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REGISTERED NUMBER: 04675404 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Palmer Care Ltd

Palmer Care Ltd (Registered number: 04675404)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Palmer Care Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs P Palmer
S J Palmer
A Palmer
Mrs A Knight





SECRETARY: S J Palmer





REGISTERED OFFICE: 16 Glendinning Avenue
Weymouth
Dorset
DT4 7QF





REGISTERED NUMBER: 04675404 (England and Wales)





ACCOUNTANTS: RWB Tax Consultants Limited
G8 Lynch Lane Offices
Lynch Lane
Weymouth
Dorset
DT4 9DN

Palmer Care Ltd (Registered number: 04675404)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 2,594,554 2,590,515
Investment property 6 1,500,000 1,500,000
4,094,554 4,090,515

CURRENT ASSETS
Debtors 7 309,532 75,941
Cash at bank 3,349,097 2,611,486
3,658,629 2,687,427
CREDITORS
Amounts falling due within one year 8 322,501 154,509
NET CURRENT ASSETS 3,336,128 2,532,918
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,430,682

6,623,433

PROVISIONS FOR LIABILITIES 134,817 133,788
NET ASSETS 7,295,865 6,489,645

CAPITAL AND RESERVES
Called up share capital 9 100 100
Share premium 541,998 541,998
Retained earnings 6,753,767 5,947,547
SHAREHOLDERS' FUNDS 7,295,865 6,489,645

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

Palmer Care Ltd (Registered number: 04675404)

Balance Sheet - continued
31 March 2024


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 24 July 2024 and were signed on its behalf by:





Mrs P Palmer - Director


Palmer Care Ltd (Registered number: 04675404)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Palmer Care Ltd 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 represents fees received excluding VAT.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of ten years.

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.

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 - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Palmer Care Ltd (Registered number: 04675404)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

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 35 (2023 - 32 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 70,000
AMORTISATION
At 1 April 2023
and 31 March 2024 70,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 2,571,407 14,417 79,904 3,559 2,669,287
Additions - 1,188 7,598 - 8,786
At 31 March 2024 2,571,407 15,605 87,502 3,559 2,678,073
DEPRECIATION
At 1 April 2023 - 9,272 66,604 2,896 78,772
Charge for year - 950 3,134 663 4,747
At 31 March 2024 - 10,222 69,738 3,559 83,519
NET BOOK VALUE
At 31 March 2024 2,571,407 5,383 17,764 - 2,594,554
At 31 March 2023 2,571,407 5,145 13,300 663 2,590,515

Palmer Care Ltd (Registered number: 04675404)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,500,000
NET BOOK VALUE
At 31 March 2024 1,500,000
At 31 March 2023 1,500,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 43,227 15,247
Amounts recoverable on contract 141,492 50,928
Other debtors 96,321 -
Prepayments 28,492 9,766
309,532 75,941

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 27,137 9,995
Tax 267,737 114,413
Social security and other taxes 16,388 16,529
Credit card 270 1,534
Directors' current accounts 2,677 2,676
Accrued expenses 8,292 9,362
322,501 154,509

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 A Ordinary £1 100 100

10. ULTIMATE CONTROLLING PARTY

The controlling party is the trustees of the Palmer Family settlement.