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Company No: SC410675 (Scotland)

PALMER & CO (SCOTLAND) LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

PALMER & CO (SCOTLAND) LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

PALMER & CO (SCOTLAND) LTD

BALANCE SHEET

AS AT 30 NOVEMBER 2023
PALMER & CO (SCOTLAND) LTD

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 15,752 17,897
Tangible assets 4 2,996,922 2,721,797
3,012,674 2,739,694
Current assets
Debtors 5 568,361 434,249
Cash at bank and in hand 599,790 325,540
1,168,151 759,789
Creditors: amounts falling due within one year 6 ( 514,304) ( 465,232)
Net current assets 653,847 294,557
Total assets less current liabilities 3,666,521 3,034,251
Creditors: amounts falling due after more than one year 7 ( 507,843) ( 473,144)
Provision for liabilities 8 ( 437,943) ( 294,914)
Net assets 2,720,735 2,266,193
Capital and reserves
Called-up share capital 9 99 99
Profit and loss account 2,720,636 2,266,094
Total shareholders' funds 2,720,735 2,266,193

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Palmer & Co (Scotland) Ltd (registered number: SC410675) were approved and authorised for issue by the Board of Directors on 29 August 2024. They were signed on its behalf by:

Mr N Palmer
Director
PALMER & CO (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PALMER & CO (SCOTLAND) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Palmer & Co (Scotland) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 70 Lancefield Street, Glasgow, G3 8JD, Scotland, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Other intangible assets 10 years straight line
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery etc. 10 - 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
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.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 32 30

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 December 2022 758,980 21,450 780,430
At 30 November 2023 758,980 21,450 780,430
Accumulated amortisation
At 01 December 2022 758,980 3,553 762,533
Charge for the financial year 0 2,145 2,145
At 30 November 2023 758,980 5,698 764,678
Net book value
At 30 November 2023 0 15,752 15,752
At 30 November 2022 0 17,897 17,897

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 December 2022 1,189,504 2,623,422 3,812,926
Additions 127,539 539,775 667,314
Disposals 0 ( 36,747) ( 36,747)
At 30 November 2023 1,317,043 3,126,450 4,443,493
Accumulated depreciation
At 01 December 2022 0 1,091,129 1,091,129
Charge for the financial year 0 379,533 379,533
Disposals 0 ( 24,091) ( 24,091)
At 30 November 2023 0 1,446,571 1,446,571
Net book value
At 30 November 2023 1,317,043 1,679,879 2,996,922
At 30 November 2022 1,189,504 1,532,293 2,721,797

5. Debtors

2023 2022
£ £
Trade debtors 366,363 288,996
Amounts owed by related parties (note 11) 106,753 95,343
Other debtors 95,245 49,910
568,361 434,249

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 27,143 26,115
Trade creditors 58,993 36,766
Amounts owed to related parties (note 11) 32,261 146,404
Taxation and social security 193,033 152,277
Obligations under finance leases and hire purchase contracts (secured) 146,529 41,188
Other creditors 56,345 62,482
514,304 465,232

Obligations under hire purchase contracts are secured by the related assets.

Bank loans are secured by the property owned by the business.

Bank of Scotland also hold a floating charge over all of the business assets.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 330,968 358,111
Obligations under finance leases and hire purchase contracts (secured) 176,875 115,033
507,843 473,144

Obligations under hire purchase contracts are secured by the related assets.

Bank loans are secured by the property owned by the business.

Bank of Scotland also hold a floating charge over all of the business assets.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 437,943 294,914

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
99 A ordinary shares of £ 1.00 each 99 99

10. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 155,681 206,689

11. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

2023 2022
£ £
Other related parties 106,753 95,343

Amounts owed to related parties

2023 2022
£ £
Other related parties 32,261 146,404

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

2023 2022
£ £
Key management personnel 5,195 0

Amounts owed to directors

2023 2022
£ £
Key management personnel 0 38,976