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Registered Number: 11955933
England and Wales

 

 

 

PALS ENTERPRISE LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 March 2023

End date: 28 February 2024
Directors Rinkeshkumar Mahendrabhai Patel
Swatiben Dineshbhai Patel
Registered Number 11955933
Registered Office 28 Thirdavenue Wembley, London
United kingdom
HA9 8QE
1
 

 
Notes

 
2024
£

  2023
£
(as restated)
Fixed assets      
Intangible fixed assets 3 88,000    93,500 
Tangible fixed assets 4 30,099    45,400 
118,099    138,900 
Current assets      
Stocks 5 121,554    70,200 
Debtors 6 21,382    18,864 
Cash at bank and in hand 2,913    7,142 
145,849    96,206 
Creditors: amount falling due within one year 7 (133,919)   (112,761)
Net current assets 11,930    (16,555)
 
Total assets less current liabilities 130,029    122,345 
Creditors: amount falling due after more than one year 8 (120,204)   (116,258)
Provisions for liabilities 9   (1,751)
Net assets 9,825    4,336 
 

Capital and reserves
     
Called up share capital 200    200 
Profit and loss account 9,625    4,136 
Shareholders' funds 9,825    4,336 
 


For the year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 28 November 2024 and were signed on its behalf by:


-------------------------------
Rinkeshkumar Mahendrabhai Patel
Director
-------------------------------
Swatiben Dineshbhai Patel
Director
2
General Information
Pals Enterprise Limited is a private company, limited by shares, registered in England and Wales, registration number 11955933, registration address 28 Thirdavenue Wembley, London, United kingdom, HA9 8QE.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 20 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 33.33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
2.

Average number of employees

Average number of employees during the year was 6 (2023 : 5).
3.

Intangible fixed assets

Cost Other   Total
  £   £
At 01 March 2023 110,000    110,000 
Additions  
Disposals  
At 28 February 2024 110,000    110,000 
Amortisation
At 01 March 2023 16,500    16,500 
Charge for year 5,500    5,500 
On disposals  
At 28 February 2024 22,000    22,000 
Net book values
At 28 February 2024 88,000    88,000 
At 28 February 2023 93,500    93,500 


4.

Tangible fixed assets

Cost or valuation Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £
At 01 March 2023 8,395    44,659    695    53,749 
Additions   1,910      1,910 
Disposals (8,395)       (8,395)
At 28 February 2024   46,569    695    47,264 
Depreciation
At 01 March 2023 1,224    6,774    351    8,349 
Charge for year   9,809    231    10,040 
On disposals (1,224)       (1,224)
At 28 February 2024   16,583    582    17,165 
Net book values
Closing balance as at 28 February 2024   29,986    113    30,099 
Opening balance as at 01 March 2023 7,171    37,885    344    45,400 


5.

Stocks

2024
£
  2023
£
Stocks 121,554    70,200 
121,554    70,200 

6.

Debtors: amounts falling due within one year

2024
£
  2023
£
MR Rineshkuanr PA   6,000 
Deferred - Smith News 114    114 
Other debtors - Rent Deposit 12,750    12,750 
12,864    18,864 

6.

Debtors: amounts falling due after one year

2024
£
  2023
£
Prepayments 8,518   
8,518   

7.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 26,618    19,198 
American Express 14,799    7,428 
Corporation Tax 4,939    4,497 
PAYE & Social Security 11,733    12,149 
Wages & Salaries Control Account 5,739    6,921 
Proposed Dividend 25,000    17,500 
Directors' Current Accounts 37,786    40,936 
VAT 7,305    4,132 
133,919    112,761 

8.

Creditors: amount falling due after more than one year

2024
£
  2023
£
BBL Loan 22,500    34,419 
Just cash flow Loan 20,016    19,400 
Loan- Liberis Limited (solaris Law) 49,806    55,707 
Toyota Finance   6,732 
Loan - 365 Business Finance 27,882   
120,204    116,258 

9.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax   1,751 
  1,751 

3