Palamedes Limited - Limited company - abbreviated - 11.9

PALAMEDES LIMITED

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2015

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

J Kirk

REGISTERED OFFICE:

Suite 1

28 Hill Street

Mayfair

London

W1J 5NW

REGISTERED NUMBER:

07170018 (England and Wales)

ACCOUNTANTS:

four fifty partnership

Chartered Accountants

34 Boulevard

Weston-super-Mare

Somerset

BS23 1NF

FIXED ASSETS

Tangible assets

2

-

128

CURRENT ASSETS

Debtors

18,283

28,136

Cash at bank

59,256

712

77,539

28,848

CREDITORS

Amounts falling due within one year

34,064

28,583

NET CURRENT ASSETS

43,475

265

TOTAL ASSETS LESS CURRENT LIABILITIES

43,475

393

PROVISIONS FOR LIABILITIES

-

26

NET ASSETS

43,475

367

CAPITAL AND RESERVES

Called up share capital

3

300

300

Profit and loss account

43,175

67

SHAREHOLDERS' FUNDS

43,475

367

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 22 December 2015 and were signed by:

J Kirk - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Computer equipment

-

Straight line over 3 years

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed

at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

and 31 March 2015

1,765

DEPRECIATION

At 1 April 2014

1,637

Charge for year

128

At 31 March 2015

1,765

NET BOOK VALUE

At 31 March 2015

-

At 31 March 2014

128

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

300

Ordinary Shares

£1

300

300

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2015

and 31 March 2014:

2015

2014

£

£

J Kirk

Balance outstanding at start of year

17,841

6,077

Amounts advanced

17,628

22,544

Amounts repaid

(28,880

)

(10,780

)

Balance outstanding at end of year

6,589

17,841

The loan to the director Mr J Kirk is interest free and repayable on demand. No S.455 tax has been

provided as the loan has been repaid within 9 months of the balance sheet date.

During the year the director was paid £780 for use of home as office (2014: £780).

The director received £28,100 in dividends (2014: Nil)