Poltair Construction Ltd 30/04/2023 iXBRL

Poltair Construction Ltd 30/04/2023 iXBRL

POLTAIR CONSTRUCTION LIMITED - Company Information

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0 30/04/2023 2023-04-30 false false false false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2022-05-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 12404517 2022-05-01 2023-04-30 12404517 2023-04-30 12404517 2022-04-30 12404517 2022-04-30 12404517 core:PlantMachinery 2022-05-01 2023-04-30 12404517 bus:Director1 2022-05-01 2023-04-30 12404517 core:WithinOneYear 2023-04-30 12404517 core:WithinOneYear 2022-04-30 12404517 core:PlantMachinery 2022-04-30 12404517 core:PlantMachinery 2023-04-30 12404517 core:ShareCapital 2023-04-30 12404517 core:ShareCapital 2022-04-30 12404517 core:RetainedEarningsAccumulatedLosses 2023-04-30 12404517 core:RetainedEarningsAccumulatedLosses 2022-04-30 12404517 core:PlantMachinery 2022-04-30 12404517 bus:SmallEntities 2022-05-01 2023-04-30 12404517 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 12404517 bus:FullAccounts 2022-05-01 2023-04-30 12404517 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 12404517 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30
Company registration number: 12404517
Poltair Construction Ltd
Unaudited filleted financial statements
30 April 2023
POLTAIR CONSTRUCTION LTD
STATEMENT OF FINANCIAL POSITION
30 APRIL 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 10,900 12,703
_______ _______
10,900 12,703
Current assets
Debtors 6 582,477 645,220
Cash at bank and in hand 76,467 125,659
_______ _______
658,944 770,879
Creditors: amounts falling due
within one year 7 ( 559,429) ( 716,238)
_______ _______
Net current assets 99,515 54,641
_______ _______
Total assets less current liabilities 110,415 67,344
Provisions for liabilities ( 2,071) ( 2,414)
_______ _______
Net assets 108,344 64,930
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 8 108,342 64,928
_______ _______
Shareholders funds 108,344 64,930
_______ _______
For the year ending 30 April 2023 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.
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2023 , and are signed on behalf of the board by:
R E Ley
Director
Company registration number: 12404517
POLTAIR CONSTRUCTION LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47 Boutport Street, Barnstaple, Devon, EX31 1SQ.
Principal activity
The principal activity of the company is that of property construction.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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 and machinery - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks and work in progress
Work in progress is valued at the lower of cost and net reliasable value and includes the cost of construction and other direct site-related expenditure.Costs are only carried forward in work in progress where there is an expectation that the site will be successfully completed.Speculative costs are written off the profit and loss account in the year in which they are incurred.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: Nil).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 May 2022 19,693 19,693
Additions 4,117 4,117
_______ _______
At 30 April 2023 23,810 23,810
_______ _______
Depreciation
At 1 May 2022 6,990 6,990
Charge for the year 5,920 5,920
_______ _______
At 30 April 2023 12,910 12,910
_______ _______
Carrying amount
At 30 April 2023 10,900 10,900
_______ _______
At 30 April 2022 12,703 12,703
_______ _______
6. Debtors
2023 2022
£ £
Amounts owed by group undertakings 543,116 617,162
Other debtors 39,361 28,058
_______ _______
582,477 645,220
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 351,098 217,861
Amounts owed to group undertakings 183,663 444,409
Accruals and deferred income 9,375 37,074
Social security and other taxes 15,293 16,894
_______ _______
559,429 716,238
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Related party transactions
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned susbidiaries within the group.
10. Controlling party
The ultimate controlling party is Poltair Group Limited.