Polymer Optics Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03593960 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

POLYMER OPTICS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M J Hanney

SECRETARY:

M J Hanney

REGISTERED OFFICE:

The Hall, Priory Hill Rugby Road

Wolston

Coventry

CV8 3FZ

REGISTERED NUMBER:

03593960 (England and Wales)

ACCOUNTANTS:

Dafferns LLP

Chartered Accountants

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

FIXED ASSETS

Tangible assets

5

30,294

23,234

Investments

6

100

100

30,394

23,334

CURRENT ASSETS

Stocks

7,093

5,603

Debtors

7

118,057

390,723

Investments

8

153,408

95,246

Cash at bank

322,908

91,515

601,466

583,087

CREDITORS

Amounts falling due within one year

9

212,446

248,911

NET CURRENT ASSETS

389,020

334,176

TOTAL ASSETS LESS CURRENT LIABILITIES

419,414

357,510

PROVISIONS FOR LIABILITIES

7,000

4,200

NET ASSETS

412,414

353,310

CAPITAL AND RESERVES

Called up share capital

10

800

650

Share premium

8,550

-

Capital redemption reserve

425

425

Retained earnings

402,639

352,235

SHAREHOLDERS' FUNDS

412,414

353,310

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 June 2021 and were signed by:

M J Hanney - Director

1.	STATUTORY INFORMATION

Polymer Optics 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Polymer Optics Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management.

Repairs and maintenance costs are charged to the statement of comprehensive income in the period in which they are incurred.

Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:-

Plant and machinery etc

-

33.33% straight line and 20% straight line

Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place.

Stocks

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

Financial instruments

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

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.

Foreign currencies

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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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 the statement of comprehensive income in the period to which they relate.

Going concern

During the year, there has been significant economic uncertainty as a result of the Covid-19 virus outbreak both internationally and within the UK. The scale and duration of which remains inherently uncertain. The management team are monitoring and reacting to the situation on a daily basis.

The Company currently has a good level of liquidity which the director consider sufficient to see the company through any potential implications. Based on these assessments the director has a reasonable expectation that the company has adequate resources to continue for the foreseeable future, as a result the going concern assumption continues to be adopted in the preparation of the financial statements.

Investments

Investments are recognised initially at cost which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the Statement of Comprehensive Income if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

The main form of financial risk faced by the company’s investments is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude to investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Investments in subsidiaries, joint ventures and associates are measured at cost less impairment.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 8 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 October 2019

130,181

Additions

19,098

At 30 September 2020

149,279

DEPRECIATION

At 1 October 2019

106,947

Charge for year

12,038

At 30 September 2020

118,985

NET BOOK VALUE

At 30 September 2020

30,294

At 30 September 2019

23,234

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 October 2019

and 30 September 2020

100

NET BOOK VALUE

At 30 September 2020

100

At 30 September 2019

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

95,601

231,237

Amounts owed by group undertakings

-

48,638

Other debtors

955

955

Directors' loan accounts

-

73,398

Prepayments and accrued income

21,501

36,495

118,057

390,723

8.	CURRENT ASSET INVESTMENTS

2020

2019

£

£

Listed investments

153,408

95,246

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

103,152

144,420

Amounts owed to group undertakings

60,374

-

Taxation and social security

26,452

60,981

Other creditors

22,468

43,510

212,446

248,911

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

425

Ordinary "A"

1

425

425

225

Ordinary "B"

1

375

225

800

650

11.	OTHER FINANCIAL COMMITMENTS

Total financial commitments and guarantees which are not included in the balance sheet amount to £32,731 (2019 £52,210).

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2020 and 30 September 2019:

2020

2019

£

£

M J Hanney

Balance outstanding at start of year

73,398

-

Amounts advanced

-

100,000

Amounts repaid

(73,398

)

(26,602

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

73,398

13.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M J Hanney.