Polaris Centre Management Company Limite - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 06402207 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Polaris Centre Management Company

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Report of the Accountants

6

DIRECTORS:

B Bacon

M Kirkby-Jones

P A Cedron

SECRETARY:

R Van Geffen

REGISTERED OFFICE:

Unit 3 Polaris Centre

41 Brownfields

Welwyn Garden City

Hertfordshire

AL7 1AN

REGISTERED NUMBER:

06402207 (England and Wales)

ACCOUNTANTS:

Wesley Pemberton LLP

89 Vicars Moor Lane

Winchmore Hill

London

N21 1BL

CURRENT ASSETS

Debtors

3

10,977

6,265

Cash at bank

15,522

16,377

26,499

22,642

CREDITORS

Amounts falling due within one year

4

26,491

22,634

NET CURRENT ASSETS

8

8

TOTAL ASSETS LESS CURRENT LIABILITIES

8

8

CAPITAL AND RESERVES

Called up share capital

5

8

8

SHAREHOLDERS' FUNDS

8

8

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 5 September 2018 and were signed on its behalf by:

B Bacon - Director

1.	STATUTORY INFORMATION

Polaris Centre Management Company 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 "The Financial Reporting Standard applicable in there UK and Republic of Ireland"

(FRS102) and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover comprises service charge contributions from tenants, credit for which is taken on an accruals basis.

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of

the instrument.

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.

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany working capital balances,

and intercompany financing are initially recognised at transaction price, 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 for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal

business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other 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 payments discounted at a

market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond

normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence

of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss

account.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between the asset's carrying amount and the best estimate of the amount the company would receive for the

asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original

effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss

is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the

impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount

would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or

loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or

(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having

retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who

has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable

right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the

liability simultaneously.

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue

in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve

months from the date these financial statements were approved. Accordingly, they continue to adopt the going concern in

preparing the financial statements.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not

more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the

date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or

options are shown in equity as a deduction, net of tax, from the proceeds.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Service charge debtors

8,038

3,326

Other debtors and prepayments

2,939

2,939

10,977

6,265

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Other creditors

26,491

22,634

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

8

Ordinary A shares

£1

8

8

6.

RESERVES

Retained

earnings

£

Profit for the year

-

At 31 December 2017

-

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited

financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet.

Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors

are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2017 set out on pages three to seven and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Wesley Pemberton LLP

89 Vicars Moor Lane

Winchmore Hill

London

N21 1BL

5 September 2018