| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the Period |
| 1 November 2022 to 30 April 2024 |
| for |
| Polar (N.E.) Limited |
| REGISTERED NUMBER: |
| 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: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| 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: |
| 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. |
| for and on behalf of |
| Statutory Auditor |
| Chartered Accountants |
| 3 Kingfisher Court |
| Bowesfield Park |
| Stockton on Tees |
| TS18 3EX |
| 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 |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| (364,220 | ) | (977,441 | ) |
| Other operating income |
| OPERATING LOSS | 4 | ( |
) | ( |
) |
| Interest receivable and similar income |
| (364,039 | ) | (976,959 | ) |
| Interest payable and similar expenses | 5 |
| LOSS BEFORE TAXATION | ( |
) | ( |
) |
| Tax on loss | 6 | ( |
) | ( |
) |
| LOSS FOR THE FINANCIAL PERIOD | ( |
) | ( |
) |
| 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 | ( |
) | ( |
) |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
( |
) |
( |
) |
| 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 |
| CURRENT ASSETS |
| Stocks | 10 |
| Debtors | 11 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 12 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
13 |
| NET (LIABILITIES)/ASSETS | ( |
) |
| 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 | ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| 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 | ( |
) | ( |
) |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid |
| Taxation refund |
| Net cash from operating activities | ( |
) | ( |
) |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| New loans in year |
| Loan repayments in year | ( |
) | ( |
) |
| Capital repayments in year | ( |
) | ( |
) |
| Net inflow from other finance facilities |
| Equity dividends paid | ( |
) |
| Net cash from financing activities |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of period |
2 |
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 | ( |
) | ( |
) |
| Depreciation charges |
| Profit on disposal of fixed assets | ( |
) |
| Finance costs | 298,975 | 48,156 |
| Finance income | (181 | ) | - |
| (296,486 | ) | (919,007 | ) |
| (Increase)/decrease in stocks | ( |
) |
| Decrease/(increase) in trade and other debtors | ( |
) |
| (Decrease)/increase in trade and other creditors | ( |
) |
| Cash generated from operations | ( |
) | ( |
) |
| 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 | 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 |
| 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 |
| 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 |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| 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 |
| Social security costs |
| Other pension costs |
| 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 |
| Period |
| 1.11.22 |
| to | Year Ended |
| 30.4.24 | 31.10.22 |
| as restated |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| 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 |
| Pension contributions to money purchase schemes |
| 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 |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Profit on disposal of fixed assets | ( |
) |
| Auditors remuneration |
| 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 |
| Funding circle interest |
| FW Capital Loan interest |
| Shareholder loan interest |
| Kriya charges |
| Playter charges |
| Hire purchase interest |
| 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 | ( |
) |
| Over provision in prior year | (36,946 | ) | (67,503 | ) |
| Corporation tax interest | - | 2,550 |
| Total current tax | ( |
) | ( |
) |
| Deferred taxation | ( |
) | ( |
) |
| Tax on loss | ( |
) | ( |
) |
| 7. | DIVIDENDS |
| Period |
| 1.11.22 |
| to | Year Ended |
| 30.4.24 | 31.10.22 |
| as restated |
| £ | £ |
| Interim |
| 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 |
| Additions |
| At 30 April 2024 |
| DEPRECIATION |
| At 1 November 2022 |
| Charge for period |
| At 30 April 2024 |
| NET BOOK VALUE |
| At 30 April 2024 |
| At 31 October 2022 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and |
| machinery |
| £ |
| COST |
| At 1 November 2022 |
| Transfer to ownership | (87,395 | ) |
| At 30 April 2024 |
| DEPRECIATION |
| At 1 November 2022 |
| Transfer to ownership | (33,296 | ) |
| At 30 April 2024 |
| NET BOOK VALUE |
| At 30 April 2024 |
| At 31 October 2022 |
| 10. | STOCKS |
| 2024 | 2022 |
| as restated |
| £ | £ |
| Raw materials and consumables |
| 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 |
| Amounts owed by group undertakings |
| Amounts recoverable on contract |
| Other debtors |
| Taxation | 3,334 | 27,153 |
| VAT |
| Deferred tax asset |
| Prepayments |
| 12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2022 |
| as restated |
| £ | £ |
| Bank loans and overdrafts (see note 14) |
| Other loans (see note 14) |
| Hire purchase contracts (see note 15) |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Loss making contracts |
| Accruals and deferred income |
| 13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2022 |
| as restated |
| £ | £ |
| Bank loans (see note 14) |
| Other loans (see note 14) |
| Hire purchase contracts (see note 15) |
| Other creditors |
| 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 |
| Other loans - less than 1 yr |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Other loans - 1-2 years | 149,847 |
| 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 |
| Other loans - 2-5 years |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2024 | 2022 |
| as restated |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 2024 | 2022 |
| as restated |
| £ | £ |
| Within one year |
| Between one and five years |
| 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 |
| 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 | ( |
) |
| Balance at 30 April 2024 | ( |
) |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2022 |
| value: | as restated |
| £ | £ |
| 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. |