7 false false false false false false false false false false true false false false false false false 2022-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09944438 2022-02-01 2023-01-31 09944438 2023-01-31 09944438 2022-01-31 09944438 2021-02-01 2022-01-31 09944438 2022-01-31 09944438 2021-01-31 09944438 core:PlantMachinery 2022-02-01 2023-01-31 09944438 core:FurnitureFittings 2022-02-01 2023-01-31 09944438 core:MotorVehicles 2022-02-01 2023-01-31 09944438 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 09944438 bus:Director1 2022-02-01 2023-01-31 09944438 core:WithinOneYear 2023-01-31 09944438 core:WithinOneYear 2022-01-31 09944438 core:AfterOneYear 2023-01-31 09944438 core:AfterOneYear 2022-01-31 09944438 core:ShareCapital 2023-01-31 09944438 core:ShareCapital 2022-01-31 09944438 core:RetainedEarningsAccumulatedLosses 2023-01-31 09944438 core:RetainedEarningsAccumulatedLosses 2022-01-31 09944438 bus:SmallEntities 2022-02-01 2023-01-31 09944438 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 09944438 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 09944438 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09944438 bus:AbridgedAccounts 2022-02-01 2023-01-31 09944438 bus:OrdinaryShareClass1 2023-01-31 09944438 bus:OrdinaryShareClass1 2022-01-31 09944438 core:OfficeEquipment 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: 09944438
Palm Spas Limited
Filleted Unaudited Abridged Financial Statements
31 January 2023
Palm Spas Limited
Abridged Financial Statements
Year Ended 31 January 2023
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Palm Spas Limited
Abridged Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
445,031
433,120
Current Assets
Stocks
1,061,544
1,466,690
Debtors
90,381
37,289
Cash at bank and in hand
755,415
276,239
------------
------------
1,907,340
1,780,218
Creditors: amounts falling due within one year
93,808
224,671
------------
------------
Net Current Assets
1,813,532
1,555,547
------------
------------
Total Assets Less Current Liabilities
2,258,563
1,988,667
Creditors: amounts falling due after more than one year
158,981
174,242
Provisions
23,547
23,547
------------
------------
Net Assets
2,076,035
1,790,878
------------
------------
Capital and Reserves
Called up share capital
7
1
1
Profit and loss account
2,076,034
1,790,877
------------
------------
Shareholders Funds
2,076,035
1,790,878
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Palm Spas Limited
Abridged Statement of Financial Position (continued)
31 January 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 24 August 2023 , and are signed on behalf of the board by:
Mr J Bowmer
Director
Company registration number: 09944438
Palm Spas Limited
Notes to the Abridged Financial Statements
Year Ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield, S40 1LA. The company's place of business is Unit 20 Storforth Lane Trading Estate, Hasland, Chesterfield, S41 0QQ
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Plant and machinery
-
20% reducing balance
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
20% reducing balance
Equipment
-
10% straight line
Impairment of fixed assets
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairement are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 9 ).
5. Tangible assets
£
Cost
At 1 February 2022
473,487
Additions
67,553
Disposals
( 31,400)
---------
At 31 January 2023
509,640
---------
Depreciation
At 1 February 2022
40,367
Charge for the year
30,086
Disposals
( 5,844)
---------
At 31 January 2023
64,609
---------
Carrying amount
At 31 January 2023
445,031
---------
At 31 January 2022
433,120
---------
6. Secured liabilities
The aggregate amount of secured liabilities, secured on the assets of the company at the year end were £43,621 (2021 £nil).
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----