Registered number
12487290
415 Palaette ltd
Filleted Accounts
29 February 2024
415 Palaette ltd
Registered number: 12487290
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 80,808 52,436
Current assets
Stocks 3,500 3,500
Debtors 4 5,792 3,613
Cash at bank and in hand 303,806 387,536
313,098 394,649
Creditors: amounts falling due within one year 5 (63,634) (77,212)
Net current assets 249,464 317,437
Total assets less current liabilities 330,272 369,873
Creditors: amounts falling due after more than one year 6 (58,496) (32,500)
Net assets 271,776 337,373
Capital and reserves
Called up share capital 100 100
Profit and loss account 271,676 337,273
Shareholder's funds 271,776 337,373
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gunes Alkan
Director
Approved by the board on 25 September 2024
415 Palaette ltd
Notes to the Accounts
for the year ended 29 February 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 20 17
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 79,850 - 79,850
Additions 9,518 36,121 45,639
At 29 February 2024 89,368 36,121 125,489
Depreciation
At 1 March 2023 27,414 - 27,414
Charge for the year 12,391 4,876 17,267
At 29 February 2024 39,805 4,876 44,681
Net book value
At 29 February 2024 49,563 31,245 80,808
At 28 February 2023 52,436 - 52,436
4 Debtors 2024 2023
£ £
Trade debtors 686 -
Other debtors 5,106 3,613
5,792 3,613
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 4,218 8,949
Taxation and social security costs 67,415 117,237
Other creditors (7,999) (48,974)
63,634 77,212
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 22,481 32,500
Obligations under finance lease and hire purchase contracts 36,015 -
58,496 32,500
7 Related party transactions
Gunes Alkan
Director & Shareholder
As at the balance sheet date, the director owes her company £8,000 (£48,974 :2023 ), included under other creditors due within one year and paid back within nine months after year end.
8 Controlling party
The company is under the control of its director and shareholder, Gunes Alkan.
9 Other information
415 Palaette ltd is a private company limited by shares and incorporated in England. Its registered office is:
415 Mare Street
Hackney
London
E8 1HY
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