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REGISTERED NUMBER: 06147734 (England and Wales)















POLAR INSTALLATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






POLAR INSTALLATIONS LIMITED (REGISTERED NUMBER: 06147734)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


POLAR INSTALLATIONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: G Halliday
K Halliday



REGISTERED OFFICE: Unit 25
Pilsworth Way
Bury
BL9 8RE



REGISTERED NUMBER: 06147734 (England and Wales)



ACCOUNTANTS: DTE Business Advisers Limited
Chartered Accountants
The Exchange
5 Bank Street
Bury
BL9 0DN



BANKERS: National Westminster Bank plc
Town Hall Square
Rochdale
Lancashire
OL16 1LL

POLAR INSTALLATIONS LIMITED (REGISTERED NUMBER: 06147734)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 112,522 46,263
112,522 46,263

CURRENT ASSETS
Debtors 6 198,173 245,530
Cash at bank and in hand 252,206 309,889
450,379 555,419
CREDITORS
Amounts falling due within one year 7 (64,800 ) (95,109 )
NET CURRENT ASSETS 385,579 460,310
TOTAL ASSETS LESS CURRENT
LIABILITIES

498,101

506,573

CREDITORS
Amounts falling due after more than one
year

8

(60,518

)

(24,552

)

PROVISIONS FOR LIABILITIES (21,379 ) -
NET ASSETS 416,204 482,021

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 416,104 481,921
SHAREHOLDERS' FUNDS 416,204 482,021

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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 INSTALLATIONS LIMITED (REGISTERED NUMBER: 06147734)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 October 2023 and were signed on its behalf by:





G Halliday - Director


POLAR INSTALLATIONS LIMITED (REGISTERED NUMBER: 06147734)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Polar Installations Limited is a private company, limited by shares, registered in England & Wales, registered number 06147734. The registered office is Unit 25 Pilsworth Way, Bury, England, BL9 8RE.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

During the year the company has continued to generate profits and the directors believe that the well established trading name puts the company in the best possible position to manage its business risks successfully despite the current uncertain economic outlook. On this basis the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue
Revenue comprises the aggregate of the fair value of the sale of goods and services provided, net of value-added tax, rebates and discounts. Revenue is recognised as follows:-

Sale of goods
Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collection of the related receivables is anticipated.

Sale of services
Service revenues are recognised as those services are provided to customers.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Financial instruments
The company only enters into basic financial instruments transactions 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.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.


POLAR INSTALLATIONS LIMITED (REGISTERED NUMBER: 06147734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the income statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered key judgements in calculating an appropriate depreciation charge.

In categorising leases as finance or operating leases, the director makes judgements, as to whether significant risks and rewards of ownership have transferred to the company as lessee.

POLAR INSTALLATIONS LIMITED (REGISTERED NUMBER: 06147734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Dividends
Equity dividends are recognised when they become legally payable and are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 10,000
AMORTISATION
At 1 April 2022
and 31 March 2023 10,000
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
etc
£   
COST
At 1 April 2022 101,299
Additions 87,414
Disposals (20,873 )
At 31 March 2023 167,840
DEPRECIATION
At 1 April 2022 55,036
Charge for year 19,093
Eliminated on disposal (18,811 )
At 31 March 2023 55,318
NET BOOK VALUE
At 31 March 2023 112,522
At 31 March 2022 46,263

POLAR INSTALLATIONS LIMITED (REGISTERED NUMBER: 06147734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. PROPERTY, PLANT AND EQUIPMENT - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022 61,631
Additions 63,715
Transfer to ownership (28,231 )
At 31 March 2023 97,115
DEPRECIATION
At 1 April 2022 20,996
Charge for year 15,263
Transfer to ownership (16,778 )
At 31 March 2023 19,481
NET BOOK VALUE
At 31 March 2023 77,634
At 31 March 2022 40,635

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 198,173 245,530

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 9,319 8,204
Trade creditors 47,876 63,848
Taxation and social security 6,203 20,173
Other creditors 1,402 2,884
64,800 95,109

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 9) 60,518 24,552

POLAR INSTALLATIONS LIMITED (REGISTERED NUMBER: 06147734)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 9,319 8,204
Between one and five years 60,518 24,552
69,837 32,756

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 69,837 32,756

Net obligations under hire purchase contracts are secured on the assets to which they relate.