Palma Black Consulting Limited Filleted accounts for Companies House (small and micro)

PALMA BLACK CONSULTING LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 10573718

Palma Black Consulting Limited

Filleted Unaudited Financial Statements

31 January 2020

Palma Black Consulting Limited

Balance Sheet

31 January 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	4	225	450

Current assets

Debtors	5	10,898	11,099

Creditors: amounts falling due within one year	6	10,987	11,401
		--------	--------
Net current liabilities		89	302
		----	----
Total assets less current liabilities		136	148
		----	----
Net assets		136	148
		----	----

Capital and reserves

Called up share capital	100	100
Profit and loss account	36	48
	----	----
Shareholders funds	136	148
	----	----

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 profit and loss account has not been delivered.

For the year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 6 November 2020 , and are signed on behalf of the board by:

Ms P E Black
Director

Company registration number: 10573718

Palma Black Consulting Limited

Notes to the Financial Statements

Year ended 31 January 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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 measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.

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.

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.

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:

	Office equipment	-	25% straight line

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.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Tangible assets

	Equipment
	£
Cost
At 1 February 2019 and 31 January 2020	900
	----
Depreciation
At 1 February 2019	450
Charge for the year	225
	----
At 31 January 2020	675
	----
Carrying amount
At 31 January 2020	225
	----
At 31 January 2019	450
	----

5. Debtors

	2020	2019
	£	£
Trade debtors	–	1,225
Other debtors	10,898	9,874
	--------	--------
	10,898	11,099
	--------	--------

6. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	1,988	28
Corporation tax	7,439	9,843
Other creditors	1,560	1,530
	--------	--------
	10,987	11,401
	--------	--------

7. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2020	2019
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	21,796	11,099
	--------	--------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	3,648	1,658
	-------	-------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Ms P E Black	9,874	1,024	10,898
	-------	-------	--------

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Ms P E Black	4,198	5,676	9,874
	-------	-------	-------