Polsloe Road Developments Limited 14867789 false 2023-05-15 2024-04-30 2024-04-30 The principal activity of the company is that of the development of property. Digita Accounts Production Advanced 6.30.9574.0 true false true 14867789 2023-05-15 2024-04-30 14867789 2024-04-30 14867789 core:RetainedEarningsAccumulatedLosses 2024-04-30 14867789 core:ShareCapital 2024-04-30 14867789 core:CurrentFinancialInstruments 2024-04-30 14867789 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 14867789 bus:SmallEntities 2023-05-15 2024-04-30 14867789 bus:AuditExemptWithAccountantsReport 2023-05-15 2024-04-30 14867789 bus:FilletedAccounts 2023-05-15 2024-04-30 14867789 bus:SmallCompaniesRegimeForAccounts 2023-05-15 2024-04-30 14867789 bus:RegisteredOffice 2023-05-15 2024-04-30 14867789 bus:Director1 2023-05-15 2024-04-30 14867789 bus:Director2 2023-05-15 2024-04-30 14867789 bus:PrivateLimitedCompanyLtd 2023-05-15 2024-04-30 14867789 1 2023-05-15 2024-04-30 14867789 countries:EnglandWales 2023-05-15 2024-04-30 iso4217:GBP xbrli:pure

Registration number: 14867789

Polsloe Road Developments Limited

Unaudited Filleted Financial Statements

for the Period from 15 May 2023 to 30 April 2024

 

Polsloe Road Developments Limited
(Registration number: 14867789)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Polsloe Road Developments Limited
(Registration number: 14867789)

Company Information

Directors

Mrs K E Wreford

Mr A J Wreford

Registered office

1 Colleton Crescent
Exeter
Devon
EX2 4DG

Accountants

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Polsloe Road Developments Limited
(Registration number: 14867789)

Balance Sheet as at 30 April 2024

Note

2024
£

Current assets

 

Stocks

4

586,370

Debtors

5

4,544

Cash at bank and in hand

 

60

 

590,974

Creditors: Amounts falling due within one year

6

(640,596)

Net liabilities

 

(49,622)

Capital and reserves

 

Called up share capital

1

Profit and loss account

(49,623)

Total equity

 

(49,622)

For the financial period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 January 2025 and signed on its behalf by:
 

.........................................
Mr A J Wreford
Director

 

Polsloe Road Developments Limited
(Registration number: 14867789)

Notes to the Unaudited Financial Statements for the Period from 15 May 2023 to 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Colleton Crescent
Exeter
Devon
EX2 4DG

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has net liabilities at the year end, the directors are confident that with their continued support the company will continue to meet its ongoing liabilities as they fall due. As a result, the financial statements have been prepared on a going concern basis.

Tax

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Polsloe Road Developments Limited
(Registration number: 14867789)

Notes to the Unaudited Financial Statements for the Period from 15 May 2023 to 30 April 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Polsloe Road Developments Limited
(Registration number: 14867789)

Notes to the Unaudited Financial Statements for the Period from 15 May 2023 to 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Stocks

2024
£

Work in progress

586,370

5

Debtors

Note

2024
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1

Prepayments and accrued income

 

4,543

Total current trade and other debtors

 

4,544

6

Creditors

Note

2024
£

Due within one year

 

Loans and borrowings

7

296,811

Amounts owed to group undertakings and undertakings in which the company has a participating interest

339,239

Other creditors

 

3,046

Accrued expenses

 

1,500

 

640,596


Creditors include bank loans and borrowings on which security has been given by way of fixed and floating charges over all the property or undertakings of the company.

 

Polsloe Road Developments Limited
(Registration number: 14867789)

Notes to the Unaudited Financial Statements for the Period from 15 May 2023 to 30 April 2024

7

Loans and borrowings

Current loans and borrowings

2024
£

Bank borrowings

296,811

8

Parent and ultimate parent undertaking

The company's immediate parent is Legacy Property Asset Limited, incorporated in England and Wales.