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REGISTERED NUMBER: 06683415 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Polarity Electrical Limited

Polarity Electrical Limited (Registered number: 06683415)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Polarity Electrical Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: D W Smith
Mrs P N Smith





SECRETARY: Mrs P N Smith





REGISTERED OFFICE: 898 - 902 Wimborne Road
Moordown
Bournemouth
Dorset
BH9 2DW





REGISTERED NUMBER: 06683415 (England and Wales)





ACCOUNTANTS: Stephen Penny and Partners Limited
Chartered Certified Accountants
and Business Advisors
898-902 Wimborne Road
Bournemouth
Dorset
BH9 2DW

Polarity Electrical Limited (Registered number: 06683415)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 3,100 3,875
Tangible assets 5 2,795 3,948
5,895 7,823

CURRENT ASSETS
Debtors 6 33,293 62,117
Cash at bank 30,369 28,143
63,662 90,260
CREDITORS
Amounts falling due within one year 7 40,944 37,257
NET CURRENT ASSETS 22,718 53,003
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,613

60,826

PROVISIONS FOR LIABILITIES 573 750
NET ASSETS 28,040 60,076

CAPITAL AND RESERVES
Called up share capital 250 250
Retained earnings 27,790 59,826
28,040 60,076

Polarity Electrical Limited (Registered number: 06683415)

Balance Sheet - continued
31 August 2024


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

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

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 27 May 2025 and were signed on its behalf by:





D W Smith - Director


Polarity Electrical Limited (Registered number: 06683415)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Polarity Electrical 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

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.


Polarity Electrical Limited (Registered number: 06683415)

Notes to the Financial Statements - continued
for the Year Ended 31 August 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2023
and 31 August 2024 15,500
AMORTISATION
At 1 September 2023 11,625
Charge for year 775
At 31 August 2024 12,400
NET BOOK VALUE
At 31 August 2024 3,100
At 31 August 2023 3,875

Polarity Electrical Limited (Registered number: 06683415)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2023
and 31 August 2024 40,150
DEPRECIATION
At 1 September 2023 36,202
Charge for year 1,153
At 31 August 2024 37,355
NET BOOK VALUE
At 31 August 2024 2,795
At 31 August 2023 3,948

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.8.24 31.8.23
£    £   
Trade debtors 27,770 56,396
Amounts recoverable on contract 3,568 3,608
Other debtors 1,955 2,113
33,293 62,117

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
31.8.24 31.8.23
£    £   
Trade creditors 11,249 13,498
Taxation and social security 24,547 17,213
Other creditors 5,148 6,546
40,944 37,257