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Financial Statements for the Year Ended 31 March 2017 |
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Polar Bear Classical Limited |
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REGISTERED NUMBER:
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Financial Statements for the Year Ended 31 March 2017 |
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for |
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Polar Bear Classical Limited |
Polar Bear Classical Limited (Registered number: 05776893) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Polar Bear Classical Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTOR: |
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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 & Registered Auditors |
2nd Floor, Woodside House |
261 Low Lane |
Horsforth |
Leeds |
West Yorkshire |
LS18 5NY |
Polar Bear Classical Limited (Registered number: 05776893) |
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Balance Sheet |
31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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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 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
Polar Bear Classical Limited (Registered number: 05776893) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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Polar Bear Classical Limited (Registered number: 05776893) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Polar Bear Classical Limited is a
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Wales. The company's 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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Turnover |
Turnover comprises the value of sales (excluding any taxes and trade discounts) of goods and services |
provided in the normal course of business. Revenue is recognised when the goods are despatched, this |
is the point at which the risks and rewards of ownership pass to the buyer. |
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Tangible fixed assets |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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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. |
Polar Bear Classical Limited (Registered number: 05776893) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of |
exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at |
the operating result. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
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COST |
At 1 April 2016 |
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Disposals | ( |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade debtors |
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Other debtors |
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Polar Bear Classical Limited (Registered number: 05776893) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2017 and |
31 March 2016: |
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31.3.17 | 31.3.16 |
£ | £ |
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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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( |
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8. | RELATED PARTY DISCLOSURES |
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Cypress Avenue Limited is controlled by Mr G Pawley and his spouse. At the year end, Cypress |
Avenue Limited owed Polar Bear Classical Limited £4,220 (2016:£4097) and is shown in other |
debtors. this is repayable on demand. |
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Polar Bear Classical Limited considers A Pawley to be a related party due to being a relative of the |
director. The company owes A Pawley £5,000 (2016: £5,000 ) at the year end. This is repayable on |
demand. |
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9. | ULTIMATE CONTROLLING PARTY |
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The director and his spouse are considered to be the ultimate controlling parties by virtue of their |
ability to act in concert in respect of the financial and operating policies of the company. |
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10. | FIRST YEAR ADOPTION |
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This is the first year that the company has presented its financial statements under Financial Reporting |
Standard 102 Section 1A (FRS 102 section 1A) issued by the Financial Reporting Council. The |
following disclosures are required in the year of transition. |
The last financial statements under previous UK GAAP were for the year ended 31 March 2016 and |
the date of transition to FRS 102 section 1A was therefore 1 April 2015. As a consequence of |
adopting FRS 102 section 1A no changes were required. |