Registered number
05812631
PALMERS GREEN ESTATES LTD
Unaudited Filleted Accounts
30 November 2021
PALMERS GREEN ESTATES LTD
Registered number: 05812631
Balance Sheet
as at 30 November 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 8,910 12,385
Current assets
Debtors 4 28,301 15,464
Cash at bank and in hand 344,416 206,722
372,717 222,186
Creditors: amounts falling due within one year 5 (151,223) (112,606)
Net current assets 221,494 109,580
Total assets less current liabilities 230,404 121,965
Creditors: amounts falling due after more than one year 6 (35,000) (40,000)
Provisions for liabilities (886) (886)
Net assets 194,518 81,079
Capital and reserves
Called up share capital 100 100
Profit and loss account 194,418 80,979
Shareholders' funds 194,518 81,079
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Charalambous
Director
Approved by the board on 22 August 2022
PALMERS GREEN ESTATES LTD
Notes to the Accounts
for the year ended 30 November 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Motor vehicles over 4 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2020 161,371 3,917 165,288
Additions 3,756 - 3,756
At 30 November 2021 165,127 3,917 169,044
Depreciation
At 1 December 2020 150,944 1,959 152,903
Charge for the year 6,252 979 7,231
At 30 November 2021 157,196 2,938 160,134
Net book value
At 30 November 2021 7,931 979 8,910
At 30 November 2020 10,427 1,958 12,385
4 Debtors 2021 2020
£ £
Trade debtors 23,691 10,875
Other debtors 4,610 4,589
28,301 15,464
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 10,000 14,801
Trade creditors 24,599 22,177
Taxation and social security costs 78,880 73,097
Other creditors 37,744 2,531
151,223 112,606
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 35,000 40,000
7 Other financial commitments 2021 2020
£ £
Total future minimum payments under non-cancellable operating leases 47,158 47,158
8 Related party transactions
Dividends paid to the director during the year under review amounted to £38,000 (2020: £76,630).
9 Controlling party
The ultimate controlling party is the director by virtue of his majoristy holding in the issued share capital of the company.
10 Other information
PALMERS GREEN ESTATES LTD is a private company limited by shares and incorporated in England. Its registered office is:
3 Gateway Mews
Ringway
Bounds Green
London
N11 2UT
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