Polbond_Limited - Accounts

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Polbond Limited is a private company limited by shares incorporated in England and Wales. The registered office is Devonshire House, 60 Goswell Road, London, EC1M 7AD.

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the balance sheet date the company showed net liabilities on its balance sheet of £1,979,156 (2018: £1,973,040). The director and controlling party have confirmed that amounts due to them and their associated companies, totalling £1,991,755 (2018: £1,979,755) will not be called upon until such time the company has sufficient funds to make repayment. On the above basis the financial statements have been prepared on a going concern basis.

Stock is valued at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).

Included in creditors at the year end are the following amounts:

£70,534 (2018: £70,534) due to N P Consultants Limited, a company controlled by a director. The amount is unsecured and interest free.

£467,720 (2018: £461,290) due to the director. The amount is unsecured and interest free.

£1,453,931 (2018: £1,447,931) due to the immediate controlling party, Cameron Capital Ltd (Delaware) LLC. The amount is unsecured and interest free.

The ultimate controlling party is Cameron Capital Ltd. (Delaware) LLC, a company registered in Delaware, USA, by virtue of its majority shareholding.