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REGISTERED NUMBER: 03397782 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

POLAR AIR LTD

POLAR AIR LTD (REGISTERED NUMBER: 03397782)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


POLAR AIR LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: A M Fitch





SECRETARY: Miss M H Whalin





REGISTERED OFFICE: 29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA





REGISTERED NUMBER: 03397782 (England and Wales)





ACCOUNTANTS: Lemans
29 Arboretum Street
Nottingham
Nottinghamshire
NG1 4JA

POLAR AIR LTD (REGISTERED NUMBER: 03397782)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 449,112 438,707

CURRENT ASSETS
Debtors 5 340,618 193,156
Cash at bank and in hand 228,287 391,463
568,905 584,619
CREDITORS
Amounts falling due within one year 6 309,507 296,414
NET CURRENT ASSETS 259,398 288,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

708,510

726,912

CREDITORS
Amounts falling due after more than one
year

7

(223,059

)

(196,713

)

PROVISIONS FOR LIABILITIES (47,909 ) (45,009 )
NET ASSETS 437,542 485,190

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 82,802 83,020
Retained earnings 354,640 402,070
SHAREHOLDERS' FUNDS 437,542 485,190

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

POLAR AIR LTD (REGISTERED NUMBER: 03397782)

BALANCE SHEET - continued
30 SEPTEMBER 2024


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 director and authorised for issue on 28 May 2025 and were signed by:





A M Fitch - Director


POLAR AIR LTD (REGISTERED NUMBER: 03397782)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Polar Air Ltd 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Freehold property is included in the balance sheet at a value which in the opinion of the directors represents open market value.

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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

POLAR AIR LTD (REGISTERED NUMBER: 03397782)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2. ACCOUNTING POLICIES - continued

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 10 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 October 2023 325,000 12,497 4,815
Additions - - -
Disposals - - -
At 30 September 2024 325,000 12,497 4,815
DEPRECIATION
At 1 October 2023 13,000 12,101 4,782
Charge for year 6,500 99 6
Eliminated on disposal - - -
At 30 September 2024 19,500 12,200 4,788
NET BOOK VALUE
At 30 September 2024 305,500 297 27
At 30 September 2023 312,000 396 33

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 262,027 47,535 651,874
Additions 134,154 3,445 137,599
Disposals (194,537 ) - (194,537 )
At 30 September 2024 201,644 50,980 594,936
DEPRECIATION
At 1 October 2023 137,027 46,257 213,167
Charge for year 44,861 1,927 53,393
Eliminated on disposal (120,736 ) - (120,736 )
At 30 September 2024 61,152 48,184 145,824
NET BOOK VALUE
At 30 September 2024 140,492 2,796 449,112
At 30 September 2023 125,000 1,278 438,707

POLAR AIR LTD (REGISTERED NUMBER: 03397782)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 September 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
Valuation in 2021 325,000 - -
Cost - 12,497 4,815
325,000 12,497 4,815

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2021 - - 325,000
Cost 201,644 50,980 269,936
201,644 50,980 594,936

If freehold property had not been revalued it would have been included at the following historical cost:

30.9.24 30.9.23
£    £   
Cost 232,871 232,871
Aggregate depreciation 28,330 23,673

Freehold property was valued on an open market basis on 9 February 2021 by Holden Copley .

The director still considers this to be an appropriate market value at 30 September 2024.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1 October 2023 221,016
Additions 134,155
Disposals (160,633 )
At 30 September 2024 194,538
DEPRECIATION
At 1 October 2023 107,962
Charge for year 44,860
Eliminated on disposal (92,866 )
At 30 September 2024 59,956
NET BOOK VALUE
At 30 September 2024 134,582
At 30 September 2023 113,054

POLAR AIR LTD (REGISTERED NUMBER: 03397782)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 332,036 184,574
Other debtors 4,968 4,968
Directors' current accounts 3,614 3,614
340,618 193,156

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Bank loans and overdrafts 20,749 19,967
Hire purchase contracts (see note 8) 23,130 29,907
Trade creditors 204,312 177,039
Social security and other taxes 55,454 23,759
Other creditors 1,954 41,962
Accrued expenses 3,908 3,780
309,507 296,414

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.24 30.9.23
£    £   
Bank loans 6,996 17,315
Bank loans 47,523 45,118
Bank loans more 5 yr by instal 64,415 76,121
Hire purchase contracts (see note 8) 104,125 58,159
223,059 196,713

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 64,415 76,121

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 23,130 29,907
Between one and five years 104,125 58,159
127,255 88,066

POLAR AIR LTD (REGISTERED NUMBER: 03397782)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8. LEASING AGREEMENTS - continued

Non-cancellable operating leases
30.9.24 30.9.23
£    £   
Within one year 27,016 27,017
Between one and five years 33,455 60,472
60,471 87,489

9. SECURED DEBTS

The following secured debts are included within creditors:

30.9.24 30.9.23
£    £   
Bank loans 139,683 158,521

The bank loan is secured by a debenture and a 1st legal charge over the freehold property.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Revaluation
reserve
£   
At 1 October 2023 83,020
Revaluation net of deferred
tax (218 )

At 30 September 2024 82,802

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£    £   
A M Fitch
Balance outstanding at start of year 3,614 3,614
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,614 3,614

No interest has been charged in the year.