30/04/2018
2018-04-30
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No description of principal activities is disclosed
2017-05-01
Sage Accounts Production 18.30 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
02235374
2017-05-01
2018-04-30
02235374
2018-04-30
02235374
2017-04-30
02235374
2016-05-01
2017-04-30
02235374
2017-04-30
02235374
core:PlantMachinery
2017-05-01
2018-04-30
02235374
core:FurnitureFittingsToolsEquipment
2017-05-01
2018-04-30
02235374
core:MotorVehicles
2017-05-01
2018-04-30
02235374
bus:Director1
2017-05-01
2018-04-30
02235374
core:LandBuildings
core:LongLeaseholdAssets
2017-04-30
02235374
core:PlantMachinery
2017-04-30
02235374
core:FurnitureFittingsToolsEquipment
2017-04-30
02235374
core:MotorVehicles
2017-04-30
02235374
core:LandBuildings
core:LongLeaseholdAssets
2018-04-30
02235374
core:PlantMachinery
2018-04-30
02235374
core:FurnitureFittingsToolsEquipment
2018-04-30
02235374
core:MotorVehicles
2018-04-30
02235374
core:WithinOneYear
2018-04-30
02235374
core:WithinOneYear
2017-04-30
02235374
core:AfterOneYear
2018-04-30
02235374
core:AfterOneYear
2017-04-30
02235374
core:RestatedAmount
2017-04-30
02235374
core:ShareCapital
2018-04-30
02235374
core:ShareCapital
2017-04-30
02235374
core:RetainedEarningsAccumulatedLosses
2018-04-30
02235374
core:RetainedEarningsAccumulatedLosses
2017-04-30
02235374
core:BetweenOneFiveYears
2018-04-30
02235374
core:BetweenOneFiveYears
2017-04-30
02235374
core:LandBuildings
core:LongLeaseholdAssets
2017-05-01
2018-04-30
02235374
core:LandBuildings
core:LongLeaseholdAssets
2017-04-30
02235374
core:PlantMachinery
2017-04-30
02235374
core:FurnitureFittingsToolsEquipment
2017-04-30
02235374
core:MotorVehicles
2017-04-30
02235374
bus:SmallEntities
2017-05-01
2018-04-30
02235374
bus:AuditExempt-NoAccountantsReport
2017-05-01
2018-04-30
02235374
bus:FullAccounts
2017-05-01
2018-04-30
02235374
bus:SmallCompaniesRegimeForAccounts
2017-05-01
2018-04-30
02235374
bus:PrivateLimitedCompanyLtd
2017-05-01
2018-04-30
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
|
|
_______ |
_______ |
|
|
|