Palmers At Ullesthorpe Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07759445 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 July 2023

for

Palmers At Ullesthorpe Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

C F J Jackson

R B Palmer

H Lee

REGISTERED OFFICE:

77 St Johns

Enderby

Leicester

Leicestershire

LE19 2BS

REGISTERED NUMBER:

07759445 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Palmers At Ullesthorpe Limited for the year ended 31 July 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Palmers At Ullesthorpe Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palmers At Ullesthorpe Limited and state those matters that we have agreed to state to the Board of Directors of Palmers At Ullesthorpe Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palmers At Ullesthorpe Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palmers At Ullesthorpe Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palmers At Ullesthorpe Limited. You consider that Palmers At Ullesthorpe Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Palmers At Ullesthorpe Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

30 January 2024

FIXED ASSETS

Tangible assets

4

506,978

383,631

Investment property

5

105,000

105,000

611,978

488,631

CURRENT ASSETS

Stocks

461,047

550,155

Debtors

6

74,565

296,424

Cash at bank and in hand

249,023

218,195

784,635

1,064,774

CREDITORS

Amounts falling due within one year

7

119,132

222,250

NET CURRENT ASSETS

665,503

842,524

TOTAL ASSETS LESS CURRENT LIABILITIES

1,277,481

1,331,155

CREDITORS

Amounts falling due after more than one year

8

(8,000

)

-

PROVISIONS FOR LIABILITIES

(69,555

)

(45,374

)

NET ASSETS

1,199,926

1,285,781

CAPITAL AND RESERVES

Called up share capital

9

1,000

1,000

Revaluation reserve

10

43,992

43,992

Retained earnings

10

1,154,934

1,240,789

SHAREHOLDERS' FUNDS

1,199,926

1,285,781

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 30 January 2024 and were signed on its behalf by:

H Lee - Director

1.	STATUTORY INFORMATION

Palmers At Ullesthorpe Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Improvements to property

-

2% on cost

Fixtures and fittings

-

15%/33% straight line

Motor vehicles

-

25% reducing balance

Computer equipment

-

25% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 43 (2022 - 32 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2022

535,958

491,287

1,250

3,736

1,032,231

Additions

-

121,700

53,885

-

175,585

At 31 July 2023

535,958

612,987

55,135

3,736

1,207,816

DEPRECIATION

At 1 August 2022

342,742

303,959

1,250

649

648,600

Charge for year

6,743

42,896

1,665

934

52,238

At 31 July 2023

349,485

346,855

2,915

1,583

700,838

NET BOOK VALUE

At 31 July 2023

186,473

266,132

52,220

2,153

506,978

At 31 July 2022

193,216

187,328

-

3,087

383,631

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 August 2022

and 31 July 2023

105,000

NET BOOK VALUE

At 31 July 2023

105,000

At 31 July 2022

105,000

Fair value at 31 July 2023 is represented by:

£

Valuation in 2016

45,000

Valuation in 2017

7,500

Cost

52,500

105,000

If investment property had not been revalued it would have been included at the following historical cost:

31.7.23

31.7.22

£

£

Cost

52,500

52,500

Investment property was valued on an open market basis on 13 July 2021 by Rebuild Cost Assessment Limited .

This valuation was done on a desktop basis and was prepared on the basis of the cost to completely rebuild the property.

It is the directors opinion that the property as it stands, on an open market basis is less than the cost applicable to rebuild the property.

On this basis the directors deem it prudent to maintain the value of the property at the above amount.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Trade debtors

25,883

18,263

Amounts owed by associates

29,534

272,655

Other debtors

2,150

-

Prepayments and accrued income

16,998

5,506

74,565

296,424

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.23

31.7.22

£

£

Trade creditors

67,514

29,199

Amounts owed to associates

16,395

-

Corporation tax

-

69,938

Social security and other taxes

-

8,181

VAT

21,717

99,805

Other creditors

123

3,129

Accruals and deferred income

13,383

11,998

119,132

222,250

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.23

31.7.22

£

£

Deferred income

8,000

-

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

Value:

£

£

450

Ordinary A

£1

450

450

50

Ordinary B

£1

50

50

50

Ordinary C

£1

50

50

450

Ordinary D

£1

450

450

1,000

1,000

10.

RESERVES

Revaluation reserve

£

At 1 August 2022

43,992

Movement in the year

-

At 31 July 2023

43,992

11.	OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £366,859 (2022: £630,000).

12.	RELATED PARTY DISCLOSURES

At the year end, included in debtors are the amounts owed from associated companies amounting to £29,534 (2022: £94,729). Included in creditors is an amount of £16,395 owed to (2022: £177,926 owed by) its associated company. The loans are interest free and repayable on demand.