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REGISTERED NUMBER: 02015901 (England and Wales)



















Financial Statements

for the Year Ended 31 March 2024

for

Polymeric Labels Limited

Polymeric Labels Limited (Registered number: 02015901)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Polymeric Labels Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: I E Buckley
Mrs J Buckley
Mrs V J Kershaw





SECRETARY: Mrs J Buckley





REGISTERED OFFICE: 12 Greenacres Road
Oldham
Lancashire
OL4 1HA





REGISTERED NUMBER: 02015901 (England and Wales)





AUDITORS: Alwyns LLP, Statutory Auditor
Crown House
151 High Road
Loughton
IG10 4LG

Polymeric Labels Limited (Registered number: 02015901)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 562,332 428,340

CURRENT ASSETS
Stocks 568,349 790,529
Debtors 5 1,849,053 1,737,563
Cash at bank 794,789 1,901,711
3,212,191 4,429,803
CREDITORS
Amounts falling due within one year 6 1,624,766 2,204,428
NET CURRENT ASSETS 1,587,425 2,225,375
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,149,757

2,653,715

PROVISIONS FOR LIABILITIES 130,744 95,220
NET ASSETS 2,019,013 2,558,495

CAPITAL AND RESERVES
Called up share capital 400,200 400,200
Retained earnings 1,618,813 2,158,295
SHAREHOLDERS' FUNDS 2,019,013 2,558,495

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 December 2024 and were signed on its behalf by:





I E Buckley - Director


Polymeric Labels Limited (Registered number: 02015901)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Polymeric Labels Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency of the company is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed. Where amounts are received in advance the recognition is deferred until such a time that the above conditions have been met.

Other income
Management fee income represents the value of services provided and is recognised on an accruals basis.

Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method.

Government grants are recognised on an accruals basis in accordance with the substance of the relevant agreement.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost, 15% on reducing balance and 10% on reducing balance

Impairment of fixed assets
Fixed assets are reviewed at each reporting date to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Polymeric Labels Limited (Registered number: 02015901)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company contributes to a defined contribution company pension scheme and the pension charge represents the amounts payable by the company to the funds in respect of the year.

Polymeric Labels Limited (Registered number: 02015901)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Provision for liabilities
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Dividends
Dividends are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 71 (2023 - 73 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 977,960
Additions 214,114
At 31 March 2024 1,192,074
DEPRECIATION
At 1 April 2023 549,620
Charge for year 80,122
At 31 March 2024 629,742
NET BOOK VALUE
At 31 March 2024 562,332
At 31 March 2023 428,340

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 1,241,812 1,377,002
Other debtors 607,241 360,561
1,849,053 1,737,563

Polymeric Labels Limited (Registered number: 02015901)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 3,020 -
Trade creditors 489,375 388,781
Amounts owed to group undertakings 1,000,823 1,500,000
Taxation and social security 41,546 238,480
Other creditors 90,002 77,167
1,624,766 2,204,428

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Stanley (Senior Statutory Auditor)
for and on behalf of Alwyns LLP, Statutory Auditor

8. RELATED PARTY DISCLOSURES

During the period the company recharged £674,029 (2023: £526,737) of payroll, material and overhead costs to entities connected with key management personnel of which £258,049 (2023: £211,000) is accrued. The company also charged £nil (2023: £11,233) for goods and services provided to other group companies.

The company was charged £278,730 (2023: £175,404) by other group entities for goods and services provided. The company was also charged £307,848 (2023: £385,551) for licence fees and serviced office costs by entities connected to key management personnel during the period.

As at the balance sheet date £1,000,823 (2023: £1,500,000) was owed to group company's and included in creditors falling due within one year. The loans are interest free and repayable on demand.





9. CONSOLIDATING PARENT UNDERTAKINGS

The parent company of the smallest group which prepares consolidated accounts in which the company is included is Polymeric Labels Holdings Limited, a company registered in the United Kingdom.