2023-06-012024-05-312024-05-31false09716631EUROPEAN POLYMERS 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EUROPEAN POLYMERS LIMITED

Registered Number
09716631
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

EUROPEAN POLYMERS LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

PECK, Christopher

Registered Address

50 High Pavement
Nottingham
NG1 1HW

Registered Number

09716631 (England and Wales)
EUROPEAN POLYMERS LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets344,3931
44,3931
Current assets
Debtors4622,086672,533
Cash at bank and on hand1,012,2581,056,329
1,634,3441,728,862
Creditors amounts falling due within one year5(1,046,909)(1,173,398)
Net current assets (liabilities)587,435555,464
Total assets less current liabilities631,828555,465
Creditors amounts falling due after one year(43,190)-
Net assets588,638555,465
Capital and reserves
Called up share capital5151
Profit and loss account588,587555,414
Shareholders' funds588,638555,465
The financial statements were approved and authorised for issue by the Director on 25 November 2024, and are signed on its behalf by:
PECK, Christopher
Director
Registered Company No. 09716631
EUROPEAN POLYMERS LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.Average number of employees

20242023
Average number of employees during the year44
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 June 23549
Additions59,189
At 31 May 2459,738
Depreciation and impairment
At 01 June 23548
Charge for year14,797
At 31 May 2415,345
Net book value
At 31 May 2444,393
At 31 May 231
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables605,702594,163
Other debtors13,07674,184
Prepayments and accrued income3,3084,186
Total622,086672,533
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables505,486909,236
Bank borrowings and overdrafts7,884-
Taxation and social security92,31657,483
Accrued liabilities and deferred income441,223206,679
Total1,046,9091,173,398
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts43,190-