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Registered Number: 13072535
England and Wales

 

 

 

PALM AUTOS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023
  2023   2022
    £ £   £ £
Fixed assets   633      844 
Current assets 4,126      2,533   
Creditors: amount falling due within one year (8,767)     (1,579)  
Net current assets   (4,641)     954 
Total assets less current liabilities   (4,008)     1,798 
Net assets   (4,008)     1,798 
 

         
Capital and reserves   (4,008)     1,798 
 
NOTES TO THE ACCOUNTS

General Information
Palm Autos Ltd is a private company, limited by shares, registered in England and Wales, registration number 13072535, registration address 9 Leghorn Road, Nuneaton, CV11 6XY.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Reducing Balance
2.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 January 2023 1,500    1,500 
Additions  
Disposals  
At 31 December 2023 1,500    1,500 
Depreciation
At 01 January 2023 656    656 
Charge for year 211    211 
On disposals  
At 31 December 2023 867    867 
Net book values
Closing balance as at 31 December 2023 633    633 
Opening balance as at 01 January 2023 844    844 


3.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's Responsibilities:
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 27 July 2024 and were signed by:


--------------------------------
Francis Minani Makabe
Director
1