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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st March 2019 |
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POLPO LIMITED |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st March 2019 |
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for |
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POLPO LIMITED |
POLPO LIMITED (REGISTERED NUMBER: 06842440) |
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Contents of the Financial Statements |
for the year ended 31st March 2019 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 10 |
POLPO LIMITED |
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Company Information |
for the year ended 31st March 2019 |
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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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2 Burton House |
Repton Place |
White Lion Road |
Amersham |
Buckinghamshire |
HP7 9LP |
POLPO LIMITED (REGISTERED NUMBER: 06842440) |
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Statement of Financial Position |
31st March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
POLPO LIMITED (REGISTERED NUMBER: 06842440) |
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Statement of Financial Position - continued |
31st March 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the Board of Directors on
on its behalf by: |
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POLPO LIMITED (REGISTERED NUMBER: 06842440) |
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Notes to the Financial Statements |
for the year ended 31st March 2019 |
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1. | STATUTORY INFORMATION |
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Polpo Limited is a
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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 represents sales registered at point of sale through electronic tills, excluding any |
discretionary service charge and value added tax. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being |
amortised evenly over its estimated useful life of 5 years being the period over which the directors |
consider the benefit of the value being derived. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of |
depreciation and any impairment losses. Depreciation is provided at the following annual rates in order |
to write off the cost of each asset over its estimated useful life. |
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Leasehold improvement | - over the lease period |
Plant and machinery | - 10% straight line |
Fixtures and fittings | - 10% straight line |
Computer equipment | - 33% straight line |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investments in subsidiary undertakings are recognised at cost net of any provisions for diminution. |
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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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At each reporting date, the company assesses whether stocks are impaired or if an impairment loss |
recognised in prior periods has been reversed. Any excess of the carrying amount of stock over its |
estimated selling price is recognised as an impairment loss in the profit and loss account. Reversals of |
impairment losses are also recognised in the profit and loss account. |
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POLPO LIMITED (REGISTERED NUMBER: 06842440) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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2. | ACCOUNTING POLICIES - continued |
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 statement of financial position 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 statement of financial position 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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Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are |
offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends |
either to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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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. |
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Rent free periods and other similar incentives are recognised on a straight line basis in the profit and |
loss account over the lease term. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
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Going concern |
The directors have prepared and considered trading forecasts and cashflow requirements for a period |
of 12 months from the date of approval of the financial statements and have a reasonable expectation |
that the Company has adequate reserves to continue in operational existence for the foreseeable |
future. Thus they continue to adopt the going concern basis of accounting in preparing the annual |
financial statements. |
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Impairment of fixed assets |
An assessment is made at each reporting date of whether there are indications that a fixed asset may |
be impaired or that an impairment loss previously recognised has fully or partially reversed. If such |
indications exist, the company estimates the recoverable amount of the asset. |
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Shortfalls between the carrying value of fixed assets and their recoverable amounts being the higher of |
fair value less costs to sell and value -in-use, are recognised as impairment losses in the profit and |
loss account. |
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Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have |
ceased to apply. Reversal of impairment losses are recognised in the profit and loss account. On |
reversal of an impairment loss, the depreciation is adjusted to allocate the asset's revised carrying |
amount over its remaining useful life. |
POLPO LIMITED (REGISTERED NUMBER: 06842440) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st April 2018 |
and 31st March 2019 |
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AMORTISATION |
At 1st April 2018 |
and 31st March 2019 |
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NET BOOK VALUE |
At 31st March 2019 |
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At 31st March 2018 |
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5. | TANGIBLE FIXED ASSETS |
Short |
leasehold |
premises | Fixtures |
and | Plant and | and |
improvements | machinery | fittings |
£ | £ | £ |
COST |
At 1st April 2018 |
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Additions |
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Disposals | ( |
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At 31st March 2019 |
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DEPRECIATION |
At 1st April 2018 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st March 2019 |
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NET BOOK VALUE |
At 31st March 2019 |
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At 31st March 2018 |
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POLPO LIMITED (REGISTERED NUMBER: 06842440) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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5. | TANGIBLE FIXED ASSETS - continued |
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Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2018 |
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Additions |
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Disposals |
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( |
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At 31st March 2019 |
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DEPRECIATION |
At 1st April 2018 |
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Charge for year |
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Eliminated on disposal |
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( |
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At 31st March 2019 |
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NET BOOK VALUE |
At 31st March 2019 |
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At 31st March 2018 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st April 2018 |
and 31st March 2019 |
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NET BOOK VALUE |
At 31st March 2019 |
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At 31st March 2018 |
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7. | DEBTORS |
2019 | 2018 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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POLPO LIMITED (REGISTERED NUMBER: 06842440) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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In March 2019 the company entered into a Creditors Voluntary Arrangement (CVA) with an agreement |
to settle a proportion of its obligations over a period of two years. The gross obligations captured under |
the CVA are included in other creditors and amounted to £1,828,316 at the balance sheet date. |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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The company's bank facilities include a revolving credit facility and are secured by a fixed and floating |
charge over the assets of the company. |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 31st March 2019 and |
31st March 2018: |
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2019 | 2018 |
£ | £ |
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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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Balance outstanding at start of year | ( |
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Amounts advanced |
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Amounts repaid |
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( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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( |
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POLPO LIMITED (REGISTERED NUMBER: 06842440) |
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Notes to the Financial Statements - continued |
for the year ended 31st March 2019 |
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11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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Advances to directors have no repayment or interest terms attaching. |
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12. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties are R Beatty and R Norman, who are the directors and each own 50% |
of the issued share capital of the company. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Polpo Limited |
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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 Statement of Financial Position. Readers are cautioned that the Statement of |
Comprehensive Income and certain other primary statements and the Report of the Directors are not |
required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval |
the financial statements of Polpo Limited for the year ended 31st March 2019 which comprise the Statement |
of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related |
notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Polpo Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Polpo Limited and state those matters that we have agreed to state to the Board of Directors of Polpo Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Polpo Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Polpo Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Polpo Limited. You consider that Polpo Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Polpo Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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2 Burton House |
Repton Place |
White Lion Road |
Amersham |
Buckinghamshire |
HP7 9LP |
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