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Registration number: 13847099

Palmer Grp Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Palmer Grp Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Palmer Grp Ltd

Company Information

Directors

Mr David Stephen Gurr

Mr Clifford Shaun Gurr

Registered office

Unit 13 Brunel Centre Newton Road
Manor Royal Industrial Estate
Crawley
West Sussex
RH10 9TU

Accountants

T B Tax Services
Bridge House
Pattenden Lane
Marden
Kent
TN12 9QJ

 

Palmer Grp Ltd

(Registration number: 13847099)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

553,000

583,000

Tangible assets

5

27,712

23,460

 

580,712

606,460

Current assets

 

Stocks

6

238,847

149,952

Debtors

7

470,605

488,099

Cash at bank and in hand

 

135,976

181,001

 

845,428

819,052

Creditors: Amounts falling due within one year

8

(370,528)

(466,777)

Net current assets

 

474,900

352,275

Total assets less current liabilities

 

1,055,612

958,735

Creditors: Amounts falling due after more than one year

8

(406,866)

(476,600)

Net assets

 

648,746

482,135

Capital and reserves

 

Called up share capital

100

100

Retained earnings

648,646

482,035

Shareholders' funds

 

648,746

482,135

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

Directors' 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; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 March 2024 and signed on its behalf by:
 

 

Palmer Grp Ltd

(Registration number: 13847099)
Balance Sheet as at 31 December 2023

.........................................
Mr David Stephen Gurr
Director

.........................................
Mr Clifford Shaun Gurr
Director

 
     
 

Palmer Grp Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Unit 13 Brunel Centre Newton Road
Manor Royal Industrial Estate
Crawley
West Sussex
RH10 9TU
United Kingdom

These financial statements were authorised for issue by the Board on 6 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Palmer Grp Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Palmer Grp Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Palmer Grp Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

 

Palmer Grp Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

608,000

608,000

At 31 December 2023

608,000

608,000

Amortisation

At 1 January 2023

25,000

25,000

Amortisation charge

30,000

30,000

At 31 December 2023

55,000

55,000

Carrying amount

At 31 December 2023

553,000

553,000

At 31 December 2022

583,000

583,000

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 January 2023

-

-

-

24,990

Additions

862

7,105

3,267

-

At 31 December 2023

862

7,105

3,267

24,990

Depreciation

At 1 January 2023

-

-

-

1,530

Charge for the year

102

1,121

522

5,237

At 31 December 2023

102

1,121

522

6,767

Carrying amount

At 31 December 2023

760

5,984

2,745

18,223

At 31 December 2022

-

-

-

23,460

 

Palmer Grp Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Total
£

Cost or valuation

At 1 January 2023

24,990

Additions

11,234

At 31 December 2023

36,224

Depreciation

At 1 January 2023

1,530

Charge for the year

6,982

At 31 December 2023

8,512

Carrying amount

At 31 December 2023

27,712

At 31 December 2022

23,460

 

Palmer Grp Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

238,847

149,952

7

Debtors

Current

2023
£

2022
£

Trade debtors

436,501

474,665

Prepayments

34,104

13,434

 

470,605

488,099

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

225,401

238,057

Taxation and social security

121,953

187,440

Accruals and deferred income

26,139

37,880

Other creditors

(2,965)

3,400

370,528

466,777

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

406,866

476,600

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

406,866

476,600