PALACE CULTURE LTD

Company Registration Number:
11837299 (England and Wales)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

PALACE CULTURE LTD

Contents of the Financial Statements

for the Period Ended 28 February 2023

Balance sheet
Additional notes
Balance sheet notes

PALACE CULTURE LTD

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Fixed assets
Tangible assets: 3 19,206 14,683
Total fixed assets: 19,206 14,683
Current assets
Debtors: 4 53,213 18,179
Cash at bank and in hand: 79,508 31,284
Total current assets: 132,721 49,463
Creditors: amounts falling due within one year: 5 ( 35,209 ) ( 17,255 )
Net current assets (liabilities): 97,512 32,208
Total assets less current liabilities: 116,718 46,891
Creditors: amounts falling due after more than one year: 6 ( 13,022 ) ( 11,700 )
Total net assets (liabilities): 103,696 35,191
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 103,694 35,189
Total Shareholders' funds: 103,696 35,191

The notes form part of these financial statements

PALACE CULTURE LTD

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 2 October 2023
and signed on behalf of the board by:

Name: Mirko Parmigiani
Status: Director

The notes form part of these financial statements

PALACE CULTURE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.

    Tangible fixed assets depreciation policy

    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, Office equipment over 4 years.

    Other accounting policies

    Debtors - Short term debtors are measured at transaction 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. 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.Leased assets - 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.

PALACE CULTURE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 4 3

PALACE CULTURE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2022 24,771 1,324 26,095
Additions 11,375 3,354 14,729
Disposals
Revaluations
Transfers
At 28 February 2023 36,146 4,678 40,824
Depreciation
At 1 March 2022 11,081 331 11,412
Charge for year 9,037 1,169 10,206
On disposals
Other adjustments
At 28 February 2023 20,118 1,500 21,618
Net book value
At 28 February 2023 16,028 3,178 19,206
At 28 February 2022 13,690 993 14,683

PALACE CULTURE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Debtors

2023 2022
£ £
Trade debtors 27,660 15,333
Other debtors 25,553 2,846
Total 53,213 18,179

PALACE CULTURE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 3,600 3,600
Amounts due under finance leases and hire purchase contracts 2,461
Trade creditors 229 229
Taxation and social security 21,398 3,580
Other creditors 7,521 9,846
Total 35,209 17,255

PALACE CULTURE LTD

Notes to the Financial Statements

for the Period Ended 28 February 2023

6. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 8,100 11,700
Amounts due under finance leases and hire purchase contracts 4,922
Total 13,022 11,700