Polestar Cooling Limited - Period Ending 2013-10-31

Polestar Cooling Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2013

Bolden and Long Chartered Accountants
36a Goring Road
Goring-by-Sea
Worthing
West Sussex
BN12 4AD

Polestar Cooling Limited
Contents

Accountants' Report

Abbreviated Balance Sheet

2 to 3

Notes to the Abbreviated Accounts

4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Polestar Cooling Limited
for the Year Ended 31 October 2013

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Polestar Cooling Limited for the year ended 31 October 2013 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Polestar Cooling Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Polestar Cooling Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Polestar Cooling Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Polestar Cooling Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Polestar Cooling Limited. You consider that Polestar Cooling Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Polestar Cooling Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bolden and Long Chartered Accountants
36a Goring Road
Goring-by-Sea
Worthing
West Sussex
BN12 4AD

10 February 2014

Page 1

Polestar Cooling Limited
(Registration number: 04750332)
Abbreviated Balance Sheet at 31 October 2013

	Note	2013 £	2012 £
Fixed assets
Tangible fixed assets		762,811	218,588
Current assets
Stocks		653,618	637,281
Debtors		1,075,553	736,709
Cash at bank and in hand		57,649	343,214
		1,786,820	1,717,204
Creditors: Amounts falling due within one year		(931,067)	(952,868)
Net current assets		855,753	764,336
Total assets less current liabilities		1,618,564	982,924
Creditors: Amounts falling due after more than one year		(347,394)	-
Provisions for liabilities		(43,045)	(37,964)
Net assets		1,228,125	944,960
Capital and reserves
Called up share capital	3	2	2
Profit and loss account		1,228,123	944,958
Shareholders' funds		1,228,125	944,960

For the year ending 31 October 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Polestar Cooling Limited
(Registration number: 04750332)
Abbreviated Balance Sheet at 31 October 2013
......... continued

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 10 February 2014 and signed on its behalf by:

.........................................
Mr Philip Charles Polack
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Polestar Cooling Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance
Motor vehicles	25% reducing balance
Office equipment	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

Polestar Cooling Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2013
......... continued

2	Fixed assets

	Tangible assets £	Total £
Cost
At 1 November 2012	384,626	384,626
Additions	591,155	591,155
Disposals	(4,626)	(4,626)
At 31 October 2013	971,155	971,155
Depreciation
At 1 November 2012	166,038	166,038
Charge for the year	44,232	44,232
Eliminated on disposals	(1,926)	(1,926)
At 31 October 2013	208,344	208,344
Net book value
At 31 October 2013	762,811	762,811
At 31 October 2012	218,588	218,588

3	Share capital

Allotted, called up and fully paid shares

	2013			2012
		No.	£		No.	£
Ordinary shares of £1 each		2	2		2	2

Page 5