Registration number: 06715167

Palmer (Waterlooville) Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 10

Palmer (Waterlooville) Limited

Company Information

Directors

Mr Richard Palmer Mrs Lorna Jane Palmer

Registered office

Unit 6 Aysgarth Road Waterlooville PO7 7UG

Accountants

MMO Limited Wellesley House 204 London Road Waterlooville Hampshire PO7 7AN

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Palmer (Waterlooville) Limited
for the Year Ended 31 March 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Palmer (Waterlooville) Limited for the year ended 31 March 2025 as set out on pages 3 to 10 from the company'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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Palmer (Waterlooville) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Palmer (Waterlooville) Limited and state those matters that we have agreed to state to the Board of Directors of Palmer (Waterlooville) Limited, 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 Palmer (Waterlooville) Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Palmer (Waterlooville) Limited. 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 accounts.

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

MMO Limited
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

22 December 2025

Palmer (Waterlooville) Limited

(Registration number: 06715167)
Balance Sheet as at 31 March 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	2,123,065	1,980,304
Other financial assets	5	1	1
		2,123,066	1,980,305
Current assets
Debtors	6	108,453	2,622
Cash at bank and in hand		242,092	67,274
		350,545	69,896
Creditors: Amounts falling due within one year	7	(291,847)	(281,111)
Net current assets/(liabilities)		58,698	(211,215)
Total assets less current liabilities		2,181,764	1,769,090
Creditors: Amounts falling due after more than one year	7	(1,092,001)	(980,975)
Provisions for liabilities		(288,706)	(243,451)
Net assets		801,057	544,664
Capital and reserves
Called up share capital	8	1	1
Retained earnings		801,056	544,663
Shareholders' funds		801,057	544,664

For the financial year ending 31 March 2025 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 December 2025 and signed on its behalf by:
 

Palmer (Waterlooville) Limited

(Registration number: 06715167)
Balance Sheet as at 31 March 2025

......................................... Mr Richard Palmer Director

Palmer (Waterlooville) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 6 Aysgarth Road
Waterlooville
PO7 7UG

These financial statements were authorised for issue by the Board on 22 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

Palmer (Waterlooville) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 balance sheet 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
Plant and machinery	20% - written down value
Motor vehicles	20% - written down 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Palmer (Waterlooville) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

Palmer (Waterlooville) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2024	839,500	2,115,743	7,398	2,962,641
Additions	-	390,299	-	390,299
Disposals	-	(47,800)	-	(47,800)
At 31 March 2025	839,500	2,458,242	7,398	3,305,140
Depreciation
At 1 April 2024	-	976,181	6,156	982,337
Charge for the year	-	245,178	249	245,427
Eliminated on disposal	-	(45,689)	-	(45,689)
At 31 March 2025	-	1,175,670	6,405	1,182,075
Carrying amount
At 31 March 2025	839,500	1,282,572	993	2,123,065
At 31 March 2024	839,500	1,139,562	1,242	1,980,304

Included within the net book value of land and buildings above is £839,500 (2024 - £839,500) in respect of freehold land and buildings.
 

Palmer (Waterlooville) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

5	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 April 2024	1	1
At 31 March 2025	1	1
Impairment
Carrying amount
At 31 March 2025	1	1

6

Debtors

Current	Note	2025 £	2024 £
Trade debtors		-	2,473
Amounts owed by related parties		108,288	-
Prepayments		165	149
		108,453	2,622

7

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	9	273,039	238,261
Trade creditors		-	4,012
Amounts owed to group undertakings and undertakings in which the company has a participating interest		-	12,888
Taxation and social security		17,058	18,565
Accruals and deferred income		1,750	7,385
		291,847	281,111

Palmer (Waterlooville) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	9	1,092,001	980,975

Barclays Bank plc and Barclays Security Trustee Limited hold a fixed and floating charge over the freehold property of the company.

8	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

9	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	522,909	546,557
Hire purchase contracts	569,092	434,418
	1,092,001	980,975

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	22,800	22,800
Hire purchase contracts	250,239	215,461
	273,039	238,261