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COMPANY REGISTRATION NUMBER: 01427225
PALGRANGE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
PALGRANGE LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
6
1,394
1,638
CURRENT ASSETS
Stocks
112,197
105,230
Debtors
7
41,151
31,809
Cash at bank and in hand
326,974
296,490
---------
---------
480,322
433,529
CREDITORS: amounts falling due within one year
8
( 135,633)
( 147,710)
---------
---------
NET CURRENT ASSETS
344,689
285,819
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
346,083
287,457
---------
---------
NET ASSETS
346,083
287,457
---------
---------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
346,081
287,455
---------
---------
SHAREHOLDERS FUNDS
346,083
287,457
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PALGRANGE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 6 February 2024 , and are signed on behalf of the board by:
E Peters
R Scott
Director
Director
Company registration number: 01427225
PALGRANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 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 1 Lands Lane, Leeds, LS1 6AL.
2. STATEMENT OF COMPLIANCE
These 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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services provided, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
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
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
33 1/3% Straight line
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
42,868
34,103
Adjustments in respect of prior periods
( 3,606)
--------
--------
Total current tax
39,262
34,103
--------
--------
--------
--------
Tax on profit
39,262
34,103
--------
--------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 July 2022 and 30 June 2023
8,888
36,792
775
46,455
-------
--------
----
--------
Depreciation
At 1 July 2022
8,660
35,382
775
44,817
Charge for the year
33
211
244
-------
--------
----
--------
At 30 June 2023
8,693
35,593
775
45,061
-------
--------
----
--------
Carrying amount
At 30 June 2023
195
1,199
1,394
-------
--------
----
--------
At 30 June 2022
228
1,410
1,638
-------
--------
----
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
39,548
33,044
Other debtors
1,603
( 1,235)
--------
--------
41,151
31,809
--------
--------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
42,105
40,525
Corporation tax
42,868
37,708
Social security and other taxes
11,037
46,590
Other creditors
39,623
22,887
---------
---------
135,633
147,710
---------
---------