Polymeric Holdings LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC370739 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Polymeric Holdings LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

I E Buckley

Mrs J Buckley

Mrs V J Kershaw

Mrs K L Buckley

Polymeric Labels Holdings Limited

REGISTERED OFFICE:

12 Greenacres Road

Oldham

Lancashire

OL4 1HA

REGISTERED NUMBER:

OC370739 (England and Wales)

ACCOUNTANTS:

APT

44 The Pantiles

Tunbridge Wells

Kent

TN2 5TN

FIXED ASSETS

Intangible assets

4

1,393,333

1,773,333

Tangible assets

5

775,647

775,647

2,168,980

2,548,980

CURRENT ASSETS

Debtors

6

50,000

25,000

Cash at bank

126,165

33,597

176,165

58,597

CREDITORS

Amounts falling due within one year

7

(35,513

)

(39,134

)

NET CURRENT ASSETS

140,652

19,463

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

2,309,632

2,568,443

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

-

MEMBERS' OTHER INTERESTS

Capital accounts

4,521,866

4,497,837

Other reserves

(2,212,234

)

(1,929,394

)

2,309,632

2,568,443

TOTAL MEMBERS' INTERESTS

Members' other interests

2,309,632

2,568,443

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2021.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 7 January 2022 and were signed by:

I E Buckley - Designated member

1.	STATUTORY INFORMATION

Polymeric Holdings LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency of the LLP is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern

After reviewing the LLP's forecasts and projections, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed. Where amounts are received in advance the recognition is deferred until such a time that the above conditions have been met.

Other income

Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at rates in order to write off each asset over its estimated useful life. Depreciation in respect of land and buildings held by the LLP has not been charged on the basis that the members consider the net realisable value is at least equal to the carrying value disclosed.

Financial instruments

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

Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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.

Provision for liabilities

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2020 - NIL).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

3,800,000

AMORTISATION

At 1 April 2020

2,026,667

Charge for year

380,000

At 31 March 2021

2,406,667

NET BOOK VALUE

At 31 March 2021

1,393,333

At 31 March 2020

1,773,333

5.	TANGIBLE FIXED ASSETS

Land and

buildings

£

COST

At 1 April 2020

and 31 March 2021

775,647

NET BOOK VALUE

At 31 March 2021

775,647

At 31 March 2020

775,647

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Other debtors

50,000

25,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

21,403

21,758

Taxation and social security

9,660

15,276

Other creditors

4,450

2,100

35,513

39,134

8.	RELATED PARTY DISCLOSURES