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REGISTERED NUMBER: 06080597 (England and Wales)















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: A Nehme





SECRETARY: Mrs H Nehme





REGISTERED OFFICE: First Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH





REGISTERED NUMBER: 06080597 (England and Wales)






Polymer (UK) Limited (Registered number: 06080597)

Balance Sheet
31st March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 51,537 60,242
Tangible assets 5 317,549 341,031
Investment property 6 3,428,218 2,140,000
3,797,304 2,541,273

CURRENT ASSETS
Stocks 1,097,762 1,585,756
Debtors 7 1,207,958 1,226,054
Cash at bank and in hand 1,566,677 1,615,273
3,872,397 4,427,083
CREDITORS
Amounts falling due within one year 8 926,973 686,937
NET CURRENT ASSETS 2,945,424 3,740,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,742,728

6,281,419

CREDITORS
Amounts falling due after more than
one year

9

(424,200

)

(484,800

)

PROVISIONS FOR LIABILITIES (23,343 ) (14,718 )
NET ASSETS 6,295,185 5,781,901

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 100 100
Retained earnings 6,295,085 5,781,801
SHAREHOLDERS' FUNDS 6,295,185 5,781,901

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16th January 2025 and were signed by:





A Nehme - Director


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 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 as modified by the revaluation of certain assets.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of twenty years.

Website development costs
Website development costs are capitalised over 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 10% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer Equipment - 33.3% on cost

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 27 (2023 - 28 ) .

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 301,218 - 301,218
Additions - 7,062 7,062
At 31st March 2024 301,218 7,062 308,280
AMORTISATION
At 1st April 2023 240,976 - 240,976
Charge for year 15,061 706 15,767
At 31st March 2024 256,037 706 256,743
NET BOOK VALUE
At 31st March 2024 45,181 6,356 51,537
At 31st March 2023 60,242 - 60,242

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1st April 2023 52,066 214,285 127,003
Additions - - 2,243
Disposals - - -
At 31st March 2024 52,066 214,285 129,246
DEPRECIATION
At 1st April 2023 5,207 38,564 97,210
Charge for year 5,207 43,931 4,806
Eliminated on disposal - - -
At 31st March 2024 10,414 82,495 102,016
NET BOOK VALUE
At 31st March 2024 41,652 131,790 27,230
At 31st March 2023 46,859 175,721 29,793

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 304,170 8,543 706,067
Additions 67,390 - 69,633
Disposals (87,810 ) - (87,810 )
At 31st March 2024 283,750 8,543 687,890
DEPRECIATION
At 1st April 2023 217,421 6,634 365,036
Charge for year 38,535 636 93,115
Eliminated on disposal (87,810 ) - (87,810 )
At 31st March 2024 168,146 7,270 370,341
NET BOOK VALUE
At 31st March 2024 115,604 1,273 317,549
At 31st March 2023 86,749 1,909 341,031

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023 2,140,000
Additions 1,253,715
Revaluations 34,503
At 31st March 2024 3,428,218
NET BOOK VALUE
At 31st March 2024 3,428,218
At 31st March 2023 2,140,000

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 1,024,297 1,091,996
Prepayments 183,661 134,058
1,207,958 1,226,054

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 10)
60,600

60,600
Trade creditors 371,160 325,915
Tax 283,494 100,611
Social security and other taxes - 30,234
VAT 187,466 143,287
Other Creditors 1,610 -
Pension Payable 2,633 3,063
Directors' current accounts 10,850 10,910
Accrued expenses 9,160 12,317
926,973 686,937

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) 424,200 484,800

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 484,800 545,400

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
£    £   
A Nehme
Balance outstanding at start of year 10,910 21,297
Amounts advanced 295,000 68,000
Amounts repaid (295,060 ) (78,387 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 10,850 10,910