Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312025-05-132025-05-152024-07-312025-05-12trueNo description of principal activitytrue244true2023-08-01false252falsefalse 02690339 2023-08-01 2024-07-31 02690339 2022-08-01 2023-07-31 02690339 2024-07-31 02690339 2023-07-31 02690339 2022-08-01 02690339 1 2023-08-01 2024-07-31 02690339 1 2022-08-01 2023-07-31 02690339 d:CompanySecretary1 2023-08-01 2024-07-31 02690339 d:Director1 2023-08-01 2024-07-31 02690339 d:Director2 2023-08-01 2024-07-31 02690339 d:Director3 2023-08-01 2024-07-31 02690339 d:Director4 2023-08-01 2024-07-31 02690339 d:RegisteredOffice 2023-08-01 2024-07-31 02690339 e:Buildings e:ShortLeaseholdAssets 2023-08-01 2024-07-31 02690339 e:Buildings e:ShortLeaseholdAssets 2024-07-31 02690339 e:Buildings e:ShortLeaseholdAssets 2023-07-31 02690339 e:LandBuildings 2024-07-31 02690339 e:LandBuildings 2023-07-31 02690339 e:PlantMachinery 2023-08-01 2024-07-31 02690339 e:PlantMachinery 2024-07-31 02690339 e:PlantMachinery 2023-07-31 02690339 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02690339 e:MotorVehicles 2023-08-01 2024-07-31 02690339 e:MotorVehicles 2024-07-31 02690339 e:MotorVehicles 2023-07-31 02690339 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02690339 e:FurnitureFittings 2023-08-01 2024-07-31 02690339 e:FurnitureFittings 2024-07-31 02690339 e:FurnitureFittings 2023-07-31 02690339 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02690339 e:ComputerEquipment 2023-08-01 2024-07-31 02690339 e:ComputerEquipment 2024-07-31 02690339 e:ComputerEquipment 2023-07-31 02690339 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02690339 e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 02690339 e:ComputerSoftware 2024-07-31 02690339 e:CurrentFinancialInstruments 2024-07-31 02690339 e:CurrentFinancialInstruments 2023-07-31 02690339 e:Non-currentFinancialInstruments 2024-07-31 02690339 e:Non-currentFinancialInstruments 2023-07-31 02690339 e:CurrentFinancialInstruments e:WithinOneYear 2024-07-31 02690339 e:CurrentFinancialInstruments e:WithinOneYear 2023-07-31 02690339 e:Non-currentFinancialInstruments e:AfterOneYear 2024-07-31 02690339 e:Non-currentFinancialInstruments e:AfterOneYear 2023-07-31 02690339 f:UnitedKingdom 2023-08-01 2024-07-31 02690339 f:UnitedKingdom 2022-08-01 2023-07-31 02690339 f:RestEuropeOutsideUK 2023-08-01 2024-07-31 02690339 f:RestEuropeOutsideUK 2022-08-01 2023-07-31 02690339 e:UKTax 2023-08-01 2024-07-31 02690339 e:UKTax 2022-08-01 2023-07-31 02690339 e:ShareCapital 2023-08-01 2024-07-31 02690339 e:ShareCapital 2024-07-31 02690339 e:ShareCapital 2022-08-01 2023-07-31 02690339 e:ShareCapital 2023-07-31 02690339 e:ShareCapital 2022-08-01 02690339 e:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 02690339 e:RetainedEarningsAccumulatedLosses 2024-07-31 02690339 e:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 02690339 e:RetainedEarningsAccumulatedLosses 2023-07-31 02690339 e:RetainedEarningsAccumulatedLosses 2022-08-01 02690339 d:OrdinaryShareClass1 2023-08-01 2024-07-31 02690339 d:OrdinaryShareClass1 2024-07-31 02690339 d:OrdinaryShareClass1 2023-07-31 02690339 d:OrdinaryShareClass2 2023-08-01 2024-07-31 02690339 d:OrdinaryShareClass2 2024-07-31 02690339 d:OrdinaryShareClass2 2023-07-31 02690339 d:OrdinaryShareClass3 2023-08-01 2024-07-31 02690339 d:OrdinaryShareClass3 2024-07-31 02690339 d:OrdinaryShareClass3 2023-07-31 02690339 d:OrdinaryShareClass4 2023-08-01 2024-07-31 02690339 d:OrdinaryShareClass4 2024-07-31 02690339 d:OrdinaryShareClass4 2023-07-31 02690339 d:FRS102 2023-08-01 2024-07-31 02690339 d:Audited 2023-08-01 2024-07-31 02690339 d:FullAccounts 2023-08-01 2024-07-31 02690339 d:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02690339 e:WithinOneYear 2024-07-31 02690339 e:WithinOneYear 2023-07-31 02690339 e:BetweenOneFiveYears 2024-07-31 02690339 e:BetweenOneFiveYears 2023-07-31 02690339 e:MoreThanFiveYears 2024-07-31 02690339 e:MoreThanFiveYears 2023-07-31 02690339 e:HirePurchaseContracts e:WithinOneYear 2024-07-31 02690339 e:HirePurchaseContracts e:WithinOneYear 2023-07-31 02690339 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-07-31 02690339 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-07-31 02690339 e:HirePurchaseContracts e:MoreThanFiveYears 2024-07-31 02690339 e:HirePurchaseContracts e:MoreThanFiveYears 2023-07-31 02690339 e:ComputerSoftware e:ExternallyAcquiredIntangibleAssets 2023-08-01 2024-07-31 02690339 e:AcceleratedTaxDepreciationDeferredTax 2024-07-31 02690339 e:AcceleratedTaxDepreciationDeferredTax 2023-07-31 02690339 e:TaxLossesCarry-forwardsDeferredTax 2024-07-31 02690339 e:TaxLossesCarry-forwardsDeferredTax 2023-07-31 02690339 e:OtherDeferredTax 2024-07-31 02690339 e:OtherDeferredTax 2023-07-31 02690339 e:ComputerSoftware e:OwnedIntangibleAssets 2023-08-01 2024-07-31 02690339 g:PoundSterling 2023-08-01 2024-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 02690339










POLYSTAR PLASTICS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024



 
POLYSTAR PLASTICS LIMITED
 

COMPANY INFORMATION


Directors
Mr J Talwar 
Mrs S Talwar 
Mr S Talwar 
Miss R Talwar 




Company secretary
Mrs S Talwar



Registered number
02690339



Registered office
Peel House
Peel Street

Northam

Southampton

SO145QT




Independent auditor
James Cowper Kreston Audit
Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS





 
POLYSTAR PLASTICS LIMITED
 

CONTENTS



Page
Strategic Report
 
1 - 6
Directors' Report
 
7 - 8
Independent Auditor's Report
 
9 - 12
Statement of Comprehensive Income
 
13
Balance Sheet
 
14
Statement of Changes in Equity
 
15
Notes to the Financial Statements
 
16 - 31


 
POLYSTAR PLASTICS LIMITED
 

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

The directors are pleased to present their strategic report with the audited financial statements of Polystar Plastics Limited for the period ending 31 July 2024.

Business review
 
The principal activities of the Company during the year, remained the extrusion, print and conversion of industrial and consumer flexible polythene packaging, across a variety of markets and industries. 

With the impending Plastic Packaging Tax (PPT) and the market drive to introduce recyclable materials, the business units focused on introducing new products that either mitigated PPT or enabled our customers to declare their flexible packaging to be fully recyclable. This work will continue into 2025 and will represent a significant proportion of sales moving forwards. This was also demanding and exciting year for Polystar, as we continued to invest in new extruders and state of the art conversion equipment. Polystar’s investment strategy won us an award, at The Plastic Industry Awards - Best Business Initiative 2022 and Processor of the Year 2024

Key Performance Indicators (KPIs):

In conjunction with the management of costs and working capital to improve profit, the company uses a number of KPIs to monitor performance. These KPIs are monitored both on a product-by-product basis and also for the company as a whole, compared to the budget. 
The key performance indicators for the business are turnover, ASP, margin over blend by product category and operating profit.

Turnover 

Despite challenging market conditions, the Company delivered a strong performance in 2024, achieving a turnover of £53m. The year’s impressive performance has been the result of a number of factors including innovative product developments for a number of different markets, and a whole range of other technical and performance films containing PCW (Post Consumer Waste) or industrial recycled content). We have also increased the customer base by high levels of pro activity, especially in food related markets. This was despite tough market conditions, as many of the other markets supplied, slowed down production, and ordered reduced volumes. We have a robust pipeline in place, which is monitored quarterly, and our success to prediction is running significantly above expectation.

Operating profit 
Despite volatile market conditions, where the raw material prices are changing on a regular basis, as well the energy cost has risen considerably compared to the previous period, the company still managed to achieve a reasonable operating profit. The overall profit before tax for the year was £2.59m (2023 - £3.00m). 

Page 1

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POLYSTAR PLASTICS LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024



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



Mr S Talwar
Director

Date: 12 May 2025

Page 6

 
POLYSTAR PLASTICS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024

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

Results and dividends

The profit for the year, after taxation, amounted to £1,872,724 (2023 - £2,853,631).

The total distribution of dividends for the year ended 31 July 2024  was £1,000,000  (2023: £1,000,000).

Directors

The directors who served during the year were:

Mr J Talwar 
Mrs S Talwar 
Mr S Talwar 
Miss R Talwar 

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.

Page 7

 
POLYSTAR PLASTICS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, James Cowper Kreston Auditwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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





Mr J Talwar
Director

Date: 13 May 2025

Page 8

 
POLYSTAR PLASTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLYSTAR PLASTICS LIMITED
 

Opinion


We have audited the financial statements of Polystar Plastics Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, 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 July 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.


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.


Page 9

 
POLYSTAR PLASTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLYSTAR PLASTICS LIMITED (CONTINUED)


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 7, 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 10

 
POLYSTAR PLASTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLYSTAR PLASTICS 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:
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instance of non-compliance.

The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

The specific procedures for this engagement that we designed and performed to detect material misstatements in respect of irregularities, including fraud, were as follows
Enquiry of management and those charged with governance around actual and potential litigation and claims; 
Enquiry of management and those charged with governance to identify any material instances of non- compliance with laws and regulations; 
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 
Performing audit work to address the risk of irregularities due to management override of controls,   including testing of journal entries and other adjustments for appropriateness, evaluating the business  rationale of significant transactions outside the normal course of business and reviewing accounting    estimates for evidence of bias. 
 


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.



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.


Page 11

 
POLYSTAR PLASTICS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF POLYSTAR PLASTICS LIMITED (CONTINUED)





Darren O'Connor BSc (Hons) FCCA ACA (Senior Statutory Auditor)
  
for and on behalf of
James Cowper Kreston Audit
 
Chartered Accountants and Statutory Auditor
  
Reading Bridge House
George Street
Reading
Berkshire
RG1 8LS

 15 May 2025
Page 12

 
POLYSTAR PLASTICS LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
 4 
53,250,251
52,664,694

Cost of sales
  
(45,957,914)
(45,173,053)

Gross profit
  
7,292,337
7,491,641

Administrative expenses
  
(5,218,441)
(5,104,620)

Other operating income
  
414,845
761,035

Operating profit
 5 
2,488,741
3,148,056

Interest receivable and similar income
  
124,877
26,680

Interest payable and similar expenses
  
(23,860)
(171,638)

Profit before tax
  
2,589,758
3,003,098

Tax on profit
 9 
(717,034)
(149,467)

Profit for the financial year
  
1,872,724
2,853,631

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 31 form part of these financial statements.

Page 13

 
POLYSTAR PLASTICS LIMITED
REGISTERED NUMBER: 02690339

BALANCE SHEET
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 10 
46,143
-

Tangible assets
 11 
12,984,340
14,410,059

  
13,030,483
14,410,059

Current assets
  

Stocks
 12 
2,026,062
1,178,554

Debtors: amounts falling due after more than one year
 13 
1,482,357
1,652,190

Debtors: amounts falling due within one year
 13 
13,391,663
11,486,708

Cash at bank and in hand
 14 
5,605,115
6,781,427

  
22,505,197
21,098,879

Creditors: amounts falling due within one year
 15 
(9,420,602)
(9,364,228)

Net current assets
  
 
 
13,084,595
 
 
11,734,651

Total assets less current liabilities
  
26,115,078
26,144,710

Creditors: amounts falling due after more than one year
 16 
-
(1,787,331)

Provisions for liabilities
  

Deferred tax
 18 
(1,842,228)
(957,253)

  
 
 
(1,842,228)
 
 
(957,253)

Net assets
  
24,272,850
23,400,126


Capital and reserves
  

Called up share capital 
 19 
10,000
10,000

Profit and loss account
 20 
24,262,850
23,390,126

  
24,272,850
23,400,126


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 May 2025.




Mr J Talwar
Mr S Talwar
Director
Director

The notes on pages 16 to 31 form part of these financial statements.

Page 14

 
POLYSTAR PLASTICS LIMITED
 

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


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2023
10,000
23,390,126
23,400,126


Comprehensive income for the year

Profit and total comprehensive income for the year
-
1,872,724
1,872,724
Total comprehensive income for the year
-
1,872,724
1,872,724


Contributions by and distributions to owners

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


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


At 31 July 2024
10,000
24,262,850
24,272,850



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 August 2022
10,000
21,536,495
21,546,495


Comprehensive income for the year

Profit and total comprehensive income for the year
-
2,853,631
2,853,631
Total comprehensive income for the year
-
2,853,631
2,853,631


Contributions by and distributions to owners

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


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


At 31 July 2023
10,000
23,390,126
23,400,126


The notes on pages 16 to 31 form part of these financial statements.

Page 15

 
POLYSTAR PLASTICS LIMITED
 

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

1.


General information

Polystar Plastics Limited (registered number 02690339) is a private company limited by share capital, incorporated in England and Wales under the Companies Act. The principal place of trade and registered office of the Company is Peel House, Peel Street, Northam, Southampton, SO14 5QT.
The Company's principal activity is the extrusion and conversion of industrial and consumer flexible packaging.  

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 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

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Polystar Private Trading Estates Limited as at 31 July 2024 and these financial statements may be obtained from Companies House.

Page 16

 
POLYSTAR PLASTICS LIMITED
 

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

2.Accounting policies (continued)

 
2.3

Turnover

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.

These conditions are usually considered to have been satisfied at the point that the customer has signed for the delivery of the goods.
Where the Company has entered into supply agreements with certain customers revenue is recognised under these same conditions.

 
2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 17

 
POLYSTAR PLASTICS LIMITED
 

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

2.Accounting policies (continued)

 
2.5

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:

Leasehold property
-
over the term of the lease
Plant and machinery
-
20% per annum
Motor vehicles
-
25% per annum
Fixtures and fittings
-
10% per annum
Computer equipment
-
25% per annum

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.

All costs costs are capitalised in the year incurred.  Depreciation of these assets does not start until they are available for use.
The Company are tenants in properties owned by Polystar Private Trading Estates Limted that are on yearly rolling contracts. There are no plans to vacate the leases and  the assets capitalised at these properties are deemed to have a life matching the life of those properties where they do have long term leases, which is 10 years.

 
2.6

Stock

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 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.

 
2.7

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.

Page 18

 
POLYSTAR PLASTICS LIMITED
 

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

2.Accounting policies (continued)

 
2.8

Financial instruments

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.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

The Company enters into basic financial instruments 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 non-puttable ordinary shares.

Financial liabilities and equity are classified according to the substance of the financial instrument’s
contractual obligations, rather than the financial instrument’s legal form. Financial liabilities, excluding derivatives, are initially measured at transaction price (after deducting transaction costs) and subsequently held at amortised cost.

Page 19

 
POLYSTAR PLASTICS LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or lossin administration expenses.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within administration expenses. 

 
2.10

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.

 
2.11

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.

 
2.12

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.

Page 20

 
POLYSTAR PLASTICS LIMITED
 

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

2.Accounting policies (continued)

 
2.13

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.


 
2.14

Research and development

If in the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If It is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 21

 
POLYSTAR PLASTICS LIMITED
 

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

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.  However, the nature of estimation means that actual outcomes could differ from 19890those estimates.  The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Revenue recognition 
The key judgment made by management in respect of revenue is the point at which that revenue should be recognised. Management consider that revenue is to be recognised at the point that the customer has signed for the delivery of the goods as this is when the risks and rewards of ownership are transferred.
Tangible fixed asset
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors.  Residual value assessments consider issues such as the remaining life of the asset and projected disposal values.
Taxation 
The Company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities.  The amount of such provisions is based on various factors, such as experience with previous tax submissions.  Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies.
Operating lease commitments
The Company has entered into commercial lease contracts and as a lessee it obtains use of property, plant and equipment. The classification of such leases as operating or finance lease requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the Balance Sheet. 


4.


Turnover

The whole of the turnover is attributable to the manufacture of plastic products.

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
50,781,048
50,178,957

Rest of World
2,469,203
2,485,737

53,250,251
52,664,694


Page 22

 
POLYSTAR PLASTICS LIMITED
 

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

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Research & development charged as an expense
166,492
73,314

Exchange differences
(53,281)
(151,787)

Other operating lease rentals
1,480,125
1,071,400

Depreciation
4,091,665
3,915,273


6.


Auditor's remuneration

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


2024
2023
£
£

Fees payable to the Company's auditor and its associates for the audit of the Company's financial statements
19,550
18,850

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

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


2024
2023
£
£

Wages and salaries
8,406,865
7,551,735

Social security costs
854,672
755,146

Cost of defined contribution scheme
176,845
232,615

9,438,382
8,539,496


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


        2024
        2023
            No.
            No.







Administration
38
40



Factory 
202
208



Directors
4
4

244
252

Page 23

 
POLYSTAR PLASTICS LIMITED
 

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

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
147,200
133,934

Company contributions to defined contribution pension schemes
80,000
88,057

227,200
221,991


Key management personel are deemed to be the directors as disclosed above.


9.


Taxation


2024
2023
£
£

Corporation tax


Adjustments in respect of previous periods
(167,941)
-


(167,941)
-


Total current tax
(167,941)
-

Deferred tax


Origination and reversal of timing differences
884,975
149,467

Total deferred tax
884,975
149,467


717,034
149,467
Page 24

 
POLYSTAR PLASTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 21%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,589,758
3,003,098


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 21%)
647,440
629,920

Effects of:


Expenses not deductible for tax purposes
48,046
30,649

Capital allowances for year in excess of depreciation
49,381
(149,972)

Adjustments to tax charge in respect of prior periods
(167,941)
(458,638)

Other tax adjustments, reliefs and transfers
-
344

Remeasurement of deferred tax for changes in tax rate
3,617
97,164

Group relief
136,491
-

Total tax charge for the year
717,034
149,467


Factors that may affect future tax charges

There were no factors that may affect future tax charges.




10.


Intangible assets




Computer software

£



Cost


Additions
46,143



At 31 July 2024

46,143


Charge for the year on owned assets
-



Net book value



At 31 July 2024
46,143

Page 25

 
POLYSTAR PLASTICS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
           10.Intangible assets (continued)

The computer software is still under development and not yet available for its intended use. Consequently, no amortisation will be charged until the software is completed, tested, and deployed for operational purposes. The carrying amount will continue to be reviewed periodically to ensure it is recoverable and aligned with the anticipated economic benefits upon completion.




11.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 August 2023
3,104,720
23,208,562
184,454
230,084
88,771
26,816,591


Additions
1,579,311
1,180,737
119,639
22,819
3,562
2,906,068


Disposals
-
(758,279)
-
-
(1,900)
(760,179)



At 31 July 2024

4,684,031
23,631,020
304,093
252,903
90,433
28,962,480



Depreciation


At 1 August 2023
1,570,080
10,468,678
173,289
119,136
75,349
12,406,532


Charge for the year on owned assets
289,167
3,759,531
12,119
23,418
7,430
4,091,665


Disposals
-
(518,157)
-
-
(1,900)
(520,057)



At 31 July 2024

1,859,247
13,710,052
185,408
142,554
80,879
15,978,140



Net book value



At 31 July 2024
2,824,784
9,920,968
118,685
110,349
9,554
12,984,340



At 31 July 2023
1,534,640
12,739,884
11,165
110,948
13,422
14,410,059




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
2,824,784
1,534,640

2,824,784
1,534,640


Page 26

 
POLYSTAR PLASTICS LIMITED
 

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

12.


Stocks

2024
2023
£
£

Raw materials and consumables
1,681,537
1,082,144

Finished goods and goods for resale
344,525
96,410

2,026,062
1,178,554


Page 27

 
POLYSTAR PLASTICS LIMITED
 

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

13.


Debtors: Amounts falling due within one year

2024
2023
£
£

Due after more than one year

Other debtors
1,482,357
1,652,190

1,482,357
1,652,190


2024
2023
£
£

Due within one year

Trade debtors
10,788,400
11,012,644

Other debtors
522,321
369,345

Prepayments and accrued income
2,080,942
104,719

13,391,663
11,486,708



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
5,605,115
6,781,427

5,605,115
6,781,427



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
5,445,144
6,073,710

Amounts owed to group undertakings
849,847
1,000,000

Other taxation and social security
487,299
425,338

Obligations under finance lease and hire purchase contracts
-
404,678

Other creditors
2,085,506
889,661

Accruals and deferred income
552,806
570,841

9,420,602
9,364,228


The debt factoring facility is secured by fixed and floating charges over the assets of the company.

Page 28

 
POLYSTAR PLASTICS LIMITED
 

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

16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
1,787,331

-
1,787,331




17.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
-
404,679

Between 1-5 years
-
404,679

Over 5 years
-
1,382,652

-
2,192,010

The hire purchase amount due after more than one year was fully repaid by the company on 10 August 2023.


18.


Deferred taxation




2024
2023


£

£






At beginning of year
(957,253)
(807,786)


Charged to profit or loss
(884,975)
(149,467)



At end of year
(1,842,228)
(957,253)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
(2,039,294)
(2,471,693)

Short term timing differences
5,693
850

Losses and other deductions
191,373
1,513,590

(1,842,228)
(957,253)

Page 29

 
POLYSTAR PLASTICS LIMITED
 

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

19.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



3,500 (2023 - 3,500) Ordinary shares of £1.00 each
3,500
3,500
3,500 (2023 - 3,500) A Ordinary shares of £1.00 each
3,500
3,500
2,500 (2023 - 2,500) B Ordinary shares of £1.00 each
2,500
2,500
500 (2023 - 500) C Ordinary shares of £1.00 each
500
500

10,000

10,000



20.


Reserves

Profit and loss account

The profit and loss account represents cumulative profits available for distribution.


21.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £176,845 (2023: £232,615). There was a balance of £53,394 (2023: £44,766) payable to the fund at the balance sheet date. 


22.


Capital commitments


At 31 July 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
2,329,927
-


23.


Commitments under operating lease

At 31 July 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
1,341,665
1,345,934

Later than 1 year and not later than 5 years
1,125,390
1,011,136

Later than 5 years
-
632,497

2,467,055
2,989,567

Page 30

 
POLYSTAR PLASTICS LIMITED
 

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

24.


Related party transactions

Rent of £201,905 (2023: £230,334), based on the current market values, was paid in respect of property owned by the directors.
Included in other creditors are loans from the directors amounting to £307,514 (2023: £593,164).
The Company paid rent and other fees of £767,500 (2023: £575,625) to Polystar Plastics (Holdings) Limited, a company related through common ownership. Rent was paid at a commerical market rate. At the year end date £300,000 (2023: £250,000) was owed from Polystar Plastic (Holdings) Limited.
The Company paid rent and other fees of £16,500 (2023: £18,000) to Polystar Plastics Private Estates Limited, a company related through common ownership. Rent was paid at a commerical market rate. Polystar Plastics Limited also made a loan to Polystar Plastics Private Estates Limited for £1,482,357 (2023: £1,652,190), this was an interest free loan.
 
The company has taken the exemption available in FRS102 not to disclose transactions between group
entities that are eliminated on consolidation.
 

25.


Controlling party

Polystar Private Trading Estates Limited is the 100% shareholder of Polystar Plastics Limited. No individual controls Polystar Private Trading Estates Limited.


26.


Post balance sheet events

There have been no significant events affecting the Company since the year end.


Page 31