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REGISTERED NUMBER: 04641747 (England and Wales)















Audited Financial Statements for the Year Ended 31 December 2023

for

Polycasa Limited

Polycasa Limited (Registered number: 04641747)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Polycasa Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: K F J Werner
A E Lohse





SECRETARY: P R Nachbur





REGISTERED OFFICE: C/o Haines Watts
Keepers Lane
The Wergs
Wolverhampton
England
WV6 8UA





REGISTERED NUMBER: 04641747 (England and Wales)





AUDITORS: Dundas Gallagher
Chartered Accountants and Statutory Auditors
Thistlebank House
2 Old Henry Street
Enniskillen
Co. Fermanagh
BT74 7JX

Polycasa Limited (Registered number: 04641747)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 388 586

CURRENT ASSETS
Stocks 209,247 151,181
Debtors 5 1,691,531 2,134,962
Cash at bank 941,384 743,356
2,842,162 3,029,499
CREDITORS
Amounts falling due within one year 6 962,613 943,573
NET CURRENT ASSETS 1,879,549 2,085,926
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,879,937

2,086,512

CAPITAL AND RESERVES
Called up share capital 7 11,400,000 11,400,000
Retained earnings (9,520,063 ) (9,313,488 )
SHAREHOLDERS' FUNDS 1,879,937 2,086,512

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:




A E Lohse - Director



K F J Werner - Director


Polycasa Limited (Registered number: 04641747)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Polycasa 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 and on a going concern basis.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is generally recognised upon shipment of products, which is when title is transferred to the customer. Alternative arrangements exist whereby goods are held on consignment until ready for use by the customer. Under such arrangements, turnover is recognised when the consignment stock is processed for production or sale by the customer. Such arrangements are at the discretion of senior management.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under finance lease, over the term of the lease, whichever is shorter.

Plant and machinery etc - 20% on cost

Stocks
Stocks are stated 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 stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of it's financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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

Polycasa Limited (Registered number: 04641747)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
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 the 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.

Foreign currencies
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Going concern
The financial statements indicate a loss of £206,575 for the period. The company had retained losses of £9,520,063 at 31 December 2023. The group are aware of the historical losses and continue to provide support as required. The company structure ensures that these losses do not impact on the ongoing operations of the business.

The company is part of the wider Polycasa network of companies within the Schweiter Technologies Group. The company has a key strategic role within the group and the directors envisage that the company will continue to act as the UK sales vehicle for the entire plastics division given its strong relationship with a number of key customers. As such, the group has confirmed its ongoing support for the company. There is no external finance with all working capital facilities being provided by intercompany funding. The net intercompany position at 31 December 2023 was a liability of £508,681 (2022 - £317,392).

Based on the above, it is deemed appropriate for the company to be regarded as a going concern.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

Polycasa Limited (Registered number: 04641747)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 3,794
DEPRECIATION
At 1 January 2023 3,208
Charge for year 198
At 31 December 2023 3,406
NET BOOK VALUE
At 31 December 2023 388
At 31 December 2022 586

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,687,394 1,999,486
Amounts owed by group undertakings 3,137 133,827
Other debtors 1,000 1,649
1,691,531 2,134,962

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 16,472 -
Amounts owed to group undertakings 511,818 451,219
Taxation and social security 138,476 199,224
Other creditors 295,847 293,130
962,613 943,573

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
11,400,000 Ordinary £1 11,400,000 11,400,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Ruairi Dundas (Senior Statutory Auditor)
for and on behalf of Dundas Gallagher

9. POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the financial year end.

10. ULTIMATE CONTROLLING PARTY

The intermediate parent company is Foamalite Ltd based in the Republic of Ireland. The ultimate controlling party is Schweiter Technologies AG based in Switzerland.