Company Registration No. 04670592 (England and Wales)
DOVETAIL POLYMERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
DOVETAIL POLYMERS LIMITED
COMPANY INFORMATION
Directors
M Dove
T Dove
Secretary
M Dove
Company number
04670592
Registered office
The Old Post Office
Stalisfield Green
Faversham
Kent
ME13 0HY
Accountants
Perrys Accountants Limited
Chartered Accountants
34 Threadneedle Street
London
EC2R 8AY
DOVETAIL POLYMERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DOVETAIL POLYMERS LIMITED (REGISTERED NUMBER: 04670592)
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,177
4,875
Current assets
Stocks
414,565
479,425
Debtors
5
2,542,140
2,354,751
Cash at bank and in hand
1,830
4,919
2,958,535
2,839,095
Creditors: amounts falling due within one year
6
(2,497,855)
(2,396,088)
Net current assets
460,680
443,007
Total assets less current liabilities
462,857
447,882
Provisions for liabilities
(205)
(975)
Net assets
462,652
446,907
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
461,652
445,907
Total equity
462,652
446,907
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
DOVETAIL POLYMERS LIMITED (REGISTERED NUMBER: 04670592)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 June 2017 and are signed on its behalf by:
T Dove
Director
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 3 -
1
Accounting policies
Company information
DoveTail Polymers Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
The Old Post Office, Stalisfield Green, Faversham, Kent, ME13 0HY.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of DoveTail Polymers Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 4 -
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2015 - 2).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2016 and 31 December 2016
5,000
Amortisation and impairment
At 1 January 2016 and 31 December 2016
5,000
Carrying amount
At 31 December 2016
-
At 31 December 2015
-
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2016 and 31 December 2016
34,326
Depreciation and impairment
At 1 January 2016
29,451
Depreciation charged in the year
2,698
At 31 December 2016
32,149
Carrying amount
At 31 December 2016
2,177
At 31 December 2015
4,875
5
Debtors
2016
2015
Amounts falling due within one year:
£
£
Trade debtors
795,080
785,944
Amounts due from group undertakings
1,735,414
1,554,813
Other debtors
11,646
13,994
2,542,140
2,354,751
6
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
991,787
801,394
Trade creditors
654,722
786,287
Amounts due to group undertakings
297,514
273,582
Corporation tax
24,086
20,734
Other taxation and social security
122,456
216,309
Other creditors
407,290
297,782
2,497,855
2,396,088
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 7 -
7
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1,000 Share Capital A Shares of £1 each
1,000
1,000
1,000
1,000
8
Related party transactions
During the year services were purchased from Dovetail Holdings Limited totalling £60,000. At the year end the company owed £297,514 to Dovetail Holdings Limited.
At the year end the company was owed £1,735,414 from Dovetail Plastics Limited.
Dovetail Holdings Limited has provided security guarantees in respect of balances included in other creditors.
The directors have provided a personal guarantee up to a maximum of £50,000 in respect of balances included in other creditors.
9
Parent company
The ultimate control of the company lies with T Dove by virtue of her shareholdings in the ultimate parent company, Dovetail Holdings Limited.