Polyurethane Progress Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 01961972 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2015

FOR

POLYURETHANE PROGRESS LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

A Mortlock

J B Cook

N T Cook

REGISTERED OFFICE:

Church Street

Thornes Lane

Wakefield

West Yorkshire

WF1 5QY

REGISTERED NUMBER:

01961972 (England and Wales)

FIXED ASSETS

Tangible assets

2

388,444

322,152

CURRENT ASSETS

Stocks

98,863

85,799

Debtors

483,445

423,397

Cash at bank and in hand

254,590

94,053

836,898

603,249

CREDITORS

Amounts falling due within one year

3

342,596

287,726

NET CURRENT ASSETS

494,302

315,523

TOTAL ASSETS LESS CURRENT LIABILITIES

882,746

637,675

CREDITORS

Amounts falling due after more than one year

3

(178,195

)

-

PROVISIONS FOR LIABILITIES

(25,827

)

(26,252

)

NET ASSETS

678,724

611,423

CAPITAL AND RESERVES

Called up share capital

4

137,690

137,690

Revaluation reserve

15,765

15,765

Profit and loss account

525,269

457,968

SHAREHOLDERS' FUNDS

678,724

611,423

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 4 August 2015 and were signed on its behalf by:

N T Cook - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the

revaluation of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities

(effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Plant and machinery

-

10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date. Deferred tax assets are recognised only to the extent that there is sufficient evidence

that they will be recovered in the future.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	TANGIBLE FIXED ASSETS

Total

£

COST OR VALUATION

At 1 March 2014

762,605

Additions

96,181

Disposals

(6,750

)

At 28 February 2015

852,036

DEPRECIATION

At 1 March 2014

440,453

Charge for year

35,520

Eliminated on disposal

(12,381

)

At 28 February 2015

463,592

NET BOOK VALUE

At 28 February 2015

388,444

At 28 February 2014

322,152

3.

CREDITORS

Creditors include an amount of £ 195,788 for which security has been given.

They also include the following debts falling due in more than five years:

28.2.15

28.2.14

£

£

Repayable by instalments

82,121

-

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.15

28.2.14

value:

£

£

137,690

Ordinary

£1

137,690

137,690

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2015 and

28 February 2014:

28.2.15

28.2.14

£

£

J B Cook

Balance outstanding at start of year

2,465

-

Amounts advanced

11,472

2,465

Amounts repaid

(3,030

)

-

Balance outstanding at end of year

10,907

2,465

At the balance sheet date there was an amount of £12,606 (2014 - £11,124) owing to the directors

included in other creditors.

6.

CONTROL

The company was ultimately controlled by the directors and shareholders.