Polyflon Technology Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02461161 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

POLYFLON TECHNOLOGY LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

F. W. Pedley

Mrs J J Pedley

M S Pedley

Mrs C O Wright

SECRETARY:

Mrs J J Pedley

REGISTERED OFFICE:

Unit 16

Raleigh Hall

Eccleshall

Stafford

Staffordshire

ST21 6JL

REGISTERED NUMBER:

02461161 (England and Wales)

FIXED ASSETS

Tangible assets

4

236,059

179,288

Investment property

5

160,000

160,000

396,059

339,288

CURRENT ASSETS

Stocks

786,185

361,062

Debtors

628,455

501,416

Investments

194,662

186,304

Cash at bank and in hand

731,802

958,771

2,341,104

2,007,553

CREDITORS

Amounts falling due within one year

435,724

280,144

NET CURRENT ASSETS

1,905,380

1,727,409

TOTAL ASSETS LESS CURRENT LIABILITIES

2,301,439

2,066,697

PROVISIONS FOR LIABILITIES

39,570

26,409

NET ASSETS

2,261,869

2,040,288

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

6

49,108

45,184

Retained earnings

2,212,661

1,995,004

SHAREHOLDERS' FUNDS

2,261,869

2,040,288

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 9 December 2019 and were signed on its behalf by:

F. W. Pedley - Director

Mrs J J Pedley - Director

1.	STATUTORY INFORMATION

Polyflon Technology 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, as adjusted for opening and closing amounts

recoverable under contract.

Tangible fixed assets

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

Office equipment

-

Straight line over 3 years

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

In accordance with FRS102 : investment properties are revalued annually, by the directors unless stated otherwise, on a Fair

Value basis, except where the revaluation is not considered to be material to the financial statements, and the aggregate

surplus or deficit is transferred to a fair value reserve.

Investment property

Investment properties are shown at their most recent valuation, and which is undertaken by the directors, unless stated

otherwise.

Stocks

Stocks of unallocated materials are valued at the lower of cost and net realisable value.

Amounts recoverable under contract, (formerly described as Work in progress), is valued to include related direct

expenditure, an appropriate proportion of fixed and variable overheads, together with an addition for profit, net of any

anticipated losses, reflected in the work completed to the balance sheet date.

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 makes contributions towards the personal pension premiums of two directors and some employees, the

premiums for which are charged to the Profit and Loss Account as they are incurred.

Government grants

Where grants relate to Revenue expenditure, they are credited to the Profit and Loss Account on an accruals basis to match

the expenditure. Grants relating to capital expenditure are credited to the Profit and Loss Account over the approximate life

of the assets, any excess amounts being carried forward as accrued income.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2018 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

400,534

Additions

120,604

Disposals

(597

)

At 31 March 2019

520,541

DEPRECIATION

At 1 April 2018

221,246

Charge for year

63,502

Eliminated on disposal

(266

)

At 31 March 2019

284,482

NET BOOK VALUE

At 31 March 2019

236,059

At 31 March 2018

179,288

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

160,000

NET BOOK VALUE

At 31 March 2019

160,000

At 31 March 2018

160,000

The directors consider the fair value of the the investment property at £160,000 at the Balance Sheet date.The Fair Value

Reserve Account of £45,184 includes £20038 in respect of investment property revaluations and £25,146 in respect of an

investment bond, the latter of which is included in Current Assets.

Fair value at 31 March 2019 is represented by:

£

Valuation in 2005

10,038

Valuation in 2007

10,000

Valuation in 2016

(15,000

)

Valuation in 2018

15,000

Cost

139,962

160,000

Fixed Asset Investments, at the Balance Sheet date, relate to a residential investment property, situated at Cameron Wharf,

Stone, Staffs. having a cost of £139962, purchased in March 2004 , and valued, by the directors at the Balance Sheet date,

at £160,000. (2017 £145,000).

The directors estimate that a Corporation Tax liability of £Nil would arise in the event of the investment property being sold for

its revalued amount.

6.

RESERVES

The Revaluation Reserve Account includes £20,038 in respect of investment property revaluations and £29,070, net of a

provision for Deferred Taxation of £6,820, in respect of an investment bond, the latter of which is included in Current Assets.

The total balance of £49,108 represents the amount of unrealised profits which the directors regards as undistributable.

7.	CAPITAL COMMITMENTS

2019

2018

£

£

Contracted but not provided for in the

financial statements

-

80,000

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and 31 March 2018:

2019

2018

£

£

F. W. Pedley

Balance outstanding at start of year

26,679

27,233

Amounts advanced

387

-

Amounts repaid

-

(554

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

27,066

26,679

Mrs J J Pedley

Balance outstanding at start of year

85,004

92,594

Amounts advanced

8,550

-

Amounts repaid

-

(7,590

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

93,554

85,004

M S Pedley

Balance outstanding at start of year

25,940

17,317

Amounts advanced

6,284

8,623

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

32,224

25,940

Debtors include loans to directors of £30,000 to Mr.F.W.Pedley in July 2010, £95,000 to Mrs. J.J.Pedley in February 2011

and £25000 to Mr. M.S.Pedley in September 2012. All loans are interest-free. The company has a right of set-off of balances

owed to the directors in respect of their current accounts, and which balances are included in "Creditors; Amounts falling due

within one year." See also Notes 9 and 10.