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PALM PRODUCE LIMITED

Registered Number
11792641
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

PALM PRODUCE LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Emma Smith
Martyn Smith

Registered Address

Lynch Wood Business Park
1st Floor
Peterborough
PE2 6FY

Registered Number

11792641 (England and Wales)
PALM PRODUCE LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets365,18258,022
65,18258,022
Current assets
Debtors4241,523212,099
Cash at bank and on hand269,866151,164
511,389363,263
Creditors amounts falling due within one year5(521,702)(359,127)
Net current assets (liabilities)(10,313)4,136
Total assets less current liabilities54,86962,158
Creditors amounts falling due after one year6(10,642)(22,861)
Provisions for liabilities(10,542)(9,064)
Net assets33,68530,233
Capital and reserves
Called up share capital100100
Profit and loss account33,58530,133
Shareholders' funds33,68530,233
The financial statements were approved and authorised for issue by the Board of Directors on 9 April 2024, and are signed on its behalf by:
Martyn Smith
Director
Registered Company No. 11792641
PALM PRODUCE LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company's ultimate parent company is MEEA Holdings Limited, incorporated in England.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Plant and machinery10
Vehicles4
Office Equipment4
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year33
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 February 2387,886
Additions23,709
At 31 January 24111,594
Depreciation and impairment
At 01 February 2329,864
Charge for year16,549
At 31 January 2446,413
Net book value
At 31 January 2465,182
At 31 January 2358,022
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables188,339159,823
Amounts owed by group undertakings38,94144,225
Other debtors4,7422,297
Prepayments and accrued income9,5015,754
Total241,523212,099
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables154,88513,292
Bank borrowings and overdrafts8,0258,005
Taxation and social security27,48221,546
Finance lease and HP contracts4,2024,202
Other creditors16,6147,626
Accrued liabilities and deferred income310,494304,456
Total521,702359,127
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts10,64218,660
Other creditors-4,201
Total10,64222,861
7.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts-4,201
8.Related party transactions
Within debtors is an amount due from MEEA Holdings Limited of £34,733 (2023 - £40,018). The loan is interest free with no fixed terms of repayment.