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Registered number: 13516886










POLYSTAR PLASTICS RECYCLING LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
POLYSTAR PLASTICS RECYCLING LIMITED
REGISTERED NUMBER: 13516886

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
65,000
91,000

  
65,000
91,000

Current assets
  

Debtors: amounts falling due within one year
 5 
759,269
406,983

Cash at bank and in hand
 6 
3,127
91,078

  
762,396
498,061

Creditors: amounts falling due within one year
 7 
(297,868)
(318,069)

Net current assets
  
 
 
464,528
 
 
179,992

Total assets less current liabilities
  
529,528
270,992

Provisions for liabilities
  

Deferred tax
 8 
(16,250)
(22,750)

  
 
 
(16,250)
 
 
(22,750)

Net assets
  
513,278
248,242


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
513,178
248,142

  
513,278
248,242


Page 1

 
POLYSTAR PLASTICS RECYCLING LIMITED
REGISTERED NUMBER: 13516886

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 comprehensive income 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: 




J Talwar
Director

Date: 28 April 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
POLYSTAR PLASTICS RECYCLING LIMITED
 

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

1.


General information

Polystar Plastic Recycling Limited is a limited liability company incorporated in England and Wales. The address of its registered office and principal place of business is Peel House, Peel Street, Northam, Southampton, SO14 5QT.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
POLYSTAR PLASTICS RECYCLING LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.4

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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Streight line method

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.

 
2.5

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.

Page 4

 
POLYSTAR PLASTICS RECYCLING LIMITED
 

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

2.Accounting policies (continued)

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

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.

 
2.8

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

  
2.9

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liablities like trade and other debtors and creditors, Loans from banks and other third parties and loans to related parties.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

Page 5

 
POLYSTAR PLASTICS RECYCLING LIMITED
 

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

4.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 August 2023
130,000



At 31 July 2024

130,000



Depreciation


At 1 August 2023
39,000


Charge for the year on owned assets
26,000



At 31 July 2024

65,000



Net book value



At 31 July 2024
65,000



At 31 July 2023
91,000


5.


Debtors

2024
2023
£
£


Trade debtors
218,733
406,447

Amounts due from related companies
540,000
-

Other debtors
100
100

Prepayments and accrued income
436
436

759,269
406,983



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,127
91,078


Page 6

 
POLYSTAR PLASTICS RECYCLING LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
148,976
248,676

Corporation tax
94,842
43,572

Other taxation and social security
18,331
23,321

Accruals and deferred income
35,719
2,500

297,868
318,069



8.


Deferred taxation




2024


£






At beginning of year
(22,750)


Charged to profit or loss
6,500



At end of year
(16,250)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(16,250)
(22,750)

(16,250)
(22,750)


9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100


Page 7

 
POLYSTAR PLASTICS RECYCLING LIMITED
 

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

10.


Related party transactions

Polystar Plastics Recycling Limited and Polystar Plastics Limited are companies under common control. At the balance sheet date £617,384 (2023 - £165,907) was due to Polystar Plastics Recycling Limited from Polystar Plastics Limited. These amounts are without security, interest free and repayable on demand.
Polystar Plastics Recycling Limited paid management fees of £364,096 (2023 - £701,035) to Polystar Plastics Limited.


Page 8