Polyprep Limited - Period Ending 2018-07-31
Polyprep Limited - Period Ending 2018-07-31
Registration number:
Polyprep Limited
for the Year Ended 31 July 2018
Polyprep Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Polyprep Limited
(Registration number: 08154446)
Balance Sheet as at 31 July 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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- |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 1 |
Polyprep Limited
(Registration number: 08154446)
Balance Sheet as at 31 July 2018
Approved and authorised by the
.........................................
Mr Shaun Knight
Director
Page 2 |
Polyprep Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Short leaseholds |
20% straight line |
Fixtures, fittings and equipment |
20% reducing balance |
Motor vehicles |
20% reducing balance |
Page 3 |
Polyprep Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 August 2017 |
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Additions |
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At 31 July 2018 |
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Depreciation |
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At 1 August 2017 |
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Charge for the year |
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At 31 July 2018 |
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Carrying amount |
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At 31 July 2018 |
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At 31 July 2017 |
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Included within the net book value of land and buildings above is £2 (2017 - £2) in respect of short leasehold land and buildings.
Page 4 |
Polyprep Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Director's loan |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Page 5 |
Polyprep Limited
Notes to the Financial Statements for the Year Ended 31 July 2018
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Transition to FRS 102 |
The company transitioned to FRS 102 on 1 August 2016.
No transitional adjustments were required in equity or profit and loss.
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