Registration number:
|
Geoffrey Palmer Limited
|
|
|
Geoffrey Palmer Limited
Contents
|
Company Information |
|
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Geoffrey Palmer Limited
Company Information
|
Directors |
S R Palmer C E Palmer H J Palmer |
|
Company secretary |
S R Palmer |
|
Registered office |
|
|
Accountants |
|
Geoffrey Palmer Limited
Statement of Financial Position as at 30 November 2024
|
Note |
2024 |
(As restated) |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
Other financial assets |
2,570,248 |
2,316,015 |
|
|
|
|
||
|
Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
2,236 |
2,236 |
|
|
Share premium reserve |
116,764 |
116,764 |
|
|
Retained earnings |
3,621,346 |
3,393,674 |
|
|
Shareholders' funds |
3,740,346 |
3,512,674 |
For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
|
• |
|
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Geoffrey Palmer Limited
Statement of Financial Position as at 30 November 2024
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Approved and authorised by the
.........................................
H J Palmer
Director
Company registration number: 01684142
Geoffrey Palmer Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the provision of services to the entertainment industry.
|
Accounting policies |
Statement of compliance
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' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a profit for the year ended 30 November 2024 and had net assets of £3,740,346 at that date.
The directors believe that royalty income from the company's catalogue of TV and film productions and income from investments will continue. The company has few fixed overheads.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, rebates and discounts.
The company recognises revenue from royalties from repeats of past performances in the period in which they are earned.
Geoffrey Palmer Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Office Equipment |
20% straight line |
|
Fixtures & Fittings |
10% straight line |
Investment property
Investments
Publicly traded investments are measured at fair value at each year end with changes in valuation recognised in comprehensive income. Non-listed investments are also measured at fair value where a reliable valuation is available. Any changes in valuation are recognised in comprehensive income.
Other investments in non-listed shares are stated at deemed original cost less any provisions for dimunition in value.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Geoffrey Palmer Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2024
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
|
Staff numbers |
The average number of persons employed by the company during the year, was
|
Tangible assets |
|
Fixtures & Fittings |
Office Equipment |
Total |
|
|
Cost or valuation |
|||
|
At 1 December 2023 |
|
|
|
|
At 30 November 2024 |
|
|
|
|
Depreciation |
|||
|
At 1 December 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 November 2024 |
|
|
|
|
Carrying amount |
|||
|
At 30 November 2024 |
|
|
|
|
At 30 November 2023 |
|
|
|
Geoffrey Palmer Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2024
|
Investment properties |
|
Fair value |
2024 |
|
At 1 December 2023 |
|
|
Fair value adjustments |
|
|
At 30 November 2024 |
|
The investment property has been reflected at market value as estimated by the directors at an amount of £770,000.
|
Other financial assets (non-current) |
|
Listed Investments |
Unlisted Investments |
Total |
|
|
Non-current financial assets |
|||
|
Cost or valuation |
|||
|
At 1 December 2023 |
2,191,015 |
125,000 |
2,316,015 |
|
Fair value adjustments |
318,549 |
- |
318,549 |
|
Additions |
89,210 |
- |
89,210 |
|
Disposals |
(153,526) |
- |
(153,526) |
|
At 30 November 2024 |
2,445,248 |
125,000 |
2,570,248 |
|
Carrying amount |
|||
|
At 30 November 2024 |
|
|
2,570,248 |
|
At 30 November 2023 |
|
|
2,316,015 |
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
Geoffrey Palmer Limited
Notes to the Unaudited Financial Statements
for the Year Ended 30 November 2024
|
Creditors |
Creditors: amounts falling due within one year
|
2024 |
2023 |
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
|
Transactions with directors |
At 30 November 2024 an amount of £582,362 (2023: £574,640) was due to the company from directors. Advances of £83,897 and repayments of £90,148 were made. Interest of £13,913 (2023: £13,114) is due to the company at 2.25% pa. There are no set terms in place.
|
Profit and Loss Reserve |
The profit and loss account includes all current and prior year retained earnings and accumulated losses. Of the amount standing to the credit of the profit and loss account an amount of £1,335,902 (2023: £1,054,241) is not distributable in accordance with the Companies Act 2006.
|
Prior period adjustment |
During the year it was identified that an element of deferred tax consideration had been omitted from the previous years' financial statements. This has been corrected and the comparatives have been restated.
The effect of the adjustment is to increase the profit after tax for the year ended 30 November 2023 by £57,659 and to increase net assets as at 30 November 2023 by the same amount from that previously stated.