Registered number
08692948
Polycover Limited
Unaudited Filleted Accounts
30 September 2024
Polycover Limited
Registered number: 08692948
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 2,000 3,000
Tangible assets 4 224,132 215,196
226,132 218,196
Current assets
Stocks 19,500 19,500
Debtors 5 266,033 268,094
Cash at bank and in hand 156,847 179,606
442,380 467,200
Creditors: amounts falling due within one year 6 (358,635) (456,524)
Net current assets 83,745 10,676
Total assets less current liabilities 309,877 228,872
Creditors: amounts falling due after more than one year 7 (7,447) (17,447)
Provisions for liabilities (52,212) (48,640)
Net assets 250,218 162,785
Capital and reserves
Called up share capital 101 101
Profit and loss account 250,117 162,684
Shareholders' funds 250,218 162,785
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr K Harrison
Director
Approved by the board on 10 March 2025
Polycover Limited
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements over the lease term, 10 years
Plant and machinery 25% on written down value
Fixtures and fittings 25% on written down value
Computer equipment 25% on written down value
Motor vehicles 20% on written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 10,000
At 30 September 2024 10,000
Amortisation
At 1 October 2023 7,000
Provided during the year 1,000
At 30 September 2024 8,000
Net book value
At 30 September 2024 2,000
At 30 September 2023 3,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 43,868 417,374 461,242
Additions - 79,235 79,235
At 30 September 2024 43,868 496,609 540,477
Depreciation
At 1 October 2023 13,087 232,959 246,046
Charge for the year 4,387 65,912 70,299
At 30 September 2024 17,474 298,871 316,345
Net book value
At 30 September 2024 26,394 197,738 224,132
At 30 September 2023 30,781 184,415 215,196
5 Debtors 2024 2023
£ £
Trade debtors 253,726 246,305
Other debtors 12,307 21,789
266,033 268,094
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 239,655 280,691
Taxation and social security costs 58,913 52,530
Other creditors 50,067 113,303
358,635 456,524
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,447 17,447
8 Other information
Polycover Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 2 Hunter House
Amy Johnson Way
Blackpool
Lancs
FY4 2FJ
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