Palus Limited - Limited company accounts 11.7

REGISTERED NUMBER: 07459129 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 December 2014

for

Palus Limited

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

A C Marsh

SECRETARY:

S G Marsh

REGISTERED OFFICE:

25 Kings Road

Berkhamsted

Hertfordshire

HP4 3BH

REGISTERED NUMBER:

07459129 (England and Wales)

ACCOUNTANTS:

Stewarts Accountants Limited

271 High Street

Berkhamsted

Hertfordshire

HP4 1AA

The director presents his report with the financial statements of the company for the year ended 31 December 2014.

DIRECTOR

A C Marsh held office during the whole of the period from 1 January 2014 to the date of this report.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

A C Marsh - Director

2 June 2015

TURNOVER

73,188

-

Administrative expenses

11,775

3,533

61,413

(3,533

)

Other operating income

572

24

OPERATING PROFIT/(LOSS) and

PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION

2

61,985

(3,509

)

Tax on profit/(loss) on ordinary activities

3

11,532

-

PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

50,453

(3,509

)

FIXED ASSETS

Tangible assets

5

1,673

1,531

CURRENT ASSETS

Debtors

6

12,000

155

Cash at bank

77,283

22,779

89,283

22,934

CREDITORS

Amounts falling due within one year

7

26,348

1,710

NET CURRENT ASSETS

62,935

21,224

TOTAL ASSETS LESS CURRENT
LIABILITIES

64,608

22,755

CAPITAL AND RESERVES

Called up share capital

8

10

Profit and loss account

9

64,598

22,745

SHAREHOLDERS' FUNDS

64,608

22,755

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 2 June 2015 and were signed by:

A C Marsh - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	OPERATING PROFIT/(LOSS)

The operating profit (2013 - operating loss) is stated after charging:

31.12.14

31.12.13

£

Depreciation - owned assets

556

510

Loss on disposal of fixed assets

193

-

Director's remuneration and other benefits etc

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.12.14

31.12.13

£

Current tax:

UK corporation tax

11,532

-

Tax on profit/(loss) on ordinary activities

11,532

-

4.

DIVIDENDS

31.12.14

31.12.13

£

Ordinary shares of £1 each

Interim

8,600

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2014

2,355

Additions

892

Disposals

(458

)

At 31 December 2014

2,789

DEPRECIATION

At 1 January 2014

824

Charge for year

556

Eliminated on disposal

(264

)

At 31 December 2014

1,116

NET BOOK VALUE

At 31 December 2014

1,673

At 31 December 2013

1,531

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

Trade debtors

12,000

-

Other debtors

-

155

12,000

155

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

Trade creditors

1,297

-

Taxation and social security

16,633

-

Other creditors

8,418

1,710

26,348

1,710

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

9

Ordinary

£1

9

1

Ordinary A

£1

1

10

9.

RESERVES

Profit

and loss

account

£

At 1 January 2014

22,745

Profit for the year

50,453

Dividends

(8,600

)

At 31 December 2014

64,598

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by the director who has a beneficial interest in 100% of the called up share capital.