POLO BAR LTD

POLO BAR LTD

POLO BAR LTD - Company Information

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POLO BAR LTD

Company Registration Number:
04686462 (England and Wales)

Unaudited abridged accounts for the year ended 30 March 2021

Period of accounts

Start date: 31 March 2020

End date: 30 March 2021

POLO BAR LTD

Contents of the Financial Statements

for the Period Ended 30 March 2021

Balance sheet
Notes

POLO BAR LTD

Balance sheet

As at 30 March 2021


Notes
2021
2020


£
£
Fixed assets
Tangible assets: 3 541,078 605,314
Total fixed assets: 541,078 605,314
Current assets
Stocks: 7,500 7,000
Debtors:   1,408,614 1,331,874
Cash at bank and in hand: 216,202 62,093
Total current assets: 1,632,316 1,400,967
Creditors: amounts falling due within one year: 4 (514,368) (499,904)
Net current assets (liabilities): 1,117,948 901,063
Total assets less current liabilities: 1,659,026 1,506,377
Creditors: amounts falling due after more than one year: 5 (45,276) 0
Total net assets (liabilities): 1,613,750 1,506,377
Capital and reserves
Called up share capital: 100 100
Profit and loss account: 1,613,650 1,506,277
Shareholders funds: 1,613,750 1,506,377

The notes form part of these financial statements

POLO BAR LTD

Balance sheet statements

For the year ending 30 March 2021 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 members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

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

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 05 January 2022
and signed on behalf of the board by:

Name: Philip Inzani
Status: Director

The notes form part of these financial statements

POLO BAR LTD

Notes to the Financial Statements

for the Period Ended 30 March 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue recognition:Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:Sale of goodsTurnover from the sale of goods is recognised when all of the following conditions are satisfied:The Company has transferred the significant risks and rewards of ownership to the buyer;The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;The amount of turnover can be measured reliably;It is probable that the Company will receive the consideration due under the transaction;andThe costs incurred or to be incurred in respect of the transaction can be measured reliably

Tangible fixed assets and depreciation policy

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to becapable of operating in the manner intended by management.At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of assets less their residual value over theirestimated useful lives, on a reducing balance basis. Depreciation is provided on the following basis: S/TermLeasehold Property - Over Lease Term Fixtures and fittings - 15% Reducing Balance Computer equipment - 25% Reducing Balance The assets' residual values, useful lives and depreciation methods are reviewed, and adjustedprospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carryingamount and are recognised in profit or loss.

Other accounting policies

Stocks:Stocks are stated at the lower of cost and net realisable value, being the estimated selling priceless costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.Taxation:Tax is recognised in profit or loss except that a charge attributable to an item of income andexpense recognised as other comprehensive income or to an item recognised directly in equityis also recognised in other comprehensive income or directly in equity respectively.The current income tax charge is calculated on the basis of tax rates and laws that have beenenacted or substantively enacted by the balance sheet date in the countries where the Companyoperates and generates income.

POLO BAR LTD

Notes to the Financial Statements

for the Period Ended 30 March 2021

2. Employees

2021 2020
Average number of employees during the period 47 47

POLO BAR LTD

Notes to the Financial Statements

for the Period Ended 30 March 2021

3. Tangible Assets

Total
Cost £
At 31 March 2020 1,074,666
Additions 31,175
At 30 March 2021 1,105,841
Depreciation
At 31 March 2020 469,352
Charge for year 95,411
At 30 March 2021 564,763
Net book value
At 30 March 2021 541,078
At 30 March 2020 605,314

POLO BAR LTD

Notes to the Financial Statements

for the Period Ended 30 March 2021

4. Creditors: amounts falling due within one year note

In 2021 In 2020£514,368 £499,904

POLO BAR LTD

Notes to the Financial Statements

for the Period Ended 30 March 2021

5. Creditors: amounts falling due after more than one year note

In 2021£45,276