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REGISTERED NUMBER: 00657598 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 September 2024

for

Polcrocan Limited

Polcrocan Limited (Registered number: 00657598)






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




Page

Company Information 1

Report of the Directors 2

Chartered Accountants' Report 3

Income Statement 4

Balance Sheet 5

Statement of Changes in Equity 7

Notes to the Financial Statements 8


Polcrocan Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: R A Skan
R J Skan
S R H Watson
N Paul





SECRETARY: R A Skan





REGISTERED OFFICE: 44 Broad Oaks Road
Solihull
B91 1JB





REGISTERED NUMBER: 00657598 (England and Wales)





ACCOUNTANTS: Curo Chartered Accountants
Curo House
Greenbox
Westonhall Road
Bromsgrove
Worcestershire
B60 4AL

Polcrocan Limited (Registered number: 00657598)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a property investment company.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

R A Skan
R J Skan
S R H Watson
N Paul

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





R J Skan - Director


10 February 2025

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Polcrocan Limited


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Polcrocan Limited for the year ended 30 September 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Polcrocan Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Polcrocan Limited and state those matters that we have agreed to state to the Board of Directors of Polcrocan Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Polcrocan Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Polcrocan 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 Polcrocan Limited. You consider that Polcrocan Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Polcrocan 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.






Curo Chartered Accountants
Curo House
Greenbox
Westonhall Road
Bromsgrove
Worcestershire
B60 4AL


10 February 2025

Polcrocan Limited (Registered number: 00657598)

Income Statement
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER 579,283 527,947

Administrative expenses 161,636 88,403
417,647 439,544

Other operating income 132,480 109,481
OPERATING PROFIT 550,127 549,025

Interest receivable and similar income 58,937 29,757
609,064 578,782
Unrealised profit/(loss) on revaluation of
investments

44,843

(86,926

)
PROFIT BEFORE TAXATION 653,907 491,856

Tax on profit 5 144,953 118,300
PROFIT FOR THE FINANCIAL YEAR 508,954 373,556

Polcrocan Limited (Registered number: 00657598)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 6 - -
Investment property 7 5,764,119 5,661,156
5,764,119 5,661,156

CURRENT ASSETS
Debtors 8 35,325 42,825
Investments 9 1,971,688 1,848,867
Cash at bank 1,896,865 1,581,441
3,903,878 3,473,133
CREDITORS
Amounts falling due within one year 10 192,418 199,949
NET CURRENT ASSETS 3,711,460 3,273,184
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,475,579

8,934,340

PROVISIONS FOR LIABILITIES 380,398 338,113
NET ASSETS 9,095,181 8,596,227

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Revaluation reserve 12 1,224,635 1,224,635
Fair value reserve 12 679,964 679,964
Retained earnings 7,180,582 6,681,628
SHAREHOLDERS' FUNDS 9,095,181 8,596,227

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

Polcrocan Limited (Registered number: 00657598)

Balance Sheet - continued
30 September 2024


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

The financial statements were approved by the Board of Directors and authorised for issue on 10 February 2025 and were signed on its behalf by:





R J Skan - Director


Polcrocan Limited (Registered number: 00657598)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Fair
share Retained Revaluation value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 October 2022 10,000 6,358,072 1,224,635 679,964 8,272,671

Changes in equity
Dividends - (50,000 ) - - (50,000 )
Total comprehensive income - 373,556 - - 373,556
Balance at 30 September 2023 10,000 6,681,628 1,224,635 679,964 8,596,227

Changes in equity
Dividends - (10,000 ) - - (10,000 )
Total comprehensive income - 508,954 - - 508,954
Balance at 30 September 2024 10,000 7,180,582 1,224,635 679,964 9,095,181

Polcrocan Limited (Registered number: 00657598)

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

1. STATUTORY INFORMATION

Polcrocan 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The financial statements are rounded to the nearest £1.

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.

Going concern
The financial statements have been prepared on a going concern basis on the grounds that the directors believe there is sufficient funding in place to support the business for the next twelve months from the date of approval of the financial statements.

Preparation of consolidated financial statements
The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents rental income receivable from properties let in the year. Rental income is recognised for the period to which the rental relates. Rental income is deferred to a future period where it does not relate to the current period.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and the investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit and loss account.


Polcrocan Limited (Registered number: 00657598)

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

2. ACCOUNTING POLICIES - continued
Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. The following timing differences are not provided for; differences between accumulated depreciation and tax allowances for the cost of a fixed asset if and when all conditions for retaining the tax allowances have been met; and differences relating to investments to the extent that it is not probable that they will reverse in the foreseeable future and the reporting entity is able to control the reversal of the timing difference. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet. Deferred tax balances are not discounted.

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.

Valuation of investments
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the profit and loss account for the period.

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.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Polcrocan Limited (Registered number: 00657598)

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

2. ACCOUNTING POLICIES - continued

Dividends
Equity dividends are recognised when they become legally payable.

Provisions and contingencies

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

Contingent liabilities are recognised as a provision when the likelihood of economic outflow is assessed as probable. Contingent liabilities arise as a result of past events when (i) it is not probable that there will be an outflow of resources or that the amount cannot be reliably measured at the reporting date or (ii) when the existence will be confirmed by the occurrence or non-occurrence of uncertain future events not wholly within the company's control. Contingent liabilities are not recognised as a provision but are instead disclosed in the financial statements when the likelihood of economic settlement is deemed possible and not probable. Contingent liabilities are not recognised as a disclosure when the probability of an outflow of resources is remote.

3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements requires management to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

The directors consider that there are no significant judgements or estimates in the preparation of these financial statements.

4. EMPLOYEES AND DIRECTORS

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

5. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 102,668 109,346

Deferred tax 42,285 8,954
Tax on profit 144,953 118,300

Polcrocan Limited (Registered number: 00657598)

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

6. FIXED ASSET INVESTMENTS
Investments
in
subsidiary
companies
£   
COST
At 1 October 2023
and 30 September 2024 10,002
PROVISIONS
At 1 October 2023
and 30 September 2024 10,002
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

The provision is for the impairment of the fixed asset investment.

Subsidiary undertakings

The company owns 100% of the Ordinary share capital of Precision Optical Instruments Limited, which in turn owns 50% of the Ordinary share capital of LOH Opticservice (UK) Limited and 100% of the Ordinary share capital of Isaiah Oldbury Limited.

The registered office of all of the above subsidiaries is 425-433 Stratford Road, Shirley, Solihull, West Midlands, B90 4AE.

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023 5,661,156
Additions 102,963
At 30 September 2024 5,764,119
NET BOOK VALUE
At 30 September 2024 5,764,119
At 30 September 2023 5,661,156

The 2024 valuations were made by the directors, on an open market value for existing use basis.

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 7,500
Amounts owed by group undertakings 35,325 35,325
35,325 42,825

Polcrocan Limited (Registered number: 00657598)

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

9. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Listed investments 1,971,688 1,848,867
Market value of listed investments at 30 September 2024 - £ 1,971,688 (2023 - £ 1,848,867 ).

Current Asset Investment Analysis



Valuation
Listed
Investments (£

)

At 1 October 2023 1,848,867
Additions 180,950
Disposals (102,972 )
Revaluations 44,843
At 30 September 2024 1,971,688

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 128,425 136,954
Other creditors 63,993 62,995
192,418 199,949

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary shares 1 10,000 10,000

Polcrocan Limited (Registered number: 00657598)

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

12. RESERVES
Fair
Revaluation value
reserve reserve Totals
£    £    £   
At 1 October 2023
and 30 September 2024 1,224,635 679,964 1,904,599

Revaluation reserve

This is the cumulative effect of any revaluations in relation to the freehold property.

Fair value reserve

The fair value reserve comprises the cumulative effect of revaluations of current asset investments prior to transition from previous UK GAAP to Financial Reporting Standard 102.

Profit and loss account

The profit and loss account includes all current and prior periods retained profit and losses less dividends paid. Included within the profit and loss account is a value of unrealised profit on current asset investments due to the application of fair value rules of £44,563 (2023: losses of £86,926).