Registered number
14486167
POLO MARKET WAKEFIELD LTD
Filleted Accounts
30 November 2024
POLO MARKET WAKEFIELD LTD
Registered number: 14486167
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 72,000 81,000
Tangible assets 4 8,277 7,287
80,277 88,287
Current assets
Stocks 21,650 23,200
Debtors 5 4,950 3,980
Cash at bank and in hand 17,656 2,414
44,256 29,594
Creditors: amounts falling due within one year 6 (38,539) (27,341)
Net current assets 5,717 2,253
Total assets less current liabilities 85,994 90,540
Creditors: amounts falling due after more than one year 7 (59,889) (85,724)
Net assets 26,105 4,816
Capital and reserves
Share premium 100 100
Profit and loss account 26,005 4,716
Shareholder's funds 26,105 4,816
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 member has 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.
REBAZ HAMID
Director
Approved by the board on 2 January 2025
POLO MARKET WAKEFIELD LTD
Notes to the Accounts
for the year ended 30 November 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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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:
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
Additions -
At 30 November 2024 90,000
Amortisation
At 1 December 2023 9,000
Provided during the year 9,000
At 30 November 2024 18,000
Net book value
At 30 November 2024 72,000
At 30 November 2023 81,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 2,000
Disposals -
At 30 November 2024 10,097
Depreciation
At 1 December 2023 810
Charge for the year 1,010
At 30 November 2024 1,820
Net book value
At 30 November 2024 8,277
At 30 November 2023 7,287
5 Debtors 2024 2023
£ £
Trade debtors 4,950 3,980
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 18,742 21,150
Taxation and social security costs 17,166 7,470
Other creditors 2,631 (1,279)
38,539 27,341
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 13,571 24,406
Other creditors 46,318 61,318
59,889 85,724
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Rebaz Hamid
[Loan 1] - 61,318 (15,000) 46,318
- 61,318 (15,000) 46,318
9 Controlling party
The company is under the full control of the Sole Director.
10 Other information
POLO MARKET WAKEFIELD LTD is a private company limited by shares and incorporated in England. Its registered office is:
41 PARK LODGE LANE
WAKEFIELD
WF1 4NN
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