Polyfab & Formings Limited 30/04/2018 iXBRL

Polyfab & Formings Limited 30/04/2018 iXBRL

POLYFAB & FORMINGS LIMITED - Company Information

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Company registration number: 02235374
Polyfab & Formings Limited
Unaudited filleted financial statements
30 April 2018
Polyfab & Formings Limited
Contents
Statement of financial position
Notes to the financial statements
Polyfab & Formings Limited
Statement of financial position
30 April 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 304,964 345,704
_______ _______
304,964 345,704
Current assets
Stocks 6 103,058 76,424
Debtors 7 399,807 408,424
Cash at bank and in hand 24,639 71,423
_______ _______
527,504 556,271
Creditors: amounts falling due
within one year 8 ( 259,788) ( 241,355)
_______ _______
Net current assets 267,716 314,916
_______ _______
Total assets less current liabilities 572,680 660,620
Creditors: amounts falling due
after more than one year 9 ( 80,600) ( 120,412)
Provisions for liabilities ( 42,275) ( 27,837)
_______ _______
Net assets 449,805 512,371
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 449,705 512,271
_______ _______
Shareholders funds 449,805 512,371
_______ _______
For the year ending 30 April 2018 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 December 2018 , and are signed on behalf of the board by:
Mrs C. Goulding
Director
Company registration number: 02235374
Polyfab & Formings Limited
Notes to the financial statements
Year ended 30 April 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Hindley Green Business Park, Leigh Road, Hindley Green, Wigan, WN2 4TN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2017: 21 ).
5. Tangible assets
Long leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 May 2017 90,452 582,654 37,080 60,440 770,626
Additions - 15,588 2,139 - 17,727
_______ _______ _______ _______ _______
At 30 April 2018 90,452 598,242 39,219 60,440 788,353
_______ _______ _______ _______ _______
Depreciation
At 1 May 2017 47,078 330,207 26,252 21,385 424,922
Charge for the year 8,293 38,703 1,707 9,764 58,467
_______ _______ _______ _______ _______
At 30 April 2018 55,371 368,910 27,959 31,149 483,389
_______ _______ _______ _______ _______
Carrying amount
At 30 April 2018 35,081 229,332 11,260 29,291 304,964
_______ _______ _______ _______ _______
At 30 April 2017 43,374 252,447 10,828 39,055 345,704
_______ _______ _______ _______ _______
6. Stocks
2018 2017
£ £
Finished goods and goods for resale 103,058 76,424
_______ _______
7. Debtors
2018 2017
£ £
Trade debtors 344,601 368,793
Other debtors 55,206 39,631
_______ _______
399,807 408,424
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 111,590 94,288
Social security and other taxes 64,093 60,950
Other creditors 84,105 86,117
_______ _______
259,788 241,355
_______ _______
Included in other creditors falling due within one year are hire purchase agreements which are secured against the assets of the company.
9. Creditors: amounts falling due after more than one year
2018 2017
£ £
Other creditors 80,600 120,412
_______ _______
Included in other creditors falling due after more than one year are hire purchase agreements which are secured against the assets of the company.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 51,423 51,423
Later than 1 year and not later than 5 years 64,279 115,702
_______ _______
115,702 167,125
_______ _______