Company registration number SC192213 (Scotland)
POLYMER LOGISTICS SCOTLAND LTD.
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
POLYMER LOGISTICS SCOTLAND LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
POLYMER LOGISTICS SCOTLAND LTD.
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
165,981
127,938
Current assets
Debtors
4
226,072
252,911
Cash at bank and in hand
404,380
240,913
630,452
493,824
Creditors: amounts falling due within one year
5
(295,610)
(263,436)
Net current assets
334,842
230,388
Total assets less current liabilities
500,823
358,326
Provisions for liabilities
(27,846)
(25,414)
Net assets
472,977
332,912
Capital and reserves
Called up share capital
150,000
150,000
Profit and loss reserves
322,977
182,912
Total equity
472,977
332,912

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 26 September 2024 and are signed on its behalf by:
S F J Stockmans
P K J Valkeniers
Director
Director
Company Registration No. SC192213
POLYMER LOGISTICS SCOTLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Polymer Logistics Scotland Ltd. is a private limited company limited by shares, incorporated in Scotland. The address of its registered office and its registered number can be found in the company information page.

 

The principle activity of the company during the year was the provision of plastic packaging services.

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.

1.2
Going concern

At the reporting date, the company has cash reserves of £404,369 and net assets of £332,912. The company is supported by its parent undertaking and has been provided with confirmation that its parent company will not recall the financial support that is currently in place for a period of at least 12 months from the date of signing of the financial statements. The Directors are confident that the company can manage the cash resources available to it to ensure it can meet its liabilities as they may rise. true

1.3
Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue from a contract to provide services is recognised in the period in which the services are provided. Revenue is recognised on the provision of plastic packaging services provided the revenue can be measured reliably and it is probable that the company will receive the consideration due under the contract.

1.4
Tangible fixed assets

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

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

Plant & machinery
20% straight line
Fixtures & fittings
20% straight line
Motor vehicles
20% straight line

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.

POLYMER LOGISTICS SCOTLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months for the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

1.6
Financial instruments

The Company only enters into basic financial instrument transactions that result in recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

1.7
Taxation

Tax is recognised in the Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Current tax

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 income.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

 

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between fair values of assets acquired and the future tax deductions available to them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted on by the reporting date.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

POLYMER LOGISTICS SCOTLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9

Debtors

Short term debtors are measured at transaction price, less and impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

1.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2
Employees

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

2023
2022
Number
Number
Total
21
23
3
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
305,913
31,667
16,195
353,775
Additions
42,704
-
0
33,219
75,923
Disposals
(30,301)
-
0
-
0
(30,301)
At 31 December 2023
318,316
31,667
49,414
399,397
Depreciation and impairment
At 1 January 2023
192,979
20,712
12,146
225,837
Depreciation charged in the year
29,687
2,739
5,454
37,880
Eliminated in respect of disposals
(30,301)
-
0
-
0
(30,301)
At 31 December 2023
192,365
23,451
17,600
233,416
Carrying amount
At 31 December 2023
125,951
8,216
31,814
165,981
At 31 December 2022
112,934
10,955
4,049
127,938
POLYMER LOGISTICS SCOTLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
198,221
192,726
Other debtors
27,851
60,185
226,072
252,911
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
11
-
0
Trade creditors
50,766
28,899
Amounts owed to group undertakings
87,751
130,902
Corporation tax
10,214
3,207
Other taxation and social security
99,958
64,890
Other creditors
46,910
35,538
295,610
263,436
6
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:
Jacqueline Whyte
Statutory Auditor:
Thomson Cooper
Date of audit report:
26 September 2024
7
Capital commitments

At 31 December 2023, the company had capital commitments for plant and machinery of £Nil (2022: £38,844).

8
Related party transactions

The company has taken advantage of the exemption offered in Financial Reporting Standard 102 (FRS 102) not to disclose transactions entered into by two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.

POLYMER LOGISTICS SCOTLAND LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Parent company

The immediate parent company and ultimate controlling party is Katoen Natie International SA, a company incorporated in Luxembourg.

 

The smallest group in which the results of the company are consolidated is that headed by Katoen Natie International SA. The address of this company is 15 Boulevard Joseph II, L-1840, Luxembourg.

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