IRIS Accounts Production v25.1.4.42 01740670 Board of Directors Board of Directors 1.11.22 30.4.24 30.4.24 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:kWh017406702022-10-31017406702024-04-30017406702022-11-012024-04-30017406702021-10-31017406702021-11-012022-10-31017406702022-10-3101740670ns15:EnglandWales2022-11-012024-04-3001740670ns14:PoundSterling2022-11-012024-04-3001740670ns10:Director12022-11-012024-04-3001740670ns10:Director22022-11-012024-04-3001740670ns10:PrivateLimitedCompanyLtd2022-11-012024-04-3001740670ns10:MediumEntities2022-11-012024-04-3001740670ns10:Audited2022-11-012024-04-3001740670ns10:Medium-sizedCompaniesRegimeForDirectorsReport2022-11-012024-04-3001740670ns10:Medium-sizedCompaniesRegimeForAccounts2022-11-012024-04-3001740670ns10:FullAccounts2022-11-012024-04-3001740670ns10:OrdinaryShareClass12022-11-012024-04-3001740670ns10:RegisteredOffice2022-11-012024-04-3001740670ns5:PreviouslyStatedAmount2022-11-012024-04-3001740670ns5:CurrentFinancialInstruments2024-04-3001740670ns5:CurrentFinancialInstruments2022-10-3101740670ns5:Non-currentFinancialInstruments2024-04-3001740670ns5:Non-currentFinancialInstruments2022-10-310174067042022-11-012024-04-300174067042021-11-012022-10-310174067012022-11-012024-04-300174067012021-11-012022-10-310174067012022-11-012024-04-3001740670ns5:LandBuildingsns5:ShortLeaseholdAssets2022-11-012024-04-3001740670ns5:PlantMachinery2022-11-012024-04-3001740670ns5:FurnitureFittings2022-11-012024-04-3001740670ns5:MotorVehicles2022-11-012024-04-3001740670ns10:HighestPaidDirector2022-11-012024-04-3001740670ns10:HighestPaidDirector2021-11-012022-10-3101740670ns5:OwnedAssets2022-11-012024-04-3001740670ns5:OwnedAssets2021-11-012022-10-3101740670ns5:LeasedAssets2022-11-012024-04-3001740670ns5:LeasedAssets2021-11-012022-10-310174067052022-11-012024-04-300174067052021-11-012022-10-310174067062022-11-012024-04-300174067062021-11-012022-10-310174067072022-11-012024-04-300174067072021-11-012022-10-3101740670ns5:HirePurchaseContracts2022-11-012024-04-3001740670ns5:HirePurchaseContracts2021-11-012022-10-3101740670ns10:OrdinaryShareClass12021-11-012022-10-3101740670ns5:LandBuildingsns5:ShortLeaseholdAssets2022-10-3101740670ns5:PlantMachinery2022-10-3101740670ns5:FurnitureFittings2022-10-3101740670ns5:MotorVehicles2022-10-3101740670ns5:LandBuildingsns5:ShortLeaseholdAssets2024-04-3001740670ns5:PlantMachinery2024-04-3001740670ns5:FurnitureFittings2024-04-3001740670ns5:MotorVehicles2024-04-3001740670ns5:LandBuildingsns5:ShortLeaseholdAssets2022-10-3101740670ns5:PlantMachinery2022-10-3101740670ns5:FurnitureFittings2022-10-3101740670ns5:MotorVehicles2022-10-3101740670ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-3101740670ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2024-04-3001740670ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-10-3101740670ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-3001740670ns5:WithinOneYearns5:CurrentFinancialInstruments2022-10-3101740670ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-04-3001740670ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2022-10-3101740670ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-04-3001740670ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-10-3101740670ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-04-3001740670ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2022-10-3101740670ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-04-3001740670ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-10-3101740670ns5:HirePurchaseContracts2024-04-3001740670ns5:HirePurchaseContracts2022-10-3101740670ns5:WithinOneYear2024-04-3001740670ns5:WithinOneYear2022-10-3101740670ns5:BetweenOneFiveYears2024-04-3001740670ns5:BetweenOneFiveYears2022-10-3101740670ns5:AllPeriods2024-04-3001740670ns5:AllPeriods2022-10-3101740670ns5:Secured2024-04-3001740670ns5:Secured2022-10-3101740670ns5:DeferredTaxation2022-11-012024-04-3001740670ns5:DeferredTaxation2024-04-3001740670ns10:OrdinaryShareClass12024-04-30
REGISTERED NUMBER: 01740670 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Period

1 November 2022 to 30 April 2024

for

Polar (N.E.) Limited

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






Contents of the Financial Statements
for the Period 1 November 2022 to 30 April 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Polar (N.E.) Limited

Company Information
for the Period 1 November 2022 to 30 April 2024







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 Period 1 November 2022 to 30 April 2024

The directors present their strategic report for the period 1 November 2022 to 30 April 2024.

REVIEW OF BUSINESS
Polar NE has navigated a period of considerable challenge and change. Over the past 18 months, we've undertaken a major strategic transformation focused on improving efficiency, resilience, and client value. The business is now leaner, more focused, and better aligned with our core mission-Improving lives by design.

Significant operational and cultural improvements have been made, reflecting both leadership intervention and the strength of the Polar team. Our commitment remains to deliver exceptional products, backed by efficient service and clear communication. From consultation through to installation, we prioritise transparency, quality, and lasting client relationships.

Innovation and Product Development

Innovation remains at the heart of our strategy. In the reporting period, several patents have been secured, including our new push-button handle, now with applications filed and already generating market interest.
In collaboration with a key supplier, we've also developed a new window system achieving industry-leading U-values, setting a new benchmark in the mental healthcare sector and further reinforcing our position as a product leader.
These R&D initiatives reflect our long-term investment in differentiation and value creation, reinforcing our reputation for designing solutions that prioritise safety, performance, and user dignity.

Financial Performance

The company made a pre-tax loss of £663,014 in the period (2022: loss £1,025,115), and reported net liabilities of £256,502 (2022: assets £84,566), inclusive of a prior year adjustment of £664,002. While these figures reflect a challenging year, the changes implemented have created a more resilient foundation.
We are now seeing the impact of these improvements, with strong forward visibility, improved operational controls, and a clearer path to sustainable profitability in FY25 and beyond.

Operational Improvements

Over the past 18 months, we have made a series of focused improvements to streamline our operations and enhance delivery standards. While the business has become leaner, the quality of output has continued to improve - thanks to the strength and adaptability of our team.
We've introduced:
- A more structured and collaborative quoting process to ensure clarity from the outset
- Additional layers of quality control in both design and manufacture
- Stronger project oversight to ensure smooth, on-time delivery with minimal disruption
These changes mean clients can now expect an even more reliable, transparent, and responsive service - from initial enquiry through to handover.

People and Culture
Our people remain central to our progress. Amidst substantial operational change, the Polar team has shown exceptional commitment and professionalism. A full return to office-based working has improved collaboration, communication, and delivery pace, while allowing for greater in-person mentoring and leadership.

We've worked hard to foster a culture of accountability, teamwork, and continuous improvement. Every team member understands their role in delivering exceptional results, contributing to a more cohesive and high-performing business.

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


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

Strategic Report
for the Period 1 November 2022 to 30 April 2024

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 2025, 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


9 June 2025

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

Report of the Directors
for the Period 1 November 2022 to 30 April 2024

The directors present their report with the financial statements of the company for the period 1 November 2022 to 30 April 2024.

DIVIDENDS
No dividends will be distributed for the period ended 30 April 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 November 2022 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


9 June 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 period ended 30 April 2024 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 2024 and of its loss for the period 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 four, 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

10 June 2025

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

Income Statement
for the Period 1 November 2022 to 30 April 2024

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
Notes £    £   

TURNOVER 16,451,634 11,184,689

Cost of sales 12,050,244 8,388,161
GROSS PROFIT 4,401,390 2,796,528

Administrative expenses 4,765,610 3,773,969
(364,220 ) (977,441 )

Other operating income - 482
OPERATING LOSS 4 (364,220 ) (976,959 )

Interest receivable and similar income 181 -
(364,039 ) (976,959 )

Interest payable and similar expenses 5 298,975 48,156
LOSS BEFORE TAXATION (663,014 ) (1,025,115 )

Tax on loss 6 (321,946 ) (204,450 )
LOSS FOR THE FINANCIAL PERIOD (341,068 ) (820,665 )

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

Other Comprehensive Income
for the Period 1 November 2022 to 30 April 2024

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
Notes £    £   

LOSS FOR THE PERIOD (341,068 ) (820,665 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

(341,068

)

(820,665

)
Note
Prior year adjustment 8 (664,002 )
TOTAL COMPREHENSIVE INCOME SINCE
LAST ANNUAL REPORT

(1,005,070

)

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

Balance Sheet
30 April 2024

2024 2022
as restated
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 196,366 210,068

CURRENT ASSETS
Stocks 10 277,735 240,389
Debtors 11 2,347,704 3,482,139
Cash at bank and in hand 167,561 100,844
2,793,000 3,823,372
CREDITORS
Amounts falling due within one year 12 2,732,606 3,732,057
NET CURRENT ASSETS 60,394 91,315
TOTAL ASSETS LESS CURRENT
LIABILITIES

256,760

301,383

CREDITORS
Amounts falling due after more than one
year

13

513,262

216,817
NET (LIABILITIES)/ASSETS (256,502 ) 84,566

CAPITAL AND RESERVES
Called up share capital 18 392 392
Capital redemption reserve 19 196 196
Retained earnings 19 (257,090 ) 83,978
SHAREHOLDERS' FUNDS (256,502 ) 84,566

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2025 and were signed on its behalf by:




J Hill - Director



N Baxter - Director


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

Statement of Changes in Equity
for the Period 1 November 2022 to 30 April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 November 2021 392 940,643 196 941,231

Changes in equity
Dividends - (36,000 ) - (36,000 )
Total comprehensive income - (156,663 ) - (156,663 )
Balance at 31 October 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 )

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

Cash Flow Statement
for the Period 1 November 2022 to 30 April 2024

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (327,173 ) (151,514 )
Interest paid (297,432 ) (42,126 )
Interest element of hire purchase payments
paid

(1,543

)

(6,030

)
Tax paid 37,076 39,250
Taxation refund 23,690 -
Net cash from operating activities (565,382 ) (160,420 )

Cash flows from investing activities
Purchase of tangible fixed assets (59,706 ) (41,488 )
Sale of tangible fixed assets 5,673 -
Interest received 181 -
Net cash from investing activities (53,852 ) (41,488 )

Cash flows from financing activities
New loans in year 967,930 290,000
Loan repayments in year (723,867 ) (89,695 )
Capital repayments in year (24,084 ) (29,999 )
Net inflow from other finance facilities 465,972 -
Equity dividends paid - (36,000 )
Net cash from financing activities 685,951 134,306

Increase/(decrease) in cash and cash equivalents 66,717 (67,602 )
Cash and cash equivalents at beginning
of period

2

100,844

168,446

Cash and cash equivalents at end of
period

2

167,561

100,844

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

Notes to the Cash Flow Statement
for the Period 1 November 2022 to 30 April 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
£    £   
Loss before taxation (663,014 ) (1,025,115 )
Depreciation charges 73,407 57,952
Profit on disposal of fixed assets (5,673 ) -
Finance costs 298,975 48,156
Finance income (181 ) -
(296,486 ) (919,007 )
(Increase)/decrease in stocks (37,346 ) 42,159
Decrease/(increase) in trade and other debtors 1,395,616 (434,236 )
(Decrease)/increase in trade and other creditors (1,388,957 ) 1,159,570
Cash generated from operations (327,173 ) (151,514 )

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:

Period ended 30 April 2024
30.4.24 1.11.22
£    £   
Cash and cash equivalents 167,561 100,844
Year ended 31 October 2022
31.10.22 1.11.21
as restated
£    £   
Cash and cash equivalents 100,844 168,446


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.11.22 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 100,844 66,717 167,561
100,844 66,717 167,561
Debt
Finance leases (24,084 ) 24,084 -
Debts falling due within 1 year (338,553 ) (330,664 ) (669,217 )
Debts falling due after 1 year (133,889 ) (379,373 ) (513,262 )
(496,526 ) (685,953 ) (1,182,479 )
Total (395,682 ) (619,236 ) (1,014,918 )

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

Notes to the Financial Statements
for the Period 1 November 2022 to 30 April 2024

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 period 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 Period 1 November 2022 to 30 April 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 period 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 Period 1 November 2022 to 30 April 2024

3. EMPLOYEES AND DIRECTORS
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
£    £   
Wages and salaries 3,796,890 2,801,998
Social security costs 380,298 282,372
Other pension costs 78,042 102,551
4,255,230 3,186,921

The average number of employees during the period was as follows:
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated

Sales & Administration 36 44
Production 28 30
Installation 3 7
67 81

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
£    £   
Directors' remuneration 321,025 242,401
Directors' pension contributions to money purchase schemes 9,937 24,949

Information regarding the highest paid director is as follows:
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
£    £   
Emoluments etc 218,290 108,820
Pension contributions to money purchase schemes 6,474 4,316

4. OPERATING LOSS

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

Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
£    £   
Other operating leases 325,849 251,085
Depreciation - owned assets 73,408 39,555
Depreciation - assets on hire purchase contracts - 18,397
Profit on disposal of fixed assets (5,673 ) -
Auditors remuneration 11,000 9,750

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

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

5. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
£    £   
Bank interest 2,849 367
Funding circle interest 107,508 33,110
FW Capital Loan interest 49,313 -
Shareholder loan interest 5,788 8,649
Kriya charges 77,410 -
Playter charges 54,564 -
Hire purchase interest 1,543 6,030
298,975 48,156

6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the period was as follows:
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
£    £   
Current tax:
UK corporation tax - (97,497 )
Over provision in prior year (36,946 ) (67,503 )
Corporation tax interest - 2,550
Total current tax (36,946 ) (162,450 )

Deferred taxation (285,000 ) (42,000 )
Tax on loss (321,946 ) (204,450 )

7. DIVIDENDS
Period
1.11.22
to Year Ended
30.4.24 31.10.22
as restated
£    £   
Interim - 36,000

8. PRIOR YEAR ADJUSTMENT

During the current financial period it became apparent that the performance expectations on a single contract had been materially misstated meaning that last years profit reported was overstated by £664,002. A prior year adjustment has been recognised in the current year to correct this.

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

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 November 2022 126,790 544,018 222,796 23,246 916,850
Additions - 18,307 2,281 39,118 59,706
At 30 April 2024 126,790 562,325 225,077 62,364 976,556
DEPRECIATION
At 1 November 2022 114,200 359,799 209,538 23,245 706,782
Charge for period 3,653 57,206 8,551 3,998 73,408
At 30 April 2024 117,853 417,005 218,089 27,243 780,190
NET BOOK VALUE
At 30 April 2024 8,937 145,320 6,988 35,121 196,366
At 31 October 2022 12,590 184,219 13,258 1 210,068

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 November 2022 87,395
Transfer to ownership (87,395 )
At 30 April 2024 -
DEPRECIATION
At 1 November 2022 33,296
Transfer to ownership (33,296 )
At 30 April 2024 -
NET BOOK VALUE
At 30 April 2024 -
At 31 October 2022 54,099

10. STOCKS
2024 2022
as restated
£    £   
Raw materials and consumables 277,735 240,389

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

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
as restated
£    £   
Trade debtors 1,288,402 140,683
Amounts owed by group undertakings 148,510 -
Amounts recoverable on contract 329,273 2,565,977
Other debtors 24,070 98,444
Taxation 3,334 27,153
VAT 49,550 343,421
Deferred tax asset 285,000 -
Prepayments 219,565 306,461
2,347,704 3,482,139

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2022
as restated
£    £   
Bank loans and overdrafts (see note 14) 10,064 9,681
Other loans (see note 14) 659,153 328,872
Hire purchase contracts (see note 15) - 18,234
Trade creditors 1,290,787 2,366,114
Social security and other taxes 314,066 350,377
Other creditors 151,542 61,530
Loss making contracts 191,148 122,986
Accruals and deferred income 115,846 474,263
2,732,606 3,732,057

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2022
as restated
£    £   
Bank loans (see note 14) 18,226 33,225
Other loans (see note 14) 495,036 100,664
Hire purchase contracts (see note 15) - 5,850
Other creditors - 77,078
513,262 216,817

14. LOANS

An analysis of the maturity of loans is given below:

2024 2022
as restated
£    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 10,064 9,681
Other loans - less than 1 yr 659,153 328,872
669,217 338,553

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,319 9,936
Other loans - 1-2 years 149,847 76,719
160,166 86,655

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

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

14. LOANS - continued
2024 2022
as restated
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 7,907 23,289
Other loans - 2-5 years 345,189 23,945
353,096 47,234

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2022
as restated
£    £   
Net obligations repayable:
Within one year - 18,234
Between one and five years - 5,850
- 24,084

Non-cancellable operating leases
2024 2022
as restated
£    £   
Within one year 181,589 190,503
Between one and five years 715,075 188,075
896,664 378,578

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

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2022
as restated
£    £   
Other loans - less than 1 yr 1,154,189 -

Bank loans and overdrafts are secured by a debenture in favour of National Westminster Bank Plc. covering all assets of the company.

Included in other loans:

A Funding Circle loan of £336,967 repayable by 60 monthly payments of capital and interest, commencing January 2020. Interest is charged at 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 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.

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.

An invoice discounting account was taken out in the period, this facility was available from March 2023 onwards. This facility is secured under fixed and floating charges. Fixed charge security is held against all property and equipment held by the company. Interest is charged at 5% plus base rate. The year end balance of this facility is £254,588.

A further facility was taken out in the period for paying trade creditors over three monthly repayments, the year end balance is £211,384. This facility is not secured. Interest is charged at 24%.

17. DEFERRED TAX
£   
Credit to Income Statement during period (285,000 )
Balance at 30 April 2024 (285,000 )

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2022
value: as restated
£    £   
392 Ordinary £1 392 392

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

Notes to the Financial Statements - continued
for the Period 1 November 2022 to 30 April 2024

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

At 1 November 2022 747,980 196 748,176
Prior year adjustment (664,002 ) (664,002 )
83,978 84,174
Deficit for the period (341,068 ) (341,068 )
At 30 April 2024 (257,090 ) 196 (256,894 )

20. 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 £78,042 (2022 - £84,550).There were pension contributions totalling £48,209 outstanding in the year (2022 - £13,627).

21. ULTIMATE PARENT COMPANY

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

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