2,151,596
1,987,148
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,151,496
1,987,048
------------
------------
Shareholders funds
2,151,596
1,987,148
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the board of directors and authorised for issue on 18 June 2024 , and are signed on behalf of the board by:
S. J. Cooper Esq.
Director
Company registration number: 02740200
Polyjohn International Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Chesterfield Buildings, Westbourne Place, Clifton, Bristol, BS8 1RU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and equipment
-
25% reducing balance
Leasehold improvements
-
Over the term of the lease
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 9 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2022
58,769
12,600
71,369
Additions
5,486
5,887
11,373
Disposals
( 1,331)
( 1,331)
--------
--------
--------
At 31 October 2023
62,924
18,487
81,411
--------
--------
--------
Depreciation
At 1 November 2022
33,018
5,040
38,058
Charge for the year
6,363
2,755
9,118
Disposals
( 919)
( 919)
--------
--------
--------
At 31 October 2023
38,462
7,795
46,257
--------
--------
--------
Carrying amount
At 31 October 2023
24,462
10,692
35,154
--------
--------
--------
At 31 October 2022
25,751
7,560
33,311
--------
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 November 2022 and 31 October 2023
269,375
---------
Impairment
At 1 November 2022 and 31 October 2023
53,940
---------
Carrying amount
At 31 October 2023
215,435
---------
At 31 October 2022
215,435
---------
On 31 October 2019 investments were revalued to reflect their fair value at the reporting date. The directors consider £215,435 to be a fair representation of the fair value of all investments held at 31 October 2023.
7. Debtors
2023
2022
£
£
Trade debtors
665,595
1,692,603
Amounts owed by group undertakings and undertakings in which the company has a participating interest
356,150
502,143
Other debtors
31,530
52,215
------------
------------
1,053,275
2,246,961
------------
------------
Included in amounts due from group undertakings is a loan to subsidiary company Polyjohn Asia-Pacific Ltd for £293,753 (2022 - £317,122). This loan is repayable on or before the maturity date of 31 December 2026.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
172,661
94,394
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,911,736
1,801,120
Corporation tax
69,252
41,742
Social security and other taxes
89,091
36,913
Other creditors
68,828
124,273
------------
------------
2,311,568
2,098,442
------------
------------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
44,000
44,000
Later than 1 year and not later than 5 years
44,000
88,000
--------
---------
88,000
132,000
--------
---------
10. Summary audit opinion
The auditor's report dated 26 June 2024 was unqualified .
The senior statutory auditor was Mr Richard Jay , for and on behalf of Jay & Jay Partnership Limited .
11. Controlling party
Since 16 December 2022 the company has been a 100% subsidiary undertaking of Polyjohn Acquisition LLC ,of 2500 Gaspar Avenue, Whiting,Indiana,USA.