P P Polymers Limited 31/12/2024 iXBRL

Company registration number: 08944287

P P Polymers Limited

Filleted financial statements

31 December 2024

P P Polymers Limited

Contents

Directors and other information

Directors responsibilities statement

Statement of financial position

Notes to the financial statements

P P Polymers Limited

Directors and other information


	Directors	Mr J D Harrison
		Mr S A Cox


	Company number	08944287


	Registered office	45/49 Greek Street
		Stockport
		Cheshire
		SK3 8AX


	Business address	3 Europa Close
		Off Europa Link
		Sheffield
		S9 1XS


	Auditor	Downham Morris & Co
		45/49 Greek Street
		Stockport
		Cheshire
		SK3 8AX


	Accountants	Downham Morris & Co
		45/49 Greek Street
		Stockport
		Cheshire
		SK3 8AX

P P Polymers Limited

Directors responsibilities statement

Year ended 31 December 2024

The directors are responsible for preparing 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the profit or loss of the company for that period.

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

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; and

- 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

P P Polymers Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	6	1,368,822		1,553,074
		_______		_______
			1,368,822		1,553,074
Current assets
Stocks		28,738		31,823
Debtors	7	289,299		385,600
Cash at bank and in hand		176,580		144,857
		_______		_______
		494,617		562,280
Creditors: amounts falling due
within one year	8	( 2,094,699)		( 2,125,906)
		_______		_______
Net current liabilities			( 1,600,082)		( 1,563,626)
			_______		_______
Total assets less current liabilities			( 231,260)		( 10,552)

Creditors: amounts falling due
after more than one year	9		( 28,807)		( 298,881)

Provisions for liabilities			( 263,365)		( 292,120)

			_______		_______
Net liabilities			( 523,432)		( 601,553)
			_______		_______

Capital and reserves
Called up share capital			1		1
Profit and loss account			( 523,433)		( 601,554)
			_______		_______
Shareholders deficit			( 523,432)		( 601,553)
			_______		_______

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.


These financial statements were approved by the board of directors and authorised for issue on 24 September 2025 , and are signed on behalf of the board by:



.........................
Mr J D Harrison
Director



Company registration number: 08944287

P P Polymers Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 45/49 Greek Street, Stockport, Cheshire, SK3 8AX.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Plant and machinery	-	10 years Straight line
Motor vehicles	-	4 years Straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Critical accounting policies

In the application of the company's accounting policies, which are described in note 3, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the company's accounting policies

Assessment of research and development costs

The directors do not consider that the amounts recognised in the current or prior year's financial statements have been significantly affected by any critical judgements made in the process of applying the company's accounting policies.

Key sources of estimation uncertainty

Provision against bad and doubtful accounts receivable

Customer and other debtors are reviewed on a line-by-line basis at each financial period end. Provision against bad debts, which is netted against the debtors to which it relates, is made when notification is received from the administrators. Prior to this point, the risk of doubtful debts is mitigated through regular credit reviews. As at the year end the directors have no material concerns over the recoverability of the company's debtors.

Provision against slow-moving, obsolete or irrecoverable stock

Stock is reviewed on an ongoing basis and a provision made where directors are of the opinion that specific raw materials may be irrecoverable. As at the year end the directors have no material concerns over the recoverability of the company's stock.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).

6. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1 January 2024	2,121,517	44,500	2,166,017
Additions	42,096	-	42,096
Disposals	( 2,194)	-	( 2,194)
	_______	_______	_______
At 31 December 2024	2,161,419	44,500	2,205,919
	_______	_______	_______
Depreciation
At 1 January 2024	598,852	14,092	612,944
Charge for the year	215,222	11,125	226,347
Disposals	( 2,194)	-	( 2,194)
	_______	_______	_______
At 31 December 2024	811,880	25,217	837,097
	_______	_______	_______
Carrying amount
At 31 December 2024	1,349,539	19,283	1,368,822
	_______	_______	_______
At 31 December 2023	1,522,665	30,408	1,553,073
	_______	_______	_______

7. Debtors

	2024	2023
	£	£
Trade debtors	40,672	93,659
Amounts owed by group undertakings	225,091	256,181
Other debtors	23,536	35,760
	_______	_______
	289,299	385,600
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	46,395	138,499
Amounts owed to group undertakings	1,683,090	1,593,743
Corporation tax	54,797	-
Social security and other taxes	25,809	29,120
Other creditors	284,608	364,544
	_______	_______
	2,094,699	2,125,906
	_______	_______

Finance lease and hire purchase liabilities are secured on the assets to which they relate.Amounts owed to group undertakings have no set repayment terms and attract no interest.

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Other creditors	28,807	298,881
	_______	_______

Finance lease and hire purchase liabilities are secured on the assets to which they relate.

10. Summary audit opinion

The auditor's report dated 24 September 2025 was unqualified.

The senior statutory auditor was Ian Gwynfor Morris FCCA for and on behalf of Downham Morris & Co

11. Controlling party

The company is under the control of its parent company, Protec International Limited, by virtue of its shareholding.