| Palmdale Trading Limited |
| Balance Sheet |
| as at 31 December 2014 |
|
| Notes |
|
|
2014 |
|
|
2013 |
| US$ |
US$ |
| Current assets |
| Debtors |
4 |
|
362,682 |
|
|
831,849 |
| Cash at bank and in hand |
|
|
651,205 |
|
|
67,543 |
|
|
|
1,013,887 |
|
|
899,392 |
|
| Creditors: amounts falling due within one year |
5 |
|
(35,892) |
|
|
(38,830) |
|
| Net current assets |
|
|
|
977,995 |
|
|
860,562 |
|
| Net assets |
|
|
|
977,995 |
|
|
860,562 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
6 |
|
|
1,627 |
|
|
1,627 |
| Profit and loss account |
7 |
|
|
976,368 |
|
|
858,935 |
|
| Shareholders' funds |
|
|
|
977,995 |
|
|
860,562 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
|
|
|
|
| Richard Hazzard on behalf of |
| Panfry Lijmited |
| Director |
| Approved by the board on 24 June 2015 |
|
| Palmdale Trading Limited |
| Notes to the Accounts |
| for the year ended 31 December 2014 |
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
|
|
Turnover |
|
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers. |
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
| 2 |
Interest payable and similar charges |
2014 |
|
2013 |
| US$ |
US$ |
|
|
Loss on foreign exchange |
1,357 |
|
242 |
|
Non-equity dividends |
- |
|
967 |
|
|
|
|
|
|
1,357 |
|
1,209 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Taxation |
2014 |
|
2013 |
| US$ |
US$ |
|
|
UK corporation tax |
32,150 |
|
35,920 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2014 |
|
2013 |
| US$ |
US$ |
|
|
Trade debtors |
362,682 |
|
831,849 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2014 |
|
2013 |
| US$ |
US$ |
|
|
Corporation tax |
32,150 |
|
35,855 |
|
Other creditors |
3,742 |
|
2,975 |
|
|
|
|
|
|
35,892 |
|
38,830 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
| value |
Number |
US$ |
US$ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
1,000 |
|
1,627 |
|
1,627 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Profit and loss account |
2014 |
| US$ |
|
|
At 1 January 2014 |
858,935 |
|
Profit for the year |
117,433 |
|
|
At 31 December 2014 |
976,368 |
|
|
|
|
|
|
|
|
| 8 |
Related party transactions |
|
|
The total related business in which the company was involved amounted to $5,567,768 (2013: $5,063,098). |
|
|
| 9 |
Ultimate controlling party |
|
|
The Directors are aware of the identity of the ultimate controlling party. However they are under a duty of confidentiality that prevents them from disclosing certain information required by Financial Reporting Standard No. 8. Therefore they have taken exemption offered by the Standard in respect of confidentiality. |
