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Registered number: 11639322
Polwhele Ltd
Unaudited Financial Statements
For The Year Ended 31 October 2023
Balme Kitchen & Pearce
25 Lemon Street
Truro
Cornwall
TR1 2LS
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—4
Page 1
Statement of Financial Position
Registered number: 11639322
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 581,688 580,487
581,688 580,487
CURRENT ASSETS
Cash at bank and in hand 35,975 4,306
35,975 4,306
Creditors: Amounts Falling Due Within One Year 5 (716,746 ) (661,136 )
NET CURRENT ASSETS (LIABILITIES) (680,771 ) (656,830 )
TOTAL ASSETS LESS CURRENT LIABILITIES (99,083 ) (76,343 )
NET LIABILITIES (99,083 ) (76,343 )
CAPITAL AND RESERVES
Called up share capital 6 4 4
Income Statement (99,087 ) (76,347 )
SHAREHOLDERS' FUNDS (99,083) (76,343)
Page 1
Page 2
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.
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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Miss Beverley Harvey
Director
19 July 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Polwhele Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11639322 . The registered office is 25 Lemon Street, Truro, Cornwall, TR1 2LS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 20%
Motor Vehicles 20%
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
Page 3
Page 4
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 November 2022 575,244 12,800 - 588,044
Additions - - 2,500 2,500
As at 31 October 2023 575,244 12,800 2,500 590,544
Depreciation
As at 1 November 2022 - 7,557 - 7,557
Provided during the period - 1,049 250 1,299
As at 31 October 2023 - 8,606 250 8,856
Net Book Value
As at 31 October 2023 575,244 4,194 2,250 581,688
As at 1 November 2022 575,244 5,243 - 580,487
5. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 55,000 65,000
Accruals and deferred income 3,650 1,650
Directors' loan accounts 658,096 594,486
716,746 661,136
6. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 4 4
Page 4