REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 May 2024 |
for |
UNITED POLYMERS LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 May 2024 |
for |
UNITED POLYMERS LIMITED |
UNITED POLYMERS LIMITED (REGISTERED NUMBER: 03967626) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
UNITED POLYMERS LIMITED (REGISTERED NUMBER: 03967626) |
Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
UNITED POLYMERS LIMITED (REGISTERED NUMBER: 03967626) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
United Polymers Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Intangible assets |
Intangible assets are being amortised over their expected useful life of 20 years on a straight line basis. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Fixtures & Fittings = 15% reducing balance |
Motor Vehicles = 25% reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
UNITED POLYMERS LIMITED (REGISTERED NUMBER: 03967626) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
UNITED POLYMERS LIMITED (REGISTERED NUMBER: 03967626) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
As of 31.05.2024, trade debtors of £3,015,794 were subject to an invoice discounting arrangement. The associated liability of £1,237,514 is included in creditors due within one year. |
8. | FIXED AND FLOATING CHARGE |
Persons entitled |
The Royal Bank of Scotland Commercial Services Limited. |
Amount secured |
All monies due or to become due from the company to the chargee on any account whatsoever under the terms of the aforementioned instrument creating or evidencing the charge. |
Short particulars |
Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery. See the mortgage charge document for full details. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
UNITED POLYMERS LIMITED (REGISTERED NUMBER: 03967626) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
Director Loan Account is a creditor £50,333 (£32,308 Creditor in 2023) |
Advances to the director during the year = £122,877 |
Repayments by the director during the year = £140,902 |
Dividends issued during the period = £130,400 (£170,800 in 2023) |
11. | RELATED PARTY DISCLOSURES |
United Polymers Limited are guarantors for the sum of £1,000,000 for Brass Properties Limited (07556662) in relation to the purchase of 64 Bayton Road, Bayton Road Industrial Estate, Exhall, Coventry, CV4 8AQ. |
The debtor of £46,157 (£44,757 in 2023) is due from Brass Properties Limited and there are no terms attached to transactions with Brass Properties Ltd |
Brass Properties Ltd charged rent of £200,000 to United Polymers Ltd during the year (£200,000 in 2023). |