Silverfin false 31/05/2023 01/06/2022 31/05/2023 Hugh Colin Keith 10/10/1995 Stephanie Ann Keith 10/10/1995 16 January 2024 The principal activity of the Company during the financial year is that of printing and design services. 03111978 2023-05-31 03111978 bus:Director1 2023-05-31 03111978 bus:Director2 2023-05-31 03111978 2022-05-31 03111978 core:CurrentFinancialInstruments 2023-05-31 03111978 core:CurrentFinancialInstruments 2022-05-31 03111978 core:Non-currentFinancialInstruments 2023-05-31 03111978 core:Non-currentFinancialInstruments 2022-05-31 03111978 core:ShareCapital 2023-05-31 03111978 core:ShareCapital 2022-05-31 03111978 core:RetainedEarningsAccumulatedLosses 2023-05-31 03111978 core:RetainedEarningsAccumulatedLosses 2022-05-31 03111978 core:PlantMachinery 2022-05-31 03111978 core:OfficeEquipment 2022-05-31 03111978 core:PlantMachinery 2023-05-31 03111978 core:OfficeEquipment 2023-05-31 03111978 2022-06-01 2023-05-31 03111978 bus:FullAccounts 2022-06-01 2023-05-31 03111978 bus:SmallEntities 2022-06-01 2023-05-31 03111978 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 03111978 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 03111978 bus:Director1 2022-06-01 2023-05-31 03111978 bus:Director2 2022-06-01 2023-05-31 03111978 core:Goodwill core:TopRangeValue 2022-06-01 2023-05-31 03111978 core:Goodwill 2022-06-01 2023-05-31 03111978 core:PlantMachinery 2022-06-01 2023-05-31 03111978 core:OfficeEquipment 2022-06-01 2023-05-31 03111978 2021-06-01 2022-05-31 03111978 core:Non-currentFinancialInstruments 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure

Company No: 03111978 (England and Wales)

PALM PRINT AND DESIGN LTD

Unaudited Financial Statements
For the financial year ended 31 May 2023
Pages for filing with the registrar

PALM PRINT AND DESIGN LTD

Unaudited Financial Statements

For the financial year ended 31 May 2023

Contents

PALM PRINT AND DESIGN LTD

BALANCE SHEET

As at 31 May 2023
PALM PRINT AND DESIGN LTD

BALANCE SHEET (continued)

As at 31 May 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 52,341 68,831
52,341 68,831
Current assets
Stocks 4 1,000 1,000
Debtors 5 53,404 78,345
Cash at bank and in hand 57,919 51,835
112,323 131,180
Creditors: amounts falling due within one year 6 ( 73,173) ( 97,185)
Net current assets 39,150 33,995
Total assets less current liabilities 91,491 102,826
Creditors: amounts falling due after more than one year 7 ( 33,112) ( 46,808)
Net assets 58,379 56,018
Capital and reserves
Called-up share capital 100 100
Profit and loss account 58,279 55,918
Total shareholders' funds 58,379 56,018

For the financial year ending 31 May 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Palm Print and Design Ltd (registered number: 03111978) were approved and authorised for issue by the Board of Directors on 16 January 2024. They were signed on its behalf by:

Hugh Colin Keith
Director
PALM PRINT AND DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
PALM PRINT AND DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Palm Print and Design Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 179a Alma Road, Charminster, Bournemouth, BH9 1AQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 June 2022 396,764 31,530 428,294
Additions 0 265 265
At 31 May 2023 396,764 31,795 428,559
Accumulated depreciation
At 01 June 2022 332,564 26,899 359,463
Charge for the financial year 16,050 705 16,755
At 31 May 2023 348,614 27,604 376,218
Net book value
At 31 May 2023 48,150 4,191 52,341
At 31 May 2022 64,200 4,631 68,831

4. Stocks

2023 2022
£ £
Stocks 1,000 1,000

5. Debtors

2023 2022
£ £
Trade debtors 51,799 70,038
Other debtors 1,605 8,307
53,404 78,345

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,683 10,847
Trade creditors 13,331 27,329
Taxation and social security 14,368 8,870
Obligations under finance leases and hire purchase contracts 0 2,086
Other creditors 34,791 48,053
73,173 97,185

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 23,167 33,730
Other creditors 9,945 13,078
33,112 46,808

There are no amounts included above in respect of which any security has been given by the small entity.