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COMPANY REGISTRATION NUMBER: 07054324
POLAR HELICOPTERS LIMITED
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS
31 October 2023
POLAR HELICOPTERS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION
31 October 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
6
16,770
37,409
CURRENT ASSETS
Stocks
109,329
117,666
Debtors
87,781
61,616
Cash at bank and in hand
26,777
37,913
-----------
-----------
223,887
217,195
CREDITORS: amounts falling due within one year
105,837
158,135
-----------
-----------
NET CURRENT ASSETS
118,050
59,060
-----------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
134,820
96,469
CREDITORS: amounts falling due after more than one year
434,462
399,462
-----------
-----------
NET LIABILITIES
( 299,642)
( 302,993)
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
100,000
100,000
Profit and loss account
( 399,642)
( 402,993)
-----------
-----------
SHAREHOLDERS DEFICIT
( 299,642)
( 302,993)
-----------
-----------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 October 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 abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
POLAR HELICOPTERS LIMITED
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)
31 October 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Ms J H Garrioch
Director
Company registration number: 07054324
POLAR HELICOPTERS LIMITED
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
YEAR ENDED 31 OCTOBER 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 Hangar 10, Kent International Airport, Manston, Kent, CT12 5FF.
2. STATEMENT OF COMPLIANCE
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of Preparation
The Company is supported by the Directors and this is expected to continue for the foreseeable future. As a result going concern basis of accounting has been adopted .
Revenue Recognition
Turnover represents revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Goodwill
Goodwill is the difference between amounts paid on the acquisition of business and the fair value of the identifiable assets and liabilities. It is amortised to the Profit and Loss account over its estimated useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible Assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
Plant and Machinery
-
25% straight line
Equipment - Helicopters
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. INTANGIBLE ASSETS
£
Cost
At 1 November 2022 and 31 October 2023
72,355
---------
Amortisation
At 1 November 2022 and 31 October 2023
72,355
---------
Carrying amount
At 31 October 2023
---------
At 31 October 2022
---------
6. TANGIBLE ASSETS
£
Cost
At 1 November 2022
550,893
Additions
472
-----------
At 31 October 2023
551,365
-----------
Depreciation
At 1 November 2022
513,484
Charge for the year
21,111
-----------
At 31 October 2023
534,595
-----------
Carrying amount
At 31 October 2023
16,770
-----------
At 31 October 2022
37,409
-----------
7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the director entered into the following advances and credits with the company:
Balance brought forward and outstanding
2023
2022
£
£
Ms J H Garrioch
( 24,170)
( 24,170)
---------
---------
8. RELATED PARTY TRANSACTIONS
The company was under the control of Ms J H Garrioch throughout the current and previous year. Mrs J H Garrioch is the managing director and majority shareholder.