Caseware UK (AP4) 2024.0.164 2024.0.164 2025-01-312025-01-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.12024-02-01false1No description of principal activityfalsetruefalse 02784288 2024-02-01 2025-01-31 02784288 2023-02-01 2024-01-31 02784288 2025-01-31 02784288 2024-01-31 02784288 c:Director1 2024-02-01 2025-01-31 02784288 d:FreeholdInvestmentProperty 2024-02-01 2025-01-31 02784288 d:FreeholdInvestmentProperty 2025-01-31 02784288 d:FreeholdInvestmentProperty 2024-01-31 02784288 d:CurrentFinancialInstruments 2025-01-31 02784288 d:CurrentFinancialInstruments 2024-01-31 02784288 d:CurrentFinancialInstruments d:WithinOneYear 2025-01-31 02784288 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 02784288 d:ShareCapital 2025-01-31 02784288 d:ShareCapital 2024-01-31 02784288 d:SharePremium 2025-01-31 02784288 d:SharePremium 2024-01-31 02784288 d:RetainedEarningsAccumulatedLosses 2025-01-31 02784288 d:RetainedEarningsAccumulatedLosses 2024-01-31 02784288 c:FRS102 2024-02-01 2025-01-31 02784288 c:AuditExempt-NoAccountantsReport 2024-02-01 2025-01-31 02784288 c:FullAccounts 2024-02-01 2025-01-31 02784288 c:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 02784288 e:PoundSterling 2024-02-01 2025-01-31 iso4217:GBP xbrli:pure

Registered number: 02784288









PALMER LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2025

 
PALMER LIMITED
REGISTERED NUMBER:02784288

BALANCE SHEET
AS AT 31 JANUARY 2025

2025
2024
Note
£
£

Fixed assets
  

Investment property
 6 
525,017
265,017

  
525,017
265,017

Current assets
  

Debtors: amounts falling due within one year
 4 
5,125
27,625

Cash at bank and in hand
  
449
727

  
5,574
28,352

Creditors: amounts falling due within one year
 5 
(452,371)
(245,706)

Net current liabilities
  
 
 
(446,797)
 
 
(217,354)

Total assets less current liabilities
  
78,220
47,663

  

Net assets
  
78,220
47,663


Capital and reserves
  

Called up share capital 
  
300
300

Share premium account
  
29,970
29,970

Profit and loss account
  
47,950
17,393

  
78,220
47,663


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 on 30 April 2025.


Page 1

 
PALMER LIMITED
REGISTERED NUMBER:02784288
    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2025



N Crowe
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PALMER LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

1.


General information

Palmer Limited (the Company) ia a private company, limited by shares, registered in the United Kingdom under the Companies Act. The registered office is 1 The Green, Richmond, Surrey, TW9 1PL.

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

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.

 
2.3

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.

 
2.4

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.

 
2.5

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections
Page 3

 
PALMER LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.5
Financial instruments (continued)

11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument 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.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary
Page 4

 
PALMER LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

2.Accounting policies (continued)


2.5
Financial instruments (continued)

course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.6

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2024 - 1).

Page 5

 
PALMER LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025

4.


Debtors

2025
2024
£
£


Other debtors
5,125
27,625

5,125
27,625



5.


Creditors: Amounts falling due within one year

2025
2024
£
£

Other creditors
451,571
244,906

Accruals and deferred income
800
800

452,371
245,706



6.


Investment property


Freehold investment property

£



Valuation


At 1 February 2024
265,017


Additions at cost
260,000



At 31 January 2025
525,017

The 2025 valuations were made by the directors, on an open market value for existing use basis.







 
Page 6