JOHN R PALEY ASSOCIATES LIMITED


Directors	PALEY, John Robert
	PALEY, Patricia Linda
	WYNNE, Emma Victoria


Company Secretary	WYNNE, Emma Victoria


Registered Address	14 Mariner Court
	Durkar
	Wakefield
	WF4 3FL


Registered Number	04224264 (England and Wales)

Notes to the Financial Statements
for the year ended 31 May 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	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 rendering of services. 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.

Turnover policy

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 rendering of services.

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.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current 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.

	Deferred tax
	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.

Deferred tax

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.

	Intangible assets
	Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Fixtures and fittings	25	-
Office Equipment	-	4

	Finance leases and hire purchase contracts
	Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Income Statement. Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Stocks and work in progress

Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). 

At each date of Statement of Financial Position, stocks are assessed for impairment.  If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell.  The impairment loss is recognised immediately in the Income Statement.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	14		13

3.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 June 24	625,000	625,000
At 31 May 25	625,000	625,000
Amortisation and impairment
At 01 June 24	625,000	625,000
At 31 May 25	625,000	625,000
Net book value
At 31 May 25	-	-
At 31 May 24	-	-

4.	Useful life of intangible assets
	Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of goodwill has been set at 20 years and the asset will be amortised on a straight line basis over that period.

5.	Tangible fixed assets

	Fixtures & fittings	Office Equipment	Total
	£	£	£
Cost or valuation
At 01 June 24	247,040	92,414	339,454
Additions	626	1,869	2,495
At 31 May 25	247,666	94,283	341,949
Depreciation and impairment
At 01 June 24	233,636	68,426	302,062
Charge for year	3,457	10,714	14,171
At 31 May 25	237,093	79,140	316,233
Net book value
At 31 May 25	10,573	15,143	25,716
At 31 May 24	13,404	23,988	37,392

6.	Impairment of tangible fixed assets
	At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

7.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	437,393	446,289
Prepayments and accrued income	39,135	32,622
Total	476,528	478,911


	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.

8.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	18,762	17,463
Bank borrowings and overdrafts	10,567	26,508
Taxation and social security	199,955	142,906
Other creditors	179,786	215,812
Accrued liabilities and deferred income	11,200	11,236
Total	420,270	413,925


	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.

9.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	-	10,567
Total	-	10,567

10.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	5,570	8,209
Total	5,570	8,209

11.	Other commitments
	At 31 May 2024 the company had future minimum lease payments under non-cancellable operating leases of £90,087 (2024: £66,994).

12.	Further information regarding the company's financial position
	During the year, dividends were paid of £108,434 (2024: £108,434)

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	5		25,716		37,392
			25,716		37,392
Current assets
Debtors	7	476,528		478,911
Cash at bank and on hand		57,134		235
		533,662		479,146
Creditors amounts falling due within one year	8	(420,270)		(413,925)
Net current assets (liabilities)			113,392		65,221
Total assets less current liabilities			139,108		102,613
Creditors amounts falling due after one year	9		-		(10,567)
Provisions for liabilities	10		(5,570)		(8,209)
Net assets			133,538		83,837
Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			132,538		82,837
Shareholders' funds			133,538		83,837