Company registration number 04559975 (England and Wales)
ULTRAPOLYMERS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ULTRAPOLYMERS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
ULTRAPOLYMERS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
12,382
21,068
Current assets
Debtors
5
2,956,004
5,523,585
Cash at bank and in hand
-
0
14,638
2,956,004
5,538,223
Creditors: amounts falling due within one year
6
(1,291,407)
(1,562,495)
Net current assets
1,664,597
3,975,728
Net assets
1,676,979
3,996,796
Capital and reserves
Called up share capital
7
10,000
10,000
Profit and loss reserves
1,666,979
3,986,796
Total equity
1,676,979
3,996,796

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 5 March 2024 and are signed on its behalf by:
Mr D Viehoff
Mrs C  Torkington
Director
Director
Mr M Ljubicic
Director
Company Registration No. 04559975
ULTRAPOLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Ultrapolymers Limited is a private company limited by shares incorporated in England and Wales. The registered office is Beech Farm, Lymm Road, Thelwall, Warrington, WA4 2TG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of Ravago SA. These consolidated financial statements are available from its registered office, 16 Rue Notre Dame, L-2240 Luxembourg.
1.2
Going concern

Imported polymer volume to Europe increased in 2023 prices have fallen all year giving some further relief to processors. European polymer production costs are relatively high and assets have started to close. This could be a trend if production rates do not increase. Investment will be in other continents, and we will become even more reliant on imports from Asia and the US.

 

Political issues in the Middle East have precipitated the market turning quicker than previously anticipated, commodity buyers rebuilding stocks and a tighter supply balance. We predict that this will be a short term change.

Automotive demand is now consistent at a lower level, it has been sad to see consolidation and familiar names going out of business as UK capacity realigns with demand.

 

With some customers filing poor 2022 figures credit insurance is withdrawing support for UK manufacturers after having many years of low failure rates. Even with better results in 2023 and prospects for 2024 it is a battle to get insurance reinstated. Ultrapolymers continues to support our long standing customers.

 

With demand collapsing in some sectors due to overstocking during the covid period it has taken 2 years to get certain old stocks out of the warehouse and back to a healthy position. We enter 2024 with a positive January, growth in all sectors and increasing pricing.

 

Ultrapolymers continues to build a portfolio of sustainable and recycled plastics to help our customers make a greener future. We believe this will outperform the general market growth in coming years.

 

Ultrapolymers Group has acquired Ambra Plastics across Europe, this increases our product portfolio and experience in polymer modification. Ambra will be incorporated into Ultrapolymers during 2024.

 

Ultrapolymers is part of the Ravago group which has strong liquidity, considerable headroom in its covenants and is strongly capitalised by its shareholders enabling support for the next 12 month and ongoing if required.

ULTRAPOLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.3
Turnover

Turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Turnover is recognised within the accounts on delivery of goods to the customer.

When a sales invoice is raised to a customer, this invoice is immediately sold to a fellow group company who is responsible for collecting the debt. In order for the company to fulfil sales orders it receives, the company buys the required stock from the fellow group company, at a price which reflects the fact that Ultrapolymers Limited does not carry any of the risk associated with holding trade debtors and stock on its balance sheet.

 

Despite the intra group arrangements as regards stock and debtors, the company is acting as principal, rather than agent, in its dealings with customers because the company:

 

 

Therefore turnover is accounted for on a gross rather than net basis.

1.4
Intangible fixed assets - goodwill

Acquired goodwill has been written off in equal annual instalments over its estimated useful economic life of 5 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Plant and machinery
3 - 5 years

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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, and deposits held at call with banks.

ULTRAPOLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors 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.

ULTRAPOLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exception:

 

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

 

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company. Contributions payable are charged to the profit and loss account in the year they are payable.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

ULTRAPOLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.14
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

 

Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items are included in the profit and loss account.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
37
36
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
1,259,825
Amortisation and impairment
At 1 January 2023 and 31 December 2023
1,259,825
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
ULTRAPOLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2023
319,435
Additions
8,451
At 31 December 2023
327,886
Depreciation and impairment
At 1 January 2023
298,367
Depreciation charged in the year
17,137
At 31 December 2023
315,504
Carrying amount
At 31 December 2023
12,382
At 31 December 2022
21,068
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
136,494
-
0
Amounts owed by group undertakings
2,766,801
5,473,083
Other debtors
28,820
23,815
Prepayments and accrued income
16,809
22,347
2,948,924
5,519,245
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
7,080
4,340
Total debtors
2,956,004
5,523,585
ULTRAPOLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans and overdrafts
58,655
-
0
Trade creditors
25,012
24,683
Amounts due to group undertakings
72,798
-
0
Taxation and social security
193,123
388,703
Other creditors
60,000
25,564
Accruals and deferred income
881,819
1,123,545
1,291,407
1,562,495
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jenny McCabe FCA
Statutory Auditor:
MHA Moore and Smalley
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
485,930
155,941
10
Related party transactions

The company has taken advantage of the exemption permitted under Section 1A paragraph 35C from disclosing transactions with its fellow group companies.

ULTRAPOLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
11
Parent company

The ultimate holding company of Ultrapolymers Limited is Ravago SA, a company incorporated in Luxembourg. Its registered office is 16 Rue Notre Dame, L-2240 Luxembourg.

 

The smallest and largest group into which the company is consolidated is that of Ravago SA.

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