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Registered number: 07989491
Polaris Pools Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
The Sandwich Accountancy Group Ltd
FMAAT FICB
148 Dover Road
Sandwich
Kent
CT13 0DD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07989491
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 10,273 15,409
Tangible Assets 5 441 755
10,714 16,164
CURRENT ASSETS
Stocks 6 13,889 8,400
Debtors 7 6,188 580
Cash at bank and in hand 4,405 15,080
24,482 24,060
Creditors: Amounts Falling Due Within One Year 8 (34,496 ) (58,130 )
NET CURRENT ASSETS (LIABILITIES) (10,014 ) (34,070 )
TOTAL ASSETS LESS CURRENT LIABILITIES 700 (17,906 )
NET ASSETS/(LIABILITIES) 700 (17,906 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 698 (17,908 )
SHAREHOLDERS' FUNDS 700 (17,906)
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Andrew Melling
Director
13th December 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Polaris Pools Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07989491 . The registered office is 7 The Grain Silo, Sutton Court Farm, Forge Lane, Sutton, Kent, CT15 5DG.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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 25% Reducing Balance
Motor Vehicles 50% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
2.5. 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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
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 years 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.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 51,365
As at 31 March 2024 51,365
Amortisation
As at 1 April 2023 35,956
Provided during the period 5,136
As at 31 March 2024 41,092
Net Book Value
As at 31 March 2024 10,273
As at 1 April 2023 15,409
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 21,598 323 2,087 24,008
As at 31 March 2024 21,598 323 2,087 24,008
Depreciation
As at 1 April 2023 21,099 323 1,831 23,253
Provided during the period 250 - 64 314
As at 31 March 2024 21,349 323 1,895 23,567
Net Book Value
As at 31 March 2024 249 - 192 441
As at 1 April 2023 499 - 256 755
6. Stocks
2024 2023
£ £
Materials 13,889 8,400
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,747 580
Prepayments and accrued income 1,314 -
Directors' loan accounts 1,127 -
6,188 580
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 20,758 18,979
Corporation tax 6,456 2,525
VAT 5,931 7,221
Other creditors 401 1,031
Accruals and deferred income 950 1,150
Directors' loan accounts - 27,224
34,496 58,130
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Andrew Melling - 563 - - 563
Miss Geeta Seegobin - 563 - - 563
The above loan is unsecured, interest free and repayable on demand.
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