Polystrop Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01323404

POLYSTROP LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018

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

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

121,716

128,407

CURRENT ASSETS

Stocks

89,869

93,453

Debtors

5

529,314

553,631

Cash at bank and in hand

7,740

5,120

626,923

652,204

CREDITORS

Amounts falling due within one year

6

596,142

640,324

NET CURRENT ASSETS

30,781

11,880

TOTAL ASSETS LESS CURRENT LIABILITIES

152,497

140,287

CREDITORS

Amounts falling due after more than one year

7

(850

)

(9,631

)

PROVISIONS FOR LIABILITIES

(23,060

)

(26,273

)

NET ASSETS

128,587

104,383

CAPITAL AND RESERVES

Called up share capital

122

122

Capital redemption reserve

50

50

Retained earnings

128,415

104,211

SHAREHOLDERS' FUNDS

128,587

104,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 12 December 2018 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 Not specified/Other. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

-

33% on cost, 25% on reducing balance, 15% 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 and

slow moving 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 29 (2017 - 27 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 August 2017

272,193

Additions

10,460

At 31 July 2018

282,653

DEPRECIATION

At 1 August 2017

143,786

Charge for year

17,151

At 31 July 2018

160,937

NET BOOK VALUE

At 31 July 2018

121,716

At 31 July 2017

128,407

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

Plant and

machinery

etc

£

COST

At 1 August 2017

and 31 July 2018

71,450

DEPRECIATION

At 1 August 2017

29,269

Charge for year

6,327

At 31 July 2018

35,596

NET BOOK VALUE

At 31 July 2018

35,854

At 31 July 2017

42,181

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/18

31/7/17

£

£

Trade debtors

527,427

551,851

Prepayments and accrued income

1,887

1,780

529,314

553,631

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/7/18

31/7/17

£

£

Hire purchase contracts

8,781

11,432

Trade creditors

347,208

361,783

Taxation and social security

102,590

110,360

Other creditors

137,563

156,749

596,142

640,324

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31/7/18

31/7/17

£

£

Hire purchase contracts

850

9,631

8.	SECURED DEBTS

The following secured debts are included within creditors:

31/7/18

31/7/17

£

£

Invoice discounting

128,828

150,096