Company No: OC303812 (England and Wales)

Contents

• Limited Liability Partnership Information
• Accountants' Report
• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

Designated members	DM Atkins
	C E Murch Limited

Registered office	37 St Margaret's Street
	Canterbury
	Kent
	CT1 2TU
	United Kingdom

Registered number

OC303812 (England and Wales)

Accountant	Kreston Reeves LLP
	37 St Margaret's Street
	Canterbury
	Kent
	CT1 2TU

In order to assist you to fulfil your duties under the Companies Act 2006 as applied to Limited Liability Partnerships, we have prepared for your approval the financial statements of J G Palmer LLP for the financial year ended 31 March 2025 which comprise the Balance Sheet, the Reconciliation of Members' Interests and the related notes 1 to 8 from the LLP’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that J G Palmer LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of J G Palmer LLP. You consider that J G Palmer LLP is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of J G Palmer LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the members of J G Palmer LLP, as a body, in accordance with the terms of our engagement letter dated 02 September 2024. Our work has been undertaken solely to prepare for your approval the financial statements of J G Palmer LLP and state those matters that we have agreed to state to members of J G Palmer LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than J G Palmer LLP and its members as a body for our work or for this report.

Kreston Reeves LLP

37 St Margaret's Street
Canterbury
Kent
CT1 2TU

02 December 2025

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	1		1
Tangible assets	4	639,397		657,129
Investments	5	167,050		167,050
		806,448		824,180
Current assets
Stocks		107,029		107,371
Debtors	6	250,615		333,218
Cash at bank and in hand		208,548		137,650
		566,192		578,239
Creditors: amounts falling due within one year	7	( 1,226,169)		( 1,229,727)
Net current liabilities		(659,977)		(651,488)
Total assets less current liabilities		146,471		172,692
Net assets attributable to members		146,471		172,692
Represented by
Loans and other debts due to members within one year
Other amounts		136,461		162,682
		136,461		162,682
Members' other interests
Members' capital classified as equity		10,010		10,010
		10,010		10,010
		146,471		172,692
Total members' interests
Loans and other debts due to members		136,461		162,682
Members' other interests		10,010		10,010
		146,471		172,692

For the financial year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, 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 LLPs subject to the small LLPs regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of J G Palmer LLP (registered number: OC303812) were approved and authorised for issue by the Board of Directors on 02 December 2025. They were signed on its behalf by:

DM Atkins Designated member

	EQUITY Members' other interests			DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Members' capital (classified as equity)	Other reserves	Total	Other amounts	Total
	£	£	£	£	£
Amounts due to members				168,215
Amounts due from members				(38,033)
Balance at 01 April 2023	10,010	0	10,010	130,182	140,192
Profit for the financial year available for discretionary division among members	0	122,466	122,466	0	122,466
Members' interest after profit for the financial year	10,010	122,466	132,476	130,182	262,658
Division of profit	0	(122,466)	(122,466)	122,466	0
Drawings	0	0	0	(154,966)	(154,966)
Amount introduced by members	0	0	0	65,000	65,000
Amounts due to members				162,682
Balance at 31 March 2024	10,010	0	10,010	162,682	172,692
Profit for the financial year available for discretionary division among members	0	139,054	139,054	0	139,054
Members' interest after profit for the financial year	10,010	139,054	149,064	162,682	311,746
Division of profit	0	(139,054)	(139,054)	139,054	0
Drawings	0	0	0	(165,275)	(165,275)
Amounts due to members				136,461
Balance at 31 March 2025	10,010	0	10,010	136,461	146,471

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

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

General information and basis of accounting

J G Palmer LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 37 St. Margaret's Street, Canterbury, Kent, CT1 2TU, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

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

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 Statement of Comprehensive Income 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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the LLP and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

not amortised

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is [number] years.

Other 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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Leasehold improvements	50 years straight line
Vehicles	4 years straight line
Computer equipment	3 - 4 years straight line
Other property, plant and equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	19		25

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 April 2024	1		1
At 31 March 2025	1		1
Accumulated amortisation
At 01 April 2024	0		0
At 31 March 2025	0		0
Net book value
At 31 March 2025	1		1
At 31 March 2024	1		1

4. Tangible assets

	Land and buildings		Leasehold improve- ments		Vehicles		Computer equipment		Other property, plant and equipment		Total
	£		£		£		£		£		£
Cost
At 01 April 2024	620,085		17,691		98,440		89,685		35,774		861,675
At 31 March 2025	620,085		17,691		98,440		89,685		35,774		861,675
Accumulated depreciation
At 01 April 2024	31,553		1,062		51,760		87,165		33,006		204,546
Charge for the financial year	4,402		353		8,266		1,944		2,767		17,732
At 31 March 2025	35,955		1,415		60,026		89,109		35,773		222,278
Net book value
At 31 March 2025	584,130		16,276		38,414		576		1		639,397
At 31 March 2024	588,532		16,629		46,680		2,520		2,768		657,129

5. Fixed asset investments

	2025		2024
	£		£
Subsidiary undertakings	2		2
Other investments and loans	167,048		167,048
	167,050		167,050

6. Debtors

	2025		2024
	£		£
Trade debtors	181,989		263,874
Prepayments	67,696		67,994
Other debtors	930		1,350
	250,615		333,218

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	281,085		266,166
Accruals	4,883		18,489
Other taxation and social security	23,933		31,635
Other creditors	916,268		913,437
	1,226,169		1,229,727

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2025		2024
	£		£
within one year	35,000		35,000
between one and five years	0		35,000
Total future minimum lease payments under non-cancellable operating leases	35,000		70,000

Pensions

The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. The pension cost charge represents contributions payable by the entity to the fund and amounted to £7,398 (2024 - £5,093). Contributions totalling £4,461 (2024 - £4,949) were payable to the fund at the balance sheet date and are included in creditors.