Registration number:
Poltair Developments Limited
for the Year Ended 30 April 2025
Poltair Developments Limited
Contents
|
Directors' Report |
|
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Poltair Developments Limited
Directors' Report for the Year Ended 30 April 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
Directors of the company
The directors who held office during the year were as follows:
Results for the Year
Performance in the year was hampered by severe delays caused by an external party on a single contract which were outside of our control. This exposed us to unbudgeted productivity issues and cost inflation over a three-year period which we were unable to mitigate against. A compensation claim is being pursued. Protocols have been put in place to avoid such an event happening again moving forward. Current contracts, at the date of this report, were performing in line with forecasts.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
|
|
Poltair Developments Limited
(Registration number: 03188740)
Statement of Financial Position as at 30 April 2025
|
Note |
2025 |
2024 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
( |
( |
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
|
Net liabilities |
( |
( |
|
|
Capital and reserves |
|||
|
Called up share capital |
2 |
2 |
|
|
Profit and loss account |
(1,629,363) |
(1,392,306) |
|
|
Shareholders' deficit |
(1,629,361) |
(1,392,304) |
For the financial year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
|
Poltair Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025
|
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
Principal activity
The principal activity of the company is that of property development and construction.
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis.
Poltair Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)
|
2 |
Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Fittings, fixtures and equipment |
25% straight line |
|
Motor vehicles |
25% straight line |
|
Computer equipment |
33% straight line |
|
Plant and machinery |
25% straight line |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Poltair Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)
|
2 |
Accounting policies (continued) |
Stocks
Work in progress is valued at the lower of cost and net realisable value and includes the cost of
construction and other direct site-related expenditure.
Costs are only carried forward in work in progress where there is an expectation that the site will be
successfully completed.
Speculative costs are written off the profit and loss account in the year in which they are incurred.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Poltair Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Tangible assets |
|
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 May 2024 |
|
- |
|
|
|
Additions |
|
|
- |
|
|
At 30 April 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 May 2024 |
|
- |
|
|
|
Charge for the year |
|
|
|
|
|
At 30 April 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 April 2025 |
|
|
|
|
|
At 30 April 2024 |
|
- |
|
|
Poltair Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
- |
|
|
|
Income tax asset |
|
|
|
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
|
Taxation and social security |
|
|
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2025 |
2024 |
|
|
Due after one year |
|||
|
Loans and borrowings |
- |
|
|
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Poltair Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2025 (continued)
|
Related party transactions |
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the the group. The director, A P F Stephens, had made loans to the company totalling £228,632 (2024: £240,632). At the end of the year the amount of interest accrued was £137,791 (2024: £137,791). Pension contributions of £NIL (2024: £NIL)) were outstanding at the year end. There is a loan balance due to the company from A Ley, director, of £7,000 (2024: £7,000). This loan is interest free.
|
Parent and ultimate parent undertaking |
The ultimate parent is