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Registration number: 04750332

Polestar Cooling Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2014
 

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

 

Polestar Cooling Limited
Contents

Accountants' Report

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3 to 4

 

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 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Polestar Cooling Limited
for the Year Ended 31 October 2014

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 2014 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 & Long Chartered Accountants
36a Goring Road
Goring-by-Sea
Worthing
West Sussex
BN12 4AD

16 February 2015

 

Polestar Cooling Limited
(Registration number: 04750332)
Abbreviated Balance Sheet at 31 October 2014

   

Note

   

2014
£

   

2013
£

 

Fixed assets

 

             

Tangible fixed assets

 

   

697,943

   

762,811

 

Current assets

 

             

Stocks

 

   

610,929

   

653,618

 

Debtors

 

   

1,215,032

   

1,075,553

 

Cash at bank and in hand

 

   

491,813

   

57,649

 
   

   

2,317,774

   

1,786,820

 

Creditors: Amounts falling due within one year

 

   

(1,089,631)

   

(931,067)

 

Net current assets

 

   

1,228,143

   

855,753

 

Total assets less current liabilities

 

   

1,926,086

   

1,618,564

 

Creditors: Amounts falling due after more than one year

 

   

(314,648)

   

(347,394)

 

Provisions for liabilities

 

   

(33,007)

   

(43,045)

 

Net assets

 

   

1,578,431

   

1,228,125

 

Capital and reserves

 

             

Called up share capital

 

3

   

2

   

2

 

Profit and loss account

 

   

1,578,429

   

1,228,123

 

Shareholders' funds

 

   

1,578,431

   

1,228,125

 

For the year ending 31 October 2014 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

Approved by the director on 16 February 2015

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

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

 

Polestar Cooling Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... 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.

 

Polestar Cooling Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

2

Fixed assets

   

Tangible assets
£

   

Total
£

 

Cost

           

At 1 November 2013

 

971,155

   

971,155

 

Additions

 

1,650

   

1,650

 

Disposals

 

(47,932)

   

(47,932)

 

At 31 October 2014

 

924,873

   

924,873

 

Depreciation

           

At 1 November 2013

 

208,344

   

208,344

 

Charge for the year

 

47,116

   

47,116

 

Eliminated on disposals

 

(28,530)

   

(28,530)

 

At 31 October 2014

 

226,930

   

226,930

 

Net book value

           

At 31 October 2014

 

697,943

   

697,943

 

At 31 October 2013

 

762,811

   

762,811

 

3

Share capital

Allotted, called up and fully paid shares

 

2014

2013

   

No.

   

£

   

No.

   

£

 

Ordinary shares of £0.01 (2013 - £1) each

 

184

   

2

   

2

   

2