Polaris Controls Ltd - Accounts to registrar (filleted) - small 18.2
Polaris Controls Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 October 2020 |
| for |
| Polaris Controls Ltd |
| Polaris Controls Ltd (Registered number: 11032696) |
| Contents of the Financial Statements |
| for the Year Ended 31 October 2020 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Polaris Controls Ltd |
| Company Information |
| for the Year Ended 31 October 2020 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 92 Park Street |
| Camberley |
| Surrey |
| GU15 3NY |
| Polaris Controls Ltd (Registered number: 11032696) |
| Statement of Financial Position |
| 31 October 2020 |
| 2020 | 2019 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 7 | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Polaris Controls Ltd (Registered number: 11032696) |
| Statement of Financial Position - continued |
| 31 October 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Polaris Controls Ltd (Registered number: 11032696) |
| Notes to the Financial Statements |
| for the Year Ended 31 October 2020 |
| 1. | STATUTORY INFORMATION |
| Polaris Controls Ltd is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover comprises the value of sales (excluding value added tax and similar taxes and trade discounts) of goods and services in the normal course of business. |
| Revenue is recognised at the point of sale which is usually determined by the date of customer order. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Government grants |
| Grants comprise interest paid by the Government in accordance with the Business Interruption Loan agreement and are recognised in the Income Statement once the relevant performance conditions have been met. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Polaris Controls Ltd (Registered number: 11032696) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| 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 the Income Statement in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2020 |
| DEPRECIATION |
| At 1 November 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 October 2020 |
| NET BOOK VALUE |
| At 31 October 2020 |
| At 31 October 2019 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| Polaris Controls Ltd (Registered number: 11032696) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loan |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 19,677 | 10,728 |
| Directors' current accounts | 13,360 | 16,583 |
| Accrued expenses |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2020 | 2019 |
| £ | £ |
| Bank loan - 1-2 years | 20,000 |
| Bank loan - 2-5 years | 20,000 |
| Bank loan more than 5 years |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loan more than 5 years | 8,333 | - |
| 8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 October 2020 and 31 October 2019: |
| 2020 | 2019 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| The above loans are interest free, unsecured and repayable on demand. |
| Polaris Controls Ltd (Registered number: 11032696) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 October 2020 |
| 9. | COVID-19 |
| The Covid-19 pandemic has resulted in the country going into periods of 'lockdown'. The situation continues to affect the company and the UK economy as a whole. During this period the company has taken advantage of government support through loan programmes and tax payment holidays. The directors are optimistic about the future and believe that the foundations are in place for the company to continue for the foreseeable future. |