Palak Services Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 07600545

Unaudited Financial Statements for the Year Ended 30 April 2023

for

Palak Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

M N Patel

REGISTERED OFFICE:

80 Woodrush Way

Chadwell Heath

Romford

Essex

RM6 5BL

REGISTERED NUMBER:

07600545

CURRENT ASSETS

Cash at bank

47,971

45,811

CREDITORS

Amounts falling due within one year

4

5,961

8,881

NET CURRENT ASSETS

42,010

36,930

TOTAL ASSETS LESS CURRENT LIABILITIES

42,010

36,930

CAPITAL AND RESERVES

Called up share capital

5

100

100

Retained earnings

6

41,910

36,830

SHAREHOLDERS' FUNDS

42,010

36,930

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 July 2023 and were signed by:

M N Patel - Director

1.	STATUTORY INFORMATION

Palak Services Ltd is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors consider that the financial resources available to the Company are adequate to meet its operational needs for the foreseeable future or at least 12 months from the date of signature of these accounts. Accordingly, the going concern basis has been adopted in preparing these 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.

Turnover represents revenue recognised by the company in respect of services rendered. For the rendering of services, revenue is recognised when the services are transferred. When the outcome of a transaction can be estimated reliably, revenue is recognised based on the stage of completion of the transaction at the end of the reporting period

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Taxation and social security

2,599

1,476

Other creditors

3,362

7,405

5,961

8,881

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.4.23

30.4.22

value:

£

£

100

Ordinary

1

100

100

6.

RESERVES

Retained

earnings

£

At 1 May 2022

36,830

Profit for the year

11,080

Dividends

(6,000

)

At 30 April 2023

41,910

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022:

30.4.23

30.4.22

£

£

M N Patel

Balance outstanding at start of year

(7,405

)

(1,106

)

Amounts advanced

4,043

-

Amounts repaid

-

(6,299

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(3,362

)

(7,405

)

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M N Patel.