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PALMERS SOLICITORS BEDFORD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST AUGUST 2024






PALMERS SOLICITORS BEDFORD LIMITED (REGISTERED NUMBER: 02255621)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

PALMERS SOLICITORS BEDFORD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2024







DIRECTORS: Ms J Palmer
Ms S Palmer
Y Shah





SECRETARY: Ms J Palmer





REGISTERED OFFICE: Hassett House
Hassett Street
Bedford
Bedfordshire
MK40 1HA





REGISTERED NUMBER: 02255621 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

PALMERS SOLICITORS BEDFORD LIMITED (REGISTERED NUMBER: 02255621)

BALANCE SHEET
31ST AUGUST 2024

31/8/24 31/8/23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 314,164 376,996
Tangible assets 5 2,634 3,663
316,798 380,659

CURRENT ASSETS
Debtors 6 199,219 160,276
Cash at bank and in hand 169,223 120,287
368,442 280,563
CREDITORS
Amounts falling due within one year 7 441,964 404,805
NET CURRENT LIABILITIES (73,522 ) (124,242 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

243,276

256,417

CREDITORS
Amounts falling due after more than one
year

8

9,196

19,196
NET ASSETS 234,080 237,221

CAPITAL AND RESERVES
Called up share capital 150 150
Share premium 119,950 119,950
Retained earnings 113,980 117,121
234,080 237,221

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PALMERS SOLICITORS BEDFORD LIMITED (REGISTERED NUMBER: 02255621)

BALANCE SHEET - continued
31ST AUGUST 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st May 2025 and were signed on its behalf by:





Ms S Palmer - Director


PALMERS SOLICITORS BEDFORD LIMITED (REGISTERED NUMBER: 02255621)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024

1. STATUTORY INFORMATION

Palmers Solicitors Bedford Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Fees receivable from the rendering of services are recognised in the Profit and Loss Account when a right to consideration has been obtained in exchange for performance of contractual rights. Income is recorded excluding value added tax at the fair value of the right to consideration, including principal time after deducting allowances for discounts, credit risk and other uncertainties relating to clients' willingness to pay.

In all cases where the ability to recover fees on a matter is non-contingent, income is recognised on the basis of time spent. For those cases where the ability to recover fees is contingent, income will not be recognised until the matter is completed, except for those cases where the matter completes prior to approval of the accounts, for which a fair proportion is included in amounts recoverable on contract.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PALMERS SOLICITORS BEDFORD LIMITED (REGISTERED NUMBER: 02255621)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st September 2023
and 31st August 2024 628,327
AMORTISATION
At 1st September 2023 251,331
Amortisation for year 62,832
At 31st August 2024 314,163
NET BOOK VALUE
At 31st August 2024 314,164
At 31st August 2023 376,996

PALMERS SOLICITORS BEDFORD LIMITED (REGISTERED NUMBER: 02255621)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st September 2023 14,018
Additions 1,398
At 31st August 2024 15,416
DEPRECIATION
At 1st September 2023 10,355
Charge for year 2,427
At 31st August 2024 12,782
NET BOOK VALUE
At 31st August 2024 2,634
At 31st August 2023 3,663

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/8/24 31/8/23
£    £   
Trade debtors 65,786 90,894
Doubtful debt provision (8,855 ) (11,540 )
Amounts recoverable on contract 107,172 79,663
Directors' current accounts 3,235 -
Prepayments and accrued income 31,881 1,259
199,219 160,276

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/8/24 31/8/23
£    £   
Bank loans and overdrafts 69,288 32,780
Corporation tax 111,286 97,941
Social security and other taxes 14,209 12,693
VAT 48,846 56,001
Other creditors 1,857 10,464
Net wages outstanding - 368
Directors' current accounts 143,080 173,304
Accruals and deferred income 53,398 21,254
441,964 404,805

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/8/24 31/8/23
£    £   
Bank loans 9,196 19,196

PALMERS SOLICITORS BEDFORD LIMITED (REGISTERED NUMBER: 02255621)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st August 2024 and 31st August 2023:

31/8/24 31/8/23
£    £   
Y Shah
Balance outstanding at start of year - -
Amounts advanced 97,748 -
Amounts repaid (94,513 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 3,235 -

10. RELATED PARTY DISCLOSURES

The Palmer Family Trust Plc

A Trust where the directors share a common interest.

During the year Palmers Solicitors Bedford Limited paid rent of £56,000 to the Trust (2023: £28,000).

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PALMERS SOLICITORS BEDFORD LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Palmers Solicitors Bedford Limited for the year ended 31st August 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Palmers Solicitors Bedford Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palmers Solicitors Bedford Limited and state those matters that we have agreed to state to the Board of Directors of Palmers Solicitors Bedford Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palmers Solicitors Bedford Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palmers Solicitors Bedford Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palmers Solicitors Bedford Limited. You consider that Palmers Solicitors Bedford Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Palmers Solicitors Bedford Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


23rd May 2025