Polymer Optics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03593960 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

POLYMER OPTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms T Hanney

M J Hanney

SECRETARY:

M J Hanney

REGISTERED OFFICE:

The Hall, Priory Hill Rugby Road

Wolston

Coventry

CV8 3FZ

REGISTERED NUMBER:

03593960 (England and Wales)

ACCOUNTANTS:

Dafferns LLP

Chartered Accountants

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

FIXED ASSETS

Tangible assets

4

14,351

21,409

Investments

5

100

100

14,451

21,509

CURRENT ASSETS

Stocks

6,318

17,947

Debtors

6

238,874

207,017

Cash at bank

231,633

295,968

476,825

520,932

CREDITORS

Amounts falling due within one year

7

244,329

362,703

NET CURRENT ASSETS

232,496

158,229

TOTAL ASSETS LESS CURRENT LIABILITIES

246,947

179,738

PROVISIONS FOR LIABILITIES

900

-

NET ASSETS

246,047

179,738

CAPITAL AND RESERVES

Called up share capital

8

650

650

Capital redemption reserve

425

425

Retained earnings

244,972

178,663

SHAREHOLDERS' FUNDS

246,047

179,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 19 June 2019 and were signed on its behalf by:

M J Hanney - Director

1.	STATUTORY INFORMATION

Polymer Optics Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Polymer Optics Limited as an individual company

and do not contain consolidated financial information as the parent of a group. The company is exempt

under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated

financial statements.

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

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost

model being cost less accumulated depreciation and any accumulated impairment losses. Historical

cost includes any direct expenditure incurred to bring the asset to its current location and condition

necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the statement of comprehensive income in the period

in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over

their estimated useful lives as follows:-

Plant and machinery etc

-

33.33% straight line and 20% straight line

Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of

comprehensive income in the year that the disposal takes place.

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

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially

measured at transaction costs and are subsequently carried at amortised cost using the effective

interest method unless the arrangement constitutes a financing transaction, where the financial asset

in measured at the present value of the future receipts discounted at a market rate of interest.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

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 6 (2017 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2017

107,015

Additions

4,471

At 30 September 2018

111,486

DEPRECIATION

At 1 October 2017

85,606

Charge for year

11,529

At 30 September 2018

97,135

NET BOOK VALUE

At 30 September 2018

14,351

At 30 September 2017

21,409

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2017

and 30 September 2018

100

NET BOOK VALUE

At 30 September 2018

100

At 30 September 2017

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

190,743

139,049

Amounts owed by group undertakings

43,000

35,000

Other debtors

5,131

32,968

238,874

207,017

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

87,741

93,173

Taxation and social security

81,134

15,130

Other creditors

75,454

254,400

244,329

362,703

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

425

Ordinary "A"

1

425

425

225

Ordinary "B"

1

225

225

650

650

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments and guarantees which are not included in the balance sheet amount to

£32,004 (2017 £16,437).

10.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102

'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related

party transactions with wholly owned subsidiaries within the group.

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M J Hanney.