Company registration number 01972709 (England and Wales)
POLYHOSE (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
POLYHOSE (UK) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
POLYHOSE (UK) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 2 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
900,302
556,675
Current assets
Stocks
1,269,664
1,151,463
Debtors
5
509,144
722,989
Cash at bank and in hand
506,030
409,467
2,284,838
2,283,919
Creditors: amounts falling due within one year
6
(685,510)
(758,637)
Net current assets
1,599,328
1,525,282
Total assets less current liabilities
2,499,630
2,081,957
Creditors: amounts falling due after more than one year
7
(460,922)
(201,959)
Net assets
2,038,708
1,879,998
Capital and reserves
Called up share capital
200,000
200,000
Profit and loss reserves
1,838,708
1,679,998
Total equity
2,038,708
1,879,998
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
The financial statements were approved by the board of directors and authorised for issue on 21 May 2025 and are signed on its behalf by:
Mr M J L Whibley
Mrs S Bingham
Director
Director
Company Registration No. 01972709
The notes on pages 4 to 10 form part of these financial statements
POLYHOSE (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
200,000
1,490,351
1,690,351
Year ended 31 March 2024:
Profit and total comprehensive income
-
229,647
229,647
Dividends
-
(40,000)
(40,000)
Balance at 31 March 2024
200,000
1,679,998
1,879,998
Year ended 31 March 2025:
Profit and total comprehensive income
-
158,710
158,710
Balance at 31 March 2025
200,000
1,838,708
2,038,708
POLYHOSE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
1
Accounting policies
Company information
Polyhose (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Bridge Street, Christchurch, Dorset, BH23 1EF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
2% on cost
Fixtures and fittings
15% reducing balance
Computers
25% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
No depreciation is provided on assets in the course of construction until the asset is brought into use. Freehold land is not depreciated.
POLYHOSE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. A provision is made in full for any stock the directors assess to be unlikely to sell for the foreseeable future.
Stock is valuated using the weighted average cost method.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
POLYHOSE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
POLYHOSE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
2
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are described below.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
The fixed asset depreciation charge is derived from the estimated useful economic life and residual value of the asset. These are reviewed annually alongside any impairment indicators.
The directors assess the closing debtor balances for recoverability and those not considered probable of recovery are provided for in full. For the current year, the directors have assessed the balances outstanding and consider no provision to be required against these.
Accruals for goods or services not yet invoiced are estimated based on historic activity with the supplier or quotations received ahead of invoicing.
Prepayments are based on actual invoices received and costs allocated across the relevant accounting period on a straight line basis of the time period in which the service relates to.
Stock is held at the lower of cost and net realisable value which is based on the estimated sales value of the asset at the year end.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
13
12
POLYHOSE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
4
Tangible fixed assets
Leasehold land and buildings
Assets under construction
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2024
585,400
10,688
164,020
22,734
42,336
825,178
Additions
357,274
23,775
1,102
382,151
Transfers
367,962
(367,962)
At 31 March 2025
953,362
187,795
23,836
42,336
1,207,329
Depreciation and impairment
At 1 April 2024
113,855
123,701
20,363
10,584
268,503
Depreciation charged in the year
19,067
9,614
1,905
7,938
38,524
At 31 March 2025
132,922
133,315
22,268
18,522
307,027
Carrying amount
At 31 March 2025
820,440
54,480
1,568
23,814
900,302
At 31 March 2024
471,545
10,688
40,319
2,371
31,752
556,675
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
431,494
667,553
Corporation tax recoverable
23,421
Amounts owed by group undertakings
18,327
18,669
Other debtors
35,902
36,767
509,144
722,989
POLYHOSE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
59,158
33,759
Trade creditors
63,171
120,480
Amounts owed to group undertakings
362,133
329,159
Corporation tax
79,130
Other taxation and social security
124,099
117,799
Other creditors
76,949
78,310
685,510
758,637
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
460,922
201,959
8
Loans and overdrafts
2025
2024
£
£
Bank loans
520,080
235,718
Payable within one year
59,158
33,759
Payable after one year
460,922
201,959
The bank loans are secured by a fixed and floating charge on all assets held by the company.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Lucy Filer FCA
Statutory Auditor:
TC Group
Date of audit report:
21 May 2025
POLYHOSE (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
10
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2025
2024
£
£
157,512
45,825
11
Parent company
The company is controlled by Exitflex SA, a company registered in Switzerland. The ultimate controlling party is Polyhose India PVT Limited, of which Exitflex SA is a wholly owned subsidiary. Copies of the consolidated accounts may be obtained from Polyhose Towers, 8th floor – Western Wing, #86, Mount Road, Guindy, Chennai – 600 032.India.