Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31falsepaint spraying2023-08-0132falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08154446 2023-08-01 2024-07-31 08154446 2022-08-01 2023-07-31 08154446 2024-07-31 08154446 2023-07-31 08154446 c:Director1 2023-08-01 2024-07-31 08154446 c:Director2 2023-08-01 2024-07-31 08154446 d:Buildings d:ShortLeaseholdAssets 2023-08-01 2024-07-31 08154446 d:Buildings d:ShortLeaseholdAssets 2024-07-31 08154446 d:Buildings d:ShortLeaseholdAssets 2023-07-31 08154446 d:PlantMachinery 2023-08-01 2024-07-31 08154446 d:MotorVehicles 2023-08-01 2024-07-31 08154446 d:MotorVehicles 2024-07-31 08154446 d:MotorVehicles 2023-07-31 08154446 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08154446 d:FurnitureFittings 2023-08-01 2024-07-31 08154446 d:FurnitureFittings 2024-07-31 08154446 d:FurnitureFittings 2023-07-31 08154446 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08154446 d:OfficeEquipment 2023-08-01 2024-07-31 08154446 d:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 08154446 d:CurrentFinancialInstruments 2024-07-31 08154446 d:CurrentFinancialInstruments 2023-07-31 08154446 d:Non-currentFinancialInstruments 2024-07-31 08154446 d:Non-currentFinancialInstruments 2023-07-31 08154446 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 08154446 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 08154446 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 08154446 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 08154446 d:ShareCapital 2024-07-31 08154446 d:ShareCapital 2023-07-31 08154446 d:RetainedEarningsAccumulatedLosses 2024-07-31 08154446 d:RetainedEarningsAccumulatedLosses 2023-07-31 08154446 c:OrdinaryShareClass2 2023-08-01 2024-07-31 08154446 c:OrdinaryShareClass2 2024-07-31 08154446 c:OrdinaryShareClass3 2023-08-01 2024-07-31 08154446 c:OrdinaryShareClass3 2024-07-31 08154446 c:FRS102 2023-08-01 2024-07-31 08154446 c:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 08154446 c:FullAccounts 2023-08-01 2024-07-31 08154446 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 08154446 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-08-01 2024-07-31 08154446 e:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08154446










POLYPREP LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
POLYPREP LTD
 

CONTENTS



Page
Accountants' Report
 
 
1
Balance Sheet
 
 
2 - 3
Notes to the Financial Statements
 
 
4 - 9


 
POLYPREP LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF POLYPREP LTD
FOR THE YEAR ENDED 31 JULY 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Polyprep Ltd for the year ended 31 July 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Polyprep Ltd, as a body, in accordance with the terms of our engagement letter dated 13 November 2023Our work has been undertaken solely to prepare for your approval the financial statements of Polyprep Ltd and state those matters that we have agreed to state to the Board of Directors of Polyprep Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Polyprep Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Polyprep Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Polyprep Ltd. You consider that Polyprep Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Polyprep Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
25 April 2025
Page 1

 
POLYPREP LTD
REGISTERED NUMBER: 08154446

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
108,852
98,609

  
108,852
98,609

Current assets
  

Stocks
  
9,552
9,012

Debtors: amounts falling due within one year
 5 
98,218
49,733

Cash at bank and in hand
  
31,752
132,360

  
139,522
191,105

Creditors: amounts falling due within one year
 6 
(30,051)
(77,689)

Net current assets
  
 
 
109,471
 
 
113,416

Total assets less current liabilities
  
218,323
212,025

Creditors: amounts falling due after more than one year
 7 
(17,385)
(29,757)

Provisions for liabilities
  

Deferred tax
  
(23,067)
(19,256)

  
 
 
(23,067)
 
 
(19,256)

Net assets
  
177,871
163,012


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
  
177,771
162,912

  
177,871
163,012


Page 2

 
POLYPREP LTD
REGISTERED NUMBER: 08154446
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr S Knight
Mrs H Knight
Director
Director


Date: 25 April 2025

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
POLYPREP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

The company is a private company incorporated in the United Kingdom and limited by shares. It is registered in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.  The company's trading address is North Lopham.
The company's principal activity is that of paint spraying. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Turnover and other income

Turnover comprises of revenue recognised by the company in respect of that of a paint spraying. Turnover is measured as the fair value of the consideration received, exclusive of value added tax and recognised on an accruals basis.  
Interest income is recognised using the effective interest method.

 
2.3

Leases

Assets acquired under finance leases are capitalised and depreciated over the shorter of the 
lease term and the expected useful life of the asset. Minimum lease payments are apportioned 
between the finance charge and the reduction of the outstanding lease liability using the 
effective interest method.  

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
POLYPREP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 

Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a straight line and reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20%
Straight line basis
Plant and machinery
-
20%
Reducing balance
Motor vehicles
-
20%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance
Office equipment
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
POLYPREP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. 
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or recieved. 

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 2).

Page 6

 
POLYPREP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Tangible fixed assets





Leasehold Property Improvements
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 August 2023
16,005
85,817
179,487
281,309


Additions
-
39,302
15,040
54,342


Disposals
-
(29,605)
-
(29,605)



At 31 July 2024

16,005
95,514
194,527
306,046



Depreciation


At 1 August 2023
11,398
45,232
126,070
182,700


Charge for the year on owned assets
2,304
12,946
13,691
28,941


Disposals
-
(14,447)
-
(14,447)



At 31 July 2024

13,702
43,731
139,761
197,194



Net book value



At 31 July 2024
2,303
51,783
54,766
108,852



At 31 July 2023
4,607
40,585
53,417
98,609

Page 7

 
POLYPREP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
66,683
46,158

Other debtors
27,694
-

Prepayments and accrued income
3,841
3,575

98,218
49,733



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
12,338
12,098

Trade creditors
5,801
4,605

Other taxation and social security
3,964
38,338

Other creditors
-
14,836

Accruals and deferred income
7,948
7,812

30,051
77,689



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
17,385
29,757

17,385
29,757


Page 8

 
POLYPREP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



70 Ordinary A shares of £1.00 each
70
70
30 Ordinary B shares of £1.00 each
30
30

100

100



9.


Transactions with directors

As at 01 August 2023, the balance on the directors loan account was £14,836 in credit. During the year the company made payments on behalf of the director, totalling £42,692, and the director advanced the company £586. The balance on the loan account as at 31 July 2024 was £27,269 overdrawn, as included within other debtors note 5 above and is repayable on demand. 
Interest was charged at a rate of 2.25% during the year, totalling £171, on the overdrawn balance in the period.

 
Page 9