Polocini Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 08221534 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2017

for

Polocini Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms C L Last

A M Bridge

REGISTERED OFFICE:

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

REGISTERED NUMBER:

08221534 (England and Wales)

ACCOUNTANTS:

Voisey & Co

Chartered Accountants

8 Winmarleigh Street

Warrington

Cheshire

WA1 1JW

FIXED ASSETS

Tangible assets

3

4,495

5,600

CURRENT ASSETS

Stocks

4

700

862

Debtors

5

424

-

Cash at bank and in hand

4,323

3,827

5,447

4,689

CREDITORS

Amounts falling due within one year

6

(22,391

)

(25,892

)

NET CURRENT LIABILITIES

(16,944

)

(21,203

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(12,449

)

(15,603

)

CAPITAL AND RESERVES

Called up share capital

7

2

Retained earnings

8

(12,451

)

(15,605

)

SHAREHOLDERS' FUNDS

(12,449

)

(15,603

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 4 December 2017 and were signed on its behalf
by:

Ms C L Last - Director

1.	STATUTORY INFORMATION

Polocini Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provision of Section 1A "Small Entities"

of Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of

Ireland and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention.

Monetary amounts in these financial statements are rounded to the nearest £.

The principal accounting policies adopted are set out below.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements,

estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from

other sources. The estimates and associated assumptions are based on historical experience and other factors

that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised where the revision affects only that

period, or in the period of the revision and future periods where the revision affects both current and future

periods.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Revenue is measured as the fair value of the consideration received or receivable and represents amounts

receivable for goods supplied and services provided in the normal course of business net of value added tax.

Interest income is recognised on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

20% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank,

other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when

there is a legally enforcible right to set off the recognised amounts and there is an intention to settle on a net

basis or to realise the net asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised costs using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or

joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are

subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that

investments in equity instruments that are not publically traded and whose fair values cannot be measured

reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of

impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that

occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.

If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value

of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is

recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or

are settled, or when the company transfers the financial asset and substantially all the risks and rewards of

ownership to another entity, or if some significant risks and rewards of ownership are retained but control of

the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets

of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes

a financing transaction, where the debt instrument is measured at the present value of the future receipts

discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Debt instruments are subsequently recognised on the balance sheet at amortised cost, using the effective

interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion

of the company.

Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as

reported in the profit and loss account because it excludes items of income and expense that are taxable or

deductible in other years and it further excludes 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

reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from

goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax

profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability

is settled or the asset is realised. Deferred tax is charged or credited in the profit or loss account, except when it

relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in

equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset

current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax

authority.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Provisions

A provision is recognised in the balance sheet when the company has a constructive or legal obligation as a

result of a past event and it is probable that an outflow of economic benefit will be required to settle the

obligation. Provisions are recognised at their discounted net present value.

3.	TANGIBLE FIXED ASSETS

Motor

vehicles

£

COST

At 1 October 2016

14,000

Additions

4,650

Disposals

(14,000

)

At 30 September 2017

4,650

DEPRECIATION

At 1 October 2016

8,400

Charge for year

2,488

Eliminated on disposal

(10,733

)

At 30 September 2017

155

NET BOOK VALUE

At 30 September 2017

4,495

At 30 September 2016

5,600

4.

STOCKS

30.9.17

30.9.16

£

Stocks

700

862

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

Prepayments

424

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

Trade creditors

-

431

Other creditors

111

Directors' current accounts

19,220

22,290

Accrued expenses

3,060

22,391

25,892

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

2

Ordinary

£1

2

8.

RESERVES

Retained

earnings

£

At 1 October 2016

(15,605

)

Profit for the year

3,154

At 30 September 2017

(12,451

)

Polocini Limited - Accounts to registrar (filleted) - small 17.3

Polocini Limited - Accounts to registrar (filleted) - small 17.3