Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr B A Aitken 25/11/2021 Mr I A J Buchan 25/11/2021 Ms I Ferguson Mr F A G Hardie 01/08/1993 Mr B M Komanski 25/12/2021 Mr J M Pirrie 25/11/2021 M J S Pirrie 25/11/2021 30 August 2024 The principal activity of the Company during the financial year continued to be that of a thermoplastics distributor. SC059189 2023-12-31 SC059189 bus:Director1 2023-12-31 SC059189 bus:Director2 2023-12-31 SC059189 bus:Director4 2023-12-31 SC059189 bus:Director5 2023-12-31 SC059189 bus:Director6 2023-12-31 SC059189 bus:Director7 2023-12-31 SC059189 2022-12-31 SC059189 core:CurrentFinancialInstruments 2023-12-31 SC059189 core:CurrentFinancialInstruments 2022-12-31 SC059189 core:Non-currentFinancialInstruments 2023-12-31 SC059189 core:Non-currentFinancialInstruments 2022-12-31 SC059189 core:ShareCapital 2023-12-31 SC059189 core:ShareCapital 2022-12-31 SC059189 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC059189 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC059189 core:OtherResidualIntangibleAssets 2022-12-31 SC059189 core:OtherResidualIntangibleAssets 2023-12-31 SC059189 core:LeaseholdImprovements 2022-12-31 SC059189 core:PlantMachinery 2022-12-31 SC059189 core:FurnitureFittings 2022-12-31 SC059189 core:LeaseholdImprovements 2023-12-31 SC059189 core:PlantMachinery 2023-12-31 SC059189 core:FurnitureFittings 2023-12-31 SC059189 core:CostValuation 2022-12-31 SC059189 core:AdditionsToInvestments 2023-12-31 SC059189 core:CostValuation 2023-12-31 SC059189 bus:OrdinaryShareClass1 2023-12-31 SC059189 bus:PreferenceShareClass1 2023-12-31 SC059189 2023-01-01 2023-12-31 SC059189 bus:FilletedAccounts 2023-01-01 2023-12-31 SC059189 bus:SmallEntities 2023-01-01 2023-12-31 SC059189 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC059189 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC059189 bus:Director1 2023-01-01 2023-12-31 SC059189 bus:Director2 2023-01-01 2023-12-31 SC059189 bus:Director3 2023-01-01 2023-12-31 SC059189 bus:Director4 2023-01-01 2023-12-31 SC059189 bus:Director5 2023-01-01 2023-12-31 SC059189 bus:Director6 2023-01-01 2023-12-31 SC059189 bus:Director7 2023-01-01 2023-12-31 SC059189 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-01-01 2023-12-31 SC059189 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 SC059189 core:PlantMachinery core:BottomRangeValue 2023-01-01 2023-12-31 SC059189 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC059189 core:FurnitureFittings core:BottomRangeValue 2023-01-01 2023-12-31 SC059189 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 SC059189 2022-01-01 2022-12-31 SC059189 core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 SC059189 core:LeaseholdImprovements 2023-01-01 2023-12-31 SC059189 core:PlantMachinery 2023-01-01 2023-12-31 SC059189 core:FurnitureFittings 2023-01-01 2023-12-31 SC059189 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC059189 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC059189 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC059189 bus:PreferenceShareClass1 2023-01-01 2023-12-31 SC059189 bus:PreferenceShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC059189 (Scotland)

HARDIE POLYMERS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

HARDIE POLYMERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

HARDIE POLYMERS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
HARDIE POLYMERS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 14,410 20,223
Tangible assets 4 257,697 307,593
Investments 5 2,632 0
274,739 327,816
Current assets
Stocks 1,039,122 1,377,084
Debtors 6 1,477,477 1,629,166
Cash at bank and in hand 145,536 89,232
2,662,135 3,095,482
Creditors: amounts falling due within one year 7 ( 1,769,182) ( 2,436,609)
Net current assets 892,953 658,873
Total assets less current liabilities 1,167,692 986,689
Creditors: amounts falling due after more than one year 8 ( 3,750) ( 3,750)
Provision for liabilities ( 522) ( 522)
Net assets 1,163,420 982,417
Capital and reserves
Called-up share capital 9 1,240 1,240
Profit and loss account 1,162,180 981,177
Total shareholder's funds 1,163,420 982,417

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Hardie Polymers Limited (registered number: SC059189) were approved and authorised for issue by the Board of Directors on 30 August 2024. They were signed on its behalf by:

Ms I Ferguson
Director
HARDIE POLYMERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
HARDIE POLYMERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Hardie Polymers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Cadder House 160 Clober Road, Milngavie, Glasgow, G62 7LW, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 7 years straight line
Plant and machinery 4 - 10 years straight line
Fixtures and fittings 4 - 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Derivative financial instruments
The Company uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The Company does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in the Profit and Loss Account immediately.

The Company does not apply hedge accounting.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 19 17

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 27,500 27,500
At 31 December 2023 27,500 27,500
Accumulated amortisation
At 01 January 2023 7,277 7,277
Charge for the financial year 5,813 5,813
At 31 December 2023 13,090 13,090
Net book value
At 31 December 2023 14,410 14,410
At 31 December 2022 20,223 20,223

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 261,379 62,885 16,207 340,471
Additions 0 2,303 2,829 5,132
At 31 December 2023 261,379 65,188 19,036 345,603
Accumulated depreciation
At 01 January 2023 13,494 17,810 1,574 32,878
Charge for the financial year 37,340 13,408 4,280 55,028
At 31 December 2023 50,834 31,218 5,854 87,906
Net book value
At 31 December 2023 210,545 33,970 13,182 257,697
At 31 December 2022 247,885 45,075 14,633 307,593

5. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 0 0
Additions 2,632 2,632
At 31 December 2023 2,632 2,632
Carrying value at 31 December 2023 2,632 2,632
Carrying value at 31 December 2022 0 0

6. Debtors

2023 2022
£ £
Trade debtors 949,913 990,381
Amounts owed by Group undertakings 465,915 564,745
Other debtors 61,649 74,040
1,477,477 1,629,166

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 424,439 1,192,457
Amounts owed to Group undertakings 218,023 0
Taxation and social security 303,357 273,475
Other creditors 823,363 970,677
1,769,182 2,436,609

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 3,750 3,750

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,000 A ordinary shares of £ 1.00 each 1,000 1,000
240 B redeemable preference shares of £ 1.00 each 240 240
1,240 1,240

10. Related party transactions

Transactions with owners holding a participating interest in the entity

2023 2022
£ £
Amounts owed by Hardie Polymers Holdings 465,915 180,000

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amounts owed to Hardie Polymers BV 218,023 (384,745)