Silverfin false false 29/02/2024 01/03/2023 29/02/2024 S C W Palmer 18/04/2012 29 March 2024 The principal activity of the Company during the financial year was that of the supply of goods to the construction sector. 08036572 2024-02-29 08036572 bus:Director1 2024-02-29 08036572 2023-02-28 08036572 core:CurrentFinancialInstruments 2024-02-29 08036572 core:CurrentFinancialInstruments 2023-02-28 08036572 core:Non-currentFinancialInstruments 2024-02-29 08036572 core:Non-currentFinancialInstruments 2023-02-28 08036572 core:ShareCapital 2024-02-29 08036572 core:ShareCapital 2023-02-28 08036572 core:RetainedEarningsAccumulatedLosses 2024-02-29 08036572 core:RetainedEarningsAccumulatedLosses 2023-02-28 08036572 core:PlantMachinery 2023-02-28 08036572 core:Vehicles 2023-02-28 08036572 core:OfficeEquipment 2023-02-28 08036572 core:PlantMachinery 2024-02-29 08036572 core:Vehicles 2024-02-29 08036572 core:OfficeEquipment 2024-02-29 08036572 2023-03-01 2024-02-29 08036572 bus:FilletedAccounts 2023-03-01 2024-02-29 08036572 bus:SmallEntities 2023-03-01 2024-02-29 08036572 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 08036572 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 08036572 bus:Director1 2023-03-01 2024-02-29 08036572 core:PlantMachinery 2023-03-01 2024-02-29 08036572 core:Vehicles 2023-03-01 2024-02-29 08036572 core:OfficeEquipment 2023-03-01 2024-02-29 08036572 2022-03-01 2023-02-28 08036572 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Company No: 08036572 (England and Wales)

PALMIX CONCRETE LTD

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

PALMIX CONCRETE LTD

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

PALMIX CONCRETE LTD

BALANCE SHEET

As at 29 February 2024
PALMIX CONCRETE LTD

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 128,508 145,997
128,508 145,997
Current assets
Stocks 4 4,080 0
Debtors 5 12,030 29,077
Cash at bank and in hand 4,060 18,705
20,170 47,782
Creditors: amounts falling due within one year 6 ( 215,319) ( 215,362)
Net current liabilities (195,149) (167,580)
Total assets less current liabilities (66,641) (21,583)
Creditors: amounts falling due after more than one year 7 ( 57,618) ( 70,774)
Net liabilities ( 124,259) ( 92,357)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 124,359 ) ( 92,457 )
Total shareholder's deficit ( 124,259) ( 92,357)

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Palmix Concrete Ltd (registered number: 08036572) were approved and authorised for issue by the Director on 29 March 2024. They were signed on its behalf by:

S C W Palmer
Director
PALMIX CONCRETE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
PALMIX CONCRETE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
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

Palmix Concrete 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 3 Filers Way, Weston Gateway Business Park, Weston-Super-Mare, BS24 7JP, 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 £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £124,259. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for concrete services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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 straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % 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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 March 2023 171,859 9,660 100 181,619
Additions 28,380 0 0 28,380
Disposals ( 25,542) 0 0 ( 25,542)
At 29 February 2024 174,697 9,660 100 184,457
Accumulated depreciation
At 01 March 2023 28,211 7,367 44 35,622
Charge for the financial year 37,072 574 14 37,660
Disposals ( 17,333) 0 0 ( 17,333)
At 29 February 2024 47,950 7,941 58 55,949
Net book value
At 29 February 2024 126,747 1,719 42 128,508
At 28 February 2023 143,648 2,293 56 145,997

4. Stocks

2024 2023
£ £
Stocks 4,080 0

5. Debtors

2024 2023
£ £
Trade debtors 9,555 0
Other debtors 2,475 29,077
12,030 29,077

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,500 5,500
Obligations under finance leases and hire purchase contracts 7,239 30,348
Other creditors 202,580 179,514
215,319 215,362

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

2024 2023
£ £
Bank loans 32,276 38,193
Obligations under finance leases and hire purchase contracts (secured) 25,342 32,581
57,618 70,774

Amounts owed under hire purchase contracts are secured against the plant and machinery in the terms of the agreement.