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31/12/2021
2021-12-31
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No description of principal activities is disclosed
2021-01-01
Sage Accounts Production 21.0 - FRS102_2021
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08944287
2021-01-01
2021-12-31
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2021-12-31
08944287
2020-12-31
08944287
2020-01-01
2020-12-31
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2020-12-31
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08944287
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2020-12-31
08944287
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2021-12-31
08944287
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08944287
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08944287
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2021-01-01
2021-12-31
08944287
1
2021-01-01
2021-12-31
Company registration number:
08944287
P P Polymers Limited
Filleted financial statements
31 December 2021
P P Polymers Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
P P Polymers Limited
Directors and other information
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Directors
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Mr J D Harrison
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Mr S A Cox
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Company number
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08944287
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Registered office
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45/49 Greek Street
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Stockport
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Cheshire
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SK3 8AX
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Business address
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3 Europa Close
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Off Europa Link
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Sheffield
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S9 1XS
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Auditor
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Downham Morris & Co
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45/49 Greek Street
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Stockport
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Cheshire
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SK3 8AX
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Accountants
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Downham Morris & Co
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45/49 Greek Street
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Stockport
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Cheshire
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SK3 8AX
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P P Polymers Limited
Directors responsibilities statement
Year ended 31 December 2021
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
P P Polymers Limited
Statement of financial position
31 December 2021
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2021
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2020
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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6
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1,825,950
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1,850,637
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|
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_______
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_______
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1,825,950
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1,850,637
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Current assets
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Stocks
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14,889
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11,259
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Debtors
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7
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36,292
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75,307
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Cash at bank and in hand
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502,920
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903,329
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_______
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_______
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554,101
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989,895
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Creditors: amounts falling due
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within one year
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8
|
(
1,813,281)
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(
2,148,155)
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_______
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_______
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Net current liabilities
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(
1,259,180)
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(
1,158,260)
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_______
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_______
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Total assets less current liabilities
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566,770
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692,377
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Creditors: amounts falling due
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after more than one year
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9
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|
(
749,114)
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|
(
814,777)
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Provisions for liabilities
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(
313,495)
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(
288,279)
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_______
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_______
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Net liabilities
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(
495,839)
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(
410,679)
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_______
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_______
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Capital and reserves
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Called up share capital
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|
|
|
|
1
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|
|
|
1
|
Profit and loss account
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|
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|
|
(
495,840)
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|
|
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(
410,680)
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|
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_______
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_______
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Shareholders deficit
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|
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(
495,839)
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(
410,679)
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_______
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_______
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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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
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These financial statements were approved by the
board of directors
and authorised for issue on
01 August 2022 , and are signed on behalf of the board by:
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.........................
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Mr J D Harrison
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Director
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Company registration number:
08944287
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P P Polymers Limited
Notes to the financial statements
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 45/49 Greek Street, Stockport, Cheshire, SK3 8AX.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Research and development
Research expenditure is written off in the year in which it is incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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Plant and machinery
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-
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10 %
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straight line
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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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Raw materials are stated at purchase cost on a first-in, first-out basis and a provision is made for obsolete, slow moving or defective items where appropriate.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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.
4.
Critical accounting policies
In the application of the company's accounting policies, which are described in note 3, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the company's accounting policies
Assessment of research and development costs
The directors do not consider that the amounts recognised in the current or prior year's financial statements have been significantly affected by any critical judgements made in the process of applying the company's accounting policies.
Key sources of estimation uncertainty
Provision against bad and doubtful accounts receivable
Customer and other debtors are reviewed on a line-by-line basis at each financial period end. Provision against bad debts, which is netted against the debtors to which it relates, is made when notification is received from the administrators. Prior to this point, the risk of doubtful debts is mitigated through regular credit reviews. As at the year end the directors have no material concerns over the recoverability of the company's debtors.
Provision against slow-moving, obsolete or irrecoverable stock
Stock is reviewed on an ongoing basis and a provision made where directors are of the opinion that specific raw materials may be irrecoverable. As at the year end the directors have no material concerns over the recoverability of the company's stock.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2020:
3
).
6.
Tangible assets
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Plant and machinery
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Total
|
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|
£
|
£
|
|
|
|
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|
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Cost
|
|
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|
|
|
|
|
|
At 1 January 2021
|
1,850,637
|
1,850,637
|
|
|
|
|
|
|
Additions
|
163,450
|
163,450
|
|
|
|
|
|
|
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_______
|
_______
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|
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|
At 31 December 2021
|
2,014,087
|
2,014,087
|
|
|
|
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_______
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_______
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Depreciation
|
|
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|
At 1 January 2021
|
-
|
-
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|
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Charge for the year
|
188,137
|
188,137
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|
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|
|
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_______
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_______
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|
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|
At 31 December 2021
|
188,137
|
188,137
|
|
|
|
|
|
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_______
|
_______
|
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Carrying amount
|
|
|
|
|
|
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|
|
At 31 December 2021
|
1,825,950
|
1,825,950
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
|
|
At 31 December 2020
|
1,850,637
|
1,850,637
|
|
|
|
|
|
|
|
_______
|
_______
|
|
|
|
|
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|
|
|
|
|
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7.
Debtors
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
23,457
|
-
|
|
Other debtors
|
|
12,835
|
75,307
|
|
|
|
_______
|
_______
|
|
|
|
36,292
|
75,307
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
21,477
|
318,535
|
|
Amounts owed to group undertakings
|
|
1,511,625
|
1,607,116
|
|
Social security and other taxes
|
|
607
|
3,412
|
|
Other creditors
|
|
279,572
|
219,092
|
|
|
|
_______
|
_______
|
|
|
|
1,813,281
|
2,148,155
|
|
|
|
_______
|
_______
|
|
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|
Finance lease and hire purchase liabilities are secured on the assets to which they relate.Amounts owed to group undertakings have no set repayment terms and attract no interest.
|
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|
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|
|
|
9.
Creditors: amounts falling due after more than one year
|
|
|
2021
|
2020
|
|
|
|
£
|
£
|
|
Other creditors
|
|
749,114
|
814,777
|
|
|
|
_______
|
_______
|
|
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Finance lease and hire purchase liabilities are secured on the assets to which they relate.
|
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|
10.
Summary audit opinion
The auditor's report for the year dated
01 August 2022
was unqualified.
The senior statutory auditor was
Ian Gwynfor Morris FCCA
for and on behalf of
Downham Morris & Co
11.
Controlling party
The company is under the control of its parent company, Protec International Limited, by virtue of its shareholding.