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Palmer Supplies Limited

Financial Statements for the Year Ended 30 November 2024






Palmer Supplies Limited

Company Information
for the Year Ended 30 November 2024







DIRECTORS: R Palmer
J Palmer
G Palmer



SECRETARY: J J Palmer



REGISTERED OFFICE: Mistral
Over Stratton
South Petherton
Somerset
TA13 5LL



REGISTERED NUMBER: 04580291 (England and Wales)



ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA



BANKERS: Natwest
2 Hanford
Yeovil
Somerset
BA21 4NL

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Palmer Supplies Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Palmer Supplies Limited for the year ended 30 November 2024 which comprise the Profit & Loss Account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Palmer Supplies Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palmer Supplies Limited and state those matters that we have agreed to state to the Board of Directors of Palmer Supplies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palmer Supplies Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palmer Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palmer Supplies Limited. You consider that Palmer Supplies Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Palmer Supplies Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






BPU Limited
Chartered Accountants


22 January 2025

Palmer Supplies Limited (Registered number: 04580291)

Balance Sheet
30 November 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 990 1,278
990 1,278

CURRENT ASSETS
Stocks 2,500 2,500
Debtors 5 39,328 64,764
Cash at bank 58,638 61,669
100,466 128,933
CREDITORS
Amounts falling due within one year 6 81,983 92,581
NET CURRENT ASSETS 18,483 36,352
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,473

37,630

PROVISIONS FOR LIABILITIES 330 330
NET ASSETS 19,143 37,300

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 18,943 37,100
SHAREHOLDERS' FUNDS 19,143 37,300

Palmer Supplies Limited (Registered number: 04580291)

Balance Sheet - continued
30 November 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The 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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 22 January 2025 and were signed on its behalf by:





G Palmer - Director


Palmer Supplies Limited (Registered number: 04580291)

Notes to the Financial Statements
for the Year Ended 30 November 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is being amortised in equal instalments over its estimated economic life of 20 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% reducing balance
Motor vehicles - 25% reducing balance
Plant & equipment - 20% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

Palmer Supplies Limited (Registered number: 04580291)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 December 2023
and 30 November 2024 70,000
AMORTISATION
At 1 December 2023
and 30 November 2024 70,000
NET BOOK VALUE
At 30 November 2024 -
At 30 November 2023 -

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Plant &
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 December 2023
and 30 November 2024 2,030 28,600 11,228 41,858
DEPRECIATION
At 1 December 2023 1,771 27,949 10,860 40,580
Charge for year 52 163 73 288
At 30 November 2024 1,823 28,112 10,933 40,868
NET BOOK VALUE
At 30 November 2024 207 488 295 990
At 30 November 2023 259 651 368 1,278

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 38,507 64,145
Prepayments 821 619
39,328 64,764

Palmer Supplies Limited (Registered number: 04580291)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 41,199 44,518
Taxes & social security costs 8,995 14,120
Other creditors & accruals 31,789 33,943
81,983 92,581