Silverfin false false 31/08/2024 01/09/2023 31/08/2024 R I White 07/12/2010 R A White 07/12/2010 R A White 21 November 2024 The principal activity of the Company during the financial year was the provision of education to pupils aged three to sixteen. 07462894 2024-08-31 07462894 bus:Director1 2024-08-31 07462894 bus:Director2 2024-08-31 07462894 2023-08-31 07462894 core:CurrentFinancialInstruments 2024-08-31 07462894 core:CurrentFinancialInstruments 2023-08-31 07462894 core:Non-currentFinancialInstruments 2024-08-31 07462894 core:Non-currentFinancialInstruments 2023-08-31 07462894 core:ShareCapital 2024-08-31 07462894 core:ShareCapital 2023-08-31 07462894 core:RetainedEarningsAccumulatedLosses 2024-08-31 07462894 core:RetainedEarningsAccumulatedLosses 2023-08-31 07462894 core:Goodwill 2023-08-31 07462894 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2023-08-31 07462894 core:Goodwill 2024-08-31 07462894 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill 2024-08-31 07462894 core:LeaseholdImprovements 2023-08-31 07462894 core:PlantMachinery 2023-08-31 07462894 core:Vehicles 2023-08-31 07462894 core:LeaseholdImprovements 2024-08-31 07462894 core:PlantMachinery 2024-08-31 07462894 core:Vehicles 2024-08-31 07462894 bus:OrdinaryShareClass1 2024-08-31 07462894 2023-09-01 2024-08-31 07462894 bus:FilletedAccounts 2023-09-01 2024-08-31 07462894 bus:SmallEntities 2023-09-01 2024-08-31 07462894 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 07462894 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07462894 bus:Director1 2023-09-01 2024-08-31 07462894 bus:Director2 2023-09-01 2024-08-31 07462894 bus:CompanySecretary1 2023-09-01 2024-08-31 07462894 core:Goodwill core:TopRangeValue 2023-09-01 2024-08-31 07462894 core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill core:TopRangeValue 2023-09-01 2024-08-31 07462894 core:LeaseholdImprovements core:TopRangeValue 2023-09-01 2024-08-31 07462894 core:PlantMachinery core:TopRangeValue 2023-09-01 2024-08-31 07462894 core:Vehicles core:TopRangeValue 2023-09-01 2024-08-31 07462894 2022-09-01 2023-08-31 07462894 core:LeaseholdImprovements 2023-09-01 2024-08-31 07462894 core:PlantMachinery 2023-09-01 2024-08-31 07462894 core:Vehicles 2023-09-01 2024-08-31 07462894 core:Non-currentFinancialInstruments 2023-09-01 2024-08-31 07462894 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 07462894 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07462894 (England and Wales)

POLWHELE HOUSE LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

POLWHELE HOUSE LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

POLWHELE HOUSE LIMITED

BALANCE SHEET

As at 31 August 2024
POLWHELE HOUSE LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 128,373 103,215
128,373 103,215
Current assets
Stocks 5 15,800 16,200
Debtors 6 195,759 375,794
Cash at bank and in hand 133,648 255,598
345,207 647,592
Creditors: amounts falling due within one year 7 ( 458,313) ( 630,336)
Net current (liabilities)/assets (113,106) 17,256
Total assets less current liabilities 15,267 120,471
Creditors: amounts falling due after more than one year 8 ( 7,628) 0
Provision for liabilities 0 ( 19,132)
Net assets 7,639 101,339
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 6,639 100,339
Total shareholders' funds 7,639 101,339

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Polwhele House Limited (registered number: 07462894) were approved and authorised for issue by the Board of Directors on 21 November 2024. They were signed on its behalf by:

R I White
Director
POLWHELE HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
POLWHELE HOUSE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Polwhele House Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Polwhele House, School, Truro, TR4 9AE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when a sales invoice is raised.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Website costs 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 8 years straight line
Vehicles 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

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 the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 30 28

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 September 2023 50,000 7,500 57,500
At 31 August 2024 50,000 7,500 57,500
Accumulated amortisation
At 01 September 2023 50,000 7,500 57,500
At 31 August 2024 50,000 7,500 57,500
Net book value
At 31 August 2024 0 0 0
At 31 August 2023 0 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 September 2023 0 335,836 39,005 374,841
Additions 21,226 3,175 20,340 44,741
Disposals 0 0 ( 4,800) ( 4,800)
At 31 August 2024 21,226 339,011 54,545 414,782
Accumulated depreciation
At 01 September 2023 0 232,621 39,005 271,626
Charge for the financial year 344 16,866 2,373 19,583
Disposals 0 0 ( 4,800) ( 4,800)
At 31 August 2024 344 249,487 36,578 286,409
Net book value
At 31 August 2024 20,882 89,524 17,967 128,373
At 31 August 2023 0 103,215 0 103,215

Assets held under hire purchase arrangements.
Included in the net book value of tangible assets is £17,967 (2023- £nil) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £2,373 (2023 - £nil).

5. Stocks

2024 2023
£ £
Stocks 15,800 16,200

6. Debtors

2024 2023
£ £
Trade debtors 171,149 362,888
Corporation tax 0 576
Other debtors 24,610 12,330
195,759 375,794

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 27,821 35,919
Amounts owed to directors 29,677 28,099
Accruals and deferred income 384,376 560,764
Other taxation and social security 11,354 5,120
Obligations under finance leases and hire purchase contracts 5,085 0
Other creditors 0 434
458,313 630,336

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 7,628 0

There is a debenture in place with the company bankers.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

10. Financial commitments

Other financial commitments

The total amount of financial commitments not included in the balance sheet is £49,500 (2023 - £90,000).