27 25 Polaris Elements Limited 02619902 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is Software development Digita Accounts Production Advanced 6.30.9574.0 true 02619902 2023-08-01 2024-07-31 02619902 2024-07-31 02619902 core:RetainedEarningsAccumulatedLosses 2024-07-31 02619902 core:ShareCapital 2024-07-31 02619902 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-07-31 02619902 core:CurrentFinancialInstruments 2024-07-31 02619902 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 02619902 core:Non-currentFinancialInstruments 2024-07-31 02619902 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 02619902 core:Goodwill 2024-07-31 02619902 core:FurnitureFittingsToolsEquipment 2024-07-31 02619902 core:MotorVehicles 2024-07-31 02619902 core:OtherPropertyPlantEquipment 2024-07-31 02619902 bus:SmallEntities 2023-08-01 2024-07-31 02619902 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 02619902 bus:FilletedAccounts 2023-08-01 2024-07-31 02619902 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 02619902 bus:RegisteredOffice 2023-08-01 2024-07-31 02619902 bus:Director1 2023-08-01 2024-07-31 02619902 bus:Director2 2023-08-01 2024-07-31 02619902 bus:Director3 2023-08-01 2024-07-31 02619902 bus:Director4 2023-08-01 2024-07-31 02619902 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 02619902 bus:Agent1 2023-08-01 2024-07-31 02619902 core:CopyrightsPatentsTrademarksServiceOperatingRights 2023-08-01 2024-07-31 02619902 core:ComputerEquipment 2023-08-01 2024-07-31 02619902 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 02619902 core:MotorVehicles 2023-08-01 2024-07-31 02619902 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 02619902 core:OtherRelatedParties 2023-08-01 2024-07-31 02619902 countries:EnglandWales 2023-08-01 2024-07-31 02619902 2023-07-31 02619902 core:Goodwill 2023-07-31 02619902 core:FurnitureFittingsToolsEquipment 2023-07-31 02619902 core:MotorVehicles 2023-07-31 02619902 core:OtherPropertyPlantEquipment 2023-07-31 02619902 2022-08-01 2023-07-31 02619902 2023-07-31 02619902 core:RetainedEarningsAccumulatedLosses 2023-07-31 02619902 core:ShareCapital 2023-07-31 02619902 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-07-31 02619902 core:CurrentFinancialInstruments 2023-07-31 02619902 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 02619902 core:Non-currentFinancialInstruments 2023-07-31 02619902 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 02619902 core:Goodwill 2023-07-31 02619902 core:FurnitureFittingsToolsEquipment 2023-07-31 02619902 core:MotorVehicles 2023-07-31 02619902 core:OtherPropertyPlantEquipment 2023-07-31 xbrli:pure iso4217:GBP

Registration number: 02619902

Polaris Elements Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Polaris Elements Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Polaris Elements Limited

Company Information

Directors

Mrs B D S Stevens

Mr N Westwater

Mrs A Bushell

Mrs J C Westwater

Registered office

The Coach House
Ryeford Road
Stonehouse
Gloucestershire
GL10 3HG

Accountants

Harbour Key Limited Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Polaris Elements Limited

(Registration number: 02619902)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

14,717

14,412

Debtors

6

1,609

3,543

 

16,326

17,955

Current assets

 

Stocks

33,572

12,143

Debtors

6

268,464

357,691

Cash at bank and in hand

 

678,316

436,990

 

980,352

806,824

Creditors: Amounts falling due within one year

7

(531,381)

(436,657)

Net current assets

 

448,971

370,167

Total assets less current liabilities

 

465,297

388,122

Provisions for liabilities

(3,230)

(3,155)

Net assets

 

462,067

384,967

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

461,067

383,967

Shareholders' funds

 

462,067

384,967

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Polaris Elements Limited

(Registration number: 02619902)
Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 22 April 2025 and signed on its behalf by:
 

.........................................
Mrs B D S Stevens
Director

.........................................
Mr N Westwater
Director

 

Polaris Elements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Coach House
Ryeford Road
Stonehouse
Gloucestershire
GL10 3HG

These financial statements were authorised for issue by the Board on 22 April 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Polaris Elements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & fittings

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Development costs

Research costs are expensed in the period in which they are incurred.

Development costs are expensed in the period in which they are incurred, unless they meet the criteria of internally generated intangible assets. Development costs which have met the criteria of internally generated intangible assets have been capitalised and are amortised to the profit and loss account. Amortisation starts when the assets are available for use and is applied over their estimated useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intellectual property rights

50% reducing balance

 

Polaris Elements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Polaris Elements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2023 - 25).

 

Polaris Elements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Intellectual property rights
 £

Total
£

Cost or valuation

At 1 August 2023

17,500

17,500

At 31 July 2024

17,500

17,500

Amortisation

At 1 August 2023

17,500

17,500

At 31 July 2024

17,500

17,500

Carrying amount

At 31 July 2024

-

-

At 31 July 2023

-

-

5

Tangible assets

Computer equipment
 £

Motor vehicles
 £

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 August 2023

32,272

18,740

30,508

81,520

Additions

6,517

-

-

6,517

At 31 July 2024

38,789

18,740

30,508

88,037

Depreciation

At 1 August 2023

28,895

12,810

25,403

67,108

Charge for the year

3,964

1,483

765

6,212

At 31 July 2024

32,859

14,293

26,168

73,320

Carrying amount

At 31 July 2024

5,930

4,447

4,340

14,717

At 31 July 2023

3,377

5,930

5,105

14,412

 

Polaris Elements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

223,757

309,055

Prepayments

12,469

13,003

Other debtors

32,238

35,633

 

268,464

357,691

Non-current

2024
£

2023
£

Other debtors

1,609

3,543

 

1,609

3,543

Details of non-current trade and other debtors

£1,609 (2023 -£3,543) of cycle scheme loan is classified as non current.

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

8

-

2,295

Trade creditors

 

111,505

83,474

Taxation and social security

 

100,432

104,388

Other creditors

9

319,444

246,500

 

531,381

436,657

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £nil (2023 - £2,295).

 

Polaris Elements Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

-

2,295

9

Related party transactions

Transactions with directors

At the balance sheet date, the company owed the directors £30,060 (2023: £nil). The loans are interest free and repayable on demand.

Summary of transactions with other related parties

During the year, the following transactions occurred with Petticoat Management Team Limited, a company connected by virtue of common ownership:-

Total sales were made of £5,730 (2023: £11,870) through the year with £nil (2023: £1,440) outstanding at the balance sheet date.

Total purchases were made of £66,373 (2023: £49,574) through the year with £16,225 (2023: £17,545) outstanding at the balance sheet date.

At the balance sheet date, the company was owed £32,000 (2023: £32,000) from and owed £29,376 (2023: £nil) to other companies which have a common director.