10 false false false false false false false false false false true false false true false true true No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2024 - FRS102_2024 39,705 3,669 43,374 18,370 5,001 23,371 20,003 21,335 5,000 5,000 5,000 xbrli:pure xbrli:shares iso4217:GBP 06949699 2023-08-01 2024-07-31 06949699 2024-07-31 06949699 2023-07-31 06949699 2022-08-01 2023-07-31 06949699 2023-07-31 06949699 2022-07-31 06949699 core:FurnitureFittings 2023-08-01 2024-07-31 06949699 bus:Director1 2023-08-01 2024-07-31 06949699 core:FurnitureFittings 2023-07-31 06949699 core:FurnitureFittings 2024-07-31 06949699 core:WithinOneYear 2024-07-31 06949699 core:WithinOneYear 2023-07-31 06949699 core:AfterOneYear 2024-07-31 06949699 core:AfterOneYear 2023-07-31 06949699 core:ShareCapital 2024-07-31 06949699 core:ShareCapital 2023-07-31 06949699 core:RetainedEarningsAccumulatedLosses 2024-07-31 06949699 core:RetainedEarningsAccumulatedLosses 2023-07-31 06949699 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 06949699 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2024-07-31 06949699 core:Non-currentFinancialInstruments 2023-07-31 06949699 core:FurnitureFittings 2023-07-31 06949699 bus:SmallEntities 2023-08-01 2024-07-31 06949699 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 06949699 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 06949699 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 06949699 bus:FullAccounts 2023-08-01 2024-07-31
COMPANY REGISTRATION NUMBER: 06949699
PALAK ENTERPRISES LTD
Filleted Unaudited Financial Statements
31 July 2024
PALAK ENTERPRISES LTD
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
20,003
21,335
Investments
6
5,000
--------
--------
20,003
26,335
Current assets
Stocks
65,120
70,625
Debtors
7
25,024
14,290
Cash at bank and in hand
1,701
6,404
--------
--------
91,845
91,319
Creditors: amounts falling due within one year
8
75,565
86,461
--------
--------
Net current assets
16,280
4,858
--------
--------
Total assets less current liabilities
36,283
31,193
Creditors: amounts falling due after more than one year
9
19,974
28,880
--------
--------
Net assets
16,309
2,313
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
16,209
2,213
--------
-------
Shareholders funds
16,309
2,313
--------
-------
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 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PALAK ENTERPRISES LTD
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:
Mr Sidart Divan
Director
Company registration number: 06949699
PALAK ENTERPRISES LTD
Notes to the Financial Statements
Year ended 31 July 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 96, THE BROADWAY, SOUTHALL, UB1 1QF, UK.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Tangible assets
All assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
Fixtures & fittings
-
20% reducing balance
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2023: 10 ).
5. Tangible assets
Fixtures and fittings
Total
£
£
Cost
At 1 August 2023
39,705
39,705
Additions
3,669
3,669
--------
--------
At 31 July 2024
43,374
43,374
--------
--------
Depreciation
At 1 August 2023
18,370
18,370
Charge for the year
5,001
5,001
--------
--------
At 31 July 2024
23,371
23,371
--------
--------
Carrying amount
At 31 July 2024
20,003
20,003
--------
--------
At 31 July 2023
21,335
21,335
--------
--------
6. Investments
Other investments other than loans
£
Cost
At 1 August 2023
5,000
Disposals
( 5,000)
-------
At 31 July 2024
-------
Impairment
At 1 August 2023 and 31 July 2024
-------
Carrying amount
At 31 July 2024
-------
At 31 July 2023
5,000
-------
7. Debtors
2024
2023
£
£
Trade debtors
20
Other debtors
25,024
14,270
--------
--------
25,024
14,290
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
24,543
18,765
Corporation tax
31,779
25,200
Social security and other taxes
17,928
40,751
Other creditors
1,315
1,745
--------
--------
75,565
86,461
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bounce back loan
19,974
28,880
--------
--------
10. Director's advances, credits and guarantees
Directors loan account relates to directors current account.
11. Related party transactions
The company was under the control of Mr Sidart Divan throughout the current and previous year. Mr Sidart Divan is the managing director holding 55% share capital in the company.