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Registration number: 10189595

Polar Bear Design Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Polar Bear Design Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Polar Bear Design Limited

(Registration number: 10189595)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

22,607

20,135

Current assets

 

Stocks

5

226,352

130,042

Debtors

6

101,193

5,334

Cash at bank and in hand

 

98,668

122,579

 

426,213

257,955

Creditors: Amounts falling due within one year

7

(128,978)

(84,737)

Net current assets

 

297,235

173,218

Total assets less current liabilities

 

319,842

193,353

Creditors: Amounts falling due after more than one year

7

(102,029)

(73,590)

Net assets

 

217,813

119,763

Capital and reserves

 

Called up share capital

10

10

Retained earnings

217,803

119,753

Shareholders' funds

 

217,813

119,763

 

Polar Bear Design Limited

(Registration number: 10189595)
Balance Sheet as at 30 April 2023

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 March 2024
 

.........................................
Mr J N Wells
Director

 

Polar Bear Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in specialised design. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax payable.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Polar Bear Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Asset class

Depreciation method and rate

Plant and machinery

20% SL

Office equipment

20% SL

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 2).

 

Polar Bear Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2022

16,686

10,372

27,058

Additions

-

9,095

9,095

At 30 April 2023

16,686

19,467

36,153

Depreciation

At 1 May 2022

4,839

2,084

6,923

Charge for the year

3,337

3,286

6,623

At 30 April 2023

8,176

5,370

13,546

Carrying amount

At 30 April 2023

8,510

14,097

22,607

At 30 April 2022

11,847

8,288

20,135

5

Stocks

2023
£

2022
£

Other inventories

226,352

130,042

6

Debtors

Current

2023
£

2022
£

Trade debtors

101,193

468

Other debtors

-

4,866

 

101,193

5,334

 

Polar Bear Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

64,244

26,704

Taxation and social security

59,713

25,316

Other creditors

5,021

32,717

128,978

84,737

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

102,029

73,590

 

Polar Bear Design Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Related party transactions

Summary of transactions with parent

During the year, the parent company, Mitrium Holdings Limited (MHL) charged Polar Bear Design Limited (PBD) £3,900 (2022: £3,575) for management services, of which £3,900 was paid during the year. An amount of £18,060 (2022: £20,611) was transferred to MHL in respect of the group VAT. MHL also incurred expenses on behalf of PBD totalling £1,051 (2022: £1,346). At the balance sheet date, the amount of £107,721 (2022: £46,566) was due to Mitrium Holdings Limited.

 

Summary of transactions with entities with joint control or significant interest

During the year Polar Bear Design Limited (PBD) made payments on behalf of Interactive Homes Limited (IH), a company also controlled by the same parent company, totalling £3,145 (2022:£2,621) At the balance sheet date nil (2022: £29,611) remains due to Interactive Homes Limited.

During the year Polar Bear Design Limited (PBD) made payments on behalf of Mitrium Properties Limited (MPL), a company also controlled by the same parent company, totalling £3,105 (2022:£2,587). At the balance sheet date £5,692 (2022: £2,587) remains due to Mitrium Propeties Limited.

 

9

Parent and ultimate parent undertaking

The company's immediate parent is Mitrium Holdings Limited, incorporated in England and Wales.