2023-03-202024-03-312024-03-31false14741509PALACE MOTORS (CROUCH END) 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PALACE MOTORS (CROUCH END) LIMITED

Registered Number
14741509
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

PALACE MOTORS (CROUCH END) LIMITED
Company Information
for the period from 20 March 2023 to 31 March 2024

Director

SOTERIOU, Andreas Constantinos

Registered Address

Grove House
2 Woodberry Grove
London
N12 0DR

Registered Number

14741509 (England and Wales)
PALACE MOTORS (CROUCH END) LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

£

£

Fixed assets
Intangible assets3255,666
Tangible assets428,751
284,417
Current assets
Debtors536,046
Cash at bank and on hand106,669
142,715
Creditors amounts falling due within one year6(61,565)
Net current assets (liabilities)81,150
Total assets less current liabilities365,567
Creditors amounts falling due after one year7(320,000)
Provisions for liabilities8(5,463)
Net assets40,104
Capital and reserves
Called up share capital100
Profit and loss account40,004
Shareholders' funds40,104
The financial statements were approved and authorised for issue by the Director on 14 November 2024, and are signed on its behalf by:
SOTERIOU, Andreas Constantinos
Director
Registered Company No. 14741509
PALACE MOTORS (CROUCH END) LIMITED
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Turnover policy
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.
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)
Plant and machinery25
2.Average number of employees

2024
Average number of employees during the year5
3.Intangible assets

Goodwill

Total

££
Cost or valuation
Additions259,999259,999
At 31 March 24259,999259,999
Amortisation and impairment
Charge for year4,3334,333
At 31 March 244,3334,333
Net book value
At 31 March 24255,666255,666
At 19 March 23--
4.Tangible fixed assets

Land & buildings

Plant & machinery

Total

£££
Cost or valuation
Additions130,00030,001
At 31 March 24130,00030,001
Depreciation and impairment
Charge for year-1,2501,250
At 31 March 24-1,2501,250
Net book value
At 31 March 24128,75028,751
At 19 March 23---
5.Debtors: amounts due within one year

2024

£
Trade debtors / trade receivables8,124
Prepayments and accrued income422
Total8,546
6.Creditors: amounts due within one year

2024

£
Trade creditors / trade payables35,793
Taxation and social security25,207
Other creditors565
Total61,565
7.Creditors: amounts due after one year

2024

£
Other creditors320,000
Total320,000
8.Provisions for liabilities

2024

£
Net deferred tax liability (asset)5,463
Total5,463