Solar Polar Ltd Filleted accounts for Companies House (small and micro)

SOLAR POLAR LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06356310

Solar Polar Ltd

Filleted Unaudited Financial Statements

for the year ended

31 August 2019

Solar Polar Ltd

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Solar Polar Ltd

for the year ended 31st August 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Solar Polar Ltd for the year ended 31st August 2019, which comprise the statement of financial position and the related notes 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Solar Polar Ltd, as a body, in accordance with the terms of our engagement letter dated 29th August 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Solar Polar Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Solar Polar Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Solar Polar Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Solar Polar Ltd. You consider that Solar Polar Ltd 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 financial statements of Solar Polar Ltd. 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 financial statements.

MOORE THOMPSON Chartered Accountants

Unit 7, Swan Court Forder Way Cygnet Park Hampton Peterborough PE7 8GX

Dated: 27 February 2020

Solar Polar Ltd

Statement of Financial Position

as at 31 August 2019

	2019		2018
			(restated)
Note	£	£	£	£

Fixed assets

Intangible assets	5	580,529	351,229
Tangible assets	6	334	1,094
		-------------	-------------
		580,863	352,323

Current assets

Debtors	7	71,518	61,520
Cash at bank and in hand		16,124	73,775
		-----------	-------------
		87,642	135,295

Creditors: amounts falling due within one year	8	( 33,764)		( 44,893)
		-----------		-------------
Net current assets			53,878		90,402
			-------------		-------------
Total assets less current liabilities			634,741		442,725

Creditors: amounts falling due after more than one year	9	( 49,000)	( 49,000)
		-------------	-------------
Net assets		585,741	393,725
		-------------	-------------

Capital and reserves

Called up share capital	139	139
Share premium account	334,764	314,764
Profit and loss account	250,838	78,822
	-------------	-------------
Shareholders funds	585,741	393,725
	-------------	-------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31st August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

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

Solar Polar Ltd

Statement of Financial Position (continued)

as at 31 August 2019

These financial statements were approved by the board of directors and authorised for issue on 27 February 2020 , and are signed on behalf of the board by:

„„„„„„„„„„„„„

Mr M G Reid Director

Company registration number: 06356310

Solar Polar Ltd

Notes to the Financial Statements

for the year ended 31st August 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 289 Dogsthorpe Road, Peterborough, PE1 3PA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

3.1 Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

3.2 Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

3.3 Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

3.4 Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Patent	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

3.5 Tangible assets

Tangible fixed assets are stated at cost less depreciation.

3.6 Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	25% reducing balance
Computer equipment	-	33 % straight line

3.7 Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2018: 2 ).

5. Intangible assets

Patent	Development costs	Total
£	£	£

Cost
At 1 09 18 (as restated)	5,298	347,630	352,928
Additions	–	229,565	229,565
	-----------	-------------	-------------
At 31 08 19	5,298	577,195	582,493
	-----------	-------------	-------------
Amortisation
At 1 09 18	1,699	–	1,699
Charge for the year	265	–	265
	-----------	-------------	-------------
At 31 08 19	1,964	–	1,964
	-----------	-------------	-------------
Carrying amount
At 31 08 19	3,334	577,195	580,529
	-----------	-------------	-------------
At 31 08 18	3,599	347,630	351,229
	-----------	-------------	-------------

6. Tangible assets

Plant and machinery	Equipment	Total
£	£	£

Cost
At 1 09 18 (as restated)	758	1,000	1,758
Disposals	( 758)	–	( 758)
	-----------	-----------	-----------
At 31 08 19	–	1,000	1,000
	-----------	-----------	-----------
Depreciation
At 1 09 18	331	333	664
Charge for the year	–	333	333
Disposals	( 331)	–	( 331)
	-----------	-----------	-----------
At 31 08 19	–	666	666
	-----------	-----------	-----------
Carrying amount
At 31 08 19	–	334	334
	-----------	-----------	-----------
At 31 08 18	427	667	1,094
	-----------	-----------	-----------

7. Debtors

	2019	2018
		(restated)
	£	£

Other debtors	71,518	61,520
	-----------	-----------

8. Creditors: amounts falling due within one year

	2019	2018
		(restated)
	£	£

Trade creditors	17,964	–
Social security and other taxes	2,910	–
Loan accounts	–	42,143
Other creditors	12,890	2,750
	-----------	-----------
	33,764	44,893
	-----------	-----------

9. Creditors: amounts falling due after more than one year

	2019	2018
		(restated)
	£	£

Other creditors	49,000	49,000
	-----------	-----------