2023-06-012024-05-312024-05-31false09032908PALMAC LIMITED2024-11-29iso4217:GBPxbrli:pure090329082023-06-01090329082024-05-31090329082023-06-012024-05-31090329082022-06-01090329082023-05-31090329082022-06-012023-05-3109032908bus:SmallEntities2023-06-012024-05-3109032908bus:AuditExempt-NoAccountantsReport2023-06-012024-05-3109032908bus:FullAccounts2023-06-012024-05-3109032908bus:PrivateLimitedCompanyLtd2023-06-012024-05-3109032908core:WithinOneYear2024-05-3109032908core:AfterOneYear2024-05-3109032908core:WithinOneYear2023-05-3109032908core:AfterOneYear2023-05-3109032908core:ShareCapital2024-05-3109032908core:SharePremium2024-05-3109032908core:RevaluationReserve2024-05-3109032908core:OtherReservesSubtotal2024-05-3109032908core:RetainedEarningsAccumulatedLosses2024-05-3109032908core:ShareCapital2023-05-3109032908core:SharePremium2023-05-3109032908core:RevaluationReserve2023-05-3109032908core:OtherReservesSubtotal2023-05-3109032908core:RetainedEarningsAccumulatedLosses2023-05-3109032908core:LandBuildings2024-05-3109032908core:PlantMachinery2024-05-3109032908core:Vehicles2024-05-3109032908core:FurnitureFittings2024-05-3109032908core:OfficeEquipment2024-05-3109032908core:NetGoodwill2024-05-3109032908core:IntangibleAssetsOtherThanGoodwill2024-05-3109032908core:ListedExchangeTraded2024-05-3109032908core:UnlistedNon-exchangeTraded2024-05-3109032908core:LandBuildings2023-05-3109032908core:PlantMachinery2023-05-3109032908core:Vehicles2023-05-3109032908core:FurnitureFittings2023-05-3109032908core:OfficeEquipment2023-05-3109032908core:NetGoodwill2023-05-3109032908core:IntangibleAssetsOtherThanGoodwill2023-05-3109032908core:ListedExchangeTraded2023-05-3109032908core:UnlistedNon-exchangeTraded2023-05-3109032908core:LandBuildings2023-06-012024-05-3109032908core:PlantMachinery2023-06-012024-05-3109032908core:Vehicles2023-06-012024-05-3109032908core:FurnitureFittings2023-06-012024-05-3109032908core:OfficeEquipment2023-06-012024-05-3109032908core:NetGoodwill2023-06-012024-05-3109032908core:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3109032908core:ListedExchangeTraded2023-06-012024-05-3109032908core:UnlistedNon-exchangeTraded2023-06-012024-05-3109032908core:MoreThanFiveYears2023-06-012024-05-3109032908core:Non-currentFinancialInstruments2024-05-3109032908core:Non-currentFinancialInstruments2023-05-3109032908dpl:CostSales2023-06-012024-05-3109032908dpl:DistributionCosts2023-06-012024-05-3109032908core:LandBuildings2023-06-012024-05-3109032908core:PlantMachinery2023-06-012024-05-3109032908core:Vehicles2023-06-012024-05-3109032908core:FurnitureFittings2023-06-012024-05-3109032908core:OfficeEquipment2023-06-012024-05-3109032908dpl:AdministrativeExpenses2023-06-012024-05-3109032908core:NetGoodwill2023-06-012024-05-3109032908core:IntangibleAssetsOtherThanGoodwill2023-06-012024-05-3109032908dpl:GroupUndertakings2023-06-012024-05-3109032908dpl:ParticipatingInterests2023-06-012024-05-3109032908dpl:GroupUndertakingscore:ListedExchangeTraded2023-06-012024-05-3109032908core:ListedExchangeTraded2023-06-012024-05-3109032908dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-06-012024-05-3109032908core:UnlistedNon-exchangeTraded2023-06-012024-05-3109032908dpl:CostSales2022-06-012023-05-3109032908dpl:DistributionCosts2022-06-012023-05-3109032908core:LandBuildings2022-06-012023-05-3109032908core:PlantMachinery2022-06-012023-05-3109032908core:Vehicles2022-06-012023-05-3109032908core:FurnitureFittings2022-06-012023-05-3109032908core:OfficeEquipment2022-06-012023-05-3109032908dpl:AdministrativeExpenses2022-06-012023-05-3109032908core:NetGoodwill2022-06-012023-05-3109032908core:IntangibleAssetsOtherThanGoodwill2022-06-012023-05-3109032908dpl:GroupUndertakings2022-06-012023-05-3109032908dpl:ParticipatingInterests2022-06-012023-05-3109032908dpl:GroupUndertakingscore:ListedExchangeTraded2022-06-012023-05-3109032908core:ListedExchangeTraded2022-06-012023-05-3109032908dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-06-012023-05-3109032908core:UnlistedNon-exchangeTraded2022-06-012023-05-3109032908core:NetGoodwill2024-05-3109032908core:IntangibleAssetsOtherThanGoodwill2024-05-3109032908core:LandBuildings2024-05-3109032908core:PlantMachinery2024-05-3109032908core:Vehicles2024-05-3109032908core:FurnitureFittings2024-05-3109032908core:OfficeEquipment2024-05-3109032908core:AfterOneYear2024-05-3109032908core:WithinOneYear2024-05-3109032908core:ListedExchangeTraded2024-05-3109032908core:UnlistedNon-exchangeTraded2024-05-3109032908core:ShareCapital2024-05-3109032908core:SharePremium2024-05-3109032908core:RevaluationReserve2024-05-3109032908core:OtherReservesSubtotal2024-05-3109032908core:RetainedEarningsAccumulatedLosses2024-05-3109032908core:NetGoodwill2023-05-3109032908core:IntangibleAssetsOtherThanGoodwill2023-05-3109032908core:LandBuildings2023-05-3109032908core:PlantMachinery2023-05-3109032908core:Vehicles2023-05-3109032908core:FurnitureFittings2023-05-3109032908core:OfficeEquipment2023-05-3109032908core:AfterOneYear2023-05-3109032908core:WithinOneYear2023-05-3109032908core:ListedExchangeTraded2023-05-3109032908core:UnlistedNon-exchangeTraded2023-05-3109032908core:ShareCapital2023-05-3109032908core:SharePremium2023-05-3109032908core:RevaluationReserve2023-05-3109032908core:OtherReservesSubtotal2023-05-3109032908core:RetainedEarningsAccumulatedLosses2023-05-3109032908core:NetGoodwill2022-06-0109032908core:IntangibleAssetsOtherThanGoodwill2022-06-0109032908core:LandBuildings2022-06-0109032908core:PlantMachinery2022-06-0109032908core:Vehicles2022-06-0109032908core:FurnitureFittings2022-06-0109032908core:OfficeEquipment2022-06-0109032908core:AfterOneYear2022-06-0109032908core:WithinOneYear2022-06-0109032908core:ListedExchangeTraded2022-06-0109032908core:UnlistedNon-exchangeTraded2022-06-0109032908core:ShareCapital2022-06-0109032908core:SharePremium2022-06-0109032908core:RevaluationReserve2022-06-0109032908core:OtherReservesSubtotal2022-06-0109032908core:RetainedEarningsAccumulatedLosses2022-06-0109032908core:AfterOneYear2023-06-012024-05-3109032908core:WithinOneYear2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:CostValuation2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-06-012024-05-3109032908core:Non-currentFinancialInstrumentscore:CostValuation2024-05-3109032908core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2024-05-3109032908core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2024-05-3109032908core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2024-05-3109032908core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2024-05-3109032908core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2024-05-3109032908core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2024-05-3109032908core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2024-05-3109032908core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2024-05-3109032908core:Non-currentFinancialInstrumentscore:CostValuation2023-05-3109032908core:Non-currentFinancialInstrumentscore:AdditionsToInvestments2023-05-3109032908core:Non-currentFinancialInstrumentscore:RevaluationsIncreaseDecreaseInInvestments2023-05-3109032908core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInInvestments2023-05-3109032908core:Non-currentFinancialInstrumentscore:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments2023-05-3109032908core:Non-currentFinancialInstrumentscore:ImpairmentLossReversalProvisionsForImpairmentInvestments2023-05-3109032908core:Non-currentFinancialInstrumentscore:AcquisitionsIncreaseInProvisionsForImpairmentInvestments2023-05-3109032908core:Non-currentFinancialInstrumentscore:DisposalsDecreaseInProvisionsForImpairmentInvestments2023-05-3109032908core:Non-currentFinancialInstrumentscore:OtherIncreaseDecreaseInProvisionsForImpairmentInvestments2023-05-3109032908bus:Director12023-06-012024-05-3109032908bus:Director22023-06-012024-05-31

PALMAC LIMITED

Registered Number
09032908
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

PALMAC LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Directors

MCIVOR, Marjorie Marie
PALMER, Stephen Mark

Registered Address

5 Kerry Close
Fleet
GU51 2UF

Registered Number

09032908 (England and Wales)
PALMAC LIMITED
Statement of Financial Position
31 May 2024

Notes

2024

2023

£

£

£

£

Current assets
Debtors32,7002,970
Cash at bank and on hand4,76310,485
7,46313,455
Creditors amounts falling due within one year4(18,239)(14,103)
Net current assets (liabilities)(10,776)(648)
Total assets less current liabilities(10,776)(648)
Net assets(10,776)(648)
Capital and reserves
Called up share capital11
Profit and loss account(10,777)(649)
Shareholders' funds(10,776)(648)
The financial statements were approved and authorised for issue by the Board of Directors on 29 November 2024, and are signed on its behalf by:
PALMER, Stephen Mark
Director
Registered Company No. 09032908
PALMAC LIMITED
Notes to the Financial Statements
for the year ended 31 May 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 compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
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.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year22
3.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables2,7002,970
Total2,7002,970
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.
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables150300
Amounts owed to related parties14,1912,177
Taxation and social security3,89811,626
Total18,23914,103
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.
5.Controlling party
The ultimate controlling party is Stephen Mark Palmer.