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Registered number: 13158576










POLYSTAR PRIVATE ESTATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
POLYSTAR PRIVATE ESTATES LIMITED
REGISTERED NUMBER: 13158576

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,685,957
1,685,957

  
1,685,957
1,685,957

Current Assets
  

Debtors: amounts falling due within one year
 5 
2,419
2,284

Cash at bank and in hand
 6 
119,735
56,130

Current liablities
  
122,154
58,414

Creditors: amounts falling due within one year
 7 
(19,659)
(18,199)

Net current assets
  
 
 
102,495
 
 
40,215

Total assets less current liabilities
  
1,788,452
1,726,172

Creditors: amounts falling due after more than one year
 8 
(1,652,190)
(1,652,190)

  

Net assets
  
136,262
73,982


Capital and reserves
  

Called up share capital 
 9 
100
100

Profit and loss account
  
136,162
73,882

  
136,262
73,982


Page 1

 
POLYSTAR PRIVATE ESTATES LIMITED
REGISTERED NUMBER: 13158576

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Talwar
Director

Date: 10 April 2024

The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
POLYSTAR PRIVATE ESTATES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 August 2021
100
8,778
8,878



Profit for the year
-
65,104
65,104



At 1 August 2022
100
73,882
73,982



Profit for the year
-
62,280
62,280


At 31 July 2023
100
136,162
136,262


The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
POLYSTAR PRIVATE ESTATES LIMITED
 

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

1.


General information

Polystar Private Estates Limited is a private limited company, incorporated in England and Wales.
The company's registered office is Peel House, Peel Street, Northam, Hampshire, SO14 5QT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.4

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
POLYSTAR PRIVATE ESTATES LIMITED
 

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

2.Accounting policies (continued)

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liablities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
4
4

Page 5

 
POLYSTAR PRIVATE ESTATES LIMITED
 

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

4.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
1,685,957



At 31 July 2023
1,685,957

The 2023 valuations were made by the Company, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,685,957
1,685,957


5.


Debtors

2023
2022
£
£


Other debtors
160
290

Prepayments
2,259
1,994

2,419
2,284



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
119,735
56,130


Page 6

 
POLYSTAR PRIVATE ESTATES LIMITED
 

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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
86
80

Corporation tax
17,073
15,619

Accruals and deferred income
2,500
2,500

19,659
18,199



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to related companies
1,652,190
1,652,190

1,652,190
1,652,190



9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



10.


Related party transactions

At the year end £1,652,190 was owed to Polystar Plastics Limited a company under common control (2022 £1,652,190)


Page 7