ACCOUNTS - Final Accounts preparation

Company Registration Number: 15334883

PALLADIAN (NORTH EAST) LIMITED

FINANCIAL STATEMENTS

31 DECEMBER 2024

PALLADIAN (NORTH EAST) LIMITED

REGISTERED NUMBER: 15334883

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024
Note		£


Current assets
Stocks	5	1,420,418
Debtors: amounts falling due within one year	6	13,642
Cash at bank and in hand	7	3,818
		1,437,878
Creditors: amounts falling due within one year	8	(1,454,784)
Net current (liabilities)/assets			(16,906)
Total assets less current liabilities			(16,906)

Net (liabilities)/assets			(16,906)

Capital and reserves
Called up share capital	9	100
Profit and loss account		(17,006)
		(16,906)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

M F Hogan

Director

Date: 29 September 2025

The notes on pages 2 to 5 form part of these financial statements.

Page 1

PALLADIAN (NORTH EAST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Palladian (North East) Limited is a private limited company, limited by shares, incorporated and domiciled in England and Wales. The Company's registration number and registered office address can be found on the Company Information page.
The Company was incorportated on 8 December 2023.
The financial statements are prepared in Sterling which is considered to be the functional currency of Palladian (North East) Limited.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

2.2

Going concern

The company has net current liabilities due to amounts owed to group companies and other related parties, which will not require repayment if this would jeopardise the company’s ability to continue as a going concern.
For this reason, in addition to the future plans for the company, management believe the going concern basis to be appropriate for the financial statements.

2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, 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 profit or loss.

Page 2

PALLADIAN (NORTH EAST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Employees

The Company has no employees other than the directors, who did not receive any remuneration.

4.	Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.

The audit report was signed on 29 September 2025 by Simon Turner (Senior statutory auditor) on behalf of Armstrong Watson Audit Limited.

5.	Stocks
		2024
		£

	Work in progress	1,420,418
		1,420,418

Debtors

					2024
					£


	Other debtors	13,642
		13,642

Page 3

PALLADIAN (NORTH EAST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

7.	Cash and cash equivalents
		2024
		£

	Cash at bank and in hand	3,818
		3,818

8.	Creditors: Amounts falling due within one year
		2024
		£

	Trade creditors	1,920
	Amounts owed to group undertakings	1,331,477
	Accruals and deferred income	121,387
		1,454,784

9.	Share capital
	On incorporation, the company allotted the following shares:
		2024
		£

		Allotted, called up and fully paid

		75 A Ordinary shares of £1.00 each	75
		25 B Ordinary shares of £1.00 each	25

			100

These shares represent the initial issued share capital of the Company and were allotted for cash consideration. There are no unpaid amounts of these shares.

10.	Controlling party

The company's immediate parent is VB Turnbull Limited which is incorporated in England and Wales. The registered office of VB Turnbull Limited is Dere Street House, Bowburn Industrial Estate, Bowburn, Durham, DH6 5PF.
The parent of the largest group is Vestbrown (Newco) Limited which is incorporated in England and Wales. The registered office of Vestbrown (Newco) Limited is Dere Street House, Bowburn Industrial Estate, Bowburn, Durham, DH6 5PF.

Page 4

PALLADIAN (NORTH EAST) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

11.	Auditors' information

The auditors' report on the financial statements for the period ended 31 December 2024 was unqualified.
The audit report was signed on 29 September 2025 by Simon Turner (Senior statutory auditor) on behalf of Armstrong Watson Audit Limited.

Page 5