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Registered number: 01164955
Advanced Polymers Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Shore Accounting Ltd
4 Mason's Yard
177 Westbourne Street
Hove
BN3 5FB
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 01164955
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 21,638 11,849
21,638 11,849
CURRENT ASSETS
Stocks 5 343,104 309,008
Debtors 6 459,880 446,920
Cash at bank and in hand 1,274,490 1,197,765
2,077,474 1,953,693
Creditors: Amounts Falling Due Within One Year 7 (1,860,926 ) (1,469,501 )
NET CURRENT ASSETS (LIABILITIES) 216,548 484,192
TOTAL ASSETS LESS CURRENT LIABILITIES 238,186 496,041
NET ASSETS 238,186 496,041
CAPITAL AND RESERVES
Called up share capital 8 5,003 5,003
Revaluation reserve 9 2,694 2,694
Profit and Loss Account 230,489 488,344
SHAREHOLDERS' FUNDS 238,186 496,041
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Gary White
Director
22/08/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Advanced Polymers Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01164955 . The registered office is 20 Ham Bridge Trading Estate, Willowbrook Road, Worthing, West Sussex, BN14 8NA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15 % Reducing balance
Plant & Machinery 33 % Reducing balance
Motor Vehicles 25 % Reducing balance
Fixtures & Fittings 15 % Reducing balance
Computer Equipment 33 % Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 20)
20 20
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 June 2023 29,967 295,308 23,078 34,572
Additions - 17,502 - -
As at 31 May 2024 29,967 312,810 23,078 34,572
Depreciation
As at 1 June 2023 29,967 289,956 19,672 31,598
Provided during the period - 7,542 852 446
As at 31 May 2024 29,967 297,498 20,524 32,044
Net Book Value
As at 31 May 2024 - 15,312 2,554 2,528
As at 1 June 2023 - 5,352 3,406 2,974
Computer Equipment Total
£ £
Cost
As at 1 June 2023 31,512 414,437
Additions 1,549 19,051
As at 31 May 2024 33,061 433,488
...CONTINUED
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Depreciation
As at 1 June 2023 31,395 402,588
Provided during the period 422 9,262
As at 31 May 2024 31,817 411,850
Net Book Value
As at 31 May 2024 1,244 21,638
As at 1 June 2023 117 11,849
5. Stocks
2024 2023
£ £
Stock 151,764 138,631
Work in progress 191,340 170,377
343,104 309,008
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 435,779 426,994
Prepayments and accrued income 24,101 19,455
Other debtors - 471
459,880 446,920
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 136,079 73,815
Corporation tax 274,681 200,414
Other taxes and social security 6,300 820
VAT 43,590 14,019
Other creditors 23,784 24,548
Shareholder's loan 575,628 250,000
Accruals and deferred income 735 -
Directors' loan accounts 800,129 905,885
1,860,926 1,469,501
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 5,003 5,003
Page 5
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9. Reserves
Revaluation Reserve
£
As at 1 June 2023 2,694
As at 31 May 2024 2,694
Page 6