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REGISTERED NUMBER: 03727174 (England and Wales)








Unaudited Financial Statements

for the Year Ended

31 March 2024

for

Polymac Services Limited

Polymac Services Limited (Registered number: 03727174)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Polymac Services Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Miss L J Curtis
R J Smith





REGISTERED OFFICE: Unit 1-3
113 Lodgefield Road
Halesowen
West Midlands
B62 8AX





REGISTERED NUMBER: 03727174 (England and Wales)





ACCOUNTANTS: Nicklin Accountancy Services Limited
Church Court
Stourbridge Road
Halesowen
West Midlands
B63 3TT

Polymac Services Limited (Registered number: 03727174)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 60,628 62,127

CURRENT ASSETS
Stocks 43,245 46,903
Debtors 5 82,827 101,844
Cash at bank 20,880 18,718
146,952 167,465
CREDITORS
Amounts falling due within one year 6 115,075 136,688
NET CURRENT ASSETS 31,877 30,777
TOTAL ASSETS LESS CURRENT
LIABILITIES

92,505

92,904

CREDITORS
Amounts falling due after more than one
year

7

28,729

33,769
NET ASSETS 63,776 59,135

CAPITAL AND RESERVES
Called up share capital 75,000 75,000
Revaluation reserve 8 81,000 81,000
Retained earnings (92,224 ) (96,865 )
SHAREHOLDERS' FUNDS 63,776 59,135

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 19 August 2024 and were signed on its behalf by:




Miss L J Curtis - Director


Polymac Services Limited (Registered number: 03727174)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Polymac Services 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents net sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 12.5% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 12.5% 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, 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.

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 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

Polymac Services Limited (Registered number: 03727174)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 April 2023 164,283 24,612 8,750 17,611 215,256
Additions - - 6,495 - 6,495
At 31 March 2024 164,283 24,612 15,245 17,611 221,751
DEPRECIATION
At 1 April 2023 114,323 14,961 8,750 15,095 153,129
Charge for year 4,996 1,447 1,299 252 7,994
At 31 March 2024 119,319 16,408 10,049 15,347 161,123
NET BOOK VALUE
At 31 March 2024 44,964 8,204 5,196 2,264 60,628
At 31 March 2023 49,960 9,651 - 2,516 62,127

Cost or valuation at 31 March 2024 is represented by:

Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
Valuation in 2024 164,283 24,612 15,245 17,611 221,751

If Plant & Machinery had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 56,768 56,768
Aggregate depreciation 42,125 42,125

Plant & Machinery were valued on an open market basis on 31 March 2013 by the Director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 68,527 86,687
Other debtors 14,300 15,157
82,827 101,844

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 7,200 7,200
Hire purchase contracts 1,498 -
Trade creditors 79,114 78,053
Taxation and social security 7,289 5,170
Other creditors 19,974 46,265
115,075 136,688

Polymac Services Limited (Registered number: 03727174)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 22,167 30,079
Hire purchase contracts 2,872 -
Other creditors 3,690 3,690
28,729 33,769

8. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 81,000

9. RELATED PARTY DISCLOSURES

At the end of the year the company owed £Nil to its directors (2023: £5,000).