Company registration number 9051345 (England and Wales)
PALMER MARKETING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PALMER MARKETING LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PALMER MARKETING LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,833
21,666
Tangible assets
4
325,266
340,441
336,099
362,107
Current assets
Debtors
5
2,119
1,658
Investments
6
1,454,283
1,068,082
Cash at bank and in hand
1,426,475
1,252,214
2,882,877
2,321,954
Creditors: amounts falling due within one year
7
(431,646)
(254,895)
Net current assets
2,451,231
2,067,059
Total assets less current liabilities
2,787,330
2,429,166
Provisions for liabilities
(19,957)
(23,743)
Net assets
2,767,373
2,405,423
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,767,273
2,405,323
Total equity
2,767,373
2,405,423
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PALMER MARKETING LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 September 2024
Mr A S Palmer
Director
Company registration number 9051345 (England and Wales)
PALMER MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Palmer Marketing Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 20A Albion Road, Broadstairs, Kent, CT10 2UP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - 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. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.4
Intangible fixed assets other than goodwill
Intangible assets are measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Websites and domains
over 3 years
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
not provided
Fixtures and fittings
20% on reducing balance
Computers
25% on reducing balance
Motor vehicles
25% on reducing balance
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.
PALMER MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
4
PALMER MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Goodwill
Websites and domains
Total
£
£
£
Cost
At 1 April 2023 and 31 March 2024
300,000
88,792
388,792
Amortisation and impairment
At 1 April 2023
300,000
67,126
367,126
Amortisation charged for the year
10,833
10,833
At 31 March 2024
300,000
77,959
377,959
Carrying amount
At 31 March 2024
10,833
10,833
At 31 March 2023
21,666
21,666
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
245,298
12,978
11,826
111,846
381,948
Additions
5,274
5,392
10,666
At 31 March 2024
245,298
18,252
17,218
111,846
392,614
Depreciation and impairment
At 1 April 2023
6,019
7,527
27,961
41,507
Depreciation charged in the year
2,447
2,423
20,971
25,841
At 31 March 2024
8,466
9,950
48,932
67,348
Carrying amount
At 31 March 2024
245,298
9,786
7,268
62,914
325,266
At 31 March 2023
245,298
6,959
4,299
83,885
340,441
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
2,119
1,658
PALMER MARKETING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Current asset investments
2024
2023
£
£
Other investments
1,454,283
1,068,082
7
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
418,214
242,144
Other creditors
11,398
10,804
Accruals and deferred income
2,034
1,947
431,646
254,895