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REGISTERED NUMBER: 09665495 (England and Wales)















PALETTE LONDON LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






PALETTE LONDON LIMITED (REGISTERED NUMBER: 09665495)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PALETTE LONDON LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTOR: Mrs T K Banwait





REGISTERED OFFICE: Grosvenor House Uppingham Road
Houghton-On-The-Hill
Leicester
United Kingdom
LE7 9HG





REGISTERED NUMBER: 09665495 (England and Wales)





ACCOUNTANTS: SMH Sheards
Chartered Accountants
Vernon House
40 New North Road
Huddersfield
West Yorkshire
HD1 5LS

PALETTE LONDON LIMITED (REGISTERED NUMBER: 09665495)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 13,678 4,000
Tangible assets 5 2,187 2,864
15,865 6,864

CURRENT ASSETS
Stocks 55,722 -
Debtors 6 24,392 44,458
Cash at bank and in hand 44,962 21,427
125,076 65,885
CREDITORS
Amounts falling due within one year 7 (163,223 ) (49,094 )
NET CURRENT (LIABILITIES)/ASSETS (38,147 ) 16,791
TOTAL ASSETS LESS CURRENT
LIABILITIES

(22,282

)

23,655

PROVISIONS FOR LIABILITIES 8 (416 ) (544 )
NET (LIABILITIES)/ASSETS (22,698 ) 23,111

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (22,798 ) 23,011
SHAREHOLDERS' FUNDS (22,698 ) 23,111

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

PALETTE LONDON LIMITED (REGISTERED NUMBER: 09665495)

BALANCE SHEET - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 August 2024 and were signed by:





Mrs T K Banwait - Director


PALETTE LONDON LIMITED (REGISTERED NUMBER: 09665495)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Palette London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

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

Turnover
Turnover is recognised on the invoiced value of goods and rental income, net of value added tax. Turnover from goods is recognised at the time of their dispatch. Turnover from rent and associated charges is recognised on an accruals basis, matched to the period in which it relates.

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 five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 15% 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.

Financial instruments
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are assessed for indicators of impairment at each balance sheet date, with any impairment losses being recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed in profit or loss.

Financial liabilities are classified depending on the substance of the contractual arrangements entered into.

Basic financial liabilities, including trade and other creditors, and accruals are initially recognised at transaction price.

Financial assets and liabilities are derecognised when the company's contractual obligations are settled, cancelled or they expire.


PALETTE LONDON LIMITED (REGISTERED NUMBER: 09665495)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 5,000
Additions 13,347
At 31 December 2023 18,347
AMORTISATION
At 1 January 2023 1,000
Charge for year 3,669
At 31 December 2023 4,669
NET BOOK VALUE
At 31 December 2023 13,678
At 31 December 2022 4,000

PALETTE LONDON LIMITED (REGISTERED NUMBER: 09665495)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 8,184
DEPRECIATION
At 1 January 2023 5,320
Charge for year 677
At 31 December 2023 5,997
NET BOOK VALUE
At 31 December 2023 2,187
At 31 December 2022 2,864

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 18,829 3,068
Other debtors 5,563 41,390
24,392 44,458

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 14,754 9,354
Other creditors 148,469 39,740
163,223 49,094

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 416 544

Deferred
tax
£   
Balance at 1 January 2023 544
Credit to Income Statement during year (128 )
Balance at 31 December 2023 416

PALETTE LONDON LIMITED (REGISTERED NUMBER: 09665495)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


9. RELATED PARTY DISCLOSURES

A loan owing to a connected company of £145,000 was also outstanding at the year end. The loan is interest free and will be repaid when funds permit. In 2022 £10,000 was outstanding.