4 4 Polypearl Limited 1898370 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is that of insulation contractors Digita Accounts Production Advanced 6.30.9574.0 true 1898370 2023-08-01 2024-07-31 1898370 2024-07-31 1898370 bus:OrdinaryShareClass1 2024-07-31 1898370 core:RetainedEarningsAccumulatedLosses 2024-07-31 1898370 core:ShareCapital 2024-07-31 1898370 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 1898370 core:CurrentFinancialInstruments 2024-07-31 1898370 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 1898370 core:FurnitureFittingsToolsEquipment 2024-07-31 1898370 core:MotorVehicles 2024-07-31 1898370 bus:SmallEntities 2023-08-01 2024-07-31 1898370 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 1898370 bus:FilletedAccounts 2023-08-01 2024-07-31 1898370 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 1898370 bus:RegisteredOffice 2023-08-01 2024-07-31 1898370 bus:Director3 2023-08-01 2024-07-31 1898370 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 1898370 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 1898370 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 1898370 core:MotorVehicles 2023-08-01 2024-07-31 1898370 core:PlantMachinery 2023-08-01 2024-07-31 1898370 countries:England 2023-08-01 2024-07-31 1898370 2023-07-31 1898370 core:FurnitureFittingsToolsEquipment 2023-07-31 1898370 core:MotorVehicles 2023-07-31 1898370 2022-08-01 2023-07-31 1898370 2023-07-31 1898370 bus:OrdinaryShareClass1 2023-07-31 1898370 core:RetainedEarningsAccumulatedLosses 2023-07-31 1898370 core:ShareCapital 2023-07-31 1898370 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 1898370 core:CurrentFinancialInstruments 2023-07-31 1898370 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 1898370 core:FurnitureFittingsToolsEquipment 2023-07-31 1898370 core:MotorVehicles 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 1898370

Polypearl Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Polypearl Limited

(Registration number: 1898370)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

37,212

Current assets

 

Debtors

5

3,504

147

Cash at bank and in hand

 

76,719

84,476

 

80,223

84,623

Creditors: Amounts falling due within one year

6

(80,123)

(215,703)

Net current assets/(liabilities)

 

100

(131,080)

Total assets less current liabilities

 

100

(93,868)

Provisions for liabilities

-

(4,343)

Net assets/(liabilities)

 

100

(98,211)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

-

(98,311)

Shareholders' funds/(deficit)

 

100

(98,211)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 


Mr I R Tebb
Director

   
 

Polypearl Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

Registered number 1898370.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Polypearl Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% per annum on written down value

Motor vehicles

25% per annum on written down value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold in the ordinary course of business.

Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price.

 

Polypearl Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2023 - 4).

 

Polypearl Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

18,360

483,405

501,765

Disposals

(18,360)

(483,405)

(501,765)

At 31 July 2024

-

-

-

Depreciation

At 1 August 2023

16,582

447,971

464,553

Charge for the year

356

6,876

7,232

Eliminated on disposal

(16,938)

(454,847)

(471,785)

At 31 July 2024

-

-

-

Carrying amount

At 31 July 2024

-

-

-

At 31 July 2023

1,778

35,434

37,212

5

Debtors

2024
£

2023
£

Amounts owed by associated companies

3,500

-

Other debtors

-

147

Social security and other taxes

4

-

3,504

147

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

-

5,905

Trade creditors

 

-

800

Amounts due to group undertakings

75,020

194,014

Social security and other taxes

 

3,503

8,914

Other creditors

 

1,600

6,070

 

80,123

215,703

 

Polypearl Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

2024
£

2023
£

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

HP and finance leases

-

5,905

The HP and finance leases are secured upon the assets to which they relate.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100