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Company registration number: 03188740
Poltair Developments Ltd
Unaudited filleted financial statements
30 April 2023
POLTAIR DEVELOPMENTS LTD
STATEMENT OF FINANCIAL POSITION
30 APRIL 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 18,980 33,112
_______ _______
18,980 33,112
Current assets
Stocks 837,918 389,300
Debtors 6 1,330,896 1,495,600
Cash at bank and in hand 121,857 781,655
_______ _______
2,290,671 2,666,555
Creditors: amounts falling due
within one year 7 ( 2,504,168) ( 2,107,497)
_______ _______
Net current (liabilities)/assets ( 213,497) 559,058
_______ _______
Total assets less current liabilities ( 194,517) 592,170
Creditors: amounts falling due
after more than one year 8 ( 246,381) ( 375,255)
_______ _______
Net (liabilities)/assets ( 440,898) 216,915
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 9 ( 440,900) 216,913
_______ _______
Shareholders (deficit)/funds ( 440,898) 216,915
_______ _______
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 01 November 2023 , and are signed on behalf of the board by:
R E Ley
Director
Company registration number: 03188740
POLTAIR DEVELOPMENTS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.
Principal activity
The principal activity of the company is that of property development and construction.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors.If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to theirrecoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixedassets as current assets.The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Work in progress is valued at the lower of cost and net reliasable value and includes the cost of construction and other direct site-related expenditure.Costs are only carried forward in work in progress where there is an expectation that the site will be successfully completed.Speculative costs are written off the profit and loss account in the year in which they are incurred.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2022 45,269 20,550 65,819
Additions 2,830 - 2,830
Disposals ( 874) - ( 874)
_______ _______ _______
At 30 April 2023 47,225 20,550 67,775
_______ _______ _______
Depreciation
At 1 May 2022 30,810 1,897 32,707
Charge for the year 11,119 5,137 16,256
Disposals ( 168) - ( 168)
_______ _______ _______
At 30 April 2023 41,761 7,034 48,795
_______ _______ _______
Carrying amount
At 30 April 2023 5,464 13,516 18,980
_______ _______ _______
At 30 April 2022 14,459 18,653 33,112
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 337,391 285,294
Amounts owed by group undertakings and undertakings in which the company has a participating interest 787,753 1,125,403
Other debtors 205,752 84,903
_______ _______
1,330,896 1,495,600
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Hire purchase contracts 6,600 6,600
Trade creditors 15,896 97,745
Amounts owed to group undertakings 1,900,485 1,483,767
Accruals and deferred income 174,872 -
Social security and other taxes 11,568 15,645
Other creditors 394,747 503,740
_______ _______
2,504,168 2,107,497
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 241,425 363,976
Hire purchase contracts 4,956 11,279
_______ _______
246,381 375,255
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Related party transactions
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned susbidiaries within the the group.A P F Stephens and Mrs E M Stephens, directors, have made loans to the company totalling £240,632 (2022: £240,632). At the end of the year the amount of interest accrued was £107,722 (2022: £107,722). Pension contributions of £30,069 (2022: £33,695) were outstanding at the year end.There is a loan balance due to the company from A Ley, director, of £8,000 (2022: £10,000). This loan is interest free.
11. Controlling party
The ultimate controlling party is Poltair Group Limited.