Silverfin false false 31/05/2024 01/06/2023 31/05/2024 H C Keith 10/10/1995 S A Keith 10/10/1995 20 December 2024 The principal activity of the Company during the financial year is that of printing and design services. 03111978 2024-05-31 03111978 bus:Director1 2024-05-31 03111978 bus:Director2 2024-05-31 03111978 2023-05-31 03111978 core:CurrentFinancialInstruments 2024-05-31 03111978 core:CurrentFinancialInstruments 2023-05-31 03111978 core:Non-currentFinancialInstruments 2024-05-31 03111978 core:Non-currentFinancialInstruments 2023-05-31 03111978 core:ShareCapital 2024-05-31 03111978 core:ShareCapital 2023-05-31 03111978 core:RetainedEarningsAccumulatedLosses 2024-05-31 03111978 core:RetainedEarningsAccumulatedLosses 2023-05-31 03111978 core:PlantMachinery 2023-05-31 03111978 core:Vehicles 2023-05-31 03111978 core:OfficeEquipment 2023-05-31 03111978 core:PlantMachinery 2024-05-31 03111978 core:Vehicles 2024-05-31 03111978 core:OfficeEquipment 2024-05-31 03111978 2023-06-01 2024-05-31 03111978 bus:FilletedAccounts 2023-06-01 2024-05-31 03111978 bus:SmallEntities 2023-06-01 2024-05-31 03111978 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03111978 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03111978 bus:Director1 2023-06-01 2024-05-31 03111978 bus:Director2 2023-06-01 2024-05-31 03111978 core:Goodwill core:TopRangeValue 2023-06-01 2024-05-31 03111978 core:Goodwill 2023-06-01 2024-05-31 03111978 core:PlantMachinery 2023-06-01 2024-05-31 03111978 core:Vehicles 2023-06-01 2024-05-31 03111978 core:OfficeEquipment 2023-06-01 2024-05-31 03111978 2022-06-01 2023-05-31 03111978 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Company No: 03111978 (England and Wales)

PALM PRINT AND DESIGN LTD

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

PALM PRINT AND DESIGN LTD

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

PALM PRINT AND DESIGN LTD

BALANCE SHEET

As at 31 May 2024
PALM PRINT AND DESIGN LTD

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 49,144 52,341
49,144 52,341
Current assets
Stocks 4 1,000 1,000
Debtors 5 75,660 53,404
Cash at bank and in hand 56,010 57,919
132,670 112,323
Creditors: amounts falling due within one year 6 ( 68,478) ( 73,173)
Net current assets 64,192 39,150
Total assets less current liabilities 113,336 91,491
Creditors: amounts falling due after more than one year 7 ( 22,110) ( 33,112)
Net assets 91,226 58,379
Capital and reserves
Called-up share capital 100 100
Profit and loss account 91,126 58,279
Total shareholders' funds 91,226 58,379

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Palm Print and Design Ltd (registered number: 03111978) were approved and authorised for issue by the Board of Directors on 20 December 2024. They were signed on its behalf by:

H C Keith
Director
PALM PRINT AND DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
PALM PRINT AND DESIGN LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Palm Print and Design Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 179a Alma Road, Charminster, Bournemouth, BH9 1AQ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Plant and machinery Vehicles Office equipment Total
£ £ £ £
Cost
At 01 June 2023 396,764 0 31,795 428,559
Additions 0 8,750 1,933 10,683
At 31 May 2024 396,764 8,750 33,728 439,242
Accumulated depreciation
At 01 June 2023 348,614 0 27,604 376,218
Charge for the financial year 12,037 1,094 749 13,880
At 31 May 2024 360,651 1,094 28,353 390,098
Net book value
At 31 May 2024 36,113 7,656 5,375 49,144
At 31 May 2023 48,150 0 4,191 52,341

4. Stocks

2024 2023
£ £
Stocks 1,000 1,000

5. Debtors

2024 2023
£ £
Trade debtors 71,698 51,799
Other debtors 3,962 1,605
75,660 53,404

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,516 10,683
Trade creditors 18,124 13,331
Taxation and social security 17,338 14,368
Other creditors 22,500 34,791
68,478 73,173

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 12,772 23,167
Other creditors 9,338 9,945
22,110 33,112

There are no amounts included above in respect of which any security has been given by the small entity.