Registered number
10998641
Palmers Wealth Management Ltd
Filleted Accounts
30 September 2024
Palmers Wealth Management Ltd
Registered number: 10998641
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 34,155 -
Tangible assets 4 161,383 92,691
195,538 92,691
Current assets
Debtors 5 110,631 133,300
Cash at bank and in hand 4,606 97,943
115,237 231,243
Creditors: amounts falling due within one year 6 (50,545) (70,764)
Net current assets 64,692 160,479
Net assets 260,230 253,170
Capital and reserves
Called up share capital 100 100
Profit and loss account 260,130 253,070
Shareholder's funds 260,230 253,170
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A R Palmer
Director
Approved by the board on 11 May 2025
Palmers Wealth Management Ltd
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and Buildings 10% straight line basis
Fixtures, fittings, tools and equipment 15% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
Additions 36,924
At 30 September 2024 36,924
Amortisation
Provided during the year 2,769
At 30 September 2024 2,769
Net book value
At 30 September 2024 34,155
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 89,891 4,532 94,423
Additions 86,779 - 86,779
At 30 September 2024 176,670 4,532 181,202
Depreciation
At 1 October 2023 - 1,732 1,732
Charge for the year 17,667 420 18,087
At 30 September 2024 17,667 2,152 19,819
Net book value
At 30 September 2024 159,003 2,380 161,383
At 30 September 2023 89,891 2,800 92,691
5 Debtors 2024 2023
£ £
Trade debtors 110,631 133,300
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 720 -
Taxation and social security costs 22,941 48,579
Other creditors 26,884 22,185
50,545 70,764
7 Other information
Palmers Wealth Management Ltd is a private company limited by shares and incorporated in England. Its registered office is:
The White Cottage
Old Uckfield Road
Ringmer, Lewes
East Sussex
BN8 5RX
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