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COMPANY REGISTRATION NUMBER: 04759021
D J Palmer Ltd
Filleted Unaudited Abridged Financial Statements
29 February 2024
D J Palmer Ltd
Abridged Financial Statements
Period from 1 July 2023 to 29 February 2024
Contents
Pages
Officers and professional advisers
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 6
D J Palmer Ltd
Officers and Professional Advisers
Director
Mr D J Palmer
Registered office
1 Abbey Way
Whittlesey
Peterborough
Cambs
England
PE7 1LD
Accountants
SR Howell & Co
Chartered Certified Accountants
88 High Street
Ramsey
Huntingdon
Cambs
PE26 1BS
D J Palmer Ltd
Abridged Statement of Financial Position
29 February 2024
29 Feb 24
30 Jun 23
Note
£
£
Fixed assets
Tangible assets
5
22,049
Current assets
Stocks
320
495
Debtors
7,042
8,991
Cash at bank and in hand
12,462
29,873
--------
--------
19,824
39,359
Creditors: amounts falling due within one year
19,724
23,192
--------
--------
Net current assets
100
16,167
----
--------
Total assets less current liabilities
100
38,216
----
--------
Net assets
100
38,216
----
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
38,116
----
--------
Shareholders funds
100
38,216
----
--------
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 period ending 29 February 2024 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 period 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 period ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
D J Palmer Ltd
Abridged Statement of Financial Position (continued)
29 February 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 30 March 2024 , and are signed on behalf of the board by:
„„„„„„„„„„„„„
Mr D J Palmer Director
Company registration number: 04759021
D J Palmer Ltd
Notes to the Abridged Financial Statements
Period from 1 July 2023 to 29 February 2024
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 Abbey Way, Whittlesey, Peterborough, Cambs, PE7 1LD, England.
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
3.1 Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
3.2 Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
3.3 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.
3.4 Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
3.5 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 & machinery
-
10% straight line
Motor vehicles
-
25% reducing balance
Office equipment
-
33% straight line
3.6 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
3.7 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.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2023: 1 ).
5. Tangible assets
£
Cost
At 1 July 2023
38,873
Disposals
( 38,873)
--------
At 29 February 2024
--------
Depreciation
At 1 July 2023
16,824
Charge for the period
3,392
Disposals
( 20,216)
--------
At 29 February 2024
--------
Carrying amount
At 29 February 2024
--------
At 30 June 2023
22,049
--------
6. Director's advances, credits and guarantees
During the period the director entered into the following advances and credits with the company:
29 Feb 24
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
One director
( 6,460)
( 2,559)
( 9,019)
-------
-------
-------
30 Jun 23
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
One director
( 17,364)
10,904
( 6,460)
--------
--------
-------