REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st March 2024 |
for |
Polymer (UK) Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st March 2024 |
for |
Polymer (UK) Limited |
Polymer (UK) Limited (Registered number: 06080597) |
Contents of the Financial Statements |
for the Year Ended 31st March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Polymer (UK) Limited |
Company Information |
for the Year Ended 31st March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Polymer (UK) Limited (Registered number: 06080597) |
Balance Sheet |
31st March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
Polymer (UK) Limited (Registered number: 06080597) |
Balance Sheet - continued |
31st March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Polymer (UK) Limited (Registered number: 06080597) |
Notes to the Financial Statements |
for the Year Ended 31st March 2024 |
1. | STATUTORY INFORMATION |
Polymer (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Website development costs |
Website development costs are capitalised over 10 years. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer Equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Polymer (UK) Limited (Registered number: 06080597) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1st April 2023 |
Additions |
At 31st March 2024 |
AMORTISATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1st April 2023 |
Additions |
Disposals |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Polymer (UK) Limited (Registered number: 06080597) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
5. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | Equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2023 |
Additions |
Revaluations | 34,503 |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
The company has three investment properties. The values for the properties have been provided by the director who believes that they represent the market values at the year end date. |
Polymer (UK) Limited (Registered number: 06080597) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
6. | INVESTMENT PROPERTY - continued |
Fair value at 31st March 2024 is represented by: |
£ |
Valuation in 2019 | (34,470 | ) |
Valuation in 2020 | 27,237 |
Valuation in 2021 | 96,577 |
Valuation in 2022 | 85,311 |
Valuation in 2023 | (97,940 | ) |
Valuation in 2024 | 34,503 |
Cost | 3,317,000 |
3,428,218 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Trade debtors |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 187,466 | 143,287 |
Other Creditors |
Pension Payable | 2,633 | 3,063 |
Directors' current accounts | 10,850 | 10,910 |
Accrued expenses |
Polymer (UK) Limited (Registered number: 06080597) |
Notes to the Financial Statements - continued |
for the Year Ended 31st March 2024 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans (see note 10) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 181,800 | 242,400 |
10. | LOANS |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.24 | 31.3.23 |
£ | £ |
Bank loans |
The company obtained a bank loan for £909,000 to purchase investment properties. This is repayable over 15 years. The bank has a legal charge over all the three properties. |
12. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31st March 2024 and 31st March 2023: |
31.3.24 | 31.3.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |