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No description of principal activities is disclosed
2023-08-01
Sage Accounts Production 24.0 - FRS102_2024
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xbrli:shares
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11068080
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Company registration number:
11068080
Polaris Property Asset Management Ltd
Unaudited filleted financial statements
31 July 2024
Polaris Property Asset Management Ltd
Contents
Directors and other information
Director's report
Accountants report
Statement of financial position
Notes to the financial statements
Polaris Property Asset Management Ltd
Directors and other information
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Director |
Dr Richard Barsby |
|
|
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Company number |
11068080 |
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Registered office |
The Enterprise Centre |
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University of East Anglia |
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Norwich |
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Norfolk |
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NR4 7TJ |
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Accountants |
i-Accounting Solutions Ltd |
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The Enterprise Centre |
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University of East Anglia |
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Norwich |
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Norfolk |
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NR4 7TJ |
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Polaris Property Asset Management Ltd
Director's report
Year ended 31 July 2024
The director presents his report and the unaudited financial statements of the company for the year ended 31 July 2024.
Principal Activity
We provide a professional letting and management service for our properties in the centre of Norwich and fully comply with UK Landlord/Tenants legislation.
We take pride and care in our properties in line with the objectives in our strap-line Smart Properties for Smart People.
Review of Business
We kept our rents below the market average and feedback from our tenants has always been positive. Maintenance and overhead costs were within budget.
Our apartments were 95% occupied during 2023-2024.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
17 April 2025
and signed on behalf of the board by:
Dr Richard Barsby
Director
Polaris Property Asset Management Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Polaris Property Asset Management Ltd
Year ended 31 July 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 Polaris Property Asset Management Ltd for the year ended 31 July 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Polaris Property Asset Management Ltd, as a body, in accordance with the terms of our engagement letter dated 27 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Polaris Property Asset Management Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Polaris Property Asset Management Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Polaris Property Asset Management Ltd 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 Polaris Property Asset Management Ltd. You consider that Polaris Property Asset Management Ltd 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 Polaris Property Asset Management Ltd. 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.
i-Accounting Solutions Ltd
Chartered Certified Accountants
The Enterprise Centre
University of East Anglia
Norwich
Norfolk
NR4 7TJ
17 April 2025
Polaris Property Asset Management Ltd
Statement of financial position
31 July 2024
|
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|
2024 |
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|
2023 |
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
380,086 |
|
|
|
380,115 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
380,086 |
|
|
|
380,115 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
8,000 |
|
|
|
- |
|
|
Cash at bank and in hand |
|
|
15,060 |
|
|
|
16,934 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
23,060 |
|
|
|
16,934 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
12,387) |
|
|
|
(
7,210) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
10,673 |
|
|
|
9,724 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
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390,759 |
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|
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389,839 |
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|
|
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Creditors: amounts falling due |
|
|
|
|
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|
|
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after more than one year |
|
8 |
|
|
(
323,481) |
|
|
|
(
318,121) |
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
12,605) |
|
|
|
(
16,587) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
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|
_______ |
Net assets |
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54,673 |
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|
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55,131 |
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|
|
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_______ |
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_______ |
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Capital and reserves |
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|
Called up share capital |
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|
|
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1 |
|
|
|
1 |
Profit and loss account |
|
|
|
|
54,672 |
|
|
|
55,130 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
54,673 |
|
|
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55,131 |
|
|
|
|
|
_______ |
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|
_______ |
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
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;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
17 April 2025
, and are signed on behalf of the board by:
Dr Richard Barsby
Director
Company registration number:
11068080
Polaris Property Asset Management Ltd
Notes to the financial statements
Year ended 31 July 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o i-Accounting Solutions Ltd, The Enterprise Centre, University of East Anglia, Norwich, Norfolk, NR4 7TJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of consideration received or receivable. Turnover consists of rents received,
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
- |
25 % |
reducing balance |
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment property
Investment properties are carried at fair value determined 5 yearly and derived from the current market rents and 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 for. Changes in the fair value are recognised in the profit and loss account.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, trade creditors and trade debtors.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5.
Tangible assets
|
|
Freehold property |
Fixtures, fittings and equipment |
Total |
|
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
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|
At 1 August 2023 and 31 July 2024 |
380,000 |
488 |
380,488 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
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Depreciation |
|
|
|
|
|
|
|
|
At 1 August 2023 |
- |
373 |
373 |
|
|
|
|
|
Charge for the year |
- |
29 |
29 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 July 2024 |
- |
402 |
402 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 July 2024 |
380,000 |
86 |
380,086 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
At 31 July 2023 |
380,000 |
115 |
380,115 |
|
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
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Investment property
Investment properties have been capitalised at cost and include legal and statutory fees. The properties have been revalued by the director as at 31 07 22.
6.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
8,000 |
- |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Corporation tax |
|
2,983 |
2,406 |
|
Other creditors |
|
9,404 |
4,804 |
|
|
|
_______ |
_______ |
|
|
|
12,387 |
7,210 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due after more than one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
323,481 |
318,121 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Related party transactions
During the year the company entered into the following transactions with related parties:
|
|
Transaction value |
|
Balance owed by/(owed to) |
|
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Skyline IFE Ltd |
(
5,360) |
(
698) |
(
323,481) |
(
318,121) |
|
Sigma One Holding Ltd |
8,000 |
- |
8,000 |
- |
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
Skyline IFE Ltd and Sigma One Holding Ltd are associated companies of
Polaris Property Asset Management Ltd
. No interest has been charged on this loans.