Registered number
11035060
Pololine TV Limited
Filleted Accounts
31 October 2023
Pololine TV Limited
Registered number: 11035060
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,774 19,183
Current assets
Debtors 4 72,545 69,509
Cash at bank and in hand 51,628 2,656
124,173 72,165
Creditors: amounts falling due within one year 5 (152,594) (82,660)
Net current liabilities (28,421) (10,495)
Total assets less current liabilities (21,647) 8,688
Creditors: amounts falling due after more than one year 6 (695,157) (740,658)
Net liabilities (716,804) (731,970)
Capital and reserves
Called up share capital 100 100
Profit and loss account (716,904) (732,070)
Shareholders' funds (716,804) (731,970)
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.
Sebastian Amaya
Director
Approved by the board on 27 January 2024
Pololine TV 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:
Plant and machinery over 3 years
Motor Vehicles over 3 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 73,637 23,060 96,697
At 31 October 2023 73,637 23,060 96,697
Depreciation
At 1 November 2022 66,083 11,431 77,514
Charge for the year 5,021 7,388 12,409
At 31 October 2023 71,104 18,819 89,923
Net book value
At 31 October 2023 2,533 4,241 6,774
At 31 October 2022 7,554 11,629 19,183
4 Debtors 2023 2022
£ £
Trade debtors 72,445 69,409
Other debtors 100 100
72,545 69,509
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 6,059 6,395
Obligations under finance lease and hire purchase contracts 3,903 4,349
Trade creditors 58,246 17,827
Taxation and social security costs - 1,044
Other creditors 84,386 53,045
152,594 82,660
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 9,908 15,481
Obligations under finance lease and hire purchase contracts 5,897 7,424
Other creditors 679,352 717,753
695,157 740,658
The bank loan is a Business Bounce Back Loan and is repayable in equal monthly instalments over 5 years from May 2021. The loan bears interest at 2.5% per annum.
Included in other creditors are directors & shareholder loans. Details of these loans are given in note 7 & 8
7 Loans from directors
Description and conditions B/fwd Provided Exchange Difference C/fwd
£ £ £ £
Andrew Hine (resigned 13 April 2023)
Term Loan 130,436 (6,979) 123,457
Interest Accrued on Term Loan 12,864 (687) 12,177
143,300 - (7,666) 135,634
On 10 January 2019 Andrew Hine entered into a term loan agreement with the company to provide $150,000 as a working capital facility. The loan was intially due for repayment on 31 December 2020 but the repayment date has been extended to 31 December 2026. Interest at 5% was accrued until 31 December 2020 but from that date no futher interest is due. Accrued interest will be paid at the same time as the loan principle.
8 Related party transactions
During the year the company paid £47,785 (2022: £48,935) for consultancy fees to companies to which the director Sebastian Amaya is connected. At the year end £nil (2022: £nil) of this amount remained unpaid.
In 2019 a term loan of $450,000 was provided by a shareholder, B.Grimm & Co.Ltd, who are based in Thailand. The loan is for working capital purposes and was initally repayable on 31 December 2020. However, by agreement, the repayment date for the loan has been extended to 31 December 2026. The loan bore interest at 5% per annum until 31 December 2020, but after that date no futher interest accrues. Accrued interest becomes payable on the redemption date. The amount of interest charged in these accounts was £nil (2021: £nil). At the year end the balance of the loan, including accrued interest, was £402,063 (2022: £424,789).
In 2019 a term loan of $150,000 was provided by a shareholder based in Thailand. The loan is for working capital purposes and was initally repayable on 31 December 2020. However, by agreement, the repayment date for the loan has been extended to 31 December 2026. The loan bore interest at 5% per annum until 31 December 2020, but after that date no futher interest accrues. Accrued interst becomes payable on the redemption date. The amount of interest charged in these accounts was £nil (2022: £nil). At the year end the balance of the loan, including accrued interest, was £141,654 (2022: £149,661).
9 Other information
Pololine TV Limited is a private company limited by shares and incorporated in England. Its registered office is:
Chalk Pit Farm
Theale
Reading
RG7 5EE
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