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REGISTERED NUMBER: 07859418 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30TH NOVEMBER 2023

FOR

PALMWOOD LIMITED

PALMWOOD LIMITED (REGISTERED NUMBER: 07859418)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PALMWOOD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2023







DIRECTORS: R J Palmer
Miss S E M Woodward





REGISTERED OFFICE: 225 London Road
Burgess Hill
West Sussex
RH15 9QU





REGISTERED NUMBER: 07859418 (England and Wales)





ACCOUNTANTS: Peter Lawson & Co.
225 London Road
Burgess Hill
West Sussex
RH15 9QU

PALMWOOD LIMITED (REGISTERED NUMBER: 07859418)

BALANCE SHEET
30TH NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 7,250 9,184

CURRENT ASSETS
Debtors 5 45,593 30,506
Cash at bank 8 10,733
45,601 41,239
CREDITORS
Amounts falling due within one year 6 51,112 48,497
NET CURRENT LIABILITIES (5,511 ) (7,258 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,739

1,926

PROVISIONS FOR LIABILITIES 1,377 1,745
NET ASSETS 362 181

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 262 81
SHAREHOLDERS' FUNDS 362 181

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2023 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.

PALMWOOD LIMITED (REGISTERED NUMBER: 07859418)

BALANCE SHEET - continued
30TH NOVEMBER 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 Board of Directors and authorised for issue on 29th August 2024 and were signed on its behalf by:




R J Palmer - Director



Miss S E M Woodward - Director


PALMWOOD LIMITED (REGISTERED NUMBER: 07859418)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2023

1. STATUTORY INFORMATION

Palmwood 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.

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

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 25% on reducing balance

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

PALMWOOD LIMITED (REGISTERED NUMBER: 07859418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st December 2022 26,030
Additions 499
At 30th November 2023 26,529
DEPRECIATION
At 1st December 2022 16,846
Charge for year 2,433
At 30th November 2023 19,279
NET BOOK VALUE
At 30th November 2023 7,250
At 30th November 2022 9,184

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 3,534
Other debtors 45,593 26,972
45,593 30,506

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 7,053 6,660
Trade creditors 1,932 599
Taxation and social security 19,371 17,801
Other creditors 22,756 23,437
51,112 48,497

7. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - -

PALMWOOD LIMITED (REGISTERED NUMBER: 07859418)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2023

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th November 2023 and 30th November 2022:

2023 2022
£    £   
R J Palmer
Balance outstanding at start of year 25,979 6,153
Amounts advanced 30,407 26,076
Amounts repaid (18,791 ) (6,250 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 37,595 25,979

Miss S E M Woodward
Balance outstanding at start of year - 939
Amounts repaid - (939 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr Robert Palmer and Miss Sarah Woodward jointly.