Paulex Environmental Limited 31/12/2021 iXBRL

PAULEX ENVIRONMENTAL LIMITED - Company Information

3 31/12/2021 2021-12-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05179744 2021-01-01 2021-12-31 05179744 2021-12-31 05179744 2020-12-31 05179744 2020-01-01 2020-12-31 05179744 2020-12-31 05179744 core:NetGoodwill 2021-01-01 2021-12-31 05179744 bus:Director2 2021-01-01 2021-12-31 05179744 core:WithinOneYear 2021-12-31 05179744 core:WithinOneYear 2020-12-31 05179744 core:IntangibleAssetsOtherThanGoodwill 2020-12-31 05179744 core:NetGoodwill 2021-12-31 05179744 core:IntangibleAssetsOtherThanGoodwill 2021-12-31 05179744 core:PlantMachinery 2020-12-31 05179744 core:FurnitureFittingsToolsEquipment 2020-12-31 05179744 core:LandBuildings core:OwnedOrFreeholdAssets 2021-12-31 05179744 core:PlantMachinery 2021-12-31 05179744 core:FurnitureFittingsToolsEquipment 2021-12-31 05179744 core:ShareCapital 2021-12-31 05179744 core:ShareCapital 2020-12-31 05179744 core:RetainedEarningsAccumulatedLosses 2021-12-31 05179744 core:RetainedEarningsAccumulatedLosses 2020-12-31 05179744 core:IntangibleAssetsOtherThanGoodwill 2021-01-01 2021-12-31 05179744 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-01 2021-12-31 05179744 core:PlantMachinery 2021-01-01 2021-12-31 05179744 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 05179744 core:NetGoodwill 2020-12-31 05179744 core:IntangibleAssetsOtherThanGoodwill 2020-12-31 05179744 core:PlantMachinery 2020-12-31 05179744 core:FurnitureFittingsToolsEquipment 2020-12-31 05179744 bus:Director1 2020-12-31 05179744 bus:Director1 2021-12-31 05179744 bus:Director1 2020-12-31 05179744 bus:Director1 2021-01-01 2021-12-31 05179744 bus:Director1 2020-01-01 2020-12-31 05179744 bus:SmallEntities 2021-01-01 2021-12-31 05179744 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 05179744 bus:FullAccounts 2021-01-01 2021-12-31 05179744 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 05179744 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31

Company registration number: 05179744

Paulex Environmental Limited

Unaudited filleted financial statements

31 December 2021

PAULEX ENVIRONMENTAL LIMITED

STATEMENT OF FINANCIAL POSITION

31 DECEMBER 2021

		2021		2020
	Note	£	£	£	£

Fixed assets
Intangible assets	5	1		101
Tangible assets	6	5,295		2,571
		_______		_______
			5,296		2,672

Current assets
Stocks		3,081		5,126
Debtors	7	12,716		4,493
Cash at bank and in hand		1,596		15,048
		_______		_______
		17,393		24,667
Creditors: amounts falling due
within one year	9	( 24,506)		( 23,554)
		_______		_______
Net current (liabilities)/assets			( 7,113)		1,113
			_______		_______
Total assets less current liabilities			( 1,817)		3,785


Provisions for liabilities			( 36)		( 47)

			_______		_______
Net (liabilities)/assets			( 1,853)		3,738
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account	10		( 1,953)		3,638
			_______		_______
Shareholders (deficit)/funds			( 1,853)		3,738
			_______		_______

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 28 September 2022 , and are signed on behalf of the board by:

Mrs K A Mullen

Director

Company registration number: 05179744

PAULEX ENVIRONMENTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Topsham Units, Dart Business Park, Clyst St George, Exeter, EX3 0QH.

Principal activity

The principal activity of the company during the year was the provision of spill kits and storage solutions.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

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 functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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.

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 capital 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 deferred 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 substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Goodwill	-	10 years on cost
Combined other intangible assets	-	2 years on cost

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

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 residual value, over the useful economic life of that asset as follows:


Tenant's improvements	-	1/3 on cost
Plant and machinery	-	15% reducing balance
Fittings fixtures and equipment	-	1/3 on cost

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 prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2020: 2 ).

5. Intangible assets

	Goodwill	Other intangible assets	Total
	£	£	£
Cost
At 1 January 2021 and 31 December 2021	1	195	196
	_______	_______	_______
Amortisation
At 1 January 2021	-	95	95
Charge for the year	-	100	100
	_______	_______	_______
At 31 December 2021	-	195	195
	_______	_______	_______
Carrying amount
At 31 December 2021	1	-	1
	_______	_______	_______
At 31 December 2020	1	100	101
	_______	_______	_______

6. Tangible assets

	Tenant's improvements	Plant and machinery	Fixtures, fittings and equipment	Total
	£	£	£	£
Cost
At 1 January 2021	-	2,724	384	3,108
Additions	4,800	-	-	4,800
	_______	_______	_______	_______
At 31 December 2021	4,800	2,724	384	7,908
	_______	_______	_______	_______
Depreciation
At 1 January 2021	-	409	128	537
Charge for the year	1,600	348	128	2,076
	_______	_______	_______	_______
At 31 December 2021	1,600	757	256	2,613
	_______	_______	_______	_______
Carrying amount
At 31 December 2021	3,200	1,967	128	5,295
	_______	_______	_______	_______
At 31 December 2020	-	2,315	256	2,571
	_______	_______	_______	_______

7. Debtors

	2021	2020
	£	£
Trade debtors	12,032	3,833
Other debtors	684	660
	_______	_______
	12,716	4,493
	_______	_______

8. Cash and cash equivalents

	2021	2020
	£	£
Cash at bank and in hand	1,596	15,048
	_______	_______

9. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	7,031	3,140
Accruals and deferred income	1,440	1,440
Social security and other taxes	90	1,220
Other creditors	15,945	17,754
	_______	_______
	24,506	23,554
	_______	_______

10. Reserves

Profit and loss account:This reserve records retained earnings and accumulated losses.

11. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2021
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Directors	(17,634)	(4,579)	6,268	(15,945)
		_______	_______	_______	_______

2020
		Balance brought forward	Advances /(credits) to the directors	Amounts repaid	Balance o/standing
		£	£	£	£
	Directors	-	(20,899)	3,265	(17,634)
		_______	_______	_______	_______

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.

12. Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.