Palfrey Service Station Limited |
Registered number: 02254103 |
Balance Sheet |
as at 31 January 2025 |
|
Notes |
|
|
2025 |
|
|
2024 |
£ |
£ |
Current assets |
Debtors |
3 |
|
5,954 |
|
|
14,682 |
|
Creditors: amounts falling due within one year |
4 |
|
(5,821) |
|
|
(14,549) |
|
Net current assets |
|
|
|
133 |
|
|
133 |
|
Net assets |
|
|
|
133 |
|
|
133 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
40,004 |
|
|
40,004 |
Profit and loss account |
|
|
|
(39,871) |
|
|
(39,871) |
|
Shareholders' funds |
|
|
|
133 |
|
|
133 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
A Evans |
Director |
Approved by the board on 19 February 2025 |
|
Palfrey Service Station Limited |
Notes to the Accounts |
for the year ended 31 January 2025 |
|
|
1 |
Accounting policies |
|
|
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. |
|
|
2 |
Employees |
2025 |
|
2024 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Debtors |
2025 |
|
2024 |
£ |
£ |
|
|
Other debtors |
5,954 |
|
14,682 |
|
|
|
|
|
|
|
|
|
|
4 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
£ |
£ |
|
|
Other creditors |
5,821 |
|
14,549 |
|
|
|
|
|
|
|
|
|
|
5 |
Related party transactions |
|
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group. |
6 |
Controlling party |
|
|
The company is controlled by the director who is the shareholder. |
|
7 |
Contingent Liabilities |
|
|
In 2011 and 2012 the company made contributions from its profits in to an employer funded retirement benefit scheme. Some years later and after the company had ceased trading, HMRC contended that these amounts should be subject to PAYE and NIC, seeking amounts totalling £298,838 in respect of the transactions. The director had received contemporaneous advice from specialist tax advisors and legal counsel that no tax was payable and made full and transparent disclosures of all matters. The director has continued his attempt to get these matters resolved so that the company can be brought to an orderly closure but has now received further assessments and notices for advance payments of tax of £132,812 using subsequent legislation in respect of an investment by the company of it's surplus funds during it's trading period, despite the company having received specialist advice at the time including sight of correspondence from HMRC confirming the tax treatment used. Whilst the director has continued to personally finance these attempts to bring the matter to a conclusion, should HMRC pursue collection of these advance payments the company will have insufficient funds to make such payments and be forced into compulsory liquidation. |