Polomi Ltd 12183423 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is Fashion Accessories Designer Digita Accounts Production Advanced 6.30.9574.0 true true 12183423 2022-01-01 2022-12-31 12183423 2022-12-31 12183423 bus:OrdinaryShareClass1 2022-12-31 12183423 core:CurrentFinancialInstruments 2022-12-31 12183423 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12183423 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 12183423 bus:SmallEntities 2022-01-01 2022-12-31 12183423 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 12183423 bus:FullAccounts 2022-01-01 2022-12-31 12183423 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 12183423 bus:RegisteredOffice 2022-01-01 2022-12-31 12183423 bus:Director1 2022-01-01 2022-12-31 12183423 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 12183423 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 12183423 core:PatentsTrademarksLicencesConcessionsSimilar 2022-01-01 2022-12-31 12183423 countries:UnitedKingdom 2022-01-01 2022-12-31 12183423 2021-01-01 2021-12-31 12183423 2021-12-31 12183423 bus:OrdinaryShareClass1 2021-12-31 12183423 core:CurrentFinancialInstruments 2021-12-31 12183423 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12183423

Polomi Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

Polomi Ltd

Company Information

Director

Ms Polomi Chande

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

Polomi Ltd

(Registration number: 12183423)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

14,253

-

Current assets

 

Stocks

5

176,294

-

Debtors

6

5,921

217

Cash at bank and in hand

 

138,861

495,570

 

321,076

495,787

Creditors: Amounts falling due within one year

7

(21,216)

(23,399)

Net current assets

 

299,860

472,388

Net assets

 

314,113

472,388

Capital and reserves

 

Called up share capital

8

1,481

1,481

Share premium reserve

599,519

599,519

Retained earnings

(286,887)

(128,612)

Shareholders' funds

 

314,113

472,388

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 September 2023
 

 

Polomi Ltd

(Registration number: 12183423)
Balance Sheet as at 31 December 2022

.........................................
Ms Polomi Chande
Director

 

Polomi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the director on 29 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Polomi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

over 8 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2021 - 1).

 

Polomi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Website
 £

Total
£

Cost or valuation

Additions acquired separately

16,290

16,290

At 31 December 2022

16,290

16,290

Amortisation

Amortisation charge

2,037

2,037

At 31 December 2022

2,037

2,037

Carrying amount

At 31 December 2022

14,253

14,253

5

Stocks

2022
£

2021
£

Other inventories

176,294

-

6

Debtors

Current

2022
£

2021
£

Other taxation

5,921

217

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

7,464

-

Accruals and deferred income

2,530

1,450

Director loan account

11,222

21,949

21,216

23,399

8

Share capital

Allotted, called up and fully paid shares

 

Polomi Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

 

2022

2021

 

No.

£

No.

£

Ordinary of £0.0010 each

1,481,471

1,481

1,481,471

1,481