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COMPANY REGISTRATION NUMBER: 13368187
POLENTA PROPERTY HOLDINGS LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 April 2024
POLENTA PROPERTY HOLDINGS LTD
STATEMENT OF FINANCIAL POSITION
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
322,594
322,594
Current assets
Cash at bank and in hand
500
2,269
Creditors: amounts falling due within one year
5
108,204
108,205
----------
----------
Net current liabilities
107,704
105,936
----------
----------
Total assets less current liabilities
214,890
216,658
Creditors: amounts falling due after more than one year
6
232,550
232,550
----------
----------
Net liabilities
( 17,660)
( 15,892)
----------
----------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 17,661)
( 15,893)
---------
---------
Shareholders deficit
( 17,660)
( 15,892)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
POLENTA PROPERTY HOLDINGS LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 31 January 2025 , and are signed on behalf of the board by:
Ms C Romano
Director
Company registration number: 13368187
POLENTA PROPERTY HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. The company is reliant on a bank loan charged against the freehold property and a related company loan.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property
£
Cost
At 1 May 2023 and 30 April 2024
322,594
----------
Depreciation
At 1 May 2023 and 30 April 2024
----------
Carrying amount
At 30 April 2024
322,594
----------
At 30 April 2023
322,594
----------
5. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
779
780
Other creditors - Loan
105,299
105,299
Other creditors
2,126
2,126
----------
----------
108,204
108,205
----------
----------
6. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
232,550
232,550
----------
----------
The mortgage amount of £232,550 is secured on the property which is held within Fixed Assets.
7. Director's advances, credits and guarantees
On 30th April 2024, the company owed the director £1,346 (2023 : £1,346).