Registered number
SC253023
P.A.L.S. (Scotland) LTD
Filleted Accounts
30 June 2024
P.A.L.S. (Scotland) LTD
Registered number: SC253023
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 994 1,170
Current assets
Stocks 28,881 25,080
Debtors 4 30,302 21,592
Cash at bank and in hand 22,069 42,310
81,252 88,982
Creditors: amounts falling due within one year 5 (38,542) (43,244)
Net current assets 42,710 45,738
Net assets 43,704 46,908
Capital and reserves
Called up share capital 100 100
Profit and loss account 43,604 46,808
Shareholder's funds 43,704 46,908
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B Bream
Director
Approved by the board on 11 August 2024
P.A.L.S. (Scotland) LTD
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 4
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 10,668
At 30 June 2024 10,668
Depreciation
At 1 July 2023 9,498
Charge for the year 176
At 30 June 2024 9,674
Net book value
At 30 June 2024 994
At 30 June 2023 1,170
4 Debtors 2024 2023
£ £
Trade debtors 1,593 1,186
Other debtors 28,709 20,406
30,302 21,592
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 8,012 8,029
Accruals 665 890
Taxation and social security costs 317 1,639
Other creditors 29,548 32,686
38,542 43,244
6 Other information
P.A.L.S. (Scotland) LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
Woodhead
Bauds
Cullen
Buckie
AB56 4DY
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