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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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Polo Tree Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2017 |
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for |
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Polo Tree Limited |
Polo Tree Limited (Registered number: 04617041) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Polo Tree Limited |
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Company Information |
for the Year Ended 31 December 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
30 Yorkersgate |
Malton |
North Yorkshire |
YO17 7AW |
Polo Tree Limited (Registered number: 04617041) |
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Balance Sheet |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings - non-distributable | 8 |
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Retained earnings | 8 | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Polo Tree Limited (Registered number: 04617041) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Polo Tree Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment |
properties are initially measured at cost, including transaction costs. |
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Subsequently investment properties are measured at fair value. Investment property valuations are based on |
an open market value. Deferred tax is provided on these movements. Gains and losses arising from changes in |
fair value of investment properties are included in the Income Statement. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2017 |
and 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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Polo Tree Limited (Registered number: 04617041) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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3. | INVESTMENT PROPERTY - continued |
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Fair value at 31 December 2017 is represented by: |
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Valuation in 2009 | 141,737 |
Valuation in 2013 | (33 | ) |
Valuation in 2014 | 627 |
Cost | 157,669 |
300,000 |
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If investment property had not been revalued it would have been included at the following historical cost: |
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2017 | 2016 |
£ | £ |
Cost | 157,669 | 157,669 |
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Investment property was valued on an open market basis on 31 December 2016 by F Gooder and P Gooder, Directors |
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4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts (see note 5) |
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Other creditors |
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5. | LOANS |
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An analysis of the maturity of loans is given below: |
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2017 | 2016 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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6. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank overdrafts |
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Polo Tree Limited (Registered number: 04617041) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | 1 | 2 | 2 |
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8. | RESERVES |
Retained |
Retained | earnings |
earnings | - non-distributable | Totals |
£ | £ | £ |
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At 1 January 2017 | ( |
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112,004 |
Profit for the year |
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Deferred tax movement on
investment property |
(1,752 |
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1,752 |
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At 31 December 2017 | ( |
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112,811 |
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9. | RELATED PARTY DISCLOSURES |
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As at 31 December 2017 the company owed £39,342 to the directors (2016: £38,138). No interest has been |
charged to the company in respect of the loans which are repayable on demand and classified in creditors due |
within one year. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company is not controlled by either F Gooder or P Gooder by virtue of their equal shareholdings. |