Polygon Property Management Limited Accounts

POLYGON PROPERTY MANAGEMENT LIMITED - Company Information






Polygon Property Management Limited

	Company No. 04897891
		Information for Filing with The Registrar
		30 September 2022

The Director presents his report and the accounts for the year ended 30 September 2022.

Principal activities
The principal activity of the company during the year under review was Property management.




Director

The Director who served at any time during the year was as follows:

J. Shiner







































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

J. Shiner
Director
20 September 2023

at	30 September 2022
Company No.		04897891	Notes	2022	2021
				£	£
Fixed assets

	Tangible assets		4	92,614	93,628
	Investment property		5	581,229	581,229

				673,843	674,857
Current assets

	Debtors		6	-	1

	Cash at bank and in hand			98,700	112,172
				98,700	112,173
Creditors: Amount falling due within one year			7	(286,006)	(336,905)
Net current liabilities				(187,306)	(224,732)
Total assets less current liabilities				486,537	450,125
Creditors: Amounts falling due after more than one year			8	(405,851)	(406,923)



Net assets				80,686	43,202

Capital and reserves
	Called up share capital			1	1



	Profit and loss account		10	80,685	43,201

Total equity				80,686	43,202



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 30 September 2022 the company was entitled to exemption from audit 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 20 September 2023
And signed on its behalf by:
J. Shiner
Director
20 September 2023

for the year ended 30 September 2022

General information

Its registered number is: 04897891

Its registered office is:

31 Carlton Place

Southampton

Hampshire

SO15 2DX

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Freehold buildings

1% Straight Line

Furniture, fittings and equipment

25% Reducing Balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2022	2021
			Number	Number
		The average monthly number of employees (including directors) during the year was:	1	3

4	Tangible fixed assets
			Land and buildings	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 October 2021	94,246	8,746	102,992




		At 30 September 2022	94,246	8,746	102,992
		Depreciation
		At 1 October 2021	942	8,422	9,364
		Charge for the year	933	81	1,014



		At 30 September 2022	1,875	8,503	10,378
		Net book values
		At 30 September 2022	92,371	243	92,614
		At 30 September 2021	93,304	324	93,628

5	Investment property
			Freehold Investment Property
			£
		Valuation
		At 1 October 2021	581,229



		At 30 September 2022	581,229

6	Debtors
			2022	2021
			£	£


		Corporation tax recoverable	-	1





			-	1

7	Creditors:
		amounts falling due within one year
			2022	2021
			£	£

		Bank loans and overdrafts	3,690	3,690
		Other loans	500	2,666

		Trade creditors	59,915	-

		Taxes and social security	7,585	96
		Loans from directors	212,516	227,642
		Other creditors	-	101,009
		Accruals and deferred income	1,800	1,802
			286,006	336,905

8	Creditors:
		amounts falling due after more than one year
			2022	2021
			£	£

		Bank loans and overdrafts	10,608	14,298
		Other loans	395,243	392,625





			405,851	406,923

Share Capital

1 Ordinary share fully paid

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.