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Registration number: 09610869

COYS Polymers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

COYS Polymers Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

COYS Polymers Limited

(Registration number: 09610869)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

4,000

6,000

Tangible assets

6

167,434

162,193

 

171,434

168,193

Current assets

 

Stocks

7

75,000

175,870

Debtors

8

114,105

8,834

Cash at bank and in hand

 

241,388

295,055

 

430,493

479,759

Creditors: Amounts falling due within one year

9

(215,903)

(233,466)

Net current assets

 

214,590

246,293

Total assets less current liabilities

 

386,024

414,486

Creditors: Amounts falling due after more than one year

9

(9,959)

(19,979)

Net assets

 

376,065

394,507

Capital and reserves

 

Called up share capital

100

100

Retained earnings

375,965

394,407

Shareholders' funds

 

376,065

394,507

 

COYS Polymers Limited

(Registration number: 09610869)
Balance Sheet as at 31 May 2024

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 September 2024
 

.........................................
Mr P A Goodwin
Director

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received for PVC window recycling goods and services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Reducing balance

Fixtures & fittings

25% Reducing balance

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Plant & machinery

25% Reducing balance

Motor Vehicles

25% Reducing balance

Intangible assets

Intangible assets are initially recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Customer base

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for PVC window recycling performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Taxation

2024

2023

£

£

Corporation tax

14,773

25,521

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 June 2023

20,000

20,000

At 31 May 2024

20,000

20,000

Amortisation

At 1 June 2023

14,000

14,000

Amortisation charge

2,000

2,000

At 31 May 2024

16,000

16,000

Carrying amount

At 31 May 2024

4,000

4,000

At 31 May 2023

6,000

6,000

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

288,765

-

288,765

Additions

25,635

26,627

52,262

At 31 May 2024

314,400

26,627

341,027

Depreciation

At 1 June 2023

126,573

-

126,573

Charge for the year

44,246

2,774

47,020

At 31 May 2024

170,819

2,774

173,593

Carrying amount

At 31 May 2024

143,581

23,853

167,434

At 31 May 2023

162,193

-

162,193

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Stocks

2024
£

2023
£

Other inventories

75,000

175,870

8

Debtors

2024
£

2023
£

Trade debtors

109,105

3,834

Other debtors

5,000

5,000

114,105

8,834

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

10,586

40,868

Trade creditors

 

36,531

544

Taxation and social security

 

22,450

25,659

Other creditors

 

146,336

166,395

 

215,903

233,466

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,586

40,868

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,959

19,979

 

COYS Polymers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

11

Related party transactions

Transactions with the director

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Mr P A Goodwin

Transactions during the year

(162,895)

96,100

(1,042)

(67,837)

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr P A Goodwin

Transactions during the year

(117,895)

95,000

(140,000)

(162,895)