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Registered number: 06825328










POLYBLEND UK LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

 
POLYBLEND UK LIMITED
 
 
COMPANY INFORMATION


Directors
D L Barrow 
D S Hall 
J Moreton 
S O E Reid 
S E Schmidt-Chiari 




Company secretary
D S Hall



Registered number
06825328



Registered office
3 Everite Road

Widnes

Cheshire

WA8 8PT




Independent auditor
Langtons Professional Services Limited
Chartered Accountants & Statutory Auditor

The Plaza

100 Old Hall Street

Liverpool

L3 9QJ





 
POLYBLEND UK LIMITED
 

CONTENTS



Page
Strategic report
 
 
1
Directors' report
 
 
2 - 3
Independent auditor's report
 
 
4 - 7
Statement of comprehensive income
 
 
8
Statement of financial position
 
 
9
Statement of changes in equity
 
 
10
Notes to the financial statements
 
 
11 - 28


 
POLYBLEND UK LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction
 
The directors present their strategic report for the year ended 31 December 2024.

Business review
 
2024 began strongly with a major scrim manufacturing customer in Eastern Europe taking large volumes of material for the first 4 months. This business ended in May. Margins throughout have been retained at satisfactory levels. 
Evidence of volume decline in the core Plastisol market the business operates in was seen and a product diversification strategy including toll manufacturing, colour and additive products and a new flame retardant material Polaris – designed as a replacement for antimony were launched. 
New plant and laboratory equipment including colour mixing and additional chiller capacity were installed. 
A UK based Business Development Manager with significant experience of the plastisol market was recruited in January 2024. 

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks affecting the company are considered to relate to competitors within the sector, exchange rate movements, and the quality and availability of raw materials. 

Financial key performance indicators
 
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPIs is not necessary for an understanding of the development, performance or position of the business.


This report was approved by the board on 6 May 2025 and signed on its behalf.



S O E Reid
Director

Page 1

 
POLYBLEND UK LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company is the manufacture and distribution of liquid polymers, polymer additives and resins.

Results and dividends

The profit for the year, after taxation, amounted to £1,022,504 (2023 - £952,473).

The directors recommended and paid dividends of £775,000 during the year (2023 - £1,125,000).

Directors

The directors who served during the year were:

D L Barrow 
D S Hall 
J Moreton 
S O E Reid 
S E Schmidt-Chiari 

Future developments

The directors intend to develop the existing activities of the company.

Page 2

 
POLYBLEND UK LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024

Matters covered in the Strategic Report

The strategic report covers the business review, key performance indicators and principal risk and uncertainties.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, Langtons Professional Services Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 6 May 2025 and signed on its behalf.
 







S O E Reid
Director

Page 3

 
POLYBLEND UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLYBLEND UK LIMITED
 

Opinion


We have audited the financial statements of Polyblend UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
POLYBLEND UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLYBLEND UK LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
POLYBLEND UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLYBLEND UK LIMITED (CONTINUED)


Auditor's responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect to fraud, are: 
• to identify and assess the risks of material misstatement of the financial statements due to fraud; 
• to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and 
• to respond appropriately to fraud or suspected fraud identified during the audit. 
However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. 
Our approach was as follows: 
• We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations in the UK and the EU General Data Protection Regulation (GDPR). 
• We understood how the Company is complying with those frameworks by making enquiries of management. Through consideration of the results of our audit procedures we were able to either corroborate or provide contrary evidence which was then followed up.
• Based on our understanding we designed our audit procedures to identify non-compliance with laws and regulations. Our procedures involved: enquiries of management; and journal entry testing, with a focus on manual consolidation journals and journals indicating large or unusual transactions based on our understanding of the business. 
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur by meeting with management to understand where it considered there was susceptibility to fraud. We also considered performance targets and their propensity to influence efforts made by management to manage revenue and earnings. Where the risk was considered to be higher, including areas impacting key performance indicators or management remuneration, we performed audit procedures to address each identified fraud risk or other risk of material misstatement. These procedures included those on revenue recognition detailed above, the assessment of items identified by management as non-recurring and testing manual journals and were designed to provide reasonable assurance that the financial statements were free from material fraud or error.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.


Page 6

 
POLYBLEND UK LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLYBLEND UK LIMITED (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew McCall (Senior statutory auditor)
  
for and on behalf of
Langtons Professional Services Limited
 
Chartered Accountants
Statutory Auditor
  
The Plaza
100 Old Hall Street
Liverpool
L3 9QJ

6 May 2025
Page 7

 
POLYBLEND UK LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
11,176,479
11,824,115

Cost of sales
  
(8,206,832)
(8,922,694)

Gross profit
  
2,969,647
2,901,421

Administrative expenses
  
(1,786,037)
(1,660,094)

Exceptional administrative expenses
  
-
125,000

Operating profit
 5 
1,183,610
1,366,327

Interest receivable and similar income
 9 
19,795
24,071

Interest payable and similar expenses
 10 
(44,152)
(43,950)

Profit before tax
  
1,159,253
1,346,448

Tax on profit
 11 
(136,749)
(393,975)

Profit for the financial year
  
1,022,504
952,473

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
-
430,639

Other comprehensive income for the year
  
-
430,639

Total comprehensive income for the year
  
1,022,504
1,383,112

The notes on pages 11 to 28 form part of these financial statements.

Page 8

 
POLYBLEND UK LIMITED
REGISTERED NUMBER: 06825328

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
1,368,977
1,376,959

  
1,368,977
1,376,959

Current assets
  

Stocks
 15 
846,000
1,190,852

Debtors: amounts falling due within one year
 16 
3,619,657
2,292,347

Cash at bank and in hand
 17 
912,820
1,658,367

  
5,378,477
5,141,566

Creditors: amounts falling due within one year
 18 
(1,219,680)
(1,175,122)

Net current assets
  
 
 
4,158,797
 
 
3,966,444

Total assets less current liabilities
  
5,527,774
5,343,403

Creditors: amounts falling due after more than one year
 19 
(487,505)
(530,837)

Provisions for liabilities
  

Deferred tax
 22 
(130,660)
(150,461)

  
 
 
(130,660)
 
 
(150,461)

Net assets
  
4,909,609
4,662,105


Capital and reserves
  

Called up share capital 
 23 
49,998
49,998

Revaluation reserve
 24 
377,983
365,383

Profit and loss account
 24 
4,481,628
4,246,724

  
4,909,609
4,662,105


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 May 2025.






S O E Reid
Director

The notes on pages 11 to 28 form part of these financial statements.

Page 9

 
POLYBLEND UK LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
49,998
-
4,353,995
4,403,993


Comprehensive income for the year

Profit for the year
-
-
952,473
952,473

Surplus on revaluation of freehold property
-
430,639
65,256
495,895

Deferred tax charge on revaluation
-
(65,256)
-
(65,256)
Total comprehensive income for the year
-
365,383
1,017,729
1,383,112


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,125,000)
(1,125,000)


Total transactions with owners
-
-
(1,125,000)
(1,125,000)



At 1 January 2024
49,998
365,383
4,246,724
4,662,105


Comprehensive income for the year

Profit for the year
-
-
1,022,504
1,022,504

Transfer from revaluation reserve
-
12,600
(12,600)
-
Total comprehensive income for the year
-
12,600
1,009,904
1,022,504


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(775,000)
(775,000)


Total transactions with owners
-
-
(775,000)
(775,000)


At 31 December 2024
49,998
377,983
4,481,628
4,909,609


The notes on pages 11 to 28 form part of these financial statements.

Page 10

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

The entity is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England and Wales. The registered office is 3 Everite Road, Widnes, Cheshire, WA8 8PT and the company number is 06825328.
These financial statements present information about the company as an individual undertaking. The principal activity of the company is the manufacture and distribution of liquid polymers, polymer additives and resins.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The presentation currency of these financial statements is pound sterling; the financial statements are rounded to the nearest pound.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

Page 11

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.3

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
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.

Page 12

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Land is not depreciated. Depreciation on other assets 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:

Freehold property
-
2%
straight line
S/Term Leasehold Property
-
20%
straight line
Plant & machinery
-
10%
straight line
Motor vehicles
-
20%
straight line
Office equipment
-
20%
straight line

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

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.7

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 13

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.8

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.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 14

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)


Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 15

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.13

Operating leases: the Company as lessee

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

 
2.14

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the reporting date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the reporting date.

 
2.16

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.17

Borrowing costs

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

 
2.18

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.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 16

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.19

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 reporting 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 reporting 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 reporting date.


 
2.20

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made judgments in estimating useful lives of fixed assets, along with estimates for provision of slow moving stock and bad debts.

Page 17

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Turnover

The whole of the turnover is attributable to the principal business activity.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
7,869,326
8,606,219

Rest of Europe
3,077,095
3,028,087

Rest of the world
230,058
189,809

11,176,479
11,824,115



5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Exchange differences
17,218
11,834

Other operating lease rentals
115,072
107,160


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
10,500
10,200

Page 18

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,299,157
1,277,275

Social security costs
141,115
140,589

Cost of defined contribution scheme
152,972
120,235

1,593,244
1,538,099


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
18
20



Administration
7
6



Directors
3
4

28
30


8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
330,619
374,593

Company contributions to defined contribution pension schemes
49,800
33,800

380,419
408,393


During the year retirement benefits were accruing to 3 directors (2023 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £94,405 (2023 - £125,423).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £42,200 (2023 - £25,200).

Page 19

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Interest receivable

2024
2023
£
£


Other interest receivable
19,795
24,071

19,795
24,071


10.


Interest payable and similar expenses

2024
2023
£
£


Mortgage interest payable
44,152
43,950

44,152
43,950


11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
142,169
140,982

Adjustments in respect of previous periods
(141,085)
7,750


1,084
148,732


Group taxation relief
155,466
143,568


156,550
292,300


Total current tax
156,550
292,300

Deferred tax


Origination and reversal of timing differences
(3,684)
36,419

Adjustments in respect of previous periods
(16,117)
-

Deferred tax charge on revaluation
-
65,256

Total deferred tax
(19,801)
101,675


136,749
393,975
Page 20

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 23.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,159,253
1,346,448


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)
289,813
316,685

Effects of:


Expenses not deductible for tax purposes
389
714

Fixed asset differences
7,090
1,534

Remeasurement of deferred tax for changes in tax rates
-
2,161

Adjustments to tax charge in respect of prior periods
(157,202)
7,750

Unrealised gain on revaluation, deferred tax impact
-
65,256

Other differences leading to an increase (decrease) in the tax charge
(3,341)
-

Group relief
-
(125)

Total tax charge for the year
136,749
393,975


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2024
2023
£
£


On Ordinary shares
775,000
1,125,000

775,000
1,125,000


13.


Exceptional items

2024
2023
£
£


Sale of IP rights
-
125,000

Page 21

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

14.


Tangible fixed assets





Freehold property
Plant & machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2024
1,074,783
773,025
3,600
198,268
2,049,676


Additions
-
64,766
13,995
5,299
84,060



At 31 December 2024

1,074,783
837,791
17,595
203,567
2,133,736



Depreciation


At 1 January 2024
98,163
428,931
3,600
142,024
672,718


Charge for the year on owned assets
13,360
60,009
2,799
15,873
92,041



At 31 December 2024

111,523
488,940
6,399
157,897
764,759



Net book value



At 31 December 2024
963,260
348,851
11,196
45,670
1,368,977



At 31 December 2023
976,620
344,095
-
56,244
1,376,959


Included in land and buildings is freehold land at a valuation of £485,648 which is not depreciated.

Cost or valuation at 31 December 2024 is as follows:

Land and buildings
£


At cost
632,145
At valuation:

March 2022 directors valuation
442,638



1,074,783

Page 22

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

           14.Tangible fixed assets (continued)

If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
632,145
632,145

Accumulated depreciation
(92,665)
(86,163)

Net book value
539,480
545,982


15.


Stocks

2024
2023
£
£

Raw materials and consumables
846,000
1,190,852

846,000
1,190,852



16.


Debtors

2024
2023
£
£


Trade debtors
1,283,773
1,245,103

Amounts owed by group undertakings
2,185,627
877,179

Other debtors
76,645
57,101

Prepayments and accrued income
73,612
112,964

3,619,657
2,292,347



17.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
912,820
1,658,367

912,820
1,658,367


Page 23

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

18.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
43,332
43,332

Trade creditors
631,743
554,050

Corporation tax
73,670
57,321

Other taxation and social security
197,836
222,664

Other creditors
84,140
59,555

Accruals and deferred income
188,959
238,200

1,219,680
1,175,122


Bank loans are secured by a fixed and floating charge on the assets of the company.


19.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
487,505
530,837

487,505
530,837


Bank loans are secured by a fixed and floating charge on the assets of the company.

Page 24

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

20.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
43,332
43,332


43,332
43,332

Amounts falling due 1-2 years

Bank loans
43,332
43,332


43,332
43,332

Amounts falling due 2-5 years

Bank loans
444,173
487,505


444,173
487,505


530,837
574,169


Page 25

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

21.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
912,820
1,658,367

Financial assets that are debt instruments measured at amortised cost
3,546,043
2,179,383

4,458,863
3,837,750


Financial liabilities


Financial liabilities measured at amortised cost
(1,434,399)
(1,423,773)


Financial assets measured at fair value through profit or loss comprises of cash at bank and in hand.


Financial assets that are debt instruments measured at amortised cost comprises of trade and other debtors and amounts owed by group undertakings.


Financial liabilities measured at amortised cost comprises of accruals, trade and other creditors and bank loans.


22.


Deferred taxation




2024


£






At beginning of year
(150,461)


Charged to the profit or loss
19,801



At end of year
(130,660)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(85,182)
(85,747)

Revaluation of freehold land and buildings
(45,798)
(65,256)

Short term timing differences
320
542

(130,660)
(150,461)

Page 26

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

23.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



49,998 (2023 - 49,998) Ordinary shares of £1.00 each
49,998
49,998

Each share carries one vote.



24.


Reserves

Revaluation reserve

The revaluation reserve is a non-distributable reserve arising from unrealised gains on tangible fixed asset revaluations.

Profit & loss account

The profit and loss account represents the sum of all profits and losses to date, less dividends paid.


25.


Contingent liabilities

The company has entered into a cross guarantee with its immediate parent to guarantee certain liabilities of the immediate parent. At the year end, the potential liabilities of these guarantees amount to £3,927,579 (2023 - £4,969,980).


26.


Pension commitments

The Company makes contributions to defined contribution (money purchase) personal pension schemes for its directors and employees. The assets of the schemes are held separately from those of the Company in independently administered funds. The pension cost charge represents contributions payable by the Company  to the funds and amounted to £152,972 (2023 - £120,235) . Contributions totalling £1,282 (2023 - £2,199) were payable to the funds at the reporting date and are included in creditors.


27.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
90,181
82,103

Later than 1 year and not later than 5 years
189,876
181,342

280,057
263,445

Page 27

 
POLYBLEND UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

28.


Related party transactions


2024
2023
£
£

Amounts owed from Dycem Limited
93,489
91,920
Sales to Dycem Limited
523,382
452,410
Sale of IP rights to Dycem Limited
-
125,000

Dycem Limited is a company under common control.
The company has taken advantage of the exemption conferred under FRS102 not to disclose transactions with other 100% group companies.


29.


Controlling party

The company is a wholly owned subsidiary of Longacre Hawk Bidco Limited. The ultimate parent entity is Longacre Group Holdings Limited.
Both Longacre Hawk Bidco Limited and Longacre Group Holdings Limited prepare consolidated financial statements which are available from Companies House, Cardiff.
The controlling parties are I H Abrahams, S E Schmidt-Chiari and G E Nicholson.

 
Page 28