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COMPANY REGISTRATION NUMBER: 05383821
PALMYRA CONSULTANCY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2023
PALMYRA CONSULTANCY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 6
PALMYRA CONSULTANCY LIMITED
BALANCE SHEET
31 July 2023
2023
2022
Note
£
£
Fixed assets
Fixed asset investments
7
1,565,797
1,565,797
Current assets
Debtors
8
392,146
377,631
Current asset investments
9
86,507
69,056
Cash at bank and in hand
179,080
61,176
------------
------------
657,733
507,863
Creditors: amounts falling due within one year
10
( 49,096)
( 22,544)
------------
------------
Net current assets
608,637
485,319
------------
------------
Total assets less current liabilities
2,174,434
2,051,116
Provisions
Taxation including deferred tax
( 7,236)
( 18,653)
------------
------------
Net assets
2,167,198
2,032,463
------------
------------
Capital and reserves
Called up share capital
13
100
100
Profit and loss account
2,167,098
2,032,363
------------
------------
Shareholders funds
2,167,198
2,032,463
------------
------------
These 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 profit and loss account has not been delivered.
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PALMYRA CONSULTANCY LIMITED
BALANCE SHEET (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 12 April 2024 , and are signed on behalf of the board by:
D H Garsed
Director
Company registration number: 05383821
PALMYRA CONSULTANCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 Pheasant Drive, Birstall, Batley, WF17 9LT.
2. Statement of compliance
These 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
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity and are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises the value of sales excluding value added tax and trade discounts.
Taxation
Provision is made on the liability method based on current tax rates for deferred tax assets and liabilities arising from all timing differences that have originated but not reversed at the balance sheet date. Deferred tax assets are recognised only to the extent that it is more likely than not that there will be suitable taxable profits from which the underlying timing differences can be deducted.
Investments
Investment property is included at fair value. Any gains are recognised in the profit and loss account. Deferred taxation is provided on any gains at the rate expected to apply when the property is sold.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.
4. Employee numbers
The average number of persons employed by the company, including the director, during the year was 2 (2022: 2).
5. Exceptional items
Included in exceptional items is an amount of £nil (2022: £752,900) relating to the release of a loan.
6. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
40,945
13,629
Foreign current tax expense
22
------------
------------
Total current tax
40,945
13,651
------------
------------
Deferred tax:
Origination and reversal of timing differences
( 11,417)
13,753
------------
------------
Tax on profit
29,528
27,404
------------
------------
7. Fixed asset investments
Investment property
£
Cost
At 1 August 2022 and 31 July 2023
1,565,797
------------
Impairment
At 1 August 2022 and 31 July 2023
------------
Carrying amount
At 31 July 2023
1,565,797
------------
At 31 July 2022
1,565,797
------------
The original investment property was valued on a market value subject to lease basis in April 2005 by an independent member of the Royal Institution of Chartered Surveyors at £775,000. The property was purchased for this price plus fees and stamp duty being an aggregate consideration of £790,627. In October 2021 a further property was acquired for an aggregate consideration of £775,170. The directors consider that the book value of £1,565,797 is not more than current market value.
8. Debtors
2023
2022
£
£
Trade debtors
28,250
18,278
Amounts owed by related undertakings
363,796
359,253
Other debtors
100
100
------------
------------
392,146
377,631
------------
------------
9. Current asset investments
2023
2022
£
£
Listed investments at market value
86,507
69,056
------------
------------
10. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
506
Accruals and deferred income
4,954
5,668
Corporation tax
40,945
13,629
Social security and other taxes
2,691
3,247
------------
------------
49,096
22,544
------------
------------
11. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
7,236
18,653
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
15,101
Fair value adjustment of financial assets
7,236
3,552
------------
------------
7,236
18,653
------------
------------
12. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
86,507
69,056
------------
------------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares shares of £ 1 each
50
50
50
50
Ordinary B shares shares of £ 1 each
50
50
50
50
------------
------------
------------
------------
100
100
100
100
------------
------------
------------
------------
14. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
25,267
------------
------------
15. Related party transactions
Included in debtors is a loan of £363,796 (2022: £359,253) owed by Spivey Waste Management Limited which holds a participating interest in this company. This loan is unsecured, repayable on demand and currently interest free.
16. Controlling party
There is no one controlling party of the company.