IRIS Accounts Production v23.3.1.45 04733611 director 1.6.22 31.5.23 31.5.23 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh047336112022-05-31047336112023-05-31047336112022-06-012023-05-31047336112021-05-31047336112021-06-012022-05-31047336112022-05-3104733611ns10:Originalns15:EnglandWales2022-06-012023-05-3104733611ns14:PoundSterlingns10:Original2022-06-012023-05-3104733611ns10:Originalns10:Director12022-06-012023-05-3104733611ns10:Original2022-06-012023-05-3104733611ns10:Original2023-05-3104733611ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3104733611ns10:Originalns10:SmallEntities2022-06-012023-05-3104733611ns10:Originalns10:AuditExemptWithAccountantsReport2022-06-012023-05-3104733611ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3104733611ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3104733611ns10:Originalns10:FullAccounts2022-06-012023-05-3104733611ns10:CompanySecretary1ns10:Original2022-06-012023-05-3104733611ns10:Originalns10:RegisteredOffice2022-06-012023-05-3104733611ns10:Original2022-05-3104733611ns10:Originalns5:CurrentFinancialInstruments2023-05-3104733611ns10:Originalns5:CurrentFinancialInstruments2022-05-3104733611ns5:ShareCapitalns10:Original2023-05-3104733611ns5:ShareCapitalns10:Original2022-05-3104733611ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3104733611ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3104733611ns10:Originalns5:PlantMachinery2022-06-012023-05-3104733611ns10:Originalns5:MotorVehicles2022-06-012023-05-3104733611ns10:Originalns5:ComputerEquipment2022-06-012023-05-3104733611ns10:Original2021-06-012022-05-3104733611ns10:Originalns5:PlantMachinery2022-05-3104733611ns10:Originalns5:MotorVehicles2022-05-3104733611ns10:Originalns5:ComputerEquipment2022-05-3104733611ns10:Original2022-05-3104733611ns10:Originalns5:PlantMachinery2023-05-3104733611ns10:Originalns5:MotorVehicles2023-05-3104733611ns10:Originalns5:ComputerEquipment2023-05-3104733611ns10:Originalns5:PlantMachinery2022-05-3104733611ns10:Originalns5:MotorVehicles2022-05-3104733611ns10:Originalns5:ComputerEquipment2022-05-3104733611ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3104733611ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-31
REGISTERED NUMBER: 04733611 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Polar Construction Limited

Polar Construction Limited (Registered number: 04733611)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 6

Polar Construction Limited

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Mr I P Lloyd





SECRETARY: Mrs A M Lloyd





REGISTERED OFFICE: Waggoners Lodge
Mount Lane
Kirkby La Thorpe
Sleaford
Lincolnshire
NG34 9NR





REGISTERED NUMBER: 04733611 (England and Wales)





ACCOUNTANTS: Prestige Accounting Limited T/A Simon Moss & Co
The Finance Centre
34a Southgate
Sleaford
Lincolnshire
NG34 7RY

Polar Construction Limited (Registered number: 04733611)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,806 6,435
Investment property 5 152,186 152,186
169,992 158,621

CURRENT ASSETS
Debtors 6 972 1,411
Cash at bank 271,664 270,039
272,636 271,450
CREDITORS
Amounts falling due within one year 7 8,421 18,738
NET CURRENT ASSETS 264,215 252,712
TOTAL ASSETS LESS CURRENT
LIABILITIES

434,207

411,333

PROVISIONS FOR LIABILITIES 3,383 1,224
NET ASSETS 430,824 410,109

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 430,822 410,107
SHAREHOLDERS' FUNDS 430,824 410,109

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

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

The director acknowledges his 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 Construction Limited (Registered number: 04733611)

Balance Sheet - continued
31 May 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 director and authorised for issue on 22 February 2024 and were signed by:





Mr I P Lloyd - Director


Polar Construction Limited (Registered number: 04733611)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Polar Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is included at valuation or, where in the opinion of the director the open market value and original cost of the property are not significantly different, at cost. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Polar Construction Limited (Registered number: 04733611)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022 15,802 17,995 2,341 36,138
Additions - 26,333 - 26,333
Disposals - (21,328 ) - (21,328 )
At 31 May 2023 15,802 23,000 2,341 41,143
DEPRECIATION
At 1 June 2022 15,194 12,302 2,207 29,703
Charge for year 152 5,750 34 5,936
Eliminated on disposal - (12,302 ) - (12,302 )
At 31 May 2023 15,346 5,750 2,241 23,337
NET BOOK VALUE
At 31 May 2023 456 17,250 100 17,806
At 31 May 2022 608 5,693 134 6,435

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 152,186
NET BOOK VALUE
At 31 May 2023 152,186
At 31 May 2022 152,186

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 972 1,411

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Trade creditors 95 1,298
Taxation and social security 3,671 13,564
Other creditors 4,655 3,876
8,421 18,738

Polar Construction Limited

Report of the Accountants to the Director of
Polar Construction Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 May 2023 set out on pages three to eight and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Prestige Accounting Limited T/A Simon Moss & Co
The Finance Centre
34a Southgate
Sleaford
Lincolnshire
NG34 7RY


22 February 2024