Registered number
07023190
Palmer Joinery Ltd
Filleted Accounts
30 September 2024
Palmer Joinery Ltd
Registered number: 07023190
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 20,513 28,828
Current assets
Debtors 4 182,313 161,959
Cash at bank and in hand 37,677 52,285
219,990 214,244
Creditors: amounts falling due within one year 5 (34,705) (49,507)
Net current assets 185,285 164,737
Total assets less current liabilities 205,798 193,565
Creditors: amounts falling due after more than one year 6 (10,625) (18,125)
Net assets 195,173 175,440
Capital and reserves
Called up share capital 100 100
Profit and loss account 195,073 175,340
Shareholder's funds 195,173 175,440
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.
Warren Palmer
Director
Approved by the board on 4 January 2025
Palmer Joinery 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.
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 46,614 21,899 68,513
Additions 1,994 - 1,994
At 30 September 2024 48,608 21,899 70,507
Depreciation
At 1 October 2023 22,165 17,520 39,685
Charge for the year 5,930 4,379 10,309
At 30 September 2024 28,095 21,899 49,994
Net book value
At 30 September 2024 20,513 - 20,513
At 30 September 2023 24,449 4,379 28,828
4 Debtors 2024 2023
£ £
Trade debtors 93,756 73,402
Amounts owed by group undertakings and undertakings in which the company has a participating interest 83,908 83,908
Other debtors 4,649 4,649
182,313 161,959
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 7,500 7,500
Trade creditors 8,115 23,159
Taxation and social security costs 18,671 18,599
Other creditors 419 249
34,705 49,507
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 10,625 18,125
7 Events after the reporting date
There were no post balance sheet events that would have a material effect on the accounts.
8 Controlling party
During the period under review the company was under the control of the sole director shareholder Mr W Palmer.
9 Other information
Palmer Joinery Ltd is a private company limited by shares and incorporated in England. Its registered office is:
C1 Premier Business Centre
Newgate Lane
Fareham
Hampshire
PO14 1TY
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