Registered number
11702571
PAL Estates (Sussex) Ltd
Filleted Accounts
31 March 2024
PAL Estates (Sussex) Ltd
Registered number: 11702571
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 6,534 4,358
Current assets
Stocks 90,000 35,000
Debtors 4 5,928 5,201
Cash at bank and in hand 21,975 201
117,903 40,402
Creditors: amounts falling due within one year 5 (59,835) (42,581)
Net current assets/(liabilities) 58,068 (2,179)
Total assets less current liabilities 64,602 2,179
Creditors: amounts falling due after more than one year 6 (12,402) (22,347)
Net assets/(liabilities) 52,200 (20,168)
Capital and reserves
Called up share capital 50 50
Profit and loss account 52,150 (20,218)
Shareholder's funds 52,200 (20,168)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P J Britton
Director
Approved by the board on 13 August 2024
PAL Estates (Sussex) Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 5,799
Additions 3,810
At 31 March 2024 9,609
Depreciation
At 1 April 2023 1,441
Charge for the year 1,634
At 31 March 2024 3,075
Net book value
At 31 March 2024 6,534
At 31 March 2023 4,358
4 Debtors 2024 2023
£ £
Other debtors 5,928 5,201
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 18,512 253
Taxation and social security costs 27,601 12
Other creditors 3,722 32,316
59,835 42,581
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,402 22,347
7 Other information
PAL Estates (Sussex) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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