REGISTERED NUMBER: SC150643 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

POLYPACKAGING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A H Fraser

C J Fraser

SECRETARY:

C J Fraser

REGISTERED OFFICE:

2 - 4 Whitfield Drive

Heathfield Industrial Estate

AYR

Ayrshire

KA8 9RX

REGISTERED NUMBER:

SC150643 (Scotland)

ACCOUNTANTS:

Galbraith Pritchards

Chartered Accountants

20 Barns Street

Ayr

Ayrshire

KA7 1XA

BANKERS:

The Royal Bank of Scotland plc

30 Sandgate

Ayr

KA7 1BY

FIXED ASSETS

Tangible assets

4

302,568

345,898

CURRENT ASSETS

Stocks

27,501

16,107

Debtors

5

142,682

128,458

Cash at bank and in hand

105,789

66,694

275,972

211,259

CREDITORS

Amounts falling due within one year

6

209,450

196,563

NET CURRENT ASSETS

66,522

14,696

TOTAL ASSETS LESS CURRENT LIABILITIES

369,090

360,594

CREDITORS

Amounts falling due after more than one year

7

(14,800

)

(26,029

)

PROVISIONS FOR LIABILITIES

(72,160

)

(81,841

)

NET ASSETS

282,130

252,724

CAPITAL AND RESERVES

Called up share capital

80,000

80,000

Retained earnings

202,130

172,724

SHAREHOLDERS' FUNDS

282,130

252,724

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

C J Fraser - Director

1.	STATUTORY INFORMATION

Polypackaging Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Long leasehold

-

Straight line over 24 years

Plant and machinery

-

at varying rates on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Motor

leasehold

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

97,311

1,155,501

15,539

322,222

1,590,573

DEPRECIATION

At 1 January 2024

78,779

947,803

15,539

202,554

1,244,675

Charge for year

4,602

30,008

-

8,720

43,330

At 31 December 2024

83,381

977,811

15,539

211,274

1,288,005

NET BOOK VALUE

At 31 December 2024

13,930

177,690

-

110,948

302,568

At 31 December 2023

18,532

207,698

-

119,668

345,898

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade debtors

142,682

128,458

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Hire purchase contracts

1,094

14,890

Trade creditors

115,008

101,202

Taxation and social security

84,757

74,295

Other creditors

8,591

6,176

209,450

196,563

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/12/24

31/12/23

£

£

Bank loans

14,800

24,935

Hire purchase contracts

-

1,094

14,800

26,029

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/12/24

31/12/23

£

£

Bank loans

14,800

24,935

Bank loans & overdrafts are secured by a bond & floating charge over the company's assets.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is C J Fraser.