IRIS Accounts Production v24.1.9.2 01258709 director 1.5.23 30.4.24 30.4.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh012587092023-04-30012587092024-04-30012587092023-05-012024-04-30012587092022-04-30012587092022-05-012023-04-30012587092023-04-3001258709ns15:EnglandWales2023-05-012024-04-3001258709ns14:PoundSterling2023-05-012024-04-3001258709ns10:Director12023-05-012024-04-3001258709ns10:PrivateLimitedCompanyLtd2023-05-012024-04-3001258709ns10:SmallEntities2023-05-012024-04-3001258709ns10:AuditExempt-NoAccountantsReport2023-05-012024-04-3001258709ns10:SmallCompaniesRegimeForDirectorsReport2023-05-012024-04-3001258709ns10:SmallCompaniesRegimeForAccounts2023-05-012024-04-3001258709ns10:AbridgedAccounts2023-05-012024-04-3001258709ns10:RegisteredOffice2023-05-012024-04-3001258709ns5:CurrentFinancialInstruments2024-04-3001258709ns5:CurrentFinancialInstruments2023-04-3001258709ns5:ShareCapital2024-04-3001258709ns5:ShareCapital2023-04-3001258709ns5:RetainedEarningsAccumulatedLosses2024-04-3001258709ns5:RetainedEarningsAccumulatedLosses2023-04-3001258709ns5:ShortLeaseholdAssetsns5:LandBuildings2023-05-012024-04-3001258709ns5:PlantMachinery2023-05-012024-04-3001258709ns5:FurnitureFittings2023-05-012024-04-3001258709ns5:WithinOneYear2024-04-3001258709ns5:WithinOneYear2023-04-3001258709ns5:BetweenOneFiveYears2024-04-3001258709ns5:BetweenOneFiveYears2023-04-3001258709ns5:AllPeriods2024-04-3001258709ns5:AllPeriods2023-04-30
REGISTERED NUMBER: 01258709 (England and Wales)


























UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

POLYMARINE LIMITED

POLYMARINE LIMITED (REGISTERED NUMBER: 01258709)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


POLYMARINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: C O Davey





REGISTERED OFFICE: Anglo House
The Airfield
Dalby Road
Melton Mowbray
Leicestershire
LE13 0BL





REGISTERED NUMBER: 01258709 (England and Wales)





ACCOUNTANTS: Livesey Spottiswood Ltd
Chartered Accountants
17 George Street
St Helens
Merseyside
WA10 1DB

POLYMARINE LIMITED (REGISTERED NUMBER: 01258709)

ABRIDGED BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,987 2,936

CURRENT ASSETS
Stocks 127,689 185,090
Debtors 118,385 87,963
Cash at bank and in hand 84,424 67,388
330,498 340,441
CREDITORS
Amounts falling due within one year (88,802 ) (75,415 )
NET CURRENT ASSETS 241,696 265,026
TOTAL ASSETS LESS CURRENT
LIABILITIES

243,683

267,962

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 243,583 267,862
SHAREHOLDERS' FUNDS 243,683 267,962

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 23 July 2024 and were signed by:





C O Davey - Director


POLYMARINE LIMITED (REGISTERED NUMBER: 01258709)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Polymarine 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover from the wholesale and retail distribution of marine parts and goods throughout the world is recognised by reference to the stage of completion of the transaction at the balance sheet date, the amount of turnover can be measured reliably, it is probable the economic benefits associated with the transaction will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold improvements - 10% on reducing balance
Plant and machinery - 25% on reducing balance and Straight line over 4 years
Fixtures and fittings - 20% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 that have been enacted or substantively enacted by the balance sheet date.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

POLYMARINE LIMITED (REGISTERED NUMBER: 01258709)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2023
and 30 April 2024 45,189
DEPRECIATION
At 1 May 2023 42,253
Charge for year 949
At 30 April 2024 43,202
NET BOOK VALUE
At 30 April 2024 1,987
At 30 April 2023 2,936

5. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 1,500 -
Between one and five years - 14,000
1,500 14,000