Company registration number SC330067 (Scotland)
INTER EURO POLYMERS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
INTER EURO POLYMERS LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INTER EURO POLYMERS LTD.
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,100
8,875
Tangible assets
4
1,431
1,908
8,531
10,783
Current assets
Stocks
9,922
3,745
Debtors
5
52,108
63,688
Cash at bank and in hand
9,837
45,199
71,867
112,632
Creditors: amounts falling due within one year
6
(14,151)
(18,379)
Net current assets
57,716
94,253
Net assets
66,247
105,036
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
66,147
104,936
Total equity
66,247
105,036

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 3 September 2024 and are signed on its behalf by:
Ms S Schraag
Director
Company Registration No. SC330067
INTER EURO POLYMERS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information

Inter Euro Polymers Ltd. is a private company limited by shares incorporated in Scotland. The registered office is Unit 18, Barclay Curle House, 739 South Street, Glasgow, United Kingdom, G14 0BX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

INTER EURO POLYMERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was :

2024
2023
Number
Number
Total
-
0
-
0
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
35,500
Amortisation and impairment
At 1 June 2023
26,625
Amortisation charged for the year
1,775
At 31 May 2024
28,400
Carrying amount
At 31 May 2024
7,100
At 31 May 2023
8,875
INTER EURO POLYMERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2023 and 31 May 2024
6,252
Depreciation and impairment
At 1 June 2023
4,344
Depreciation charged in the year
477
At 31 May 2024
4,821
Carrying amount
At 31 May 2024
1,431
At 31 May 2023
1,908
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
12,614
-
0
Other debtors
39,494
63,688
52,108
63,688
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,638
-
0
Taxation and social security
7,263
16,179
Other creditors
2,250
2,200
14,151
18,379
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
99
99
99
99
Ordinary B Shares of £1 each
1
1
1
1
100
100
100
100
INTER EURO POLYMERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
8
Directors' transactions

Advances and repayments incurred during the year to loans to directors are set out below:

 

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Stewart Black Loan
2.50
63,686
38,489
954
(64,000)
39,129
63,686
38,489
954
(64,000)
39,129
2024-05-312023-06-01false03 September 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr S BlackMs S SchraagfalsefalseSC3300672023-06-012024-05-31SC3300672024-05-31SC3300672023-05-31SC330067core:Goodwill2024-05-31SC330067core:Goodwill2023-05-31SC330067core:FurnitureFittings2024-05-31SC330067core:FurnitureFittings2023-05-31SC330067core:CurrentFinancialInstrumentscore:WithinOneYear2024-05-31SC330067core:CurrentFinancialInstrumentscore:WithinOneYear2023-05-31SC330067core:CurrentFinancialInstruments2024-05-31SC330067core:CurrentFinancialInstruments2023-05-31SC330067core:ShareCapital2024-05-31SC330067core:ShareCapital2023-05-31SC330067core:RetainedEarningsAccumulatedLosses2024-05-31SC330067core:RetainedEarningsAccumulatedLosses2023-05-31SC330067core:ShareCapitalOrdinaryShares2024-05-31SC330067core:ShareCapitalOrdinaryShares2023-05-31SC330067bus:Director22023-06-012024-05-31SC330067core:Goodwill2023-06-012024-05-31SC330067core:FurnitureFittings2023-06-012024-05-31SC3300672022-06-012023-05-31SC330067core:Goodwill2023-05-31SC330067core:FurnitureFittings2023-05-31SC330067core:WithinOneYear2024-05-31SC330067core:WithinOneYear2023-05-31SC330067bus:PrivateLimitedCompanyLtd2023-06-012024-05-31SC330067bus:SmallCompaniesRegimeForAccounts2023-06-012024-05-31SC330067bus:FRS1022023-06-012024-05-31SC330067bus:AuditExemptWithAccountantsReport2023-06-012024-05-31SC330067bus:Director12023-06-012024-05-31SC330067bus:FullAccounts2023-06-012024-05-31xbrli:purexbrli:sharesiso4217:GBP