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Company No: 05668756 (England and Wales)

POLYARTS UK LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

POLYARTS UK LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

POLYARTS UK LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
POLYARTS UK LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS J W Parrott
M E O Parrott
SECRETARY C L Fairlamb
REGISTERED OFFICE Rooms S75 S76 S77
Second Floor
South Wing Somerset House
Strand
London
WC2R 1LA
United Kingdom
COMPANY NUMBER 05668756 (England and Wales)
POLYARTS UK LIMITED

BALANCE SHEET

As at 31 December 2024
POLYARTS UK LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 2 2
2 2
Current assets
Debtors 5 201,808 275,608
Cash at bank and in hand 213,743 0
415,551 275,608
Creditors: amounts falling due within one year 6 ( 136,379) ( 21,635)
Net current assets 279,172 253,973
Total assets less current liabilities 279,174 253,975
Net assets 279,174 253,975
Capital and reserves
Called-up share capital 250,000 250,000
Profit and loss account 29,174 3,975
Total shareholders' funds 279,174 253,975

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Polyarts UK Limited (registered number: 05668756) were approved and authorised for issue by the Board of Directors on 28 August 2025. They were signed on its behalf by:

M E O Parrott
Director
POLYARTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
POLYARTS UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Polyarts UK Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is Rooms S75 S76 S77, Second Floor, South Wing Somerset House, Strand, London, WC2R 1LA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents the amount of management fees and commissions from engagements and tours which took place in the year, net of VAT.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of any provision for impairment.

Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year 4 2

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2024 2 2
At 31 December 2024 2 2
Accumulated amortisation
At 01 January 2024 0 0
At 31 December 2024 0 0
Net book value
At 31 December 2024 2 2
At 31 December 2023 2 2

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2024 0 0
Additions 1,160 1,160
Disposals ( 1,160) ( 1,160)
At 31 December 2024 0 0
Accumulated depreciation
At 01 January 2024 0 0
Charge for the financial year 145 145
Disposals ( 145) ( 145)
At 31 December 2024 0 0
Net book value
At 31 December 2024 0 0
At 31 December 2023 0 0

5. Debtors

2024 2023
£ £
Trade debtors 98,295 10,935
Amounts owed by group undertakings 1,500 0
Other debtors 102,013 264,673
201,808 275,608

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 32,079 2,364
Corporation tax 8,201 1,495
Other taxation and social security 7,878 9,049
Other creditors 88,221 8,727
136,379 21,635