Polytech Metals Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC231303 (Scotland)

Unaudited Financial Statements for the Year Ended 30 April 2022

for

Polytech Metals Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Grant

Mrs F Grant

SECRETARY:

Mrs F Grant

REGISTERED OFFICE:

Block E, Unit 3

50 Glenwood Place

Glenwood Business Park

Glasgow

G45 9UH

REGISTERED NUMBER:

SC231303 (Scotland)

ACCOUNTANTS:

Clements

Chartered Accountants

39 St Vincent Place

Glasgow

G1 2ER

FIXED ASSETS

Tangible assets

4

1,141

102

CURRENT ASSETS

Stocks

18,445

11,504

Debtors

5

42,038

28,186

Cash at bank

38,003

69,886

98,486

109,576

CREDITORS

Amounts falling due within one year

6

28,449

37,881

NET CURRENT ASSETS

70,037

71,695

TOTAL ASSETS LESS CURRENT LIABILITIES

71,178

71,797

PROVISIONS FOR LIABILITIES

217

19

NET ASSETS

70,961

71,778

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

70,959

71,776

SHAREHOLDERS' FUNDS

70,961

71,778

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 23 January 2023 and were signed on its behalf by:

M Grant - Director

1.	STATUTORY INFORMATION

Polytech Metals Limited is a private company, limited by shares , registered in Scotland. 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.

The directors believe that the company has sufficient working capital to meet its obligations during the current Covid 19 pandemic. The company is continuing to trade and has sufficient orders to meet all future obligations. On that basis the directors consider it appropriate for the Accounts to be prepared on the going concern basis.

Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of the sale of woven and wire mesh products during the period, exclusive of Value Added Tax. Revenue is recognised when the company has the right to receive it.

Tangible fixed assets

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

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Stocks

Stocks are valued at the lower of cost and selling price less costs to complete and sell.

Financial instruments

The company only has basic financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Taxation

Taxation for the year comprises current and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2021 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2021

6,854

Additions

1,598

At 30 April 2022

8,452

DEPRECIATION

At 1 May 2021

6,752

Charge for year

559

At 30 April 2022

7,311

NET BOOK VALUE

At 30 April 2022

1,141

At 30 April 2021

102

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade debtors

40,706

24,905

Other debtors

1,332

3,281

42,038

28,186

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.22

30.4.21

£

£

Trade creditors

15,807

25,363

Taxation and social security

1,687

3,563

Other creditors

10,955

8,955

28,449

37,881

Included in other creditors above is a director's current account which is unsecured, interest free and repayable on demand.

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £2,000 (2021 - £2,000) were paid to the director, Martin Grant.

8.	GOVERNMENT GRANTS

During the period the company benefited from £8,217 of government grants from the Coronavirus Job Retention Scheme. In accordance with our accounting policy these credits are included in other income within the Income Statement over the same period as the staff costs for which they compensate.