3 11 November 2024 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02780551 2023-07-01 2024-06-30 02780551 2024-06-30 02780551 2023-06-30 02780551 2022-07-01 2023-06-30 02780551 2023-06-30 02780551 2022-06-30 02780551 core:LandBuildings core:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02780551 core:PlantMachinery 2023-07-01 2024-06-30 02780551 core:FurnitureFittings 2023-07-01 2024-06-30 02780551 bus:Director1 2023-07-01 2024-06-30 02780551 core:PlantMachinery 2023-06-30 02780551 core:FurnitureFittings 2023-06-30 02780551 core:LandBuildings core:OwnedOrFreeholdAssets 2024-06-30 02780551 core:PlantMachinery 2024-06-30 02780551 core:FurnitureFittings 2024-06-30 02780551 core:WithinOneYear 2024-06-30 02780551 core:WithinOneYear 2023-06-30 02780551 core:ShareCapital 2024-06-30 02780551 core:ShareCapital 2023-06-30 02780551 core:RetainedEarningsAccumulatedLosses 2024-06-30 02780551 core:RetainedEarningsAccumulatedLosses 2023-06-30 02780551 core:BetweenOneFiveYears 2024-06-30 02780551 core:BetweenOneFiveYears 2023-06-30 02780551 core:MoreThanFiveYears 2024-06-30 02780551 core:MoreThanFiveYears 2023-06-30 02780551 core:FurnitureFittings 2023-06-30 02780551 bus:SmallEntities 2023-07-01 2024-06-30 02780551 bus:Audited 2023-07-01 2024-06-30 02780551 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 02780551 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02780551 bus:FullAccounts 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 02780551
POLYAIRE LIMITED
FILLETED FINANCIAL STATEMENTS
30 June 2024
POLYAIRE LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
3,727
2,107
CURRENT ASSETS
Stocks
348,495
412,268
Debtors
6
423,060
438,468
Cash at bank and in hand
130,272
61,067
---------
---------
901,827
911,803
CREDITORS: amounts falling due within one year
7
471,908
678,092
---------
---------
NET CURRENT ASSETS
429,919
233,711
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
433,646
235,818
---------
---------
NET ASSETS
433,646
235,818
---------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
2
2
Profit and loss account
433,644
235,816
---------
---------
SHAREHOLDERS FUNDS
433,646
235,818
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 11 November 2024 , and are signed on behalf of the board by:
Mr A N Nordin
Director
Company registration number: 02780551
POLYAIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property Improvements
-
25% reducing balance
Plant and Machinery
-
25% straight line
Fixtures and Fittings
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. TANGIBLE ASSETS
Freehold property improvements
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 July 2023
1,156
14,515
15,671
Additions
2,000
707
2,707
-------
-------
--------
--------
At 30 June 2024
2,000
1,156
15,222
18,378
-------
-------
--------
--------
Depreciation
At 1 July 2023
1,156
12,408
13,564
Charge for the year
167
920
1,087
-------
-------
--------
--------
At 30 June 2024
167
1,156
13,328
14,651
-------
-------
--------
--------
Carrying amount
At 30 June 2024
1,833
1,894
3,727
-------
-------
--------
--------
At 30 June 2023
2,107
2,107
-------
-------
--------
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
380,660
384,243
Other debtors
42,400
54,225
---------
---------
423,060
438,468
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
73,260
119,227
Amounts owed to group undertakings and undertakings in which the company has a participating interest
269,964
432,245
Corporation tax
65,559
55,635
Social security and other taxes
54,125
54,110
Other creditors
9,000
16,875
---------
---------
471,908
678,092
---------
---------
8. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
54,120
54,120
Later than 1 year and not later than 5 years
207,120
210,240
Later than 5 years
127,500
178,500
---------
---------
388,740
442,860
---------
---------
9. SUMMARY AUDIT OPINION
The auditor's report dated 11 November 2024 was unqualified .
The senior statutory auditor was Douglas Parker FCA , for and on behalf of Meadows & Co Limited .
10. RELATED PARTY TRANSACTIONS
The company has participated in transactions with related parties and has exercised the exemption allowed under Section 1A of FRS 102 not to disclose transactions with entities, 100% of whose voting rights are controlled within the group. There are no other related party transactions.
11. PARENT COMPANY
The parent undertaking of the smallest group that prepares consolidated accounts which includes the results of Polyaire Limited is Orientsky Sdn BHD , a company incorporated in Malaysia, whose registered office is N o 24 (Ground Floor), Lorong 6E/91, Taman Shamelin Perkasa, Cheras, 56100 Kuala Lumpur, W.P. Kuala Lumpur .