Registered number
04338920
POLARIS VENTURES LTD
Filleted Accounts
31 March 2024
POLARIS VENTURES LTD
Registered number: 04338920
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,177,000 5,461,820
Investments 4 51,650 51,650
6,228,650 5,513,470
Current assets
Debtors 5 40,771 35,055
Cash at bank and in hand 189,417 133,062
230,188 168,117
Creditors: amounts falling due within one year 6 (162,417) (274,705)
Net current assets/(liabilities) 67,771 (106,588)
Total assets less current liabilities 6,296,421 5,406,882
Creditors: amounts falling due after more than one year 7 (1,006,250) (1,091,250)
Provisions for liabilities (deferred tax) (930,874) (752,079)
Net assets 4,359,297 3,563,553
Capital and reserves
Called up share capital 99 99
Revaluation reserve 9 2,792,620 2,256,235
Profit and loss account 1,566,578 1,307,219
Shareholders' funds 4,359,297 3,563,553
The director is 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 director acknowledges his 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.
Dilip Magecha
Director
Approved by the board on 15 October 2024
POLARIS VENTURES LTD
Notes to the Accounts
for the year ended 31 March 2024
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).

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
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.
Going concern basis
The accounts have been prepared on a going concern basis assuming continuing financial support by the bankers and for the company to negotiate an extension of the loan or a new facility.
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:
Freehold buildings See below
Leasehold land and buildings See below
Plant and machinery over 4 years
Freehold and leasehold buildings are investment properties are included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

No depreciation or amortisation is provided as the properties are valued on a fair value basis.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 April 2023 5,461,820
Revaluation adjustment 715,180
At 31 March 2024 6,177,000
Depreciation
At 31 March 2024 -
Net book value
At 31 March 2024 6,177,000
At 31 March 2023 5,461,820
Freehold land and buildings: 2024 2023
£ £
Historical cost 2,453,506 2,453,506
Cumulative depreciation based on historical cost - -
2,453,506 2,453,506
The properties are secured against the bank loan. The properties are investment properties and they have been revalued based on valuation by the director. The historical cost is made up of £2,321,207 for freeholds and £132,299 for leasehold.
4 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 51,650
At 31 March 2024 51,650
The company holds 20% or more of the share capital of the following companies:
Capital and Profit (loss)
Company Shares held reserves for the year
Class % £ £
SSSS Investments 3 Ltd Ordinary 100 400 -
5 Debtors 2024 2023
£ £
Trade debtors 40,771 26,395
Other debtors - 8,660
40,771 35,055
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 85,000 85,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest 400 124,304
Corporation tax 43,699 34,786
Other creditors 30,888 28,185
Accruals 2,430 2,430
162,417 274,705
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,006,250 1,091,250
The bank loan is secured by a first legal charge over the investment properties. The loan is repayable by March 2026.
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,176,250 1,176,250
The bank loan is secured by a first legal charge over the investment properties. The loan is repayable by March 2026.
9 Fait value reserve 2024 2023
£ £
At 1 April 2023 2,256,235 2,435,428
Revaluation movement 536,385 (179,193)
At 31 March 2024 2,792,620 2,256,235
Deferrred tax provision has also been accounts at a rate of 25% (2023: 25%).
10 Other information
POLARIS VENTURES LTD is a private company limited by shares and incorporated in England. Its registered office is:
Compton House
20(a) Selsdon Road
South Croydon
Surrey
CR2 6PA
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