Palmer Air Conditioning Limited - Accounts to registrar (filleted) - small 18.2
Palmer Air Conditioning Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2021 |
| for |
| PALMER AIR CONDITIONING LIMITED |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PALMER AIR CONDITIONING LIMITED |
| Company Information |
| for the Year Ended 31 December 2021 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Avaland House |
| 110 London Road |
| Hemel Hempstead |
| Hertfordshire |
| HP3 9SD |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Balance Sheet |
| 31 December 2021 |
| 2021 | 2020 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Balance Sheet - continued |
| 31 December 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2021 |
| 1. | STATUTORY INFORMATION |
| PALMER AIR CONDITIONING LIMITED is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Office equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill | Trademarks | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2021 |
| and 31 December 2021 |
| AMORTISATION |
| At 1 January 2021 |
| Amortisation for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| On 30 November 2019 the Company acquired the business trading assets and goodwill of PACAIR Northwest Limited. The goodwill is being amortised over 3 years. |
| 5. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and | Office |
| property | machinery | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2021 |
| Additions |
| At 31 December 2021 |
| DEPRECIATION |
| At 1 January 2021 |
| Charge for year |
| At 31 December 2021 |
| NET BOOK VALUE |
| At 31 December 2021 |
| At 31 December 2020 |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 December 2021 is represented by: |
| Freehold | Plant and | Office |
| property | machinery | equipment | Totals |
| £ | £ | £ | £ |
| Valuation in 2017 | 630,000 | 14,448 | 86,447 | 730,895 |
| Valuation in 2018 | - | - | 5,470 | 5,470 |
| Valuation in 2019 | - | - | 21,076 | 21,076 |
| Valuation in 2020 | - | - | (61,395 | ) | (61,395 | ) |
| Valuation in 2021 | - | - | 14,785 | 14,785 |
| 630,000 | 14,448 | 66,383 | 710,831 |
| A valuation of the Company's trading premises, Units 1 & 2 Heron Business Park, Eastman Way, Hemel Hempstead, was undertaken by Brasier Freeth LLP with a value of £630,000 being attributed to the properties as at 31 December 2017. The property was not revalued in 2021 as the director believed the property value has not changed. |
| 6. | STOCKS |
| 2021 | 2020 |
| £ | £ |
| Finished goods |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade debtors |
| Tax |
| VAT |
| Prepayments |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2021 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2021 | 2020 |
| £ | £ |
| Trade creditors |
| Corporation tax payable |
| Social security and other taxes |
| VAT |
| Directors' current accounts |
| Accruals and deferred income |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2021 | 2020 |
| value: | £ | £ |
| Ordinary | £1 | 2,000 | 2,000 |
| A Ordinary | £1 | 2,000 | 2,000 |
| 4,000 | 4,000 |
| 10. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr N J Palmer. |