Company Registration No. SC330067 (Scotland)
INTER EURO POLYMERS LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
INTER EURO POLYMERS LTD.
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
INTER EURO POLYMERS LTD.
BALANCE SHEET
AS AT 31 MAY 2019
31 May 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
2
15,975
17,750
Tangible assets
3
894
1,112
16,869
18,862
Current assets
Stocks
3,451
3,304
Debtors
4
67,957
60,733
Cash at bank and in hand
35,319
15,280
106,727
79,317
Creditors: amounts falling due within one year
5
(21,722)
(19,926)
Net current assets
85,005
59,391
Total assets less current liabilities
101,874
78,253
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
101,774
78,153
Total equity
101,874
78,253
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 May 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 23 January 2020
Mr S Black
Director
Company Registration No. SC330067
INTER EURO POLYMERS LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 2 -
1
Accounting policies
Company information
Inter Euro Polymers Ltd. is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Titanium 1, King's Inch Place, Renfrew, PA4 8WF.
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. 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
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
1.4
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 and fittings
25% Reducing Balance
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
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
1.6
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.
INTER EURO POLYMERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 3 -
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction 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 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2018 and 31 May 2019
35,500
Amortisation and impairment
At 1 June 2018
17,750
Amortisation charged for the year
1,775
At 31 May 2019
19,525
Carrying amount
At 31 May 2019
15,975
At 31 May 2018
17,750
INTER EURO POLYMERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 4 -
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2018
4,408
Additions
80
At 31 May 2019
4,488
Depreciation and impairment
At 1 June 2018
3,296
Depreciation charged in the year
298
At 31 May 2019
3,594
Carrying amount
At 31 May 2019
894
At 31 May 2018
1,112
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
1,913
4,175
Other debtors
66,044
56,558
67,957
60,733
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
3,488
4,746
Taxation and social security
16,584
13,530
Other creditors
1,650
1,650
21,722
19,926
INTER EURO POLYMERS LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 5 -
6
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
99 Ordinary of £1 each
99
99
1 Ordinary B of £1 each
1
1
100
100
7
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors Loan Account
-
54,552
59,947
(48,880)
65,619
54,552
59,947
(48,880)
65,619