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REGISTERED NUMBER: 02015519 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Polar Systems Limited

Polar Systems Limited (Registered number: 02015519)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Polar Systems Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mrs S Gamble
P J Gamble
A Gamble
A P Gamble





SECRETARY: Mrs S Gamble





REGISTERED OFFICE: Old Medow Road
Hardwick Industrial Estate
Kings Lynn
Norfolk
PE30 4LA





REGISTERED NUMBER: 02015519 (England and Wales)





ACCOUNTANTS: Shaw & Co
Chartered Certified Accountants
3 Colegate
Norwich
Norfolk
NR3 1BN

Polar Systems Limited (Registered number: 02015519)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,298,844 4,062,113
Tangible assets 5 3,487,219 3,041,964
7,786,063 7,104,077

CURRENT ASSETS
Stocks 306,093 280,548
Debtors 6 3,486,067 3,103,069
Cash at bank and in hand 71,036 322,376
3,863,196 3,705,993
CREDITORS
Amounts falling due within one year 7 3,067,546 2,415,033
NET CURRENT ASSETS 795,650 1,290,960
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,581,713

8,395,037

CREDITORS
Amounts falling due after more than
one year

8

(1,050,989

)

(1,053,155

)

PROVISIONS FOR LIABILITIES (422,462 ) (332,298 )
NET ASSETS 7,108,262 7,009,584

Polar Systems Limited (Registered number: 02015519)

Balance Sheet - continued
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 202 202
Retained earnings 7,108,060 7,009,382
7,108,262 7,009,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





P J Gamble - Director


Polar Systems Limited (Registered number: 02015519)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Polar Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Polar Systems Limited (Registered number: 02015519)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings - 2% straight line
Plant and equipment - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Motor vehicles - 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Polar Systems Limited (Registered number: 02015519)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Development costs are being amortised evenly over their estimated useful life of ten years.

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and fianncial feasibility can be demonstrated.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 76 (2023 - 46 ) .

Polar Systems Limited (Registered number: 02015519)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023 8,185,993
Additions 962,013
At 30 April 2024 9,148,006
AMORTISATION
At 1 May 2023 4,123,880
Charge for year 725,282
At 30 April 2024 4,849,162
NET BOOK VALUE
At 30 April 2024 4,298,844
At 30 April 2023 4,062,113

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 2,023,054 3,065,332 5,088,386
Additions - 789,113 789,113
At 30 April 2024 2,023,054 3,854,445 5,877,499
DEPRECIATION
At 1 May 2023 338,992 1,707,430 2,046,422
Charge for year 40,461 303,397 343,858
At 30 April 2024 379,453 2,010,827 2,390,280
NET BOOK VALUE
At 30 April 2024 1,643,601 1,843,618 3,487,219
At 30 April 2023 1,684,062 1,357,902 3,041,964

Polar Systems Limited (Registered number: 02015519)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade debtors 1,420,643 1,364,991
Amounts recoverable on contract 1,730,975 1,576,220
Other debtors 334,449 161,858
3,486,067 3,103,069

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts 176,592 126,149
Trade creditors 1,052,930 1,288,349
Taxation and social security 115,872 85,452
Other creditors 1,722,152 915,083
3,067,546 2,415,033

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans 345,162 541,759
Other creditors 705,827 511,396
1,050,989 1,053,155