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REGISTERED NUMBER: 02950864 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

POLO AVIATION LIMITED

POLO AVIATION LIMITED (REGISTERED NUMBER: 02950864)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


POLO AVIATION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: P J Hall
H S G Hall





SECRETARY: P J Hall





REGISTERED OFFICE: Urchinwood Manor
Urchinwood Lane
Congresbury
Bristol
BS49 5AP





REGISTERED NUMBER: 02950864 (England and Wales)





ACCOUNTANTS: Lawes & Co
Boyce's Building
40-42 Regent Street
Clifton
Bristol
BS8 4HU

POLO AVIATION LIMITED (REGISTERED NUMBER: 02950864)

BALANCE SHEET
31 JULY 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 93,000 103,438

CURRENT ASSETS
Debtors 5 343,692 234,857
Cash at bank 168,643 242,847
512,335 477,704
CREDITORS
Amounts falling due within one year 6 141,785 143,557
NET CURRENT ASSETS 370,550 334,147
TOTAL ASSETS LESS CURRENT
LIABILITIES

463,550

437,585

CREDITORS
Amounts falling due after more than
one year

7

(258,000

)

(258,000

)

PROVISIONS FOR LIABILITIES 8 (23,250 ) (25,859 )
NET ASSETS 182,300 153,726

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 182,298 153,724
SHAREHOLDERS' FUNDS 182,300 153,726

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

POLO AVIATION LIMITED (REGISTERED NUMBER: 02950864)

BALANCE SHEET - continued
31 JULY 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:





H S G Hall - Director


POLO AVIATION LIMITED (REGISTERED NUMBER: 02950864)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

Polo Aviation 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Helicopter - 10% on reducing balance
Fixtures & Equipment - 20% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

POLO AVIATION LIMITED (REGISTERED NUMBER: 02950864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Helicopter & Equipment Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 215,000 92,910 307,910
DEPRECIATION
At 1 August 2023 112,166 92,306 204,472
Charge for year 10,284 154 10,438
At 31 July 2024 122,450 92,460 214,910
NET BOOK VALUE
At 31 July 2024 92,550 450 93,000
At 31 July 2023 102,834 604 103,438

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 152,239 132,915
Other debtors 191,453 101,942
343,692 234,857

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 82,752 19,304
Taxation and social security 29,838 70,556
Other creditors 29,195 53,697
141,785 143,557

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.7.24 31.7.23
£    £   
Other creditors 258,000 258,000

POLO AVIATION LIMITED (REGISTERED NUMBER: 02950864)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

8. PROVISIONS FOR LIABILITIES
31.7.24 31.7.23
£    £   
Deferred tax
Accelerated capital allowances 23,250 25,859

Deferred
tax
£   
Balance at 1 August 2023 25,859
Reversal of timing differences (2,609 )
Balance at 31 July 2024 23,250

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
2 Ordinary £1 2 2

10. RELATED PARTY DISCLOSURES

The company maintains an interest free loan account with its directors. At the year end, the directors were owed £284,211 (2023: £308,695).

Urchinwood Manor commenced charging annual rent within the financial year to the company at £15,000 per annum for usage of their site for business operations.

At the balance sheet date, the company was owed £191,453 (2023: £101,942) by Urchinwood Manor. Urchinwood Manor is a partnership run by P J Hall and H S G Hall, the directors of the company.

11. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.