Registered number
07733260
Polofix Limited
Filleted Accounts
31 October 2023
Polofix Limited
Registered number: 07733260
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 29,700 33,000
Current assets
Debtors 4 25,487 37,387
Cash at bank and in hand 272 378
25,759 37,765
Creditors: amounts falling due within one year 5 (20,168) (20,317)
Net Current Assets 5,591 17,448
Total assets less current liabilities 35,291 50,448
Creditors: amounts falling due after more than one year 6 (37,131) (52,231)
Net Liabilities (1,840) (1,783)
Capital and reserves
Called up share capital 20 20
Profit and loss account (1,860) (1,803)
Shareholders' funds (1,840) (1,783)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Hine
Director
Approved by the board on 31 July 2024
Polofix Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 17,661 33,000 50,661
At 31 October 2023 17,661 33,000 50,661
Depreciation
At 1 November 2022 17,661 - 17,661
Charge for the year - 3,300 3,300
At 31 October 2023 17,661 3,300 20,961
Net book value
At 31 October 2023 - 29,700 29,700
At 31 October 2022 - 33,000 33,000
4 Debtors 2023 2022
£ £
Trade debtors 14,000 14,000
Other debtors 11,487 23,387
25,487 37,387
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,531 9,296
Obligations under finance lease and hire purchase contracts 5,550 5,550
Trade creditors 446 447
Taxation and social security costs 186 569
Other creditors 4,455 4,455
20,168 20,317
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,256 32,806
Obligations under finance lease and hire purchase contracts 13,875 19,425
37,131 52,231
7 Other information
Polofix Limited is a private company limited by shares and incorporated in England. Its registered office is:
Chalk Pit Farm
Theale
Reading
Berkshire
RG7 5EE
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