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Company registration number: 13616694
Polysam Limited
Trading as Polysam Limited
Unaudited filleted financial statements
30 September 2024
Polysam Limited
Contents
Statement of financial position
Notes to the financial statements
Polysam Limited
Statement of financial position
30 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 675,561 675,561
_______ _______
675,561 675,561
Current assets
Debtors 772 1,045
Cash at bank and in hand 26,110 3,961
_______ _______
26,882 5,006
Creditors: amounts falling due
within one year ( 646,736) ( 645,991)
_______ _______
Net current liabilities ( 619,854) ( 640,985)
_______ _______
Total assets less current liabilities 55,707 34,576
_______ _______
Net assets 55,707 34,576
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 55,706 34,575
_______ _______
Shareholders funds 55,707 34,576
_______ _______
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 06 June 2025 , and are signed on behalf of the board by:
Ms Kiran Preet Sandhu
Director
Company registration number: 13616694
Polysam Limited
Notes to the financial statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 27a Carisbrooke Road, Birmingham, West Midlands, B17 8NN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Freehold property Total
£ £
Cost
At 1 October 2023 and 30 September 2024 675,561 675,561
_______ _______
Depreciation
At 1 October 2023 and 30 September 2024 - -
_______ _______
Carrying amount
At 30 September 2024 675,561 675,561
_______ _______
At 30 September 2023 675,561 675,561
_______ _______
6. Controlling party
The company is under the complete control of Miss Kiran Preet Sandhu.