Company Registration No. 02689738 (England and Wales)
Poloplace Limited
Unaudited accounts
for the year ended 31 May 2023
Poloplace Limited
Unaudited accounts
Contents
Poloplace Limited
Company Information
for the year ended 31 May 2023
Directors
D S Goraya
N S Sheera
A Goraya
Company Number
02689738 (England and Wales)
Registered Office
157 Friern Barnet Lane
Whetstone
London
N20 0NN
Accountants
Charterwells
Suite 8, 2nd Floor
43-45 High Road
Bushey Heath
WD23 1EE
Poloplace Limited
Statement of financial position
as at 31 May 2023
Investment property
15,003,505
15,153,505
Cash at bank and in hand
44,195
217,663
Creditors: amounts falling due within one year
(907,754)
(691,723)
Net current assets
57,272
330,962
Total assets less current liabilities
15,073,613
15,497,326
Creditors: amounts falling due after more than one year
(3,271,369)
(3,997,336)
Provisions for liabilities
Deferred tax
(1,101,517)
(1,101,517)
Net assets
10,700,727
10,398,473
Called up share capital
265,000
265,000
Profit and loss account
10,435,727
10,133,473
Shareholders' funds
10,700,727
10,398,473
For the year ending 31 May 2023 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 directors acknowledge their 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 of Directors and authorised for issue on 23 December 2023 and were signed on its behalf by
N S Sheera
Director
Company Registration No. 02689738
Poloplace Limited
Notes to the Accounts
for the year ended 31 May 2023
Poloplace Limited is a private company, limited by shares, registered in England and Wales, registration number 02689738. The registered office is 157 Friern Barnet Lane, Whetstone, London, N20 0NN.
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 year, 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 on the basis of the consideration received for the sale of properties.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% on written down value.
Investments in shares are included at fair value.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Poloplace Limited
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 June 2022
15,153,505
Valuation completed by the directors based on their research and experience.
6
Investments
Other investments
Valuation at 1 June 2022
12,743
Valuation at 31 May 2023
12,743
Amounts falling due within one year
Accrued income and prepayments
18,305
14,815
Other debtors
902,526
790,207
Poloplace Limited
Notes to the Accounts
for the year ended 31 May 2023
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
272,534
70,159
Taxes and social security
75,582
61,926
Other creditors
547,849
547,849
Deferred income
3,000
3,000
Bank loans are secured by charges against various company properties.
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
2,200,000
3,322,838
Loans from directors
673,641
674,498
Bank loans are secured by charges against various company properties.
Allotted, called up and fully paid:
265,000 Ordinary shares of £1 each
265,000
265,000
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Average number of employees
During the year the average number of employees was 2 (2022: 2).