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28/02/2022
2022-02-28
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No description of principal activities is disclosed
2021-03-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
07052711
2021-03-01
2022-02-28
07052711
2022-02-28
07052711
2021-02-28
07052711
2020-03-01
2021-02-28
07052711
2021-02-28
07052711
core:IntangibleAssetsOtherThanGoodwill
2021-03-01
2022-02-28
07052711
core:FurnitureFittingsToolsEquipment
2021-03-01
2022-02-28
07052711
bus:Director1
2021-03-01
2022-02-28
07052711
core:IntangibleAssetsOtherThanGoodwill
2021-02-28
07052711
core:IntangibleAssetsOtherThanGoodwill
2022-02-28
07052711
core:FurnitureFittingsToolsEquipment
2022-02-28
07052711
core:WithinOneYear
2022-02-28
07052711
core:WithinOneYear
2021-02-28
07052711
core:ShareCapital
2022-02-28
07052711
core:ShareCapital
2021-02-28
07052711
core:RetainedEarningsAccumulatedLosses
2022-02-28
07052711
core:RetainedEarningsAccumulatedLosses
2021-02-28
07052711
core:IntangibleAssetsOtherThanGoodwill
2021-02-28
07052711
bus:Director1
2022-02-28
07052711
bus:Director1
2021-02-28
07052711
bus:SmallEntities
2021-03-01
2022-02-28
07052711
bus:AuditExempt-NoAccountantsReport
2021-03-01
2022-02-28
07052711
bus:FullAccounts
2021-03-01
2022-02-28
07052711
bus:SmallCompaniesRegimeForAccounts
2021-03-01
2022-02-28
07052711
bus:PrivateLimitedCompanyLtd
2021-03-01
2022-02-28
07052711
1
2021-03-01
2022-02-28
Company registration number:
07052711
Palmerluxe Developments Ltd
Unaudited filleted financial statements
28 February 2022
Palmerluxe Developments Ltd
Contents
Statement of financial position
Notes to the financial statements
Palmerluxe Developments Ltd
Statement of financial position
28 February 2022
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2022 |
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2021 |
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Note |
£ |
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£ |
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£ |
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£ |
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|
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Fixed assets |
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Intangible assets |
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5 |
484 |
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616 |
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_______ |
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_______ |
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|
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484 |
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616 |
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Current assets |
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Debtors |
|
7 |
27,284 |
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28,284 |
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Cash at bank and in hand |
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|
760 |
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446 |
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_______ |
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_______ |
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28,044 |
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28,730 |
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Creditors: amounts falling due |
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within one year |
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8 |
(
9,805) |
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|
(
9,805) |
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_______ |
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_______ |
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Net current assets |
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18,239 |
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18,925 |
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_______ |
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_______ |
Total assets less current liabilities |
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18,723 |
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19,541 |
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_______ |
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_______ |
Net assets |
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18,723 |
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19,541 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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1 |
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1 |
Profit and loss account |
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18,722 |
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19,540 |
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_______ |
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_______ |
Shareholder funds |
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18,723 |
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19,541 |
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_______ |
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_______ |
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For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
29 July 2022
, and are signed on behalf of the board by:
Mr T Vanderzalm
Director
Company registration number:
07052711
Palmerluxe Developments Ltd
Notes to the financial statements
Year ended 28 February 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Office Ff10 Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
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Combined other intangible assets |
- |
10 % |
straight line |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Fittings fixtures and equipment |
- |
33.33 % |
straight line |
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|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2021:
1
).
5.
Intangible assets
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Other intangible assets |
Total |
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£ |
£ |
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Cost |
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At 1 March 2021 and 28 February 2022 |
1,320 |
1,320 |
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|
_______ |
_______ |
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Amortisation |
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At 1 March 2021 |
704 |
704 |
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Charge for the year |
132 |
132 |
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_______ |
_______ |
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At 28 February 2022 |
836 |
836 |
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_______ |
_______ |
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Carrying amount |
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At 28 February 2022 |
484 |
484 |
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_______ |
_______ |
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|
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At 28 February 2021 |
616 |
616 |
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_______ |
_______ |
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6.
Tangible assets
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Fixtures, fittings and equipment |
Total |
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£ |
£ |
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Cost |
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At 1 March 2021 and 28 February 2022 |
1,665 |
1,665 |
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_______ |
_______ |
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Depreciation |
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At 1 March 2021 and 28 February 2022 |
1,665 |
1,665 |
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_______ |
_______ |
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Carrying amount |
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At 28 February 2022 |
- |
- |
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_______ |
_______ |
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At 28 February 2021 |
- |
- |
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_______ |
_______ |
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7.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Other debtors |
|
27,284 |
28,284 |
|
|
|
_______ |
_______ |
|
|
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|
8.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Other creditors |
|
9,805 |
9,805 |
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_______ |
_______ |
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9.
Directors advances, credits and guarantees
|
|
Balance brought forward and o/standing |
Balance brought forward and o/standing |
|
|
2022 |
2021 |
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|
£ |
£ |
|
Mr T Vanderzalm |
9,192 |
9,192 |
|
|
_______ |
_______ |
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10.
Controlling party
The company is under the control of the director.