POLYCURE_SOLUTIONS_LTD - Accounts

POLYCURE SOLUTIONS LTD - Company Information

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Company Registration No. 06936058 (England and Wales)

POLYCURE SOLUTIONS LTD

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2015

POLYCURE SOLUTIONS LTD

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

POLYCURE SOLUTIONS LTD

ABBREVIATED BALANCE SHEET

AS AT

31 DECEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

16,028

18,856

Current assets

Stocks

28,612

26,064

Debtors

205,822

180,709

Cash at bank and in hand

15,965

250,399

206,773

Creditors: amounts falling due within one year

(261,651)

(220,753)

Net current liabilities

(11,252)

(13,980)

Total assets less current liabilities

4,776

4,876

Capital and reserves

Called up share capital

100

Profit and loss account

4,676

4,776

Shareholders' funds

4,776

4,876

For the financial year ended 31 December 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 27 May 2016

Mr S M Whiteside

Mr P J Dyer

Director

Company Registration No. 06936058

POLYCURE SOLUTIONS LTD

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company is reliant upon support being provided to it by a director and other external creditors. The accounts have been drawn up on the going concern basis as there is no evidence to suggest that this support will be withdrawn in the foreseeable future.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

15% reducing balance

Fixed assets

Tangible assets

Cost

At 1 January 2015 & at 31 December 2015

39,397

Depreciation

At 1 January 2015

20,541

Charge for the year

2,828

At 31 December 2015

23,369

Net book value

At 31 December 2015

16,028

At 31 December 2014

18,856

Creditors: amounts falling due within one year

The bank borrowings are secured by personal guarantees given by the directors equally.

POLYCURE SOLUTIONS LTD

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2015

- 3 -

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Related party relationships and transactions

Advances and credits to the directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr L J Hind - Director loan

57,841

33,284

35,821

55,304

Mr S M Whiteside - Director loan

61,149

34,130

35,741

59,538

118,990

67,414

71,562

114,842

During the year the maximum overdrawn loan account balances were as follows - Mr L J Hind £66,160 and Mr S M Whiteside £70,383.

Loans from the directors

Transactions in relation to loans from the directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Mr P J Dyer - Director loan

100,098

45,798

22,311

123,585

100,098

45,798

22,311

123,585