Company Registration No. 03456845 (England and Wales)
Polestar Interactive Limited
Unaudited accounts
for the period from 1 March 2022 to 31 December 2022
Polestar Interactive Limited
Unaudited accounts
Contents
Polestar Interactive Limited
Company Information
for the period from 1 March 2022 to 31 December 2022
Company Number
03456845 (England and Wales)
Registered Office
The Sir Colin Campbell Building
University of Nottingham Innovation Park
Triumph Road
Nottingham
NG7 2TU
United Kingdom
Accountants
Lilley & Co (UK) Limited
Suite 8
57 High Street
Ibstock
Leicestershire
LE67 6LH
Polestar Interactive Limited
Accountants' report
Accountants' report to the director of Polestar Interactive Limited on the preparation of the unaudited statutory accounts for the period from 1 March 2022 to 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Polestar Interactive Limited for the period from
1 March 2022 to
31 December 2022 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Polestar Interactive Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Polestar Interactive Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Polestar Interactive Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Polestar Interactive Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Polestar Interactive Limited. You consider that Polestar Interactive Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Polestar Interactive Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Lilley & Co (UK) Limited
Suite 8
57 High Street
Ibstock
Leicestershire
LE67 6LH
23 October 2023
Polestar Interactive Limited
Statement of financial position
as at 31 December 2022
Tangible assets
6,163
3,371
Cash at bank and in hand
88,872
127,307
Creditors: amounts falling due within one year
(213,569)
(234,321)
Net current assets
44,380
82,712
Total assets less current liabilities
50,543
86,083
Creditors: amounts falling due after more than one year
(248,518)
(120,438)
Net liabilities
(197,975)
(34,355)
Called up share capital
125
125
Profit and loss account
(198,100)
(34,480)
Shareholders' funds
(197,975)
(34,355)
For the period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 25 October 2023 and were signed on its behalf by
J M Smith
Director
Company Registration No. 03456845
Polestar Interactive Limited
Notes to the Accounts
for the period from 1 March 2022 to 31 December 2022
Polestar Interactive Limited is a private company, limited by shares, registered in England and Wales, registration number 03456845. The registered office is The Sir Colin Campbell Building, University of Nottingham Innovation Park, Triumph Road, Nottingham, NG7 2TU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover represents the net invoiced sales of goods and services, excluding value added tax, except in respect of service contracts where turnover is recognised when the company obtains the right to consideration.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% straight line
Computer equipment
33% straight line
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
These accounts have been prepared on a going concern basis. The directors are confident that the company will be able to continue meeting its day to day financial obligations as they arise.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Expenditure on research and development is written off in the year in which it is incurred.
Polestar Interactive Limited
Notes to the Accounts
for the period from 1 March 2022 to 31 December 2022
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2022
9,689
73,801
83,490
Disposals
(1,500)
-
(1,500)
At 31 December 2022
8,189
79,672
87,861
At 1 March 2022
9,457
70,662
80,119
Charge for the period
74
3,005
3,079
On disposals
(1,500)
-
(1,500)
At 31 December 2022
8,031
73,667
81,698
At 31 December 2022
158
6,005
6,163
At 28 February 2022
232
3,139
3,371
5
Debtors
31/12/2022
28/02/2022
Amounts falling due within one year
Trade debtors
42,667
18,657
Accrued income and prepayments
5,854
13,066
Other debtors
100,041
119,113
Amounts falling due after more than one year
Other debtors
20,515
38,890
6
Creditors: amounts falling due within one year
31/12/2022
28/02/2022
Bank loans and overdrafts
33,334
22,000
Trade creditors
35,660
17,641
Taxes and social security
12,426
16,307
Other creditors
991
10,879
Loans from directors
572
312
Deferred income
126,238
160,755
7
Creditors: amounts falling due after more than one year
31/12/2022
28/02/2022
Deferred income
31,852
47,105
Polestar Interactive Limited
Notes to the Accounts
for the period from 1 March 2022 to 31 December 2022
8
Share capital
31/12/2022
28/02/2022
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
25 Ordinary B shares of £1 each
25
25
9
Operating lease commitments
31/12/2022
28/02/2022
At 31 December 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
1,466
1,866
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan to director
(312)
-
260
(572)
Amounts due to the director of £312 are included in other creditors due in less than one year (2021: £914 due from the director included in other debtors due in less than one year).
11
Average number of employees
During the period the average number of employees was 6 (28/02/2022: 6).