Polar Glaze Windows, Doors and Conservatories Limited - Period Ending 2017-10-31

Polar Glaze Windows, Doors and Conservatories Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 October 2017

Registration number: 04384112

Polar Glaze Windows, Doors and Conservatories Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 6

Polar Glaze Windows, Doors and Conservatories Limited

Balance Sheet

31 October 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	108,886	132,206
Current assets
Stocks	5	14,000	14,000
Debtors	6	360,139	136,262
Cash at bank and in hand		163,051	272,034
		537,190	422,296
Creditors: Amounts falling due within one year	7	(208,070)	(162,514)
Net current assets		329,120	259,782
Total assets less current liabilities		438,006	391,988
Creditors: Amounts falling due after more than one year	7	-	(10,000)
Provisions for liabilities		(20,177)	(24,490)
Net assets		417,829	357,498
Capital and reserves
Called up share capital		20	20
Profit and loss account		417,809	357,478
Total equity		417,829	357,498

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 1

Polar Glaze Windows, Doors and Conservatories Limited

Balance Sheet

31 October 2017

For the financial year ending 31 October 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 July 2018 and signed on its behalf by:
 

......................................... Paul Rogers Director

Company Registration Number: 04384112

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

Polar Glaze Windows, Doors and Conservatories Limited

Notes to the Financial Statements

Year Ended 31 October 2017

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
Unit 9, Blackhill Road
Holton Heath Industrial Estate
Poole
Dorset
BH16 6LT

These financial statements were authorised for issue by the Board on 30 July 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 November 2015. There are no material departures from FRS102.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 3

Polar Glaze Windows, Doors and Conservatories Limited

Notes to the Financial Statements

Year Ended 31 October 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance basis
Motor vehicles	25% reducing balance basis
Office equipment	3 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2016 - 10).

Page 4

Polar Glaze Windows, Doors and Conservatories Limited

Notes to the Financial Statements

Year Ended 31 October 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 November 2016	101,130	185,803	286,933
Additions	8,054	-	8,054
At 31 October 2017	109,184	185,803	294,987
Depreciation
At 1 November 2016	62,729	91,998	154,727
Charge for the year	7,923	23,451	31,374
At 31 October 2017	70,652	115,449	186,101
Carrying amount
At 31 October 2017	38,532	70,354	108,886
At 31 October 2016	38,401	93,805	132,206

5

Stocks

	2017 £	2016 £
Raw materials and consumables	14,000	14,000

6

Debtors

	2017  £	2016  £
Trade debtors	170,130	107,056
Other debtors	185,642	28,074
Prepayments	4,367	1,132
	360,139	136,262

Page 5

Polar Glaze Windows, Doors and Conservatories Limited

Notes to the Financial Statements

Year Ended 31 October 2017

7

Creditors

Creditors: amounts falling due within one year

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	8	10,000	10,000
Trade creditors		110,363	87,734
Corporation tax		30,845	29,665
Social security and other taxes		40,638	25,566
Other creditors		9,122	687
Accrued expenses		7,102	8,862
		208,070	162,514

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Due after one year
Loans and borrowings	8	-	10,000

8	Loans and borrowings

	2017 £	2016 £
Loans and borrowings due after one year
Bank borrowings	-	10,000

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	10,000	10,000

9	Transition to FRS 102

This is the first year the accounts have been prepared under FRS102, however. this has not affected the financial position or performance of the comparative figures.

Page 6