Polydeck Limited - Filleted accounts

Polydeck Limited - Filleted accounts


Registered number
04320909
Polydeck Limited
Filleted Accounts
30 November 2019
Polydeck Limited
Registered number: 04320909
Balance Sheet
as at 30 November 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 4 50,953 60,736
Current assets
Stocks 135,678 94,633
Debtors 5 283,003 249,430
Cash at bank and in hand 76,192 46,969
494,873 391,032
Creditors: amounts falling due within one year 6 (229,515) (240,303)
Net current assets 265,358 150,729
Total assets less current liabilities 316,311 211,465
Creditors: amounts falling due after more than one year 7 (8,500) (11,590)
Net assets 307,811 199,875
Capital and reserves
Called up share capital 100 100
Profit and loss account 307,711 199,775
Shareholders' funds 307,811 199,875
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Christopher Spooner
Director
Approved by the board on 17 April 2020
Polydeck Limited
Notes to the Accounts
for the year ended 30 November 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Goodwill is measured at cost less accumulative amortisation and any accumulative impairment losses.
Amortisation is provided at the following rates:
Goodwill 10% straight line
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2019 2018
Number Number
Average number of persons employed by the company 17 16
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2018 1,000
At 30 November 2019 1,000
Amortisation
At 1 December 2018 1,000
At 30 November 2019 1,000
Net book value
At 30 November 2019 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures, fittings, tools and equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2018 29,259 133,625 22,495 185,379
Additions - 584 - 584
At 30 November 2019 29,259 134,209 22,495 185,963
Depreciation
At 1 December 2018 22,660 91,166 10,817 124,643
Charge for the year 990 6,457 2,920 10,367
At 30 November 2019 23,650 97,623 13,737 135,010
Net book value
At 30 November 2019 5,609 36,586 8,758 50,953
At 30 November 2018 6,599 42,459 11,678 60,736
5 Debtors 2019 2018
£ £
Trade debtors 283,003 242,124
Other debtors - 7,306
283,003 249,430
6 Creditors: amounts falling due within one year 2019 2018
£ £
Obligations under finance lease and hire purchase contracts 3,088 3,088
Trade creditors 188,662 192,812
Taxation and social security costs 35,865 42,353
Other creditors 1,900 2,050
229,515 240,303
7 Creditors: amounts falling due after one year 2019 2018
£ £
Obligations under finance lease and hire purchase contracts 8,500 11,590
8 Pension commitments
The Company operates a defined contribution pension scheme. The total pension cost charge for the year was £6,656 (2016 £5,132).
9 Other financial commitments 2019 2018
£ £
Total future minimum payments under non-cancellable operating leases 97,564 115,296
10 Other information
Polydeck Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 14
Burnett Industrial Estate
Wrington
Bristol
BS40 5QS
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