Company registration number NI613694 (Northern Ireland)
PALYN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
PALYN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PALYN LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
19,575
19,471
Current assets
Debtors
5
360
2,039
Cash at bank and in hand
327,521
222,613
327,881
224,652
Creditors: amounts falling due within one year
6
(104,662)
(52,923)
Net current assets
223,219
171,729
Total assets less current liabilities
242,794
191,200
Creditors: amounts falling due after more than one year
7
(11,942)
(14,226)
Net assets
230,852
176,974
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
230,850
176,972
Total equity
230,852
176,974
PALYN LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
31 March 2025
- 2 -

These financial statments have been prepared 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'.

 

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

Directors' responsibilities:

 

 

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

The financial statements were approved by the board of directors and authorised for issue on 24 June 2025 and are signed on its behalf by:
Mr Paul Jackson
Director
Company registration number NI613694 (Northern Ireland)
PALYN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Palyn Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is 55 Drumlin Road, Donaghcloney, Co Down, BT66 7NJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost basis.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services rendered, net of discounts and Value Added Tax.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

All fixed assets are initially recorded at cost.

Depreciation is calculated so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
NIL%
Plant and equipment
25% reducing balance
Equipment
33% straight line
Motor vehicles
25% reducing balance
1.4
Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

1.5
Taxation

Corporation tax is recognised on taxable profit for the current and past periods. Corporation tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

PALYN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies (Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.6
Retirement benefits

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

 

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measure on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.7

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
2
PALYN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2024
6,916
23,101
30,017
Additions
-
0
13,661
13,661
Disposals
-
0
(12,450)
(12,450)
At 31 March 2025
6,916
24,312
31,228
Depreciation and impairment
At 1 April 2024
-
0
10,546
10,546
Depreciation charged in the year
-
0
4,219
4,219
Eliminated in respect of disposals
-
0
(3,112)
(3,112)
At 31 March 2025
-
0
11,653
11,653
Carrying amount
At 31 March 2025
6,916
12,659
19,575
At 31 March 2024
6,916
12,555
19,471
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
360
2,039
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
3,000
3,700
Trade creditors
2,710
-
0
Corporation tax
76,272
26,722
Other taxation and social security
20,643
17,727
Other creditors
2,037
4,774
104,662
52,923
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
11,942
14,226
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