Caseware UK (AP4) 2023.0.135 2023.0.135 2023-09-302023-09-30No description of principal activityThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.42022-10-01false2falsetrue 05745000 2022-10-01 2023-09-30 05745000 2021-10-01 2022-09-30 05745000 2023-09-30 05745000 2022-09-30 05745000 c:Director1 2022-10-01 2023-09-30 05745000 d:Buildings d:ShortLeaseholdAssets 2022-10-01 2023-09-30 05745000 d:Buildings d:ShortLeaseholdAssets 2023-09-30 05745000 d:Buildings d:ShortLeaseholdAssets 2022-09-30 05745000 d:PlantMachinery 2022-10-01 2023-09-30 05745000 d:PlantMachinery 2023-09-30 05745000 d:PlantMachinery 2022-09-30 05745000 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05745000 d:MotorVehicles 2022-10-01 2023-09-30 05745000 d:OwnedOrFreeholdAssets 2022-10-01 2023-09-30 05745000 d:CurrentFinancialInstruments 2023-09-30 05745000 d:CurrentFinancialInstruments 2022-09-30 05745000 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 05745000 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 05745000 d:ShareCapital 2023-09-30 05745000 d:ShareCapital 2022-09-30 05745000 d:RetainedEarningsAccumulatedLosses 2023-09-30 05745000 d:RetainedEarningsAccumulatedLosses 2022-09-30 05745000 c:FRS102 2022-10-01 2023-09-30 05745000 c:AuditExempt-NoAccountantsReport 2022-10-01 2023-09-30 05745000 c:FullAccounts 2022-10-01 2023-09-30 05745000 c:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 05745000 2 2022-10-01 2023-09-30 05745000 e:PoundSterling 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

05745000







PALM PRODUCTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
30 SEPTEMBER 2023

































PALM PRODUCTIONS LIMITED
REGISTERED NUMBER:05745000

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
14,720
19,409

  
14,720
19,409

Current assets
  

Debtors: amounts falling due within one year
 5 
680,687
1,224,011

Cash at bank and in hand
  
429,596
12,122

  
1,110,283
1,236,133

Creditors: amounts falling due within one year
 6 
(1,090,783)
(1,294,597)

Net current assets/(liabilities)
  
 
 
19,500
 
 
(58,464)

Total assets less current liabilities
  
34,220
(39,055)

  

Net assets/(liabilities)
  
34,220
(39,055)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
34,120
(39,155)

  
34,220
(39,055)


Page 1

PALM PRODUCTIONS LIMITED
REGISTERED NUMBER:05745000
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year  in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



M Alas
Director

Date: 20 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

PALM PRODUCTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Palm Productions Limited is a private company limited by shares domiciled and incorporated in England and Wales.  
The address of its registered office is Brockbourne House, 77 Mount Ephraim, Tunbridge Wells, Kent, TN4 8BS. The address of its principal place of buiness is Unit 700 Highgate Studios, 53-79 Highgate Road, London, NW5 1TL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

Monetary amounts in these financial statements are stated in pounds sterling and are rounded to the nearest whole £1, except where otherwise indicated.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has net current assets of £34,220 (2022: net current liabilities £39,055) on the balance sheet date. On the basis of current financial projections and financial support available from the owners of the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and, accordingly, consider that it is appropriate to adopt the going concern basis in preparing the financial statements.

Page 3

PALM PRODUCTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue  is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue  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:

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

PALM PRODUCTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

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.

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

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost 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, as below.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
Straight line
Plant and machinery
-
20%
Reducing balance
Plant and machinery
-
25%
Straight line

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

 Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

PALM PRODUCTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.11

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 4).


4.


Tangible fixed assets





Short-term leasehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 October 2022
248,622
125,538
374,160



At 30 September 2023

248,622
125,538
374,160



Depreciation


At 1 October 2022
248,622
106,129
354,751


Charge for the year on owned assets
-
4,689
4,689



At 30 September 2023

248,622
110,818
359,440



Net book value



At 30 September 2023
-
14,720
14,720



At 30 September 2022
-
19,409
19,409

Page 6

PALM PRODUCTIONS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by connected companies
462,054
114,546

Other debtors
-
413,712

Prepayments and accrued income
111,014
490,149

Tax recoverable
107,619
205,604

680,687
1,224,011



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
28,866
101,922

Amounts owed to connected companies
943,766
1,064,461

Corporation tax
16,112
106,877

Other taxation and social security
95,200
791

Other creditors
270
2,530

Accruals and deferred income
6,569
18,016

1,090,783
1,294,597


Within trade creditors is £Nil (2022: £77,873) owed to connected companies.


7.


Transactions with directors

M Alas 2023
M Piggott 2023
M Alas 2022
M Piggot 2022
£
£
£
£
Balance brought forward

337,261

73,542

507,612
 
230,773
 
Advances to directors

7,117

1,552

8,269
 
2,976
 
Repayments in the year

(344,378)

(75,094)

(178,620)
 
(160,207)
 
Balance carried forward
-

-

337,261
 
73,542
 

Director loans accrued interest in line with the rates prescribed by HMRC. 

 
Page 7