Company No: SC410675 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	11,462		13,607
Tangible assets	4	2,706,376		3,000,991
		2,717,838		3,014,598
Current assets
Debtors	5	797,014		678,228
Cash at bank and in hand		1,074,236		845,685
		1,871,250		1,523,913
Creditors: amounts falling due within one year	6	( 690,149)		( 735,312)
Net current assets		1,181,101		788,601
Total assets less current liabilities		3,898,939		3,803,199
Creditors: amounts falling due after more than one year	7	( 365,493)		( 470,064)
Provision for liabilities	8	( 371,502)		( 432,477)
Net assets		3,161,944		2,900,658
Capital and reserves
Called-up share capital	9	99		99
Profit and loss account		3,161,845		2,900,559
Total shareholders' funds		3,161,944		2,900,658

For the financial year ending 30 November 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 financial statements for the financial year 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 Palmer & Co (Scotland) Ltd (registered number: SC410675) were approved and authorised for issue by the Board of Directors on 11 August 2026. They were signed on its behalf by:

Mr N Palmer Director

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

Palmer & Co (Scotland) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 70 Lancefield Street, Glasgow, G3 8JD, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due 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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 current tax rates and laws. Deferred tax liabilities are not discounted.

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	10 years straight line
Other intangible assets	10 years straight line

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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	not depreciated
Plant and machinery etc.	10 - 25 % reducing balance

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.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	37		32

3. Intangible assets

	Goodwill		Other intangible assets		Total
	£		£		£
Cost
At 01 December 2024	758,980		21,450		780,430
At 30 November 2025	758,980		21,450		780,430
Accumulated amortisation
At 01 December 2024	758,980		7,843		766,823
Charge for the financial year	0		2,145		2,145
At 30 November 2025	758,980		9,988		768,968
Net book value
At 30 November 2025	0		11,462		11,462
At 30 November 2024	0		13,607		13,607

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 December 2024	1,322,230		3,731,845		5,054,075
Additions	0		181,831		181,831
Disposals	0		( 103,806)		( 103,806)
At 30 November 2025	1,322,230		3,809,870		5,132,100
Accumulated depreciation
At 01 December 2024	193,537		1,859,547		2,053,084
Charge for the financial year	24,305		418,981		443,286
Disposals	0		( 70,646)		( 70,646)
At 30 November 2025	217,842		2,207,882		2,425,724
Net book value
At 30 November 2025	1,104,388		1,601,988		2,706,376
At 30 November 2024	1,128,693		1,872,298		3,000,991

5. Debtors

	2025		2024
	£		£
Trade debtors	549,121		374,850
Amounts owed by related parties	202,428		208,870
Other debtors	45,465		94,508
	797,014		678,228

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	29,323		28,213
Trade creditors	58,776		34,281
Amounts owed to related parties	40,405		66,364
Taxation and social security	352,943		238,247
Obligations under finance leases and hire purchase contracts (secured £100,370)	75,248		247,564
Other creditors	133,454		120,643
	690,149		735,312

Obligations under hire purchase contracts are secured by the related assets.

Bank loans are secured by the property owned by the business.

Bank of Scotland also hold a floating charge over all of the business assets.

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	273,432		302,756
Obligations under finance leases and hire purchase contracts (secured)	92,061		167,308
	365,493		470,064

Obligations under hire purchase contracts are secured by the related assets.

Bank loans are secured by the property owned by the business.

Bank of Scotland also hold a floating charge over all of the business assets.

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	371,502		432,477

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
99 Ordinary shares of £ 1.00 each	99		99

10. Financial commitments

Commitments

	2025		2024
	£		£
Total future minimum lease payments under non-cancellable operating leases	53,664		104,673

11. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed by key management personnel	0		40,896
Amounts owed to key management personnel	64,923		0

Other related party transactions

	2025		2024
	£		£
Amounts owed by related parties	202,428		208,870
Amounts owed to related parties	40,405		66,364