Polystrop Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01323404 (England and Wales)

POLYSTROP LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N S Bradshaw

Mrs E Bradshaw

Mrs J Porter

C L Porter

REGISTERED OFFICE:

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

REGISTERED NUMBER:

01323404 (England and Wales)

ACCOUNTANTS:

Clear Vision Accountancy Limited

1 Abacus House

Newlands Road

Corsham

Wiltshire

SN13 0BH

BANKERS:

Barclays Bank Plc

PO Box 415

14-16 Queens Square

Bristol

BS99 2DG

FIXED ASSETS

Tangible assets

4

82,563

93,445

CURRENT ASSETS

Stocks

65,152

70,136

Debtors

5

440,243

366,969

Cash at bank and in hand

14,674

6,680

520,069

443,785

CREDITORS

Amounts falling due within one year

6

493,071

363,030

NET CURRENT ASSETS

26,998

80,755

TOTAL ASSETS LESS CURRENT LIABILITIES

109,561

174,200

CREDITORS

Amounts falling due after more than one year

7

(28,052

)

(37,876

)

PROVISIONS FOR LIABILITIES

(15,687

)

(17,755

)

NET ASSETS

65,822

118,569

CAPITAL AND RESERVES

Called up share capital

122

122

Capital redemption reserve

50

50

Retained earnings

65,650

118,397

SHAREHOLDERS' FUNDS

65,822

118,569

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 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 22 December 2022 and were signed on its behalf by:

C L Porter - Director

1.	STATUTORY INFORMATION

Polystrop 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc - 15% and 33% on cost, 15% and 25% on reducing balance and in accordance with the property

Stocks

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

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 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.

Going concern

The directors have assessed whether the company is a going concern and have considered all available information about the future and are confident of the company's ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2021 - 22 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2021

300,314

Additions

2,262

At 31 July 2022

302,576

DEPRECIATION

At 1 August 2021

206,869

Charge for year

13,144

At 31 July 2022

220,013

NET BOOK VALUE

At 31 July 2022

82,563

At 31 July 2021

93,445

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

etc

£

COST

At 1 August 2021

and 31 July 2022

71,450

DEPRECIATION

At 1 August 2021

49,431

Charge for year

3,303

At 31 July 2022

52,734

NET BOOK VALUE

At 31 July 2022

18,716

At 31 July 2021

22,019

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/22

31/7/21

£

£

Trade debtors

439,747

364,988

Other debtors

-

500

Prepayments and accrued income

496

1,481

440,243

366,969

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/22

31/7/21

£

£

Bank loans and overdrafts

11,115

11,192

Trade creditors

320,285

263,467

Taxation and social security

83,310

86,304

Other creditors

78,361

2,067

493,071

363,030

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/7/22

31/7/21

£

£

Bank loans

28,052

37,876

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/7/22

31/7/21

£

£

Bank loans

39,167

49,068

Invoice discounting

-

3,595

39,167

52,663