Palmer Public Relations Limited 30/04/2020 iXBRL

Palmer Public Relations Limited 30/04/2020 iXBRL

PALMER PUBLIC RELATIONS LIMITED - Company Information

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Company registration number: 05415614
Palmer Public Relations Limited
Unaudited filleted financial statements
30 April 2020
Palmer Public Relations Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Palmer Public Relations Limited
Directors and other information
Director Mr R L Palmer
Company number 05415614
Registered office Vaughan Chambers
Vaughan Road
Harpenden
AL5 4EE
Accountants Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
Palmer Public Relations Limited
Chartered accountants report to the director on the preparation of the
unaudited statutory financial statements of Palmer Public Relations Limited
Year ended 30 April 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Palmer Public Relations Limited for the year ended 30 April 2020 which comprise the statement of financial position and 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 at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Palmer Public Relations Limited, as a body, in accordance with the terms of our engagement letter dated 17 January 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Palmer Public Relations Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palmer Public Relations Limited and its director as a body for our work or for this report.
It is your duty to ensure that Palmer Public Relations 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 loss of Palmer Public Relations Limited. You consider that Palmer Public Relations 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 Palmer Public Relations 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.
Hicks and Company
Chartered Accountants
Vaughan Chambers
Vaughan Road
Harpenden
Hertfordshire
AL5 4EE
27 January 2021
Palmer Public Relations Limited
Statement of financial position
30 April 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 3,248 4,331
_______ _______
3,248 4,331
Current assets
Debtors 6 3,658 24,976
_______ _______
3,658 24,976
Creditors: amounts falling due
within one year 7 ( 72,100) ( 71,846)
_______ _______
Net current liabilities ( 68,442) ( 46,870)
_______ _______
Total assets less current liabilities ( 65,194) ( 42,539)
Creditors: amounts falling due
after more than one year 8 ( 5,974) ( 13,360)
_______ _______
Net liabilities ( 71,168) ( 55,899)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 71,169) ( 55,900)
_______ _______
Shareholders deficit ( 71,168) ( 55,899)
_______ _______
For the year ending 30 April 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 27 January 2021 , and are signed on behalf of the board by:
Mr R L Palmer
Director
Company registration number: 05415614
Palmer Public Relations Limited
Notes to the financial statements
Year ended 30 April 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 Vaughan Chambers, Vaughan Road, Harpenden, AL5 4EE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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 investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts are prepared on a going concern basis which assumes the continued support of the company's director.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and excluding Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. 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. 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.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any 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:
Fittings fixtures and equipment - 25 % reducing balance
Computer equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).
5. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 May 2019 and 30 April 2020 731 17,733 18,464
_______ _______ _______
Depreciation
At 1 May 2019 727 13,404 14,131
Charge for the year 3 1,082 1,085
_______ _______ _______
At 30 April 2020 730 14,486 15,216
_______ _______ _______
Carrying amount
At 30 April 2020 1 3,247 3,248
_______ _______ _______
At 30 April 2019 4 4,329 4,333
_______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 3,658 12,520
Other debtors - 12,456
_______ _______
3,658 24,976
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Bank loans and overdrafts 4,666 2,663
Trade creditors 1,035 892
Social security and other taxes 1,282 2,396
Other creditors 65,117 65,895
_______ _______
72,100 71,846
_______ _______
8. Creditors: amounts falling due after more than one year
2020 2019
£ £
Other creditors 5,974 13,360
_______ _______
9. Directors 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 Amounts repaid Balance o/standing
£ £ £ £
Mr R L Palmer ( 53,712) ( 13,170) 10,658 ( 56,224)
_______ _______ _______ _______
2019
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Mr R L Palmer ( 25,017) ( 40,748) 12,053 ( 53,712)
_______ _______ _______ _______