Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-04-01falseNo description of principal activity24truetruefalse 07777896 2023-04-01 2024-03-31 07777896 2022-04-01 2023-03-31 07777896 2024-03-31 07777896 2023-03-31 07777896 c:Director1 2023-04-01 2024-03-31 07777896 d:FurnitureFittings 2023-04-01 2024-03-31 07777896 d:FurnitureFittings 2024-03-31 07777896 d:FurnitureFittings 2023-03-31 07777896 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07777896 d:OfficeEquipment 2023-04-01 2024-03-31 07777896 d:OfficeEquipment 2024-03-31 07777896 d:OfficeEquipment 2023-03-31 07777896 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07777896 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07777896 d:CurrentFinancialInstruments 2024-03-31 07777896 d:CurrentFinancialInstruments 2023-03-31 07777896 d:Non-currentFinancialInstruments 2024-03-31 07777896 d:Non-currentFinancialInstruments 2023-03-31 07777896 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07777896 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07777896 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07777896 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07777896 d:ShareCapital 2024-03-31 07777896 d:ShareCapital 2023-03-31 07777896 d:RetainedEarningsAccumulatedLosses 2024-03-31 07777896 d:RetainedEarningsAccumulatedLosses 2023-03-31 07777896 c:FRS102 2023-04-01 2024-03-31 07777896 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07777896 c:FullAccounts 2023-04-01 2024-03-31 07777896 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07777896 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 07777896









PALL MALL RESOURCES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PALL MALL RESOURCES LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8


 
PALL MALL RESOURCES LIMITED
REGISTERED NUMBER: 07777896

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
43,532
27,050

  
43,532
27,050

Current assets
  

Stocks
  
6,955
6,625

Debtors: amounts falling due within one year
 5 
576,114
446,097

Cash at bank and in hand
 6 
112,283
59,595

  
695,352
512,317

Creditors: amounts falling due within one year
 7 
(317,602)
(204,092)

Net current assets
  
 
 
377,750
 
 
308,225

Total assets less current liabilities
  
421,282
335,275

Creditors: amounts falling due after more than one year
 8 
(278,975)
(345,878)

  

Net assets/(liabilities)
  
142,307
(10,603)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
141,307
(11,603)

  
142,307
(10,603)


Page 1

 
PALL MALL RESOURCES LIMITED
REGISTERED NUMBER: 07777896
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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: 




................................................
R Marshall
Director

Date: 21 March 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
PALL MALL RESOURCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Pall Mall Resources Limited is a private company limited by shares. The company was incorporated in England and Wales and its registered office is Aston House, Cornwall Avenue, London, N3 1LF.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The director considers it appropriate to prepare the financial statements on a going concern basis. 
The company continues to pay its debts as they fall due and retains the support of the parent company and ultimate owner, R Marshall.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
PALL MALL RESOURCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
PALL MALL RESOURCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

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 balance sheet date in the countries where the Company operates and generates income.

 
2.9

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25% reducing balance
Office equipment
-
25% reducing balance

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.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value.

Page 5

 
PALL MALL RESOURCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

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.

 
2.12

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.

 
2.13

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.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 4).

Page 6

 
PALL MALL RESOURCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures & fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2023
45,037
84,337
129,374


Additions
25,790
928
26,718



At 31 March 2024

70,827
85,265
156,092



Depreciation


At 1 April 2023
39,189
63,135
102,324


Charge for the year on owned assets
4,686
5,550
10,236



At 31 March 2024

43,875
68,685
112,560



Net book value



At 31 March 2024
26,952
16,580
43,532



At 31 March 2023
5,848
21,202
27,050


5.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
138,576
34,424

Other debtors
431,538
405,673

Prepayments and accrued income
6,000
6,000

576,114
446,097



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
112,283
59,595

112,283
59,595


Page 7

 
PALL MALL RESOURCES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other loans
86,125
68,703

Trade creditors
64,739
53,817

Corporation tax
78,453
41,503

Other taxation and social security
6,219
2,857

Other creditors
73,068
28,214

Accruals and deferred income
8,998
8,998

317,602
204,092



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
263,864
234,528

Other loans
15,111
111,350

278,975
345,878


Within other creditors is a loan of £101,236 (2023: £180,053) secured by way of a floating charge over the assets of the Company, the director has also provided a personal guarantee in respect of this balance.


9.


Related party transactions

Included in debtors is the amount of £138,576 (2023: £34,424) owed from Pall Mall Barbers Limited, its parent company. There are no terms to interest on this loan and it is repayable on demand. 
Within other debtors a balance of £412,165 (2023: £396,012) due from Pall Mall Barbers NYC Inc, a company incorporated in the USA which is under common control. 

 
Page 8