POLO_RECORDS_LIMITED - Accounts

POLO RECORDS LIMITED - Company Information

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Company Registration No. 01468187 (England and Wales)

POLO RECORDS LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2016

POLO RECORDS LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

POLO RECORDS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 1 -

2016

2015

Notes

Fixed assets

Tangible assets

Current assets

Debtors

7,948

8,548

Cash at bank and in hand

9,491

9,123

17,439

17,671

Creditors: amounts falling due within one year

(9,633)

(9,873)

Net current assets

7,806

7,798

Total assets less current liabilities

7,854

7,855

Capital and reserves

Called up share capital

100

Profit and loss account

7,754

7,755

Shareholders' funds

7,854

7,855

For the financial year ended 30 April 2016 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 24 January 2017

M O Porter

Director

Company Registration No. 01468187

POLO RECORDS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment

15% reducing balance basis

1.4

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

Fixed assets

Tangible assets

Cost

At 1 May 2015 & at 30 April 2016

5,236

Depreciation

At 1 May 2015

5,179

Charge for the year

At 30 April 2016

5,188

Net book value

At 30 April 2016

At 30 April 2015

Share capital

2016

2015

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

POLO RECORDS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

Ultimate parent company

The ultimate controlling party is Mr M Medalie who owns 70% of the share capital.