IRIS Accounts Production v25.1.4.42 01740670 Board of Directors 1.5.24 30.4.25 30.4.25 Medium entities the fabrication and installation of architectural fenestration and automatic door systems and there has been no significant change during the year. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017406702024-04-30017406702025-04-30017406702024-05-012025-04-30017406702022-10-31017406702022-11-012024-04-30017406702024-04-3001740670ns15:EnglandWales2024-05-012025-04-3001740670ns14:PoundSterling2024-05-012025-04-3001740670ns10:Director12024-05-012025-04-3001740670ns10:PrivateLimitedCompanyLtd2024-05-012025-04-3001740670ns10:MediumEntities2024-05-012025-04-3001740670ns10:Audited2024-05-012025-04-3001740670ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-05-012025-04-3001740670ns10:Medium-sizedCompaniesRegimeForAccounts2024-05-012025-04-3001740670ns10:FullAccounts2024-05-012025-04-3001740670ns10:OrdinaryShareClass12024-05-012025-04-3001740670ns10:Director22024-05-012025-04-3001740670ns10:RegisteredOffice2024-05-012025-04-3001740670ns5:CurrentFinancialInstruments2025-04-3001740670ns5:CurrentFinancialInstruments2024-04-3001740670ns5:Non-currentFinancialInstruments2025-04-3001740670ns5:Non-currentFinancialInstruments2024-04-3001740670ns5:RetainedEarningsAccumulatedLossesns5:PreviouslyStatedAmount2022-10-3101740670ns5:PreviouslyStatedAmount2022-10-3101740670ns5:RetainedEarningsAccumulatedLosses2022-11-012024-04-300174067042024-05-012025-04-300174067042022-11-012024-04-300174067012024-05-012025-04-300174067012022-11-012024-04-300174067012024-05-012025-04-3001740670ns5:LandBuildingsns5:ShortLeaseholdAssets2024-05-012025-04-3001740670ns5:PlantMachinery2024-05-012025-04-3001740670ns5:FurnitureFittings2024-05-012025-04-3001740670ns5:MotorVehicles2024-05-012025-04-3001740670ns10:HighestPaidDirector2024-05-012025-04-3001740670ns10:HighestPaidDirector2022-11-012024-04-3001740670ns5:OwnedAssets2024-05-012025-04-3001740670ns5:OwnedAssets2022-11-012024-04-3001740670ns5:LeasedAssets2024-05-012025-04-3001740670ns5:LeasedAssets2022-11-012024-04-300174067052024-05-012025-04-300174067052022-11-012024-04-300174067062024-05-012025-04-300174067062022-11-012024-04-300174067072024-05-012025-04-300174067072022-11-012024-04-3001740670ns5:HirePurchaseContracts2024-05-012025-04-3001740670ns5:HirePurchaseContracts2022-11-012024-04-3001740670ns5:LandBuildingsns5:ShortLeaseholdAssets2024-04-3001740670ns5:PlantMachinery2024-04-3001740670ns5:FurnitureFittings2024-04-3001740670ns5:MotorVehicles2024-04-3001740670ns5:LandBuildingsns5:ShortLeaseholdAssets2025-04-3001740670ns5:PlantMachinery2025-04-3001740670ns5:FurnitureFittings2025-04-3001740670ns5:MotorVehicles2025-04-3001740670ns5:LandBuildingsns5:ShortLeaseholdAssets2024-04-3001740670ns5:PlantMachinery2024-04-3001740670ns5:FurnitureFittings2024-04-3001740670ns5:MotorVehicles2024-04-3001740670ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-05-012025-04-3001740670ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2025-04-3001740670ns5:WithinOneYearns5:CurrentFinancialInstruments2025-04-3001740670ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-3001740670ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2025-04-3001740670ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-04-3001740670ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2025-04-3001740670ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-04-3001740670ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2025-04-3001740670ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-04-3001740670ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2025-04-3001740670ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-04-3001740670ns5:HirePurchaseContracts2025-04-3001740670ns5:HirePurchaseContracts2024-04-3001740670ns5:WithinOneYear2025-04-3001740670ns5:WithinOneYear2024-04-3001740670ns5:BetweenOneFiveYears2025-04-3001740670ns5:BetweenOneFiveYears2024-04-3001740670ns5:AllPeriods2025-04-3001740670ns5:AllPeriods2024-04-3001740670ns5:Secured2025-04-3001740670ns5:Secured2024-04-3001740670ns5:DeferredTaxation2024-04-3001740670ns5:DeferredTaxation2024-05-012025-04-3001740670ns5:DeferredTaxation2025-04-3001740670ns10:OrdinaryShareClass12025-04-3001740670ns5:RetainedEarningsAccumulatedLosses2024-04-30
REGISTERED NUMBER: 01740670 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 April 2025

for

Polar (N.E.) Limited

Polar (N.E.) Limited (Registered number: 01740670)






Contents of the Financial Statements
for the Year Ended 30 April 2025




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Polar (N.E.) Limited

Company Information
for the Year Ended 30 April 2025







DIRECTORS: J Hill
N Baxter





REGISTERED OFFICE: Unit 9
Stephenson Court
Skippers Lane Industrial Estate
Middlesbrough
TS6 6UT





REGISTERED NUMBER: 01740670 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditor
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Polar (N.E.) Limited (Registered number: 01740670)

Strategic Report
for the Year Ended 30 April 2025

The directors present their strategic report for the year ended 30 April 2025.

REVIEW OF BUSINESS
Polar NE has delivered a year of strong financial performance and set new standard across the business.
After a period of strategic restructuring, FY2025 reflects the results of a leaner, more focused business model. With profitability restored and margin improvements embedded, we are now operating from a solid and scalable foundation.

This performance marks a clear turning point and reflects the operational discipline and improvements made over the past 18 month.

Strategic Progress
We remain focused on our purpose: Improving lives by design. Key developments this year include:

- A redesigned quoting and estimation system for speed, accuracy, and transparency
- Continued investment in product innovation
- Enhanced coordination and planning, delivering faster responses and a seamless client experience

These changes have driven greater delivery consistency and strengthened client confidence.

With a strong project pipeline and greater forward visibility, Polar NE is well-positioned for continued, profitable growth into FY2026 and beyond.
Innovation, operational excellence, and a values-driven culture will remain at the heart of our strategy.

Our progress is a reflection of our team. The culture at Polar NE is now stronger than ever; built on collaboration, accountability, and a shared drive for quality.

PRINCIPAL RISKS AND UNCERTAINTIES
As with all businesses operating in the construction and manufacturing sectors, we remain attentive to broader market trends and external economic pressures. However, we are confident in the foundations we have built to mitigate these influences.

We have taken proactive steps to ensure stability and predictability for our clients, including:

- Clearer quoting, with greater transparency and fewer surprises
- Tighter controls on delivery, design and installation standards
- A leaner, more focused structure designed to ensure quality and reliability

Our commitment is to provide clients with confidence in every engagement. We believe that Polar NE is now stronger, more agile, and better positioned to support complex projects with assurance and consistency.

OUTLOOK AND FUTURE DEVELOPMENTS
The steps taken over the past 18 months have reset the business. We now have a strong base, a leaner structure, and a culture ready to scale.

Looking ahead to April 2026, our forecast is optimistic-with significant margin improvements, a healthy project pipeline, and a renewed client base. With innovation, operational control, and financial discipline in place, we're confident in achieving sustainable profitability and long-term growth.

ON BEHALF OF THE BOARD:





J Hill - Director


18 August 2025

Polar (N.E.) Limited (Registered number: 01740670)

Report of the Directors
for the Year Ended 30 April 2025

The directors present their report with the financial statements of the company for the year ended 30 April 2025.

DIVIDENDS
No dividends will be distributed for the year ended 30 April 2025.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2024 to the date of this report.

J Hill
N Baxter

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Anderson Barrowcliff Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Hill - Director


18 August 2025

Report of the Independent Auditors to the Members of
Polar (N.E.) Limited

Opinion
We have audited the financial statements of Polar (N.E.) Limited (the 'company') for the year ended 30 April 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 April 2025 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
Polar (N.E.) Limited


Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the company's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias in significant accounting estimates and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.


Auditors' responsibilities for the audit of the financial statements (continued)
Audit procedures performed by the engagement team included:

- Enquiry of management, those charged with governance and the entity's solicitors around actual and potential
litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.
- Challenging estimates and judgements made by management in their significant accounting estimates.
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Polar (N.E.) Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Helen Wilson FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited
Statutory Auditor
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

18 August 2025

Polar (N.E.) Limited (Registered number: 01740670)

Income Statement
for the Year Ended 30 April 2025

Period
1.11.22
Year Ended to
30.4.25 30.4.24
Notes £    £   

TURNOVER 8,655,672 16,451,634

Cost of sales 4,883,778 12,050,244
GROSS PROFIT 3,771,894 4,401,390

Administrative expenses 2,491,433 4,765,610
OPERATING PROFIT/(LOSS) 4 1,280,461 (364,220 )

Interest receivable and similar income 803 181
1,281,264 (364,039 )

Interest payable and similar expenses 5 301,777 298,975
PROFIT/(LOSS) BEFORE TAXATION 979,487 (663,014 )

Tax on profit/(loss) 6 244,000 (321,946 )
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 735,487 (341,068 )

Polar (N.E.) Limited (Registered number: 01740670)

Other Comprehensive Income
for the Year Ended 30 April 2025

Period
1.11.22
Year Ended to
30.4.25 30.4.24
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 735,487 (341,068 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

735,487
Prior year adjustment (664,002 )
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

(1,005,070

)

Polar (N.E.) Limited (Registered number: 01740670)

Balance Sheet
30 April 2025

2025 2024
Notes £    £    £   
FIXED ASSETS
Tangible assets 7 203,693 196,366

CURRENT ASSETS
Stocks 8 193,549 277,735
Debtors 9 1,971,788 2,347,704
Cash at bank and in hand 432,683 167,561
2,598,020 2,793,000
CREDITORS
Amounts falling due within one year 10 1,937,061 2,732,606
NET CURRENT ASSETS 660,959 60,394
TOTAL ASSETS LESS CURRENT
LIABILITIES

864,652

256,760

CREDITORS
Amounts falling due after more than one
year

11

385,667

513,262
NET ASSETS/(LIABILITIES) 478,985 (256,502 )

CAPITAL AND RESERVES
Called up share capital 16 392 392
Capital redemption reserve 17 196 196
Retained earnings 17 478,397 (257,090 )
SHAREHOLDERS' FUNDS 478,985 (256,502 )

The financial statements were approved by the Board of Directors and authorised for issue on 18 August 2025 and were signed on its behalf by:





J Hill - Director


Polar (N.E.) Limited (Registered number: 01740670)

Statement of Changes in Equity
for the Year Ended 30 April 2025

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2022 392 747,980 196 748,568
Prior year adjustment - (664,002 ) - (664,002 )
As restated 392 83,978 196 84,566

Changes in equity
Total comprehensive income - (341,068 ) - (341,068 )
Balance at 30 April 2024 392 (257,090 ) 196 (256,502 )

Changes in equity
Total comprehensive income - 735,487 - 735,487
Balance at 30 April 2025 392 478,397 196 478,985

Polar (N.E.) Limited (Registered number: 01740670)

Cash Flow Statement
for the Year Ended 30 April 2025

Period
1.11.22
Year Ended to
30.4.25 30.4.24
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,166,996 (327,173 )
Interest paid (301,777 ) (297,432 )
Interest element of hire purchase payments
paid

-

(1,543

)
Tax paid - 37,076
Taxation refund - 23,690
Net cash from operating activities 865,219 (565,382 )

Cash flows from investing activities
Purchase of tangible fixed assets (65,210 ) (59,706 )
Sale of tangible fixed assets 5,727 5,673
Interest received 803 181
Net cash from investing activities (58,680 ) (53,852 )

Cash flows from financing activities
New loans in year 400,000 967,930
Loan repayments in year (955,510 ) (723,867 )
Capital repayments in year 42,217 (24,084 )
Amount introduced by directors (28,124 ) -
Net inflow from other finance facilities - 465,972
Net cash from financing activities (541,417 ) 685,951

Increase in cash and cash equivalents 265,122 66,717
Cash and cash equivalents at beginning
of year

2

167,561

100,844

Cash and cash equivalents at end of year 2 432,683 167,561

Polar (N.E.) Limited (Registered number: 01740670)

Notes to the Cash Flow Statement
for the Year Ended 30 April 2025

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.11.22
Year Ended to
30.4.25 30.4.24
£    £   
Profit/(loss) before taxation 979,487 (663,014 )
Depreciation charges 43,579 73,407
Loss/(profit) on disposal of fixed assets 8,577 (5,673 )
Finance costs 301,777 298,975
Finance income (803 ) (181 )
1,332,617 (296,486 )
Decrease/(increase) in stocks 84,186 (37,346 )
Decrease in trade and other debtors 160,041 1,395,616
Decrease in trade and other creditors (409,848 ) (1,388,957 )
Cash generated from operations 1,166,996 (327,173 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 April 2025
30.4.25 1.5.24
£    £   
Cash and cash equivalents 432,683 167,561
Period ended 30 April 2024
30.4.24 1.11.22
£    £   
Cash and cash equivalents 167,561 100,844


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.24 Cash flow At 30.4.25
£    £    £   
Net cash
Cash at bank and in hand 167,561 265,122 432,683
167,561 265,122 432,683
Debt
Finance leases - (42,217 ) (42,217 )
Debts falling due within 1 year (669,217 ) 395,343 (273,874 )
Debts falling due after 1 year (513,262 ) 160,166 (353,096 )
(1,182,479 ) 513,292 (669,187 )
Total (1,014,918 ) 778,414 (236,504 )

Polar (N.E.) Limited (Registered number: 01740670)

Notes to the Financial Statements
for the Year Ended 30 April 2025

1. STATUTORY INFORMATION

Polar (N.E.) 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 (£).


The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Critical accounting judgements and key sources of estimation uncertainty
Amounts recoverable on contracts
Amounts recoverable on contracts are calculated in order to the take the profits that the company is entitled to through the work that has been done. As the result of the calculation amounts recoverable will be included within debtors and amounts received ahead of the entitlement will be shown in accruals and deferred income.

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.
Short leasehold - over the period of the lease
Plant and machinery - 33% on cost, 20% on cost and 10% on cost
Fixtures and fittings - 33% on cost, 20% on cost and 10% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.


Polar (N.E.) Limited (Registered number: 01740670)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2025

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.

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Government grants
Revenue grants receivable are credited to the profit and loss in the period to which they relate.

Where assets are acquired with the aid of specific capital grants, they are capitalised and depreciated in accordance with the above policy. The related grants are credited to a deferred capital grant account and are released to the profit and loss over the expected useful economic life of the related asset on a basis consistent with the depreciation policy.

Polar (N.E.) Limited (Registered number: 01740670)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2025

3. EMPLOYEES AND DIRECTORS
Period
1.11.22
Year Ended to
30.4.25 30.4.24
£    £   
Wages and salaries 1,835,242 3,796,890
Social security costs 188,535 380,298
Other pension costs 44,912 78,042
2,068,689 4,255,230

The average number of employees during the year was as follows:
Period
1.11.22
Year Ended to
30.4.25 30.4.24

Sales & Administration 22 36
Production 20 28
Installation 3 3
45 67

Period
1.11.22
Year Ended to
30.4.25 30.4.24
£    £   
Directors' remuneration 251,204 321,025
Directors' pension contributions to money purchase schemes 8,451 9,937

Information regarding the highest paid director is as follows:
Period
1.11.22
Year Ended to
30.4.25 30.4.24
£    £   
Emoluments etc 170,026 218,290
Pension contributions to money purchase schemes 4,315 6,474

4. OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

Period
1.11.22
Year Ended to
30.4.25 30.4.24
£    £   
Other operating leases 172,280 325,849
Depreciation - owned assets 42,473 73,408
Depreciation - assets on hire purchase contracts 1,106 -
Loss/(profit) on disposal of fixed assets 8,577 (5,673 )
Auditors remuneration 13,457 11,000

Polar (N.E.) Limited (Registered number: 01740670)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2025

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.11.22
Year Ended to
30.4.25 30.4.24
£    £   
Bank interest - 2,849
HMRC Interest 959 -
Funding circle interest 99,059 107,508
FW Capital Loan interest 38,491 49,313
Shareholder loan interest - 5,788
Kriya charges 84,699 77,410
Playter charges 78,569 54,564
Hire purchase interest - 1,543
301,777 298,975

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
1.11.22
Year Ended to
30.4.25 30.4.24
£    £   
Current tax:
Over provision in prior year - (36,946 )

Deferred taxation 244,000 (285,000 )
Tax on profit/(loss) 244,000 (321,946 )

7. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 May 2024 126,790 562,325 225,077 62,364 976,556
Additions - 5,980 - 59,230 65,210
Disposals - - - (39,251 ) (39,251 )
At 30 April 2025 126,790 568,305 225,077 82,343 1,002,515
DEPRECIATION
At 1 May 2024 117,853 417,005 218,089 27,243 780,190
Charge for year 2,435 33,478 3,648 4,018 43,579
Eliminated on disposal - - - (24,947 ) (24,947 )
At 30 April 2025 120,288 450,483 221,737 6,314 798,822
NET BOOK VALUE
At 30 April 2025 6,502 117,822 3,340 76,029 203,693
At 30 April 2024 8,937 145,320 6,988 35,121 196,366

Polar (N.E.) Limited (Registered number: 01740670)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2025

7. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 44,235
At 30 April 2025 44,235
DEPRECIATION
Charge for year 1,106
At 30 April 2025 1,106
NET BOOK VALUE
At 30 April 2025 43,129

8. STOCKS
2025 2024
£    £   
Raw materials and consumables 193,549 277,735

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 1,100,854 1,288,402
Amounts owed by group undertakings 176,730 148,510
Amounts recoverable on contract 413,607 329,273
Other debtors 49,451 24,070
Taxation 3,350 3,334
Directors' current accounts 28,124 -
VAT - 49,550
Deferred tax asset 41,000 285,000
Prepayments 158,672 219,565
1,971,788 2,347,704

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Bank loans and overdrafts (see note 12) 10,319 10,064
Other loans (see note 12) 263,555 659,153
Hire purchase contracts (see note 13) 9,646 -
Trade creditors 925,621 1,290,787
Social security and other taxes 213,216 314,066
VAT 44,059 -
Other creditors 40,435 151,542
Loss making contracts - 191,148
Accruals and deferred income 430,210 115,846
1,937,061 2,732,606

Polar (N.E.) Limited (Registered number: 01740670)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2025

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2025 2024
£    £   
Bank loans (see note 12) 7,907 18,226
Other loans (see note 12) 345,189 495,036
Hire purchase contracts (see note 13) 32,571 -
385,667 513,262

12. LOANS

An analysis of the maturity of loans is given below:

2025 2024
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 10,319 10,064
Other loans - less than 1 yr 263,555 659,153
273,874 669,217

Amounts falling due between one and two years:
Bank loans - 1-2 years 7,907 10,319
Other loans - 1-2 years 159,883 149,847
167,790 160,166

Amounts falling due between two and five years:
Bank loans - 2-5 years - 7,907
Other loans - 2-5 years 185,306 345,189
185,306 353,096

13. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2025 2024
£    £   
Net obligations repayable:
Within one year 9,646 -
Between one and five years 32,571 -
42,217 -

Non-cancellable operating leases
2025 2024
£    £   
Within one year 186,766 181,589
Between one and five years 526,740 715,075
713,506 896,664

Polar (N.E.) Limited (Registered number: 01740670)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2025

14. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Other loans - less than 1 yr 608,744 1,154,189

Included in other loans:

An IWOCA loan of £217,930 repayable over no fixed duration of capital and interest commencing February 2023, this is in addition to the original loan taken in October 2022. Interest is charged at a base rate plus 3%. The loan is not secured, however the directors, Nathan Baxter and James Hill have provided personal guarantees for the full outstanding balance. An advance was taken on this loan and another £400,000 loan was provided by IWOCA,

A FW Capital loan of £750,000 repayable by 60 monthly payments of capital and interest, commencing April 2023. Interest is charged at a rate of 6.5%. This loan is secured against property and plant & equipment. Both Nathan Baxter and James Hill have provided personal guarantees for £150,000 each (plus any interest, costs and expenses, Hill Baxter Holdings Limited have also provided a guarantee for £750,000.

Hire purchase liabilities are secured on the assets which they relate.

15. DEFERRED TAX
£   
Balance at 1 May 2024 (285,000 )
Charge to Income Statement during year 244,000
Balance at 30 April 2025 (41,000 )

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
392 Ordinary £1 392 392

17. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 May 2024 (257,090 ) 196 (256,894 )
Profit for the year 735,487 735,487
At 30 April 2025 478,397 196 478,593

18. PENSION COMMITMENTS

The company operates a non-contributory pension scheme. It is a defined contribution scheme and contributions are charged to the profit and loss as they accrue. The charge for the year amounted to £44,912 (2024 - £78,042 for 18 month period ).There were pension contributions totalling £5,738 outstanding in the year (2024 - £48,209).

19. ULTIMATE PARENT COMPANY

On the 30th April 2025, Hill Baxter Group Limited acquired 67.4% of the shares of Polar (N.E) Ltd.

Hill Baxter Group Limited (incorporated in England) is regarded by the directors as being the company's ultimate parent company.