Palma 17 Limited 13806093 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a holding company. Digita Accounts Production Advanced 6.30.9574.0 true true 13806093 2023-01-01 2023-12-31 13806093 2023-12-31 13806093 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 13806093 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 13806093 core:CurrentFinancialInstruments 2023-12-31 13806093 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 13806093 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 13806093 core:MotorVehicles 2023-12-31 13806093 bus:SmallEntities 2023-01-01 2023-12-31 13806093 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13806093 bus:FilletedAccounts 2023-01-01 2023-12-31 13806093 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13806093 bus:RegisteredOffice 2023-01-01 2023-12-31 13806093 bus:Director1 2023-01-01 2023-12-31 13806093 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13806093 core:MotorVehicles 2023-01-01 2023-12-31 13806093 countries:England 2023-01-01 2023-12-31 13806093 2022-12-31 13806093 core:MotorVehicles 2022-12-31 13806093 2021-12-17 2022-12-31 13806093 2022-12-31 13806093 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-12-31 13806093 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-12-31 13806093 core:CurrentFinancialInstruments 2022-12-31 13806093 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 13806093 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 13806093 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 13806093

Palma 17 Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Palma 17 Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Palma 17 Limited

Company Information

Director

Mr Jack Stockton

Registered office

Unit F1
Prescot Business Park
Sinclair Way
Prescot
Merseyside
L34 1PB

Accountants

GMR Accountants Ltd
1st Floor
8-12 London Street
Southport
Merseyside
PR9 0UE

 

Palma 17 Limited

(Registration number: 13806093)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,630

16,841

Current assets

 

Debtors

5

33,610

21,178

Cash at bank and in hand

 

15,518

7,342

 

49,128

28,520

Creditors: Amounts falling due within one year

6

(4,800)

(4,800)

Net current assets

 

44,328

23,720

Total assets less current liabilities

 

56,958

40,561

Creditors: Amounts falling due after more than one year

6

(7,599)

(12,399)

Net assets

 

49,359

28,162

Capital and reserves

 

Called up share capital

100

100

Retained earnings

49,259

28,062

Shareholders' funds

 

49,359

28,162

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 September 2024
 

.........................................
Mr Jack Stockton
Director

 

Palma 17 Limited

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 England.

The address of its registered office is:
Unit F1
Prescot Business Park
Sinclair Way
Prescot
Merseyside
L34 1PB

These financial statements were authorised for issue by the director on 19 September 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.

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 basis

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.

 

Palma 17 Limited

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

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.

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Palma 17 Limited

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

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

17,199

17,199

At 31 December 2023

17,199

17,199

Depreciation

At 1 January 2023

358

358

Charge for the year

4,211

4,211

At 31 December 2023

4,569

4,569

Carrying amount

At 31 December 2023

12,630

12,630

At 31 December 2022

16,841

16,841

5

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

8,962

11,560

Other debtors

 

24,648

9,618

   

33,610

21,178

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

4,800

4,800

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

7,599

12,399

 

Palma 17 Limited

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

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

7,599

12,399

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

4,800

4,800