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

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 2021
Palma Black Consulting Limited
Balance Sheet
31 January 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
–
225
Current assets
Debtors
6
19,245
10,898
Cash at bank and in hand
4
–
--------
--------
19,249
10,898
Creditors: amounts falling due within one year
7
11,648
10,987
--------
--------
Net current assets/(liabilities)
7,601
( 89)
-------
----
Total assets less current liabilities
7,601
136
Creditors: amounts falling due after more than one year
8
13,475
–
--------
----
Net (liabilities)/assets
( 5,874)
136
--------
----
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 5,974)
36
-------
----
Shareholders (deficit)/funds
( 5,874)
136
-------
----
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 2021 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 .
Palma Black Consulting Limited
Balance Sheet (continued)
31 January 2021
These financial statements were approved by the board of directors and authorised for issue on 30 January 2022 , 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 2021
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. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: Nil).
5. Tangible assets
Equipment
£
Cost
At 1 February 2020 and 31 January 2021
900
----
Depreciation
At 1 February 2020
675
Charge for the year
225
----
At 31 January 2021
900
----
Carrying amount
At 31 January 2021
–
----
At 31 January 2020
225
----
6. Debtors
2021
2020
£
£
Trade debtors
180
–
Other debtors
19,065
10,898
--------
--------
19,245
10,898
--------
--------
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
1,925
–
Trade creditors
1,843
1,988
Corporation tax
6,320
7,439
Other creditors
1,560
1,560
--------
--------
11,648
10,987
--------
--------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
13,475
–
--------
----
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2021
2020
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
19,245
21,796
--------
--------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
18,903
3,648
--------
-------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2021
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Ms P E Black
10,898
8,167
19,065
--------
-------
--------
2020
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Ms P E Black
9,874
1,024
10,898
-------
-------
--------