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Registered number: 02148514
















PALLADIUM BUILDERS MERCHANTS (KINGSBRIDGE) LIMITED



DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024


































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PALLADIUM BUILDERS MERCHANTS (KINGSBRIDGE) LIMITED
REGISTERED NUMBER:02148514

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
201,846
152,088

Investments
 5 
501
501

  
202,347
152,589

Current assets
  

Stocks
 6 
514,066
560,485

Debtors: amounts falling due within one year
 7 
253,011
249,241

Cash at bank and in hand
  
1,942,255
1,968,345

  
2,709,332
2,778,071

Creditors: amounts falling due within one year
 8 
(506,458)
(455,333)

Net current assets
  
 
 
2,202,874
 
 
2,322,738

Total assets less current liabilities
  
2,405,221
2,475,327

Provisions for liabilities
  

Deferred tax
  
(50,093)
(34,271)

Net assets
  
2,355,128
2,441,056


Capital and reserves
  

Called up share capital 
 9 
10,000
10,000

Capital redemption reserve
  
200,000
200,000

Profit and loss account
  
2,145,128
2,231,056

  
2,355,128
2,441,056


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N C Guppy
Director

Date: 6 January 2025

The notes on pages 2 to 8 form part of these financial statements.

Page 1


PALLADIUM BUILDERS MERCHANTS (KINGSBRIDGE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


GENERAL INFORMATION

Palladium Builders Merchants (Kingsbridge) Limited is a private company, limited by shares and incorporated in England and Wales. The registered office is Homelands, Union Road, Kingsbridge, Devon, TQ7 1EQ. Trading occurs at this address and at Blair Road, Ivybridge, PL21 0UR.
The principal activity of the company during the year was that of construction and building supplies retailer.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

The financial statements have been prepared using the going concern basis. Directors have considered the basis and consider this to be appropriate.

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2


PALLADIUM BUILDERS MERCHANTS (KINGSBRIDGE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)


2.4
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold Property
-
7 years
Plant and machinery
-
20 - 50%
Motor vehicles
-
14 - 25%
Fixtures and fittings
-
14 - 50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

OPERATING LEASES: LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Page 3


PALLADIUM BUILDERS MERCHANTS (KINGSBRIDGE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4


PALLADIUM BUILDERS MERCHANTS (KINGSBRIDGE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.ACCOUNTING POLICIES (continued)

 
2.15

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 25 (2023: 25)

Page 5


PALLADIUM BUILDERS MERCHANTS (KINGSBRIDGE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


TANGIBLE FIXED ASSETS





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



COST 


At 1 May 2023
51,602
251,753
342,632
86,295
732,282


Additions
1,052
5,434
115,975
359
122,820


Disposals
-
(49,792)
(13,000)
(900)
(63,692)



At 30 April 2024

52,654
207,395
445,607
85,754
791,410



DEPRECIATION


At 1 May 2023
45,803
192,598
276,265
65,528
580,194


Charge for the year on owned assets
2,348
18,453
45,588
6,673
73,062


Disposals
-
(49,792)
(13,000)
(900)
(63,692)



At 30 April 2024

48,151
161,259
308,853
71,301
589,564



NET BOOK VALUE



At 30 April 2024
4,503
46,136
136,754
14,453
201,846



At 30 April 2023
5,799
59,155
66,367
20,767
152,088


5.


FIXED ASSET INVESTMENTS





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



COST OR VALUATION


At 1 May 2023
1
500
501



At 30 April 2024
1
500
501




Page 6


PALLADIUM BUILDERS MERCHANTS (KINGSBRIDGE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


STOCKS

2024
2023
£
£

Stock
514,066
560,485



7.


DEBTORS

2024
2023
£
£


Trade debtors
215,407
206,824

Other debtors
3,961
7,025

Prepayments and accrued income
33,643
35,392

253,011
249,241



8.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Trade creditors
268,453
262,514

Amounts owed to group undertakings
125,000
75,000

Corporation tax
11,151
7,916

Other taxation and social security
56,622
60,348

Other creditors
13,348
12,083

Accruals and deferred income
31,884
37,472

506,458
455,333


Page 7


PALLADIUM BUILDERS MERCHANTS (KINGSBRIDGE) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

9.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



10,000 (2023:10,000) Ordinary shares of £1.00 each
10,000
10,000



10.


AUDITORS' INFORMATION

These financial statements have been audited by Bishop Fleming Chartered Accountants & Statutory Auditors, with an unqualified audit opinion being issued. The audit report was signed on 20 January 2025
by Fleur Lewis FCA as Senior Statutory Auditor.
In accordance with the provisions applicable to companies subject to the small companies' regime and   s444 of the Companies Act 2006, this audit report has not been filed.


11.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,009 (2023: £10,799). Contributions totalling £2,110 (2023: £2,101) were payable to the fund after the reporting date. 


12.


COMMITMENTS UNDER OPERATING LEASES

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
69,500
69,500

Later than 1 year and not later than 5 years
12,667
12,667

82,167
82,167



 
Page 8