Registered number
06699833
Polka! (Sidmouth) Ltd
Unaudited Filleted Accounts
31 January 2023
Polka! (Sidmouth) Ltd
Registered number: 06699833
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,446 6,782
Current assets
Stocks 35,863 23,608
Debtors 4 5,811 3,243
Cash at bank and in hand 5,247 12,478
46,921 39,329
Creditors: amounts falling due within one year 5 (64,028) (49,521)
Net current liabilities (17,107) (10,192)
Net liabilities (11,661) (3,410)
Capital and reserves
Called up share capital 100 100
Profit and loss account (11,761) (3,510)
Shareholders' funds (11,661) (3,410)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs K Tanner
Director
Approved by the board on 4 October 2023
Polka! (Sidmouth) Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes from the sale of goods. This is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery 20% straightline
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 February 2022 6,278 27,816 34,094
Additions - 228 228
At 31 January 2023 6,278 28,044 34,322
Depreciation
At 1 February 2022 1,861 25,451 27,312
Charge for the year 884 680 1,564
At 31 January 2023 2,745 26,131 28,876
Net book value
At 31 January 2023 3,533 1,913 5,446
At 31 January 2022 4,417 2,365 6,782
4 Debtors 2023 2022
£ £
Deferred tax asset 4,899 2,969
Other debtors 912 274
5,811 3,243
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 16,884 5,020
Other taxes and social security costs 33 2,078
Other creditors 47,111 42,423
64,028 49,521
6 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 40,000 50,000
7 Going Concern
Although the company has made a loss the directors have indicated their willingness to continue to support the company.
8 Other information
Polka! (Sidmouth) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
63 High Street
Sidmouth
Devon
EX10 8LE
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