0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,052 2,052 103 103 1,949 54,000 24,000 78,000 78,000 54,000 xbrli:pure xbrli:shares iso4217:GBP 12424015 2023-04-01 2024-03-31 12424015 2024-03-31 12424015 2023-03-31 12424015 2022-04-01 2023-03-31 12424015 2023-03-31 12424015 2022-03-31 12424015 bus:Director2 2023-04-01 2024-03-31 12424015 core:WithinOneYear 2024-03-31 12424015 core:WithinOneYear 2023-03-31 12424015 core:ShareCapital 2024-03-31 12424015 core:ShareCapital 2023-03-31 12424015 core:RetainedEarningsAccumulatedLosses 2024-03-31 12424015 core:RetainedEarningsAccumulatedLosses 2023-03-31 12424015 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 12424015 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-03-31 12424015 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 12424015 core:Non-currentFinancialInstruments 2024-03-31 12424015 core:Non-currentFinancialInstruments 2023-03-31 12424015 bus:SmallEntities 2023-04-01 2024-03-31 12424015 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12424015 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12424015 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12424015 bus:FullAccounts 2023-04-01 2024-03-31 12424015 core:OfficeEquipment 2023-04-01 2024-03-31 12424015 core:OfficeEquipment 2024-03-31
COMPANY REGISTRATION NUMBER: 12424015
PAL Advisory Ltd
Filleted Unaudited Financial Statements
31 March 2024
PAL Advisory Ltd
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
PAL Advisory Ltd
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,949
Investments
6
78,000
54,000
--------
--------
79,949
54,000
Current assets
Debtors
7
84,941
38,768
Cash at bank and in hand
63,663
203,683
---------
---------
148,604
242,451
Creditors: amounts falling due within one year
8
43,109
48,944
---------
---------
Net current assets
105,495
193,507
---------
---------
Total assets less current liabilities
185,444
247,507
---------
---------
Net assets
185,444
247,507
---------
---------
Capital and reserves
Called up share capital
9
9
Profit and loss account
185,435
247,498
---------
---------
Shareholders funds
185,444
247,507
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 .
PAL Advisory Ltd
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 19 August 2024 , and are signed on behalf of the board by:
Mr C Goddard
Director
Company registration number: 12424015
PAL Advisory Ltd
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, UK.
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.
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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5. Tangible assets
Equipment
£
Cost
At 1 April 2023
Additions
2,052
-------
At 31 March 2024
2,052
-------
Depreciation
At 1 April 2023
Charge for the year
103
-------
At 31 March 2024
103
-------
Carrying amount
At 31 March 2024
1,949
-------
At 31 March 2023
-------
6. Investments
Other investments
£
Cost
At 1 April 2023
54,000
Additions
24,000
--------
At 31 March 2024
78,000
--------
Impairment
At 1 April 2023 and 31 March 2024
--------
Carrying amount
At 31 March 2024
78,000
--------
At 31 March 2023
54,000
--------
7. Debtors
2024
2023
£
£
Trade debtors
35,050
18,768
Other debtors
49,891
20,000
--------
--------
84,941
38,768
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,115
6,515
Corporation tax
26,035
11,337
Social security and other taxes
2,654
3,687
Other creditors
11,305
27,405
--------
--------
43,109
48,944
--------
--------