Palmers At Ullesthorpe Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07759445 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 July 2019

for

Palmers At Ullesthorpe Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mrs C F J Jackson

Mrs F J Palmer

R B Palmer

REGISTERED OFFICE:

77 St Johns

Enderby

Leicester

Leicestershire

LE19 2BS

REGISTERED NUMBER:

07759445 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Palmers At Ullesthorpe Limited for the year ended 31 July 2019 which

comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Palmers At Ullesthorpe Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palmers At Ullesthorpe Limited and state those matters that we have agreed to state to the Board of Directors of Palmers At Ullesthorpe Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palmers At Ullesthorpe Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palmers At Ullesthorpe Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palmers At Ullesthorpe Limited. You consider that Palmers At Ullesthorpe 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 financial statements of Palmers At Ullesthorpe 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 financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

21 February 2020

FIXED ASSETS

Tangible assets

4

258,940

245,444

Investment property

5

105,000

105,000

363,940

350,444

CURRENT ASSETS

Stocks

444,727

369,419

Debtors

6

79,799

43,861

Cash at bank and in hand

423,830

262,384

948,356

675,664

CREDITORS

Amounts falling due within one year

7

693,079

511,300

NET CURRENT ASSETS

255,277

164,364

TOTAL ASSETS LESS CURRENT LIABILITIES

619,217

514,808

CREDITORS

Amounts falling due after more than one year

8

(55,000

)

(55,000

)

PROVISIONS FOR LIABILITIES

(28,442

)

(31,169

)

NET ASSETS

535,775

428,639

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Revaluation reserve

43,992

43,992

Retained earnings

490,783

383,647

SHAREHOLDERS' FUNDS

535,775

428,639

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 21 February 2020 and were signed on its behalf by:

Mrs C F J Jackson - Director

1.	STATUTORY INFORMATION

Palmers At Ullesthorpe 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Long leasehold

-

2% on cost

Fixtures and fittings

-

15%/33% straight line

Motor vehicles

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising

from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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.

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 45 (2018 - 48 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Long

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST

At 1 August 2018

404,079

333,706

1,250

739,035

Additions

22,701

27,017

-

49,718

At 31 July 2019

426,780

360,723

1,250

788,753

DEPRECIATION

At 1 August 2018

317,547

174,794

1,250

493,591

Charge for year

4,661

31,561

-

36,222

At 31 July 2019

322,208

206,355

1,250

529,813

NET BOOK VALUE

At 31 July 2019

104,572

154,368

-

258,940

At 31 July 2018

86,532

158,912

-

245,444

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2018

and 31 July 2019

105,000

NET BOOK VALUE

At 31 July 2019

105,000

At 31 July 2018

105,000

Fair value at 31 July 2019 is represented by:

£

Valuation in 2016

45,000

Valuation in 2017

7,500

Cost

52,500

105,000

If investment property had not been revalued it would have been included at the following historical

cost:

31.7.19

31.7.18

as

restated

£

£

Cost

52,500

52,500

Investment property was valued on an open market basis on 31 July 2016 by Auriga Associates .

The Directors are of the opinion that the value at 31 July 2019 would not be materially different.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

as

restated

£

£

Trade debtors

2,725

2,015

Other debtors

73,053

-

Prepayments and accrued income

4,021

41,846

79,799

43,861

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.19

31.7.18

as

restated

£

£

Hire purchase contracts

-

2,991

Trade creditors

84,193

164,391

Corporation tax

19,062

34,379

Social security and other taxes

6,246

5,690

VAT

107,720

80,023

Other creditors

436,914

205,598

Accruals and deferred income

38,944

18,228

693,079

511,300

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.19

31.7.18

as

restated

£

£

Other loans - 2-5 years

55,000

55,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.7.18

31.7.17

value:

£

£

450

Ordinary A

£1

450

450

50

Ordinary B

£1

50

50

50

Ordinary C

£1

50

50

450

Ordinary D

£1

450

450

1,000

1,000

10.	OTHER FINANCIAL COMMITMENTS

The company has total guarantees and commitments at the balance sheet date of £ 1,046,250

(2018 £1,181,250).