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Company No: 11187925 (England and Wales)

# PALMERS INTERNATIONAL SERVICES LIMITED

### Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

PALMERS INTERNATIONAL SERVICES LIMITED

## Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

PALMERS INTERNATIONAL SERVICES LIMITED

## COMPANY INFORMATION

For the financial year ended 28 February 2025
PALMERS INTERNATIONAL SERVICES LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 28 February 2025

DIRECTOR | Stephen Jonathan Lowden

REGISTERED OFFICE | 45 Gresham Street
| London
| EC2V 7BG
| United Kingdom

COMPANY NUMBER | 11187925 (England and Wales)

ACCOUNTANT | S&W Partners LLP
| 45 Gresham Street
| London
| EC2V 7BG

PALMERS INTERNATIONAL SERVICES LIMITED

## BALANCE SHEET

As at 28 February 2025
PALMERS INTERNATIONAL SERVICES LIMITED

## BALANCE SHEET (continued)

As at 28 February 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Investments | 4 | 1,802,988 |  | 1,554,614
|  | 1,802,988 |  | 1,554,614
Current assets |  |  |  |
Debtors | 5 | 793,530 |  | 755,743
Cash at bank and in hand | 6 | 592,108 |  | 830,161
|  | 1,385,638 |  | 1,585,904
Creditors: amounts falling due within one year | 7 | ( 1,549,599) |  | ( 1,500,419)
Net current (liabilities)/assets |  | (163,961) |  | 85,485
Total assets less current liabilities |  | 1,639,027 |  | 1,640,099
Provision for liabilities | 8 | ( 27,147) |  | 0
Net assets |  | 1,611,880 |  | 1,640,099
Capital and reserves |  |  |  |
Called-up share capital |  | 1 |  | 1
Profit and loss account |  | 1,611,879 |  | 1,640,098
Total shareholder's funds |  | 1,611,880 |  | 1,640,099

For the financial year ending 28 February 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges 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 Palmers International Services Limited (registered number: 11187925) were approved and authorised for issue by the Director on 15 January 2026. They were signed on its behalf by:

Stephen Jonathan Lowden Director |

PALMERS INTERNATIONAL SERVICES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
PALMERS INTERNATIONAL SERVICES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025

##### 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

Palmers International Services 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 45 Gresham Street, London, EC2V 7BG, 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 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The functional currency of Palmers International Services Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.
These financial statements are separate financial statements.

##### Going concern

The financial statements have been prepared on a going concern basis.
The director has made an assessment in preparing these financial statements as to whether the Company is a going concern and have concluded that there are no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern for a period of at least 12 months from the date of approval of these 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 on monetary items.

##### Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following
conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company 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.

##### Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

##### Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

##### 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 creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
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.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

#### 2. Critical accounting judgements and key sources of estimation uncertainty

No significant judgements have had to be made by the director in preparing these financial statements.

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 0 |  | 0

The Company has no employees other than the director, who did not receive any remuneration (2024 -£NIL).

#### 4. Fixed asset investments

| Listed investments |  | Total
| £ |  | £
Cost or valuation before impairment |  |  |
At 01 March 2024 | 1,554,614 |  | 1,554,614
Additions | 1,413,325 |  | 1,413,325
Disposals | ( 1,273,536) |  | ( 1,273,536)
Movement in fair value | 108,585 |  | 108,585
At 28 February 2025 | 1,802,988 |  | 1,802,988
Carrying value at 28 February 2025 | 1,802,988 |  | 1,802,988
Carrying value at 29 February 2024 | 1,554,614 |  | 1,554,614

#### 5. Debtors

| 2025 |  | 2024
| £ |  | £
Other debtors | 793,530 |  | 755,743

The loan bears interest at 4%, being the Bank's Base Rate at the time of the transaction plus 1%. The rate will be reviewed on an annual basis. The interest is rolled up within the original balance.

#### 6. Cash and cash equivalents

| 2025 |  | 2024
| £ |  | £
Cash at bank and in hand | 592,108 |  | 830,161

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Other loans | 1,517,968 |  | 1,485,401
Accruals | 30,605 |  | 14,568
Taxation and social security | 1,025 |  | 0
Other creditors | 1 |  | 450
| 1,549,599 |  | 1,500,419

#### 8. Provision for liabilities

| 2025 |  | 2024
| £ |  | £
Deferred tax | 27,147 |  | 0

| Deferred taxation |  | Total
| £ |  | £
At 01 March 2024 | 0 |  | 0
Charged to the Profit and Loss Account | 27,147 |  | 27,147
At 28 February 2025 | 27,147 |  | 27,147

Deferred tax

| 2025 |  | 2024
| £ |  | £
Other timing differences | 27,147 |  | 0
Provision for deferred tax | 27,147 |  | 0

#### 9. Related party transactions

Transactions with the entity's director

| 2025 |  | 2024
| £ |  | £
Brought forward balance | 1,485,401 |  | 1,667,057
Loan Interest | 74,270 |  | 70,752
Reallocation | (41,703) |  | (252,408)

Included in creditors is a loan provided by a director who is also the owner of £1,517,968 (2024: £1,485,401). The loan bears interest at 4%, being the Bank's Base Rate at the time of the transaction plus 1%. The rate will be reviewed on an annual basis. The interest is rolled up within the original balance.