Palat Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02751697

Palat Limited

Filleted Unaudited Financial Statements

31 March 2026

Palat Limited

Statement of Financial Position

31 March 2026

	2026		2025
Note	£	£	£

Fixed assets

Tangible assets	4		43,766	26,624

Current assets

Stocks		17,797	17,797
Debtors	5	57,944	86,920
Cash at bank and in hand		15,916	12,859
		-------	--------
		91,657	117,576

Prepayments and accrued income	1,347		1,099

Creditors: amounts falling due within one year	6	80,014		101,079
		-------		--------
Net current assets			12,990	17,596
			-------	-------
Total assets less current liabilities			56,756	44,220

Creditors: amounts falling due after more than one year	7		33,555	24,997

Accruals and deferred income	2,637	3,243
	-------	-------
Net assets	20,564	15,980
	-------	-------

Capital and reserves

Called up share capital	8	100	100
Profit and loss account		20,464	15,880
		-------	-------
Shareholders funds		20,564	15,980
		-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2026 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 year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Palat Limited

Statement of Financial Position (continued)

31 March 2026

These financial statements were approved by the board of directors and authorised for issue on 17 September 2026 , and are signed on behalf of the board by:

P.A. Bates

Director

Company registration number: 02751697

Palat Limited

Notes to the Financial Statements

Year ended 31 March 2026

1. General information

The company is a private company limited by shares, registered and trading in England and Wales with company number 02751697 . The address of the registered office is 54 Dencer Drive, Kenilworth, Warwickshore, United Kingdom, CV8 2RU.

2. Statement of compliance

The financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102') and Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the company and rounded to the nearest £.

Judgements in applying accounting policies and key sources of estimation in uncertainty

In preparing these financial statements the directors have had to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates and associated assumptions are based on historic experience and various other factors including expectations of future events that are believed to be reasonable under the circumstances, however actual results may differ from these estimates. For this reporting date there are no significant judgements, estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% reducing balance
Motor Vehicles	-	33% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Tangible assets

	Fixtures and fittings	Motor vehicles	Total
	£	£	£
Cost
At 1 April 2025	11,632	40,525	52,157
Additions	3,244	42,438	45,682
Disposals	–	( 40,525)	( 40,525)
	-------	-------	-------
At 31 March 2026	14,876	42,438	57,314
	-------	-------	-------
Depreciation
At 1 April 2025	5,270	20,263	25,533
Charge for the year	1,276	7,002	8,278
Disposals	–	( 20,263)	( 20,263)
	-------	-------	-------
At 31 March 2026	6,546	7,002	13,548
	-------	-------	-------
Carrying amount
At 31 March 2026	8,330	35,436	43,766
	-------	-------	-------
At 31 March 2025	6,362	20,262	26,624
	-------	-------	-------

5. Debtors

	2026	2025
	£	£
Trade debtors	48,720	81,062
Other debtors	9,224	5,858
	-------	-------
	57,944	86,920
	-------	-------

6. Creditors: amounts falling due within one year

	2026	2025
	£	£
Bank loans and overdrafts	19,869	–
Trade creditors	28,290	64,689
Social security and other taxes	513	1,863
Other creditors	31,342	34,527
	-------	--------
	80,014	101,079
	-------	--------

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

	2026	2025
	£	£
Other creditors	33,555	24,997
	-------	-------

8. Called up share capital

Issued, called up and fully paid

	2026		2025
	No.	£	No.	£
Ordinary shares of £ 1 each	100	100	100	100
	----	----	----	----

9. Directors' advances, credits and guarantees

At the reporting date the directors loan account was in credit by £25,072 (2025: £27,355). There is no fixed term for repayment and no interest is charged.