Company Registration No. 06492288 (England and Wales)
SPECIALITY POLYMERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
Abbey House
Hickleys Court
South Street
Farnham
Surrey
GU9 7QQ
SPECIALITY POLYMERS LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SPECIALITY POLYMERS LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr D. Roddy
Secretary
Mr S. Chipperfield
Company number
06492288
Registered office
Abbey House
Hickleys Court
South Street
Farnham
Surrey
GU9 7QQ
Accountants
Taylorcocks
Abbey House
Hickleys Court
South Street
Farnham
Surrey
GU9 7QQ
SPECIALITY POLYMERS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,661
4,239
Current assets
Stocks
82,478
72,260
Debtors
4
103,210
95,760
Cash at bank and in hand
92,206
67,109
277,894
235,129
Creditors: amounts falling due within one year
5
(161,368)
(148,615)
Net current assets
116,526
86,514
Total assets less current liabilities
119,187
90,753
Capital and reserves
Called up share capital
8
101
101
Profit and loss reserves
119,086
90,652
Total equity
119,187
90,753
SPECIALITY POLYMERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2019
31 March 2019
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
The financial statements were approved and signed by the director and authorised for issue on
6 August 2019
Mr D. Roddy
Director
Company Registration No. 06492288
The notes on pages 4 to 8 form part of these financial statements
SPECIALITY POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 4 -
1
Accounting policies
Company information
Speciality Polymers Limited
(06492288)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Abbey House, Hickleys Court, South Street, Farnham, Surrey, GU9 7QQ.
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 £.
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 represents the total invoice value, excluding value added tax, of sales made during the year
and derives from the provision of goods falling within the company's ordinary activities.
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.
It is the policy of the company to capitalise items with a cost of £500 and over, all other items are expensed in the year of purchase.
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 and fittings
25% straight line
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.
SPECIALITY POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
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 at bank and in hand
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.
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 assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, 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.
SPECIALITY POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 6 -
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.
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 taxa
ti
on is provided in full in respect of taxa
ti
on deferred by
ti
ming differences between the
treatment of certain items for taxa
ti
on and accoun
ti
ng purposes. The deferred tax balance has not been
discounted
.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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 1 (2018 - 1).
SPECIALITY POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2018
16,257
Additions
1,984
Disposals
(13,889)
At 31 March 2019
4,352
Depreciation and impairment
At 1 April 2018
12,018
Depreciation charged in the year
654
Eliminated in respect of disposals
(10,981)
At 31 March 2019
1,691
Carrying amount
At 31 March 2019
2,661
At 31 March 2018
4,239
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
82,863
82,143
Other debtors
20,347
13,617
103,210
95,760
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
129,523
113,972
Corporation tax
22,154
32,742
Other taxation and social security
2,122
3
Other creditors
6,899
1,228
Accruals and deferred income
670
670
161,368
148,615
SPECIALITY POLYMERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 8 -
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
2019
2018
£
£
Other related parties
-
34,631
The following amounts were outstanding at the reporting end date:
2018
2017
Balance
Balance
Amounts owed by related parties
£
£
Other related parties
2,759
4,730
7
Directors' transactions
The director maintains a loan account with the company. At the start of the year, the director owed the company £4,841. During the year, repayments were received totalling £23,084 and advances were made totalling £35,599. Interest was charged on the balance owing at 2.5% totalling £233. At the year-end, the director owed the company £17,588.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
1 Ordinary A shares of £1 each
1
1
101
101