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REGISTERED NUMBER: 03950106 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MARK PALMER PORTRAITURE LIMITED

MARK PALMER PORTRAITURE LIMITED (REGISTERED NUMBER: 03950106)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MARK PALMER PORTRAITURE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M W Palmer
Mrs M E Palmer





SECRETARY: Mrs M E Palmer





REGISTERED OFFICE: The Guildhall Market Hill
Framlingham
Woodbridge
IP13 9BD





REGISTERED NUMBER: 03950106 (England and Wales)





ACCOUNTANTS: Wilson Devenish
67 Newland Street
Witham
Essex
CM8 1AA

MARK PALMER PORTRAITURE LIMITED (REGISTERED NUMBER: 03950106)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,391 2,818

CURRENT ASSETS
Stocks 50,250 29,180
Debtors 5 20,630 22,169
Cash at bank 47,612 77,200
118,492 128,549
CREDITORS
Amounts falling due within one year 6 38,088 43,545
NET CURRENT ASSETS 80,404 85,004
TOTAL ASSETS LESS CURRENT
LIABILITIES

82,795

87,822

CREDITORS
Amounts falling due after more than one
year

7

19,273

29,041
NET ASSETS 63,522 58,781

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 63,520 58,779
63,522 58,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

MARK PALMER PORTRAITURE LIMITED (REGISTERED NUMBER: 03950106)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 March 2024 and were signed on its behalf by:





Mrs M E Palmer - Director


MARK PALMER PORTRAITURE LIMITED (REGISTERED NUMBER: 03950106)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Mark Palmer Portraiture Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

MARK PALMER PORTRAITURE LIMITED (REGISTERED NUMBER: 03950106)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 118,238
Additions 282
At 31 December 2023 118,520
DEPRECIATION
At 1 January 2023 115,420
Charge for year 709
At 31 December 2023 116,129
NET BOOK VALUE
At 31 December 2023 2,391
At 31 December 2022 2,818

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 14,652 15,973
Other debtors 5,978 5,978
20,630 21,951

Amounts falling due after more than one year:
Other debtors - 218

Aggregate amounts 20,630 22,169

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,648 10,648
Trade creditors 12,714 12,235
Taxation and social security 6,814 15,643
Other creditors 7,912 5,019
38,088 43,545

MARK PALMER PORTRAITURE LIMITED (REGISTERED NUMBER: 03950106)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,273 29,041

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 22,500 22,500
Between one and five years 162,500 187,500
185,000 210,000

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed the director £7,447 ( 2022: £3,687). This loan is interest free and repayable on demand.