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COMPANY REGISTRATION NUMBER: 4420411
PALM AUTOMOTIVE LIMITED
FILLETED FINANCIAL STATEMENTS
31 December 2023
PALM AUTOMOTIVE LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
532,759
512,855
Current assets
Stocks
1,687,812
1,754,820
Debtors
6
767,739
65,634
Cash at bank and in hand
117,818
487,062
-------------
-------------
2,573,369
2,307,516
Creditors: amounts falling due within one year
7
883,207
668,843
-------------
-------------
Net current assets
1,690,162
1,638,673
-------------
-------------
Total assets less current liabilities
2,222,921
2,151,528
Provisions
Taxation including deferred tax
94,252
68,286
-------------
-------------
Net assets
2,128,669
2,083,242
-------------
-------------
Capital and reserves
Called up share capital
5,000
5,000
Profit and loss account
2,123,669
2,078,242
-------------
-------------
Shareholders funds
2,128,669
2,083,242
-------------
-------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
PALM AUTOMOTIVE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 5 July 2024 , and are signed on behalf of the board by:
T E Fonternel
Director
Company registration number: 4420411
PALM AUTOMOTIVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1 Bilsthorpe Business Park, Eakring Road, Bilsthorpe, Newark, NG22 8ST.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In preparing the financial statements the directors are required to assess the company's ability to continue to trade as a going concern for the foreseeable future. In undertaking this assessment, the directors have given due consideration to the company's banking facilities, historical and current trading, together with the forward-looking projections. The company has prepared detailed cashflow forecasts and undertaken scenario modelling given the current cost of living crisis The company has significant financial resources and is in a strong position to deal with the possible economic impact of the cost of living crisis. The situation is evolving and it is not possible at this stage to determine with full certainty the impact on the company, its customers, employees and suppliers until the crisis completely ends. If there is a reduction in revenue due to an exceptional extended closure of certain customers, there are a range of steps the company can take to mitigate the impact. The directors have reviewed the cash flow forecasts and based on their assessment therefore believe that the company will have sufficient financing in place to ensure cash flow requirements are satisfied and that there are no material uncertainties. As such, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" *The requirements of Section 7b Statements of Cash Flows; *The requirement of paragraph 3.17(d); *The requirement of paragraph 33.7. This information is included in the consolidated financial statements of Enable Trading Limited as at the 31 December 2022 and these financial statements may be obtained from 9a Broad Street, Wokingham, Berkshire, RG40 1AU
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax. Showroom sales are recognised at the point of sale and internet sales are recognised on the despatch of goods.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
Equal instalments over the life of the lease
Plant & Machinery
-
20% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2022: 26 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
218,230
70,157
116,514
537,998
942,899
Additions
70,418
63,805
134,223
----------
---------
----------
----------
-------------
At 31 December 2023
218,230
70,157
186,932
601,803
1,077,122
----------
---------
----------
----------
-------------
Depreciation
At 1 January 2023
77,603
42,481
77,463
232,497
430,044
Charge for the year
38,117
8,520
27,368
40,314
114,319
----------
---------
----------
----------
-------------
At 31 December 2023
115,720
51,001
104,831
272,811
544,363
----------
---------
----------
----------
-------------
Carrying amount
At 31 December 2023
102,510
19,156
82,101
328,992
532,759
----------
---------
----------
----------
-------------
At 31 December 2022
140,627
27,676
39,051
305,501
512,855
----------
---------
----------
----------
-------------
6. Debtors
2023
2022
£
£
Trade debtors
11,698
8,030
Amounts owed by group undertakings and undertakings in which the company has a participating interest
717,216
3,857
Other debtors
38,825
53,747
----------
---------
767,739
65,634
----------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,555
Trade creditors
288,127
302,199
Amounts owed to group undertakings and undertakings in which the company has a participating interest
371,054
47,836
Corporation tax
38,463
Social security and other taxes
132,390
172,396
Other creditors
48,618
146,412
----------
----------
883,207
668,843
----------
----------
There is a cross company unlimited multilateral guarantee in operation between Scimitar International Limited, Enable Trading Limited, Palm Automotive Limited and Car Shades Holdings Limited.
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
133,960
133,960
Later than 1 year and not later than 5 years
234,430
368,390
----------
----------
368,390
502,350
----------
----------
9. Summary audit opinion
The auditor's report dated 5 July 2024 was unqualified .
The senior statutory auditor was David Guest FCA , for and on behalf of UHY Hacker Young (S.E.) Limited .
10. Controlling party
The company is a wholly owned subsidiary of Enable Trading Limited, a company registered in England and Wales. The registered office and principal place of business of this company is 9A Broad Street, Wokingham, Berkshire, RG40 1AU.