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