Company Registration No. 04670592 (England and Wales)
DOVETAIL POLYMERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
DOVETAIL POLYMERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DOVETAIL POLYMERS LIMITED (REGISTERED NUMBER: 04670592)
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
9,326
7,192
Current assets
Stocks
271,348
455,364
Debtors
5
1,957,426
2,048,177
Cash at bank and in hand
65,626
5,934
2,294,400
2,509,475
Creditors: amounts falling due within one year
6
(1,268,618)
(1,893,110)
Net current assets
1,025,782
616,365
Total assets less current liabilities
1,035,108
623,557
Creditors: amounts falling due after more than one year
7
(350,000)
-
Provisions for liabilities
(1,321)
(784)
Net assets
683,787
622,773
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
682,787
621,773
Total equity
683,787
622,773
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 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 February 2021 and are signed on its behalf by:
T Dove
Director
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 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.
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
.
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.
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
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 and cash equivalents
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
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.9
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
in the period
are included in profit or loss.
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2020 and 31 December 2020
5,000
Amortisation and impairment
At 1 January 2020 and 31 December 2020
5,000
Carrying amount
At 31 December 2020
-
At 31 December 2019
-
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2020
52,924
Additions
7,158
At 31 December 2020
60,082
Depreciation and impairment
At 1 January 2020
45,732
Depreciation charged in the year
5,024
At 31 December 2020
50,756
Carrying amount
At 31 December 2020
9,326
At 31 December 2019
7,192
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
371,017
495,769
Amounts owed by group undertakings
1,479,963
1,542,217
Other debtors
106,446
10,191
1,957,426
2,048,177
6
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
664,049
1,320,752
Trade creditors
47,917
193,841
Amounts owed to group undertakings
400,000
280,000
Taxation and social security
153,704
95,668
Other creditors
2,948
2,849
1,268,618
1,893,110
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
350,000
-