IRIS Accounts Production v25.1.0.734 05348680 Board of Directors 1.1.24 31.12.24 31.12.24 23.4.25 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh053486802023-12-31053486802024-12-31053486802024-01-012024-12-31053486802022-12-31053486802023-01-012023-12-31053486802023-12-3105348680ns15:EnglandWales2024-01-012024-12-3105348680ns14:PoundSterling2024-01-012024-12-3105348680ns10:Director12024-01-012024-12-3105348680ns10:PrivateLimitedCompanyLtd2024-01-012024-12-3105348680ns10:SmallEntities2024-01-012024-12-3105348680ns10:Audited2024-01-012024-12-3105348680ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-3105348680ns10:SmallCompaniesRegimeForAccounts2024-01-012024-12-3105348680ns10:FullAccounts2024-01-012024-12-3105348680ns10:Director22024-01-012024-12-3105348680ns10:RegisteredOffice2024-01-012024-12-3105348680ns5:CurrentFinancialInstruments2024-12-3105348680ns5:CurrentFinancialInstruments2023-12-3105348680ns5:ShareCapital2024-12-3105348680ns5:ShareCapital2023-12-3105348680ns5:RetainedEarningsAccumulatedLosses2024-12-3105348680ns5:RetainedEarningsAccumulatedLosses2023-12-3105348680ns5:FurnitureFittings2024-01-012024-12-3105348680ns5:ComputerEquipment2024-01-012024-12-3105348680ns5:PlantMachinery2023-12-3105348680ns5:PlantMachinery2024-01-012024-12-3105348680ns5:PlantMachinery2024-12-3105348680ns5:PlantMachinery2023-12-3105348680ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-3105348680ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3105348680ns5:WithinOneYear2024-12-3105348680ns5:WithinOneYear2023-12-3105348680ns5:BetweenOneFiveYears2024-12-3105348680ns5:BetweenOneFiveYears2023-12-3105348680ns5:AllPeriods2024-12-3105348680ns5:AllPeriods2023-12-31
REGISTERED NUMBER: 05348680 (England and Wales)


















AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

POLAR ELECTRO (UK) LIMITED

POLAR ELECTRO (UK) LIMITED (REGISTERED NUMBER: 05348680)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


POLAR ELECTRO (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Y Sprunger
E Chouhmat





REGISTERED OFFICE: Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA





REGISTERED NUMBER: 05348680 (England and Wales)





AUDITORS: TGFP
Chartered Accountants & Statutory Auditors
Fulford House
Newbold Terrace
Leamington Spa
Warwickshire
CV32 4EA

POLAR ELECTRO (UK) LIMITED (REGISTERED NUMBER: 05348680)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,024 6,539

CURRENT ASSETS
Debtors 5 393,980 261,922
Cash at bank 155,122 152,035
549,102 413,957
CREDITORS
Amounts falling due within one year 6 666,045 581,175
NET CURRENT LIABILITIES (116,943 ) (167,218 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(115,919

)

(160,679

)

CAPITAL AND RESERVES
Called up and paid share capital 1 1
Retained earnings (115,920 ) (160,680 )
(115,919 ) (160,679 )

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 April 2025 and were signed on its behalf by:





Y Sprunger - Director


POLAR ELECTRO (UK) LIMITED (REGISTERED NUMBER: 05348680)

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


1. STATUTORY INFORMATION

Polar Electro (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned group members.

Turnover
Turnover represents the value of all goods sold during the period, less returns received and an estimate of future returns, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost and 20% on cost
Computer equipment - 33% on cost

Financial instruments
Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments, according to the substance of the contractual arrangement. Equity instruments are those that entitle the holder to a residual interest in the company's assets after deducting all of its liabilities.

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


POLAR ELECTRO (UK) LIMITED (REGISTERED NUMBER: 05348680)

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


2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Defined contribution schemes
The company makes contributions to money purchase pension plans on behalf of certain employees. The contributions are charged to profit and loss as they become payable.

Going concern
The financial statements have been prepared on the going concern basis, on the understanding that the company will receive continued support from the company's ultimate parent undertaking for a period of at least 12 months from the date of these financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 9 ) .

POLAR ELECTRO (UK) LIMITED (REGISTERED NUMBER: 05348680)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024 86,251
Disposals (71,618 )
At 31 December 2024 14,633
DEPRECIATION
At 1 January 2024 79,712
Charge for year 3,062
Eliminated on disposal (69,165 )
At 31 December 2024 13,609
NET BOOK VALUE
At 31 December 2024 1,024
At 31 December 2023 6,539

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 385,497 228,361
Other debtors 8,483 33,561
393,980 261,922

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 4,395 2,774
Amounts owed to group undertakings 264,351 347,924
Taxation and social security 216,274 114,316
Other creditors 181,025 116,161
666,045 581,175

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 3,084 29,308
Between one and five years - 3,084
3,084 32,392

POLAR ELECTRO (UK) LIMITED (REGISTERED NUMBER: 05348680)

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


8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

BENJAMIN R REYNOLDS (Senior Statutory Auditor)
for and on behalf of TGFP

9. OTHER FINANCIAL COMMITMENTS

Polar Electro Oy, the company's ultimate parent undertaking, has provided a guarantee of up to £200,000 to the company's bank in respect of the company's multiple option bank facility.

The bank balance is subject to a right set off in respect of bank balances with other group companies.

10. PARENT COMPANY

The company's ultimate parent undertaking is Polar Electro Oy, a company incorporated in Finland, registered address Professorintie 5, FI-90440, Finland.