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Company Registration No. 12722208 (England and Wales)
J P Palmer Watches Ltd Unaudited accounts for the period from 1 August 2022 to 28 February 2023
J P Palmer Watches Ltd Unaudited accounts Contents
Page
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J P Palmer Watches Ltd Company Information for the period from 1 August 2022 to 28 February 2023
Director
J P Palmer
Company Number
12722208 (England and Wales)
Registered Office
Unit 59 Park Royal Works Park Royal Road London NW10 7LQ England
Accountants
TaxSense Accountants Ltd 203 West Street Fareham Hants PO16 0EN
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J P Palmer Watches Ltd Accountants' report
Accountants' report to the director of J P Palmer Watches Ltd on the preparation of the unaudited statutory accounts for the period from 1 August 2022 to 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of J P Palmer Watches Ltd for the period from 1 August 2022 to 28 February 2023 as set out on pages 5 - 7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of J P Palmer Watches Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of J P Palmer Watches Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J P Palmer Watches Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that J P Palmer Watches Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of J P Palmer Watches Ltd. You consider that J P Palmer Watches Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of J P Palmer Watches Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
TaxSense Accountants Ltd 203 West Street Fareham Hants PO16 0EN 23 November 2023
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J P Palmer Watches Ltd Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
- 
9,637 
Current assets
Debtors
51,482 
6,117 
Cash at bank and in hand
5,045 
56,940 
56,527 
63,057 
Creditors: amounts falling due within one year
(91,661)
(70,707)
Net current liabilities
(35,134)
(7,650)
Net (liabilities)/assets
(35,134)
1,987 
Capital and reserves
Called up share capital
625 
625 
Profit and loss account
(35,759)
1,362 
Shareholders' funds
(35,134)
1,987 
For the period ending 28 February 2023 the company was entitled to exemption from audit 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 director acknowledges his 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 November 2023 and were signed on its behalf by
J P Palmer Director Company Registration No. 12722208
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J P Palmer Watches Ltd Notes to the Accounts for the period from 1 August 2022 to 28 February 2023
1
Statutory information
J P Palmer Watches Ltd is a private company, limited by shares, registered in England and Wales, registration number 12722208. The registered office is Unit 59 Park Royal Works, Park Royal Road, London, NW10 7LQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% Reducing balance
Computer equipment
25% Reducing balance
4
Tangible fixed assets
Plant & machinery 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 August 2022
3,986 
10,749 
14,735 
Disposals
(3,986)
(10,749)
(14,735)
At 28 February 2023
- 
- 
- 
Depreciation
At 1 August 2022
1,435 
3,663 
5,098 
Charge for the period
298 
632 
930 
On disposals
(1,733)
(4,295)
(6,028)
At 28 February 2023
- 
- 
- 
Net book value
At 28 February 2023
- 
- 
- 
At 31 July 2022
2,551 
7,086 
9,637 
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J P Palmer Watches Ltd Notes to the Accounts for the period from 1 August 2022 to 28 February 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
4,141 
6,117 
Trade debtors
47,341 
- 
51,482 
6,117 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Loans from directors
90,463 
69,087 
Accruals
1,198 
1,620 
91,661 
70,707 
7
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
J P Palmer
Directors Current accounts
(69,087)
(74,902)
(53,526)
(90,463)
(69,087)
(74,902)
(53,526)
(90,463)
8
Average number of employees
During the period the average number of employees was 1 (2022: 1).
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