Registered number
13509720
Polo Traders Limited
Filleted Accounts
31 July 2024
Polo Traders Limited
Registered number: 13509720
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,295 4,995
Current assets
Stocks 30,553 57,698
Debtors 4 61,047 30,599
Cash at bank and in hand 19,302 14,334
110,902 102,631
Creditors: amounts falling due within one year 5 (96,315) (105,483)
Net current assets/(liabilities) 14,587 (2,852)
Net assets 20,882 2,143
Capital and reserves
Called up share capital 1 1
Profit and loss account 20,881 2,142
Shareholder's funds 20,882 2,143
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Muhammad Waqas Sultan
Director
Approved by the board on 25 April 2025
Polo Traders Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Functional and presentation currency
The financial statements of the company are measured and presented in the currency of the primary economic environment in which the company operates, the functional currency. The financial statements are presented in Pound sterling (£), which is the company’s functional currency.
Employee benefits
Short-term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Post-employment defined contribution plans
Amounts in respect of defined contributions plans are recognised as an expense as they are incurred.

Termination benefits
Provisions for termination benefits are recognised only when the company is demonstrably committed to terminate the employment of an employee or of a group of employees before their normal retirement date or to provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.
Going concern
The financial statements have been prepared on the basis that the company will receive continued financial support from bank and director and has adequate resources to continue in operational existence for the foreseeable future.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixtures, fittings, tools and equipment
£
Cost
At 1 August 2023 6,335
Additions 2,874
At 31 July 2024 9,209
Depreciation
At 1 August 2023 1,340
Charge for the year 1,574
At 31 July 2024 2,914
Net book value
At 31 July 2024 6,295
At 31 July 2023 4,995
4 Debtors 2024 2023
£ £
Trade debtors 54,412 30,599
Other debtors 6,635 -
61,047 30,599
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 511 2,053
Taxation and social security costs 16,751 8,837
Other creditors 79,053 94,593
96,315 105,483
6 Controlling party
Muhammad Waqas Sultan is the ultimate controlling party.
7 Other information
Polo Traders Limited is a private company limited by shares and incorporated in England. Its registered office is:
90 Tomswood Hill
Ilford
Essex
IG6 2QH
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