Polar Bear Property Holdings Limited 13725680 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is property investment Digita Accounts Production Advanced 6.30.9574.0 true 13725680 2023-03-01 2024-02-29 13725680 2024-02-29 13725680 core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 13725680 core:CurrentFinancialInstruments 2024-02-29 13725680 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 13725680 core:FurnitureFittingsToolsEquipment 2024-02-29 13725680 bus:SmallEntities 2023-03-01 2024-02-29 13725680 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13725680 bus:FullAccounts 2023-03-01 2024-02-29 13725680 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 13725680 bus:RegisteredOffice 2023-03-01 2024-02-29 13725680 bus:Director1 2023-03-01 2024-02-29 13725680 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13725680 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 13725680 core:PlantMachinery 2023-03-01 2024-02-29 13725680 countries:EnglandWales 2023-03-01 2024-02-29 13725680 2023-02-28 13725680 core:FurnitureFittingsToolsEquipment 2023-02-28 13725680 2021-11-05 2023-02-28 13725680 2023-02-28 13725680 core:AcceleratedTaxDepreciationDeferredTax 2023-02-28 13725680 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 13725680 core:CurrentFinancialInstruments core:RestatedAmount 2023-02-28 13725680 core:FurnitureFittingsToolsEquipment 2023-02-28 13725680 core:RestatedAmount 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 13725680

Prepared for the registrar

Polar Bear Property Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Polar Bear Property Holdings Limited

(Registration number: 13725680)
Balance Sheet as at 29 February 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

2,610

5,265

Investment property

5

231,171

229,371

 

233,781

234,636

Current assets

 

Debtors

6

2,121

3,615

Cash at bank and in hand

 

37,136

26,806

 

39,257

30,421

Creditors: Amounts falling due within one year

7

(254,711)

(261,776)

Net current liabilities

 

(215,454)

(231,355)

Total assets less current liabilities

 

18,327

3,281

Deferred tax liabilities

8

(958)

-

Net assets

 

17,369

3,281

Capital and reserves

 

Called up share capital

15

15

Profit and loss account

17,354

3,266

Shareholders' funds

 

17,369

3,281

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 


A J Heath
Director

 

Polar Bear Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
14 Apex Court Woodlands
Bradley Stoke
Bristol
BS32 4JT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Prior period errors

The prior period has been restated so as to correct the share capital, which was previously overstated by £15. The share capital has reduced by this amount, the cash at bank and in hand has reduced by £30 and other debtors now includes £15.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises of rental income, net of value added tax that is derived in the period.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Polar Bear Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

3 years straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Polar Bear Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Polar Bear Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

4

Tangible assets

Plant and machinery
 £

Cost

At 1 March 2023

5,265

At 29 February 2024

5,265

Depreciation

Charge for the period

2,655

At 29 February 2024

2,655

Carrying amount

At 29 February 2024

2,610

At 28 February 2023

5,265

 

5

Investment properties

£

At 1 March 2023

229,371

Additions

1,800

At 29 February 2024

231,171

The carrying value of the investment property is based on the market value as estimated by the directors'. The carrying amount at historical cost is £231,171.

 

6

Debtors

29 February 2024
 £

(As restated)
28 February 2023
 £

Trade debtors

-

3,600

Other debtors

1,819

15

Prepayments

302

-

 

2,121

3,615

 

7

Creditors

29 February 2024
 £

28 February 2023
 £

Due within one year

Trade creditors

106

106

Social security and other taxes

2,332

924

Loans

241,912

260,746

Accrued expenses

3,150

-

Corporation tax liability

3,125

-

Deferred income

4,086

-

254,711

261,776

 

Polar Bear Property Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and capital allowances

958

958

2023

Liability
£

Difference between accumulated depreciation and capital allowances

-

-

 

9

Related party transactions

At 29 February 2024 the company was owed £1,804 by Grizzly Bear Property Holdings Limited, a company related by virtue of the directors. The loan is unsecured, repayable on demand and no interest is payable.

At 29 February 2024 the company owed £241,912 to PHD Property Advisory Limited, a company related by virtue of the directors. The loan is unsecured and repayable on demand. Interest is paid on this loan.