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Registered number: 09155011
Polestar Plumbing Ltd
Financial Statements
For The Year Ended 31 August 2023
Hill Wooldridge Accountants Ltd
Chartered Certified Accountants
55 Crown Street
Brentwood
Essex
CM14 4BD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09155011
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 29,775 39,031
29,775 39,031
CURRENT ASSETS
Stocks 5 1,800 2,000
Debtors 6 85,355 41,113
Cash at bank and in hand 8,193 78,768
95,348 121,881
Creditors: Amounts Falling Due Within One Year 7 (15,720 ) (15,220 )
NET CURRENT ASSETS (LIABILITIES) 79,628 106,661
TOTAL ASSETS LESS CURRENT LIABILITIES 109,403 145,692
NET ASSETS 109,403 145,692
CAPITAL AND RESERVES
Called up share capital 8 20 20
Profit and Loss Account 109,383 145,672
SHAREHOLDERS' FUNDS 109,403 145,692
Page 1
Page 2
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Profit and Loss Account.
On behalf of the board
Mr Christopher Siggins
Director
30th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Polestar Plumbing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09155011 . The registered office is 55 Crown Street, Brentwood, Essex, CM14 4BD.
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:
Plant & Machinery 20% of net book value per year
Motor Vehicles 20% of net book value per year
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 September 2022 17,058 58,632 75,690
As at 31 August 2023 17,058 58,632 75,690
Depreciation
As at 1 September 2022 10,787 25,872 36,659
Provided during the period 1,254 8,002 9,256
As at 31 August 2023 12,041 33,874 45,915
Net Book Value
As at 31 August 2023 5,017 24,758 29,775
As at 1 September 2022 6,271 32,760 39,031
5. Stocks
2023 2022
£ £
Stock 1,800 2,000
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 67,500 30,450
Prepayments and accrued income 8,882 8,882
VAT 8,973 1,781
85,355 41,113
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Corporation tax (708 ) 10,526
Company credit card 13,096 737
Accruals and deferred income 3,013 1,950
Director's loan account 319 2,007
15,720 15,220
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 20 20
Page 5