Company registration number 04670592 (England and Wales)
DOVETAIL POLYMERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
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 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,887
4,837
Current assets
Stocks
604,935
440,772
Debtors
5
2,129,509
2,404,046
Cash at bank and in hand
50,109
3,284
2,784,553
2,848,102
Creditors: amounts falling due within one year
6
(2,171,592)
(2,083,179)
Net current assets
612,961
764,923
Total assets less current liabilities
614,848
769,760
Creditors: amounts falling due after more than one year
7
(113,091)
Provisions for liabilities
(55)
(1,378)
Net assets
614,793
655,291
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
613,793
654,291
Total equity
614,793
655,291
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 2022 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.
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.
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 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 April 2023 and are signed on its behalf by:
T Dove
Director
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 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 amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. 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 cost and replacement 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.
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
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 received 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 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2022 and 31 December 2022
5,000
Amortisation and impairment
At 1 January 2022 and 31 December 2022
5,000
Carrying amount
At 31 December 2022
At 31 December 2021
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 January 2022 and 31 December 2022
61,608
Depreciation and impairment
At 1 January 2022
56,771
Depreciation charged in the year
2,950
At 31 December 2022
59,721
Carrying amount
At 31 December 2022
1,887
At 31 December 2021
4,837
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
523,427
686,537
Amounts owed by group undertakings
1,468,097
1,533,043
Other debtors
137,985
184,466
2,129,509
2,404,046
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
1,594,606
1,448,421
Trade creditors
246,499
356,906
Amounts owed to group undertakings
223,786
120,000
Taxation and social security
91,578
154,178
Other creditors
15,123
3,674
2,171,592
2,083,179
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
113,091
8
Financial commitments, guarantees and contingent liabilities
Bank loans are secured by way of fixed and floating charges over the company's assets.
9
Related party transactions
At the year end the company owed £223,786 (2021 : £120,000) to the parent company. During the year the company incurred management charges of £120,000 (2021 : £120,000) from the parent company.
At the year end the company was owed £1,468,097 from a group company. During the year the company sold good totalling £330,462 (2021: £417,470) to a group company.
The parent company 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.
DOVETAIL POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
10
Parent company
The parent company is DoveTail Holdings Limited.