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Registered number: 04213255
Palenque (York) LTD
Unaudited Financial Statements
For The Year Ended 31 March 2024
A2G Accountants Ltd
The Courtyard
Oakwood Park Business Centre
Fountains Road Bishop Thornton
Harrogate, North Yorkshire
HG3 3BF
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 04213255
31 March 2024 31 March 2023
Notes £ £ £ £
FIXED ASSETS
CURRENT ASSETS
Stocks 5 54,862 51,006
Debtors 6 154,711 150,429
Cash at bank and in hand 62,049 85,199
271,622 286,634
Creditors: Amounts Falling Due Within One Year 7 (20,691 ) (32,620 )
NET CURRENT ASSETS (LIABILITIES) 250,931 254,014
TOTAL ASSETS LESS CURRENT LIABILITIES 250,931 254,014
NET ASSETS 250,931 254,014
CAPITAL AND RESERVES
Called up share capital 8 2 2
Profit and Loss Account 250,929 254,012
SHAREHOLDERS' FUNDS 250,931 254,014
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David Heard
Director
30/09/2024
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Palenque (York) LTD is a private company, limited by shares, incorporated in England & Wales, registered number 04213255 . The registered office is The Courtyard, Oakwood Park Business Centre , Fountains Road, Bishop Thornton, Harrogate , North Yorkshire , HG3 3BF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% Straight line
Plant & Machinery 20% Reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
Page 2
Page 3
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 49,481 1,755 51,236
As at 31 March 2024 49,481 1,755 51,236
Depreciation
As at 1 April 2023 49,481 1,755 51,236
As at 31 March 2024 49,481 1,755 51,236
Net Book Value
As at 31 March 2024 - - -
As at 1 April 2023 - - -
5. Stocks
31 March 2024 31 March 2023
£ £
Materials 54,862 51,006
6. Debtors
31 March 2024 31 March 2023
£ £
Due within one year
Trade debtors 873 1,414
Inter company loans dr 153,838 149,015
154,711 150,429
7. Creditors: Amounts Falling Due Within One Year
31 March 2024 31 March 2023
£ £
Trade creditors 3,984 4,419
Bank loans and overdrafts 593 1,221
Corporation tax 4,533 16,201
VAT 2,441 3,374
Accruals 352 352
Directors' loan accounts 8,788 7,053
20,691 32,620
Page 3
Page 4
8. Share Capital
31 March 2024 31 March 2023
£ £
Allotted, Called up and fully paid 2 2
9. Related Party Transactions
Page 4