2022-12-012023-11-302023-11-30false00486886POPLAR PRODUCTS (LEEDS) 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POPLAR PRODUCTS (LEEDS) LIMITED

Registered Number
00486886
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

POPLAR PRODUCTS (LEEDS) LIMITED
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

HOOTON, Charles Richard
HOOTON, Peter John

Registered Address

Poplar House Ramshead Approach
Seacroft
Leeds
LS14 1LR

Registered Number

00486886 (England and Wales)
POPLAR PRODUCTS (LEEDS) LIMITED
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3421,618454,735
421,618454,735
Current assets
Stocks6146,214192,213
Debtors7462,320412,017
Cash at bank and on hand161,093249,307
769,627853,537
Creditors amounts falling due within one year8(316,717)(363,223)
Net current assets (liabilities)452,910490,314
Total assets less current liabilities874,528945,049
Creditors amounts falling due after one year9(16,514)(26,612)
Net assets858,014918,437
Capital and reserves
Called up share capital3,8503,850
Revaluation reserve379,953402,793
Other reserves3,8503,850
Profit and loss account470,361507,944
Shareholders' funds858,014918,437
The financial statements were approved and authorised for issue by the Board of Directors on 15 August 2024, and are signed on its behalf by:
HOOTON, Charles Richard
Director
Registered Company No. 00486886
POPLAR PRODUCTS (LEEDS) LIMITED
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Turnover policy
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/or 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.
Operating leases
Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement.
Current taxation
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
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-28
Plant and machinery20-
Vehicles25-
Office Equipment203
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20232022
Average number of employees during the year1820
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 December 22650,000169,477119,11059,078997,665
At 30 November 23650,000169,477119,11059,078997,665
Depreciation and impairment
At 01 December 22235,029160,58388,48058,838542,930
Charge for year23,5301,7797,65715133,117
At 30 November 23258,559162,36296,13758,989576,047
Net book value
At 30 November 23391,4417,11522,97389421,618
At 30 November 22414,9718,89430,630240454,735
4.Revaluation of property, plant and equipment
The leasehold land and buildings were valued on an open market basis by Wardle Grindrod Limited, who is a member of the Royal Institute of Chartered Surveyors. The valuation was carried out in accordance with the RICS Appraisal and Valuation Manual. The valuation took place in April 2006 with the revalued amount being £920,000. They were revalued on the same basis in April 2013 at £650,000. This figure was adopted as the carrying value in the balance sheet at 30th November 2012. If these properties were sold for their revalued amounts it would be necessary to replace them with similar property, and rollover relief against tax on the gain would be available. Accordingly, no timing differences arise and no provision has been made for deferred tax in respect of the revaluation. If revalued assets were stated on a historical cost basis rather than fair value basis, the total amounts included would have been as follows:

2023

2022

££
Land and buildings11,49012,180
5.Impairment of tangible fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
6.Stocks
Stocks are stated at the lower of cost and net realisable value. Work in progress is measured at an appropriate proportion of total contract value.

2023

2022

££
Raw materials and consumables102,210145,506
Work in progress44,00446,707
Total146,214192,213
7.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables307,687356,712
Other debtors154,63355,305
Total462,320412,017
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.
8.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables174,461183,331
Taxation and social security53,58954,792
Other creditors88,667125,100
Total316,717363,223
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.
9.Creditors: amounts due after one year

2023

2022

££
Other creditors16,51426,612
Total16,51426,612
10.Other commitments
At 30 November 2023 the company had future minimum lease payments under non-cancellable operating leases of £5,758 (2022: £10,149).