Company No: 15306673 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	30.11.2024
		£
Current assets
Stocks		137,290
Debtors	3	7,589
Cash at bank and in hand		6,696
		151,575
Creditors: amounts falling due within one year	4	( 392,802)
Net current liabilities		(241,227)
Total assets less current liabilities		(241,227)
Net liabilities		( 241,227)
Capital and reserves
Called-up share capital	5	100
Profit and loss account		( 241,327 )
Total shareholders' deficit		( 241,227)

For the financial period 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 members have not required the Company to obtain an audit of its financial statements for the financial period in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Palair Limited (registered number: 15306673) were approved and authorised for issue by the Board of Directors on 21 October 2025. They were signed on its behalf by:

Sarah Louise Horrocks Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Palair Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Imperial Square, Cheltenham, GL50 1QB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £241,227. The Company is supported through loans from its investors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	Period from 24.11.2023 to 30.11.2024
	Number
Monthly average number of persons employed by the Company during the period, including directors	3

3. Debtors

	30.11.2024
	£
VAT recoverable	7,469
Other debtors	120
	7,589

4. Creditors: amounts falling due within one year

	30.11.2024
	£
Trade creditors	116,253
Convertible loan notes	250,000
Accruals	26,549
	392,802

£250,000 loans are convertible to equity under certain circumstances. The loan notes are wholly recognised as a liability as the equity component was not deemed material to these accounts. Interest is accruing on the loan notes, with £21,899 recognised in accruals. In accordance with the loan note instrument, should the loan notes be converted, the interest shall be waived.

5. Called-up share capital

	30.11.2024
	£
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.01 each	100

6. Related party transactions

Transactions with owners holding a participating interest in the entity

During the year, consultancy costs of £62,645 were incurred from a company wholly owned by a shareholder of this company. £12,000 was outstanding at the year-end and included within trade creditors.