Gulf Polymer Systems Ltd
Gulf Polymer Systems Ltd
Registered number: 08943703
Unaudited Financial Statements
For The Year Ended 31 March 2019
Gulf Polymer Systems Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2019
Unaudited Financial Statements
Contents | |
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Balance Sheet | 1—2 |
Notes to the Financial Statements | 3—5 |
Gulf Polymer Systems Ltd
Balance Sheet
As at
31 March 2019
Balance Sheet
Registered number:
08943703
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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Notes | £ | £ | £ | £ | |
FIXED ASSETS | |||||
Tangible Assets | 3 |
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CURRENT ASSETS | |||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 6 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 7 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | (84,496) | 6,391 | |||
Page 1
Gulf Polymer Systems Ltd
Balance Sheet (continued)
As at
31 March 2019
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Gulf Polymer Systems Ltd
Notes to the Financial Statements
For The Year Ended 31 March 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
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 fucnctional currency of the entity.
1.2.
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.
1.3.
Tangible Fixed Assets and Depreciation
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 residula value, over the useful economic life of that asset as follows:
Plant and machinery from 25 to - 100% reducing balance
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 propectively to reflect the new estimates.
Plant & Machinery |
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1.4.
Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
1.5.
Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Page 3
Gulf Polymer Systems Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
1.6.
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 captial 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 deffered 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 substanively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: Nil
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Office and administration |
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3.
Tangible Assets
Plant & Machinery | |
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Cost | |
As at |
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As at |
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Depreciation | |
As at |
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Provided during the period |
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As at |
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Net Book Value | |
As at |
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As at |
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4.
Stocks
2019 | 2018 | ||
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£ | £ | ||
Stock - materials |
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Page 4
Gulf Polymer Systems Ltd
Notes to the Financial Statements (continued)
For The Year Ended 31 March 2019
5.
Debtors
2019 | 2018 | ||
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£ | £ | ||
Due within one year | |||
Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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VAT |
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Other taxes and social security | - |
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6.
Creditors: Amounts Falling Due Within One Year
2019 | 2018 | ||
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£ | £ | ||
Trade creditors |
( |
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Accruals and deferred income |
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Director's loan account |
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8.
General Information
Gulf Polymer Systems Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08943703 . The registered office is 9 Sandy Lane, Skelmersdale, Lancashire, WN8 8LA.
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