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REGISTERED NUMBER: 03454033 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PALMARIS LIMITED

PALMARIS LIMITED (REGISTERED NUMBER: 03454033)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PALMARIS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: D J Gwilliam
P Gwilliam





SECRETARY: D J Gwilliam





REGISTERED OFFICE: Umtali House
39 Lower Way
Great Brickhill
Milton Keynes
Buckinghamshire
MK17 9AG





REGISTERED NUMBER: 03454033 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
16 Davy Court
Castle Mound Way
Rugby, CV23 0UZ
Magma Audit LLP is part
Of the Dains Group

PALMARIS LIMITED (REGISTERED NUMBER: 03454033)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 33 67
Investments 5 22 24
55 91

CURRENT ASSETS
Debtors 6 101,129 10,299
Cash at bank and in hand 47,152 53,906
148,281 64,205
CREDITORS
Amounts falling due within one year 7 (1,150 ) (3,080 )
NET CURRENT ASSETS 147,131 61,125
TOTAL ASSETS LESS CURRENT
LIABILITIES

147,186

61,216

CAPITAL AND RESERVES
Called up share capital 260 260
Retained earnings 146,926 60,956
SHAREHOLDERS' FUNDS 147,186 61,216

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2024 and were signed on its behalf by:





P Gwilliam - Director


PALMARIS LIMITED (REGISTERED NUMBER: 03454033)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Palmaris Limited is a private company limited by share capital, incorporated in England and Wales, registration number 03454033. The address of the registered office is Umtali House, 39 Lower Way, Great Brickhill, Milton Keynes, Buckinghamshire, MK17 9AG.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is in sterling and the figures are rounded to the nearest £1.

Preparation of consolidated financial statements
The company and its subsidiaries form a small group. The company is therefore not required to produce consolidated financial statements and has not done so. These financial statements present information about the company as a single entity.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Other operating income
Other operating income recognised in the period is generated from management charges.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost also includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using a straight line method, as indicated below.

Computer equipment:50% on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Investments
Investments are held at cost less accumulated impairment losses.

PALMARIS LIMITED (REGISTERED NUMBER: 03454033)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest rate method.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 January 2023
and 31 December 2023 538
DEPRECIATION
At 1 January 2023 471
Charge for year 34
At 31 December 2023 505
NET BOOK VALUE
At 31 December 2023 33
At 31 December 2022 67

PALMARIS LIMITED (REGISTERED NUMBER: 03454033)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2023


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 24
Impairments (2 )
At 31 December 2023 22
NET BOOK VALUE
At 31 December 2023 22
At 31 December 2022 24

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 126 207
Amounts owed by group undertakings - 8,781
Amounts owed by associates 72 441
Other debtors 100,931 870
101,129 10,299

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 50 1,256
Taxation and social security - 499
Other creditors 1,100 1,325
1,150 3,080