Company registration number 07854930 (England and Wales)
PALACE CLEANING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PALACE CLEANING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PALACE CLEANING LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,121
28,161
Current assets
Debtors
4
45,068
45,254
Cash at bank and in hand
37,768
18,520
82,836
63,774
Creditors: amounts falling due within one year
5
(78,611)
(50,149)
Net current assets
4,225
13,625
Total assets less current liabilities
25,346
41,786
Creditors: amounts falling due after more than one year
6
(15,948)
(21,416)
Net assets
9,398
20,370
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
8
9,397
20,369
Total equity
9,398
20,370
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr Patrick Duarte
Director
Company registration number 07854930 (England and Wales)
PALACE CLEANING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information
Palace Cleaning Limited is a private company limited by shares incorporated in England and Wales. The registered office is 134 Buckingham Palace Road, London, SW1W 9SA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% on reducing balance basis.
Motor vehicles
25% on reducing balance basis.
1.4
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 current liabilities.
1.5
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
PALACE CLEANING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
15
15
3
Tangible fixed assets
Computer equipment
Motor vehicles
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
7,700
27,340
35,040
Depreciation and impairment
At 1 December 2022
5,740
1,139
6,879
Depreciation charged in the year
490
6,550
7,040
At 30 November 2023
6,230
7,689
13,919
Carrying amount
At 30 November 2023
1,470
19,651
21,121
At 30 November 2022
1,960
26,201
28,161
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
45,068
45,254
5
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
5,468
5,468
Trade creditors
135
4
Taxation and social security
9,850
4,829
Other creditors
57,658
34,348
Accruals and deferred income
5,500
5,500
78,611
50,149
PALACE CLEANING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
6
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
15,948
21,416
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
8
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
20,369
5,720
Profit for the year
4,028
29,649
Dividends declared and paid in the year
(15,000)
(15,000)
At the end of the year
9,397
20,369
9
Control
The company was under the control of it's director during the year and the preceeding year.