Company registration number 06782812 (England and Wales)
POLAR BEAR WINDOWS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
POLAR BEAR WINDOWS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
POLAR BEAR WINDOWS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
FIXED ASSETS
Tangible assets
4
56,537
67,200
CURRENT ASSETS
Stocks
60,373
19,695
Debtors
5
354,260
343,434
Cash at bank and in hand
10,259
59,979
424,892
423,108
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
6
(686,274)
(632,485)
NET CURRENT LIABILITIES
(261,382)
(209,377)
TOTAL ASSETS LESS CURRENT LIABILITIES
(204,845)
(142,177)
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
7
(12,200)
(22,398)
NET LIABILITIES
(217,045)
(164,575)
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss reserves
(217,145)
(164,675)
TOTAL EQUITY
(217,045)
(164,575)
POLAR BEAR WINDOWS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered 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 28 March 2025 and are signed on its behalf by:
Mr H Rushton
Director
Company registration number 06782812 (England and Wales)
POLAR BEAR WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
ACCOUNTING POLICIES
Company information

Polar Bear Windows Limited is a private company limited by shares incorporated in England and Wales. The registered office is Cedar House, Hazell Drive, Newport, NP10 8FY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The accounts show that the company had net liabilities at the balance sheet date. The directors have therefore had to consider the appropriateness of the going concern basis.

 

The company has been able to finance its operations largely because of support from the directors, related companies and other creditors. Were this support not available, the company may not be able to continue trading.

 

The directors are confident that the company will be able to meet its obligations for at least the next twelve months with the continuing support of these creditors. They therefore consider it appropriate to prepare the accounts on the going concern basis.

1.3
Turnover

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.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

POLAR BEAR WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 4 -

Amortisation 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:

Website costs
20% Straight line
1.5
Tangible fixed assets

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:

Plant and equipment
18% Reducing balance
Equipment
18-20% Reducing balance
Motor vehicles
18% Reducing balance
Showroom
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.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.7
Stocks

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.

POLAR BEAR WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
ACCOUNTING POLICIES
(Continued)
- 5 -
1.8
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

POLAR BEAR WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
EMPLOYEES

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
13
3
INTANGIBLE FIXED ASSETS
Other
£
Cost
At 1 April 2023 and 31 March 2024
14,765
Amortisation and impairment
At 1 April 2023 and 31 March 2024
14,765
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
POLAR BEAR WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
TANGIBLE FIXED ASSETS
Plant and equipment
Equipment
Motor vehicles
Showroom
Total
£
£
£
£
£
Cost
At 1 April 2023
67,802
31,197
12,195
173,398
284,592
Additions
710
870
-
0
1,013
2,593
At 31 March 2024
68,512
32,067
12,195
174,411
287,185
Depreciation and impairment
At 1 April 2023
55,212
21,982
8,070
132,128
217,392
Depreciation charged in the year
2,278
1,799
742
8,437
13,256
At 31 March 2024
57,490
23,781
8,812
140,565
230,648
Carrying amount
At 31 March 2024
11,022
8,286
3,383
33,846
56,537
At 31 March 2023
12,590
9,215
4,125
41,270
67,200
5
DEBTORS
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22,134
28,558
Other debtors
332,126
314,876
354,260
343,434
6
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
2023
£
£
Bank loans
10,204
9,952
Trade creditors
35,656
84,264
Corporation tax
71,344
51,925
Other taxation and social security
20,349
24,329
Other creditors
548,721
462,015
686,274
632,485
POLAR BEAR WINDOWS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
2023
£
£
Bank loans and overdrafts
12,200
22,398
8
RELATED PARTY TRANSACTIONS

Included in other debtors is a balance of £161 (2023: £1,908) due from companies related by common control.

 

Included in other creditors is a balance of £415,477 (2023: £401,282) due to companies related by common control.

 

These balances are interest free and repayable on demand.

9
OPERATING LEASE COMMITMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
179
9,991
10
DIRECTORS' TRANSACTIONS

Included in other debtors is an amount owed by the directors.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Directors loan account
-
158,560
42,591
201,151
158,560
42,591
201,151

This balance is interest free and repayable on demand.

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