REGISTERED NUMBER: 05594621 (England and Wales)

Financial Statements

for the Year Ended 31 October 2025

for

SIMON PALMER LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

S Palmer

SECRETARY:

J S Palmer

REGISTERED OFFICE:

26A London Road

Liphook

Hampshire

GU30 7AN

REGISTERED NUMBER:

05594621 (England and Wales)

ACCOUNTANTS:

Churchmill Partnership Limited

Brook House

Mint Street

Godalming

Surrey

GU7 1HE

FIXED ASSETS

Intangible assets

4

-

16,662

Tangible assets

5

67,239

16,380

67,239

33,042

CURRENT ASSETS

Stocks

16,107

16,182

Debtors

6

11,252

5,543

Cash at bank and in hand

46,307

52,215

73,666

73,940

CREDITORS

Amounts falling due within one year

7

45,441

38,658

NET CURRENT ASSETS

28,225

35,282

TOTAL ASSETS LESS CURRENT LIABILITIES

95,464

68,324

CREDITORS

Amounts falling due after more than one year

8

88,404

72,725

NET ASSETS/(LIABILITIES)

7,060

(4,401

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

7,059

(4,402

)

SHAREHOLDERS' FUNDS

7,060

(4,401

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 July 2026 and were signed by:

S Palmer - Director

1.	STATUTORY INFORMATION

Simon Palmer Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been drawn up on a going concern basis notwithstanding the losses made during the year. The director considers that the company has the funds available to meet it's liabilities as they fall due and that the going concern basis of preparing the financial statements remains appropriate.

Turnover

Turnover represents net invoiced sales of used cars, excluding value added tax, and are recognised in the month to which they relate.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance and 25% on cost

Stocks

Stock of used cars is valued at the lower of cost and net realisable value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 November 2024

and 31 October 2025

83,310

AMORTISATION

At 1 November 2024

66,648

Amortisation for year

16,662

At 31 October 2025

83,310

NET BOOK VALUE

At 31 October 2025

-

At 31 October 2024

16,662

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 November 2024

79,935

3,792

24,353

15,336

123,416

Additions

12,078

-

54,250

2,602

68,930

Disposals

-

-

(22,004

)

-

(22,004

)

At 31 October 2025

92,013

3,792

56,599

17,938

170,342

DEPRECIATION

At 1 November 2024

67,976

3,312

24,141

11,607

107,036

Charge for year

10,726

363

5,547

1,435

18,071

Eliminated on disposal

-

-

(22,004

)

-

(22,004

)

At 31 October 2025

78,702

3,675

7,684

13,042

103,103

NET BOOK VALUE

At 31 October 2025

13,311

117

48,915

4,896

67,239

At 31 October 2024

11,959

480

212

3,729

16,380

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Trade debtors

5,091

3,692

Other debtors

6,161

1,851

11,252

5,543

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.25

31.10.24

£

£

Trade creditors

20,544

1,612

Taxation and social security

1,787

14,320

Other creditors

23,110

22,726

45,441

38,658

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.25

31.10.24

£

£

Other creditors

88,404

72,725