Polytech Metals Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC231303 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2020

for

Polytech Metals Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Grant

Mrs F Grant

SECRETARY:

Mrs F Grant

REGISTERED OFFICE:

Block E, Unit 3

50 Glenwood Place

Glenwood Business Park

Glasgow

G45 9UH

REGISTERED NUMBER:

SC231303 (Scotland)

ACCOUNTANTS:

Clements

Chartered Accountants

39 St Vincent Place

Glasgow

G1 2ER

FIXED ASSETS

Tangible assets

4

136

181

CURRENT ASSETS

Stocks

10,351

8,696

Debtors

5

14,579

48,425

Cash at bank

48,781

47,522

73,711

104,643

CREDITORS

Amounts falling due within one year

6

21,453

41,122

NET CURRENT ASSETS

52,258

63,521

TOTAL ASSETS LESS CURRENT LIABILITIES

52,394

63,702

PROVISIONS FOR LIABILITIES

26

34

NET ASSETS

52,368

63,668

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

52,366

63,666

SHAREHOLDERS' FUNDS

52,368

63,668

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2020 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.

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 and authorised for issue on 31 January 2021 and were signed on its behalf by:

M Grant - Director

1.	STATUTORY INFORMATION

Polytech Metals Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

The directors believe that the company has sufficient working capital to meet its obligations during the current Covid 19 pandemic. The company is continuing to trade and has sufficient orders to meet all future obligations. On that basis the directors consider it appropriate for the Accounts to be prepared on the going concern basis.

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of the sale of woven and wire mesh products during the period, exclusive of Value Added Tax. Revenue is recognised when the company has the right to receive it.

Tangible fixed assets

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

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and selling price less costs to complete and sell.

Financial instruments

The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2019

and 30 April 2020

6,854

DEPRECIATION

At 1 May 2019

6,673

Charge for year

45

At 30 April 2020

6,718

NET BOOK VALUE

At 30 April 2020

136

At 30 April 2019

181

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade debtors

13,247

47,093

Other debtors

1,332

1,332

14,579

48,425

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

£

Trade creditors

12,169

31,853

Taxation and social security

2,328

4,311

Other creditors

6,956

4,958

21,453

41,122

Included in other creditors above is a director's current account which is unsecured, interest free and repayable on demand.

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 (2019 - £2,000) were paid to the directors .