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REGISTERED NUMBER: 10980013 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

Polyplus UK Ltd

Polyplus UK Ltd (Registered number: 10980013)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Polyplus UK Ltd

Company Information
for the Year Ended 30 September 2023







DIRECTOR: Mrs I Melliti





REGISTERED OFFICE: 24
Vane Close
Harrow
United Kingdom
HA3 9XD





REGISTERED NUMBER: 10980013 (England and Wales)





ACCOUNTANTS: Preston Accountants Limited.
Chartered Certified Accountants
1 Carlton Parade
Preston Road
Wembley
Middlesex
HA9 8NE

Polyplus UK Ltd (Registered number: 10980013)

Statement of Financial Position
30 September 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 4,872 6,090

CURRENT ASSETS
Stocks 39,500 33,000
Cash at bank 11,518 19,498
51,018 52,498
CREDITORS
Amounts falling due within one year 5 27,462 19,996
NET CURRENT ASSETS 23,556 32,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,428

38,592

CREDITORS
Amounts falling due after more than one year 6 34,776 34,012
NET (LIABILITIES)/ASSETS (6,348 ) 4,580

CAPITAL AND RESERVES
Called up share capital 7 5,000 5,000
Retained earnings (11,348 ) (420 )
SHAREHOLDERS' FUNDS (6,348 ) 4,580

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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.

Polyplus UK Ltd (Registered number: 10980013)

Statement of Financial Position - continued
30 September 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 September 2024 and were signed by:





Mrs I Melliti - Director


Polyplus UK Ltd (Registered number: 10980013)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Polyplus UK Ltd 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 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 Statement of Comprehensive Income, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 (2022 - 2 ) .

Polyplus UK Ltd (Registered number: 10980013)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 October 2022
and 30 September 2023 190 9,000 657 9,847
DEPRECIATION
At 1 October 2022 128 3,240 389 3,757
Charge for year 12 1,152 54 1,218
At 30 September 2023 140 4,392 443 4,975
NET BOOK VALUE
At 30 September 2023 50 4,608 214 4,872
At 30 September 2022 62 5,760 268 6,090

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 5,152 11,831
Other loans 11,116 -
Tax - 986
Social security and other taxes 295 -
VAT 2,728 2,856
Other creditors 5,447 1,066
Directors' loan accounts 2,589 1,707
Accrued expenses 135 1,550
27,462 19,996

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans - 2-5 years 34,776 34,012

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
1 Ordinary 5000 5,000 5,000

Polyplus UK Ltd (Registered number: 10980013)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

8. GOING CONCERN BASIS OF ACCOUNTING

For the year ended 30 September 2023, the company recognised a net loss of £10,928. The company's net current liability as at 30 September 2023 was £6348. This has significantly reduce the company's cash resources.

Under this base case scenario, the company is expected to continue to have sufficient headroom relative to the funding available to it. With the help of bounce back loan & other loan, management estimates that in the downside case, it has got sufficient cash to meet its financial obligations.

As a result, these financial statements have been prepared on a going concern basis and do not include any
adjustments to the carrying amounts and classification of assets, liabilities and reported expenses that may otherwise be required if the going concern basis was not appropriate.