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COMPANY REGISTRATION NUMBER: 01427225
PALGRANGE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2024
PALGRANGE LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
6
1,186
1,394
CURRENT ASSETS
Stocks
95,090
112,197
Debtors
7
80,403
41,151
Cash at bank and in hand
239,333
326,974
---------
---------
414,826
480,322
CREDITORS: amounts falling due within one year
8
( 118,530)
( 135,633)
---------
---------
NET CURRENT ASSETS
296,296
344,689
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
297,482
346,083
---------
---------
NET ASSETS
297,482
346,083
---------
---------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
297,480
346,081
---------
---------
SHAREHOLDERS FUNDS
297,482
346,083
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PALGRANGE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 March 2025 , and are signed on behalf of the board by:
E Peters
R Scott
Director
Director
Company registration number: 01427225
PALGRANGE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Lands Lane, Leeds, LS1 6AL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services provided, exclusive of Value Added Tax.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Fixtures and fittings
-
15% reducing balance
Equipment
-
33 1/3% Straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 13 (2023: 14 ).
5. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
23,163
42,868
Adjustments in respect of prior periods
( 3,606)
--------
--------
Total current tax
23,163
39,262
--------
--------
--------
--------
Tax on profit
23,163
39,262
--------
--------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
8,888
36,792
775
46,455
-------
--------
----
--------
Depreciation
At 1 July 2023
8,693
35,593
775
45,061
Charge for the year
29
179
208
-------
--------
----
--------
At 30 June 2024
8,722
35,772
775
45,269
-------
--------
----
--------
Carrying amount
At 30 June 2024
166
1,020
1,186
-------
--------
----
--------
At 30 June 2023
195
1,199
1,394
-------
--------
----
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
42,734
39,548
Other debtors
37,669
1,603
--------
--------
80,403
41,151
--------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Trade creditors
38,580
42,105
Corporation tax
23,163
42,868
Social security and other taxes
21,815
11,037
Other creditors
34,972
39,623
---------
---------
118,530
135,633
---------
---------
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES