POLIMNIA LIMITED - Accounts

POLIMNIA LIMITED - Accounts

POLIMNIA LIMITED - Company Information

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Registered Number: 09571236
England and Wales

 

 

 

POLIMNIA LIMITED


Abridged Accounts
 


Period of accounts

Start date: 01 January 2022

End date: 31 December 2022

POLIMNIA LIMITED
Contents Page
For the year ended 31 December 2022
 
 		 Notes
 		 2022
€		   2021
€
Fixed assets      
Investments 3 1,744,464    1,744,464 
1,744,464    1,744,464 
Current assets      
Debtors 1,182,607    1,207,721 
Cash at bank and in hand 352,413    257,309 
1,535,020    1,465,030 
Creditors: amount falling due within one year (146,226)   (106,212)
Net current assets 1,388,794    1,358,818 
 
Total assets less current liabilities 3,133,258    3,103,282 
Creditors: amount falling due after more than one year (3,051,323)   (3,051,323)
Net assets 81,935    51,959 
 

Capital and reserves 		     
Called up share capital 270    270 
Profit and loss account 81,665    51,689 
Shareholder's funds 81,935    51,959 
 


For the year ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 04 October 2023 and were signed on its behalf by:


-------------------------------
Bruno Bolfo
Director
1
General Information
POLIMNIA LIMITED is a private company, limited by shares, registered in England and Wales, registration number 09571236, registration address 51 SOUTH STREET, LONDON, ENGLAND, W1K 2XL.

The presentation currency is Euro.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in Euro which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into Euro at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Deferred taxation
The taxation expense represents the aggregate amount of current and defened 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. ln 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 reversalof the timing difference.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can othenrise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, wilh any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cosl are reviewed for objective evidence of impairment at the end of each reporting date. lf there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment- Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financialasset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
2.

Average number of employees

Average number of employees during the year was 2 (2021 : 2).
3.

Investments

Cost Investments in group undertakings   Loans to group undertakings   Total
  €   €   €
At 01 January 2022 144,464    1,600,000    1,744,464 
Additions -    -    - 
Transfer to/from tangible fixed assets 0    0    0 
Disposals -    -    - 
At 31 December 2022 144,464    1,600,000    1,744,464 

4.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contrained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
5.

Investment in associates

lnvestments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
lnvestments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognlsed as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
6.

Investments in joint venture

lnvestments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
lnvestments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other cornprehensive income/profit or loss.
Where it is impracticable to measure fair value reliably without undue cost or effort, the cost modelwill be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
2