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Palmer Supplies Limited

Financial Statements for the Year Ended 30 November 2023






Palmer Supplies Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: R Palmer
J Palmer
G Palmer



SECRETARY: J J Palmer



REGISTERED OFFICE: Mistral
Over Stratton
South Petherton
Somerset
TA13 5LL



REGISTERED NUMBER: 04580291 (England and Wales)



ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA



BANKERS: Natwest
2 Hanford
Yeovil
Somerset
BA21 4NL

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Palmer Supplies Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Palmer Supplies Limited for the year ended 30 November 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Palmer Supplies Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palmer Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Palmer Supplies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palmer Supplies Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palmer Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palmer Supplies Limited. You consider that Palmer Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Palmer Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


18 April 2024

Palmer Supplies Limited (Registered number: 04580291)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 1,278 1,652
1,278 1,652

CURRENT ASSETS
Stocks 2,500 2,500
Debtors 5 64,764 87,337
Cash at bank 61,669 54,394
128,933 144,231
CREDITORS
Amounts falling due within one year 6 92,581 109,853
NET CURRENT ASSETS 36,352 34,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,630

36,030

PROVISIONS FOR LIABILITIES 330 330
NET ASSETS 37,300 35,700

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 37,100 35,500
SHAREHOLDERS' FUNDS 37,300 35,700

Palmer Supplies Limited (Registered number: 04580291)

Balance Sheet - continued
30 November 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

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 18 April 2024 and were signed on its behalf by:





G Palmer - Director


Palmer Supplies Limited (Registered number: 04580291)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. 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.

Goodwill
Goodwill is being amortised in equal instalments over its estimated economic life of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance
Plant & equipment - 20% reducing balance

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

Pension costs
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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

Palmer Supplies Limited (Registered number: 04580291)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 70,000
AMORTISATION
At 1 December 2022
and 30 November 2023 70,000
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Plant &
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2022
and 30 November 2023 2,030 28,600 11,228 41,858
DEPRECIATION
At 1 December 2022 1,706 27,732 10,768 40,206
Charge for year 65 217 92 374
At 30 November 2023 1,771 27,949 10,860 40,580
NET BOOK VALUE
At 30 November 2023 259 651 368 1,278
At 30 November 2022 324 868 460 1,652

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 64,145 86,537
Prepayments 619 800
64,764 87,337

Palmer Supplies Limited (Registered number: 04580291)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 44,518 52,336
Taxes & social security costs 14,120 18,541
Other creditors & accruals 33,943 38,976
92,581 109,853