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REGISTERED NUMBER: 03165582 (England and Wales)















Palgrave Ltd.

Unaudited Financial Statements for the Year Ended 31 January 2024






Palgrave Ltd. (Registered number: 03165582)

Contents of the Financial Statements
for the Year Ended 31 January 2024










Page

Balance Sheet 1

Notes to the Financial Statements 3


Palgrave Ltd. (Registered number: 03165582)

Balance Sheet
31 January 2024

2024 2023
Notes £ £
Fixed assets
Intangible assets 5 41,957 46,991
Tangible assets 6 69,806 65,393
111,763 112,384

Current assets
Stocks 1,026,768 1,289,947
Debtors 7 334,955 686,098
Prepayments and accrued income 21,001 20,953
Cash at bank and in hand 1,297,513 918,859
2,680,237 2,915,857
Creditors
Amounts falling due within one year 8 (96,524 ) (335,071 )
Net current assets 2,583,713 2,580,786
Total assets less current liabilities 2,695,476 2,693,170

Provisions for liabilities (19,644 ) (23,294 )
Net assets 2,675,832 2,669,876

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings 2,674,832 2,668,876
2,675,832 2,669,876

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 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.

Palgrave Ltd. (Registered number: 03165582)

Balance Sheet - continued
31 January 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 July 2024 and were signed on its behalf by:




Mr S N Allen - Director Mrs S E Allen - Director




Mrs L S Hall - Director


Palgrave Ltd. (Registered number: 03165582)

Notes to the Financial Statements
for the Year Ended 31 January 2024


1. Statutory information

Palgrave Ltd. is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03165582

Registered office: Units 5, 6 and 7 Riverside Road
Gorleston
Great Yarmouth
Norfolk
NR31 6PX

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Critical accounting 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.

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

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 33% on cost
Motor vehicles - 33% on 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. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

Palgrave Ltd. (Registered number: 03165582)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.


Palgrave Ltd. (Registered number: 03165582)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. Accounting policies - continued
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.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of the grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Palgrave Ltd. (Registered number: 03165582)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


3. Accounting policies - continued

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.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit in which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

4. Employees and directors

The average number of employees during the year was 24 (2023 - 29 ) .

Palgrave Ltd. (Registered number: 03165582)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


5. Intangible fixed assets
Computer
software
£
Cost
At 1 February 2023
and 31 January 2024 53,211
Amortisation
At 1 February 2023 6,220
Amortisation for year 5,034
At 31 January 2024 11,254
Net book value
At 31 January 2024 41,957
At 31 January 2023 46,991

6. Tangible fixed assets
Plant and Motor
machinery vehicles Totals
£ £ £
Cost
At 1 February 2023 217,962 127,914 345,876
Additions - 39,902 39,902
Disposals - (13,499 ) (13,499 )
At 31 January 2024 217,962 154,317 372,279
Depreciation
At 1 February 2023 194,259 86,224 280,483
Charge for year 11,493 22,343 33,836
Eliminated on disposal - (11,846 ) (11,846 )
At 31 January 2024 205,752 96,721 302,473
Net book value
At 31 January 2024 12,210 57,596 69,806
At 31 January 2023 23,703 41,690 65,393

7. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 334,955 685,926
Other debtors - 172
334,955 686,098

Palgrave Ltd. (Registered number: 03165582)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024


8. Creditors: amounts falling due within one year
2024 2023
£ £
Payments on account 16,488 18,873
Trade creditors 17,892 54,665
Taxation and social security 28,122 113,294
Other creditors 34,022 148,239
96,524 335,071

9. Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

10. Operating lease commitments

Operating lease commitments not included in the balance sheet amount to £291,333 (2023: £329,333).