2023-03-012024-02-292024-02-29false02984159PALADIN IMPORTS 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PALADIN IMPORTS LIMITED

Registered Number
02984159
(England and Wales)

Unaudited Financial Statements for the Year ended
29 February 2024

PALADIN IMPORTS LIMITED
Company Information
for the year from 1 March 2023 to 29 February 2024

Directors

E A McIntosh
H Proctor

Company Secretary

E A McIntosh

Registered Address

West Skirbeck House
London Road
Boston
PE21 7HF

Registered Number

02984159 (England and Wales)
PALADIN IMPORTS LIMITED
Balance Sheet as at
29 February 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets32,282,1592,283,292
2,282,1592,283,292
Current assets
Stocks4330,623225,411
Debtors5588,166563,957
Cash at bank and on hand456,998833,997
1,375,7871,623,365
Creditors amounts falling due within one year6(18,032)(119,845)
Net current assets (liabilities)1,357,7551,503,520
Total assets less current liabilities3,639,9143,786,812
Net assets3,639,9143,786,812
Capital and reserves
Called up share capital100100
Profit and loss account3,639,8143,786,712
Shareholders' funds3,639,9143,786,812
The financial statements were approved and authorised for issue by the Board of Directors on 25 November 2024, and are signed on its behalf by:
E A McIntosh
Director
Registered Company No. 02984159
PALADIN IMPORTS LIMITED
Notes to the Financial Statements
for the year ended 29 February 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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 machinery15
Fixtures and fittings15
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year00
3.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 March 232,275,7291,70810,7842,288,221
At 29 February 242,275,7291,70810,7842,288,221
Depreciation and impairment
At 01 March 23-8164,1134,929
Charge for year-1331,0001,133
At 29 February 24-9495,1136,062
Net book value
At 29 February 242,275,7297595,6712,282,159
At 28 February 232,275,7298926,6712,283,292
Included within the net book value of land and buildings above is £2,275,729 (2023 - £2,275,729) in respect of freehold land and buildings. The directors have reviewed the valuation of the property and feel that the value in the accounts reflects the current fair value.
4.Stocks

2024

2023

££
Work in progress289,251184,039
Other stocks41,37241,372
Total330,623225,411
5.Debtors: amounts due within one year

2024

2023

££
Other debtors587,023563,104
Prepayments and accrued income1,143853
Total588,166563,957
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables10,50710,375
Taxation and social security21589
Other creditors2,393105,140
Accrued liabilities and deferred income4,9174,241
Total18,032119,845
7.Related party transactions
E A McIntosh - Director There was a loan to the director, on which interest at the HMRC official rate of interest was charged. At the balance sheet date, the amount due from E A McIntosh was £441,885 (2023 - £401,524).