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Registration number: 03702007

Poly Plastics Limited

Filleted Financial Statements

for the Year Ended 31 December 2023

 

Poly Plastics Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Poly Plastics Limited

Company Information

Directors

J A Jarvis

V J Rial

J R Rial

C Jarvis

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

Auditors

Smailes Goldie
Chartered Accountants
Regent’s Court
Princess Street
Hull
East Yorkshire
HU2 8BA

 

Poly Plastics Limited

(Registration number: 03702007)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

4

30,469

30,469

Current assets

 

Debtors

5

5,616,392

5,373,084

Cash at bank and in hand

 

60,503

172,399

 

5,676,895

5,545,483

Creditors: Amounts falling due within one year

6

(727,586)

(626,031)

Net current assets

 

4,949,309

4,919,452

Net assets

 

4,979,778

4,949,921

Capital and reserves

 

Called up share capital

7

1,000

1,000

Retained earnings

4,978,778

4,948,921

Shareholders' funds

 

4,979,778

4,949,921

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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2024 and signed on its behalf by:
 

.........................................
J A Jarvis
Director

 

Poly Plastics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03702007.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

The principal place of business is:
Heyford House
Catfoss Airfield
Brandesburton
Driffield
East Yorkshire
YO25 8EJ

These financial statements were authorised for issue by the Board on 26 September 2024.

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 small 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.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Group accounts not prepared

The financial statements contain information about Poly Plastics Limited as an individual company and do not contain consolidated financial information as part of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements. .

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 26 September 2024 was William Cowell ACA, who signed for and on behalf of Smailes Goldie.

.........................................

Tax

Taxation for the period comprises current tax. Tax is recognised in the Profit and Loss Account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Poly Plastics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

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 Directors) during the year, was 4 (2022 - 4).

 

Poly Plastics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

4

Investments

2023
£

2022
£

Investments in subsidiaries

30,469

30,469

Subsidiaries

£

Cost or valuation

At 1 January 2023

30,469

Carrying amount

At 31 December 2023

30,469

At 31 December 2022

30,469

5

Debtors

Note

2023
£

2022
£

Amounts owed by Company undertakings and undertakings in which the Company has a participating interest

8

5,615,930

5,368,730

Other debtors

 

462

4,354

 

5,616,392

5,373,084

 

Poly Plastics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

188

300

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

8

719,603

617,936

Accruals and deferred income

 

7,795

7,795

 

727,586

626,031

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

130

130

130

130

Ordinary B Shares of £1 each

130

130

130

130

Ordinary C Shares of £1 each

740

740

740

740

 

1,000

1,000

1,000

1,000

8

Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

Poly Plastics Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

9

Parent and ultimate parent undertaking

The Company's immediate parent is IGA Holdings Limited, incorporated in England & Wales.

  These financial statements are available upon request from Heyford House, Catfoss Airfield, Brandesburton, YO25 8EJ.