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REGISTERED NUMBER: 03967626 (England and Wales)



















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 41,385 44,978
Tangible assets 5 54,026 66,117
95,411 111,095

CURRENT ASSETS
Stocks 2,939,661 2,982,800
Debtors 6 3,079,451 2,910,136
Cash at bank 64,459 264,358
6,083,571 6,157,294
CREDITORS
Amounts falling due within one year 7 2,448,377 2,267,149
NET CURRENT ASSETS 3,635,194 3,890,145
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,730,605

4,001,240

PROVISIONS FOR LIABILITIES 13,507 12,562
NET ASSETS 3,717,098 3,988,678

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,716,998 3,988,578
SHAREHOLDERS' FUNDS 3,717,098 3,988,678

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 24 January 2025 and were signed by:





Balraj Sanghera - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03967626

Registered office: 4 Station Avenue
Tile Hill
Coventry
West Midlands
CV4 9HS

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.

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 8 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2023
and 31 May 2024 71,863
AMORTISATION
At 1 June 2023 26,885
Charge for year 3,593
At 31 May 2024 30,478
NET BOOK VALUE
At 31 May 2024 41,385
At 31 May 2023 44,978

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2023
and 31 May 2024 94,207
DEPRECIATION
At 1 June 2023 28,090
Charge for year 12,091
At 31 May 2024 40,181
NET BOOK VALUE
At 31 May 2024 54,026
At 31 May 2023 66,117

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 3,015,794 2,850,379
Other debtors 63,657 59,757
3,079,451 2,910,136

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,271 3,669
Trade creditors 849,956 726,554
Taxation and social security 268,136 241,408
Other creditors 1,320,014 1,295,518
2,448,377 2,267,149

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.

Kulwinder Singh Chawla (Senior Statutory Auditor)
for and on behalf of Brindleys Limited

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).