Caseware UK (AP4) 2024.0.164 2024.0.164 2024-05-312024-05-31No description of principal activityfalsefalse2023-06-011111truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03633003 2023-06-01 2024-05-31 03633003 2022-06-01 2023-05-31 03633003 2024-05-31 03633003 2023-05-31 03633003 c:Director1 2023-06-01 2024-05-31 03633003 d:Buildings 2023-06-01 2024-05-31 03633003 d:Buildings 2024-05-31 03633003 d:Buildings 2023-05-31 03633003 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03633003 d:PlantMachinery 2023-06-01 2024-05-31 03633003 d:PlantMachinery 2024-05-31 03633003 d:PlantMachinery 2023-05-31 03633003 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03633003 d:MotorVehicles 2023-06-01 2024-05-31 03633003 d:MotorVehicles 2024-05-31 03633003 d:MotorVehicles 2023-05-31 03633003 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03633003 d:OfficeEquipment 2023-06-01 2024-05-31 03633003 d:OfficeEquipment 2024-05-31 03633003 d:OfficeEquipment 2023-05-31 03633003 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03633003 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 03633003 d:CurrentFinancialInstruments 2024-05-31 03633003 d:CurrentFinancialInstruments 2023-05-31 03633003 d:Non-currentFinancialInstruments 2024-05-31 03633003 d:Non-currentFinancialInstruments 2023-05-31 03633003 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 03633003 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 03633003 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 03633003 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 03633003 d:ShareCapital 2024-05-31 03633003 d:ShareCapital 2023-05-31 03633003 d:RetainedEarningsAccumulatedLosses 2024-05-31 03633003 d:RetainedEarningsAccumulatedLosses 2023-05-31 03633003 c:FRS102 2023-06-01 2024-05-31 03633003 c:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03633003 c:FullAccounts 2023-06-01 2024-05-31 03633003 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03633003 d:WithinOneYear 2024-05-31 03633003 d:WithinOneYear 2023-05-31 03633003 d:BetweenOneFiveYears 2024-05-31 03633003 d:BetweenOneFiveYears 2023-05-31 03633003 d:MoreThanFiveYears 2024-05-31 03633003 d:MoreThanFiveYears 2023-05-31 03633003 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 03633003 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 03633003 2 2023-06-01 2024-05-31 03633003 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 03633003










Polar Automotive Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 May 2024

 
Polar Automotive Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Polar Automotive Limited for the year ended 31 May 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Polar Automotive Limited for the year ended 31 May 2024 which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Polar Automotive Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Polar Automotive Limited and state those matters that we have agreed to state to the Board of directors of Polar Automotive Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Polar Automotive Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Polar Automotive Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Polar Automotive Limited. You consider that Polar Automotive Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Polar Automotive Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
26 February 2025
Page 1

 
Polar Automotive Limited
Registered number: 03633003

Balance sheet
As at 31 May 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible fixed assets
 4 
7,515
628,322

  
7,515
628,322

Current assets
  

Stocks
  
165,000
125,000

Debtors: amounts falling due within one year
 5 
20,335
15,428

Cash at bank and in hand
  
623,742
69,087

  
809,077
209,515

Creditors: amounts falling due within one year
 6 
(161,850)
(138,007)

Net current assets
  
 
 
647,227
 
 
71,508

Total assets less current liabilities
  
654,742
699,830

Creditors: amounts falling due after more than one year
 7 
(10,383)
(20,581)

Provisions for liabilities
  

Deferred tax
 8 
(1,879)
(5,587)

  
 
 
(1,879)
 
 
(5,587)

Net assets
  
642,480
673,662


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
642,380
673,562

  
642,480
673,662


Page 2

 
Polar Automotive Limited
Registered number: 03633003

Balance sheet (continued)
As at 31 May 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2025.



N J Massey
Director

The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

1.


General information

Polar Automotive Limited is private company limited by shares and is incorporated in England and Wales with the registration number 03633003. The address of the registered office is Montague Place, Quayside, Chatham Maritime, Chatham, Kent, ME4 4QU. The principal place of business is Unit 18, Orchard Business Centre, Sanderson Way, Vale Road, Tonbridge, Kent, TN9 1QG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Freehold property
-
2% straight line on buildings
Plant & machinery
-
33% straight line
Motor vehicles
-
25% straight line
Office equipment
-
33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Page 5

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 

Page 6

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)


2.7
Financial instruments (continued)

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 7

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)

 
2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Balance sheet in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the balance sheet date less the fair value of plan assets at the balance sheet date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.
Page 8

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)


2.12
Pensions (continued)


Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 9

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

2.Accounting policies (continued)

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).

Page 10

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

4.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Furniture, fittings and equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
667,423
19,198
29,643
12,219
728,483


Additions
1,990
221
-
3,404
5,615


Disposals
(669,413)
(5,452)
(29,643)
(2,443)
(706,951)



At 31 May 2024

-
13,967
-
13,180
27,147



Depreciation


At 1 June 2023
46,063
19,076
29,643
5,379
100,161


Charge for the year on owned assets
-
188
-
2,402
2,590


Disposals
(46,063)
(5,452)
(29,643)
(1,961)
(83,119)



At 31 May 2024

-
13,812
-
5,820
19,632



Net book value



At 31 May 2024
-
155
-
7,360
7,515



At 31 May 2023
621,360
122
-
6,840
628,322




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
-
621,360


Page 11

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

5.


Debtors

2024
2023
£
£


Trade debtors
7,375
9,930

Other debtors
11,215
4,376

Prepayments and accrued income
1,745
1,122

20,335
15,428



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,246
9,994

Trade creditors
52,716
51,673

Corporation tax
27,775
28,571

Other taxation and social security
24,727
36,706

Other creditors
36,533
8,463

Accruals and deferred income
9,853
2,600

161,850
138,007



7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
10,383
20,581


Page 12

 
Polar Automotive Limited
 

 
Notes to the financial statements
For the year ended 31 May 2024

8.


Deferred taxation




2024


£






At beginning of year
(5,587)


Charged to profit or loss
3,708



At end of year
(1,879)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,879)
(5,587)


9.


Commitments under operating leases

At 31 May 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
35,000
-

Later than 1 year and not later than 5 years
140,000
-

Later than 5 years
175,000
-

350,000
-


10.


Related party transactions

At the balance sheet date, the company owed the directors £35,210 which is shown within other creditors (2023: £7,724). 
During the year, the company paid dividends of £115,260 (2023: £85,260) to its shareholders who are also directors of the company. All other transactions with related parties were conducted under normal market conditions.


Page 13