REGISTERED NUMBER: |
Polar Transport Ltd |
Unaudited Financial Statements |
for the Period 1 February 2021 to 28 February 2022 |
REGISTERED NUMBER: |
Polar Transport Ltd |
Unaudited Financial Statements |
for the Period 1 February 2021 to 28 February 2022 |
Polar Transport Ltd (Registered number: 13169464) |
Contents of the Financial Statements |
for the Period 1 February 2021 to 28 February 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Polar Transport Ltd |
Company Information |
for the Period 1 February 2021 to 28 February 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
5 London Road |
Rainham |
Gillingham |
Kent |
ME8 7RG |
Polar Transport Ltd (Registered number: 13169464) |
Statement of Financial Position |
28 February 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Polar Transport Ltd (Registered number: 13169464) |
Statement of Financial Position - continued |
28 February 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Polar Transport Ltd (Registered number: 13169464) |
Notes to the Financial Statements |
for the Period 1 February 2021 to 28 February 2022 |
1. | STATUTORY INFORMATION |
Polar Transport Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Income recognition |
Income represents the fair value of consideration received or receivable derived from the provision of goods and services to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice. |
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
Tangible fixed assets |
Financial instruments |
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
The financial statements have been prepared on a going concern basis. While the impact of the COVID-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company's trade, its customers and suppliers. However, taking into consideration the UK Government's response/financial support and the company's planning, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. |
Polar Transport Ltd (Registered number: 13169464) |
Notes to the Financial Statements - continued |
for the Period 1 February 2021 to 28 February 2022 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 28 February 2022 |
DEPRECIATION |
Charge for period |
At 28 February 2022 |
NET BOOK VALUE |
At 28 February 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Taxation and social security |
Other creditors |
7. | LEASING AGREEMENTS |
The company has lease agreements of £100,273 |