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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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Polly Estates Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2018 |
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for |
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Polly Estates Limited |
Polly Estates Limited (Registered number: SC035177) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2018 |
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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 | 4 |
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Chartered Certified Accountants' Report | 8 |
Polly Estates Limited |
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Company Information |
for the Year Ended 31 December 2018 |
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DIRECTORS: |
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SECRETARY: | Mrs N D Davies |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
9 Ardross Street |
Inverness |
IV3 5NN |
Polly Estates Limited (Registered number: SC035177) |
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Balance Sheet |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 9 |
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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 | 10 |
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Revaluation reserve | 11 |
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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. |
Polly Estates Limited (Registered number: SC035177) |
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Balance Sheet - continued |
31 December 2018 |
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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
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Polly Estates Limited (Registered number: SC035177) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2018 |
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1. | STATUTORY INFORMATION |
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Polly Estates Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
All fixed assets, with the exception of the initial land and buildings, are recorded at cost. The initial land and |
buildings are recorded at revaluation. |
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Depreciation is calculated so as to write off the cost or revaluation of an asset, less its estimated residual value, |
over the useful life of that asset as follows: |
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Original land and buildings | at revaluation |
Ladysmith Street | 1% straight line |
Building improvements | 1% straight line |
Sheds and agricultural buildings | 4% straight line |
Plant and machinery | from 10% to 20% reducing value |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in |
fair value is recognised in profit or loss. |
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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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Polly Estates Limited (Registered number: SC035177) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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2. | ACCOUNTING POLICIES - continued |
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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Investments |
Investments are stated at cost. |
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Operating lease agreement |
Rental applications to operating leases where substantially all the benefits and risks of ownership remain with the |
lessor are charged against profits on a straight line basis over the period of the lease. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, |
as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that |
evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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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 |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1 January 2018 |
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Additions |
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Disposals |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Included in cost of land and buildings is freehold land of £ 1,041,677 (2017 - £ 1,041,677 ) which is not |
depreciated. |
Polly Estates Limited (Registered number: SC035177) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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4. | TANGIBLE FIXED ASSETS - continued |
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The valuation of the land and buildings has applied the transitional rules in accordance with Financial Reporting |
standards for smaller entities. No further valuations have been conducted following the implementation of these |
transitional rules. |
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The directors are of the view that the revaluation figure stated below is significantly below market value but no |
further revaluation is currently planned. (see Note 1, Accounting Policies, Deferred taxation.) |
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In respect of certain fixed assets stated at valuations, the comparable historic cost and depreciation are as |
follows: |
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2016 | 2015 |
£ | £ |
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Net book value at end of year | 1,041,677 | 1,041,677 |
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Historic cost | 132,249 | 132,249 |
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5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
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NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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6. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2018 |
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Additions |
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At 31 December 2018 |
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DEPRECIATION |
At 1 January 2018 |
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Charge for year |
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At 31 December 2018 | 4,527 |
NET BOOK VALUE |
At 31 December 2018 |
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At 31 December 2017 |
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Polly Estates Limited (Registered number: SC035177) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2018 |
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7. | STOCKS |
2018 | 2017 |
£ | £ |
Cattle Herd |
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Trading Herd |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Other debtors |
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VAT |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Corporation tax |
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Other creditors |
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Directors' loan accounts |
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Accruals and deferred income |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary shares | 1 | 10,000 | 10,000 |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 January 2018 |
and 31 December 2018 |
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12. | RELATED PARTY DISCLOSURES |
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No transactions with related parties were undertaken such as require to be disclosed under Financial Reporting |
standard 8. |
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13. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling parties of Polly Estates Ltd throughout the year under review and the previous year |
were: Mr David Davies,by way of his directorship, shareholding and trusteeship of the shareholding trust; and |
Mrs Nicola Davies by way of her directorship. |
Chartered Certified Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Polly Estates 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 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. |
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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 Polly Estates Limited for the year ended 31 December 2018 which comprise the Income |
Statement, Balance Sheet, 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
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This report is made solely to the Board of Directors of Polly Estates 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 Polly Estates Limited and state those matters that we have agreed to state to the Board of Directors of Polly Estates Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company 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 Polly Estates 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 profit of Polly Estates Limited. You consider that Polly Estates Limited is exempt from the statutory audit requirement for the year. |
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Chartered Certified Accountants |
9 Ardross Street |
Inverness |
IV3 5NN |
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