Palmwood Limited - Limited company accounts 16.1
Palmwood Limited - Limited company accounts 16.1
| REGISTERED NUMBER: |
| REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 30TH NOVEMBER 2015 |
| FOR |
| PALMWOOD LIMITED |
| PALMWOOD LIMITED (REGISTERED NUMBER: 07859418) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
| Page |
| Company Information | 1 |
| Report of the Directors | 2 |
| Profit and Loss Account | 3 |
| Balance Sheet | 4 |
| Notes to the Financial Statements | 6 |
| PALMWOOD LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| PALMWOOD LIMITED (REGISTERED NUMBER: 07859418) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
| The directors present their report with the financial statements of the company for the year ended 30th November 2015. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the provision of Camera services to the Film |
| and Television Industry. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1st December 2014 to the date of this |
| report. |
| This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small |
| companies. |
| ON BEHALF OF THE BOARD: |
| PALMWOOD LIMITED (REGISTERED NUMBER: 07859418) |
| PROFIT AND LOSS ACCOUNT |
| FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
| 2015 | 2014 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 49,038 | 69,155 |
| Other operating income |
| OPERATING PROFIT | 2 |
| Interest receivable and similar income |
| 52,239 | 72,838 |
| Interest payable and similar charges | 3 |
| PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
| Tax on profit on ordinary activities | 4 |
| PROFIT FOR THE FINANCIAL YEAR |
| PALMWOOD LIMITED (REGISTERED NUMBER: 07859418) |
| BALANCE SHEET |
| 30TH NOVEMBER 2015 |
| 2015 | 2014 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 8 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Profit and loss account | 10 |
| SHAREHOLDERS' FUNDS |
| 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. |
| PALMWOOD LIMITED (REGISTERED NUMBER: 07859418) |
| BALANCE SHEET - continued |
| 30TH NOVEMBER 2015 |
| The financial statements were approved by the Board of Directors on by: |
| PALMWOOD LIMITED (REGISTERED NUMBER: 07859418) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
| 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 January 2015). |
| Turnover |
| Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service |
| contracts where turnover is recognised when the company obtains the right to consideration. |
| Tangible fixed assets |
| Plant and machinery | - |
| Computer equipment | - |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| 2. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2015 | 2014 |
| £ | £ |
| Depreciation - owned assets |
| Directors' remuneration |
| 3. | INTEREST PAYABLE AND SIMILAR CHARGES |
| Interest payable and similar charges includes the following: |
| 2015 | 2014 |
| £ | £ |
| Bank interest | 4 | - |
| 4. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit on ordinary activities for the year was as follows: |
| 2015 | 2014 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) |
| Tax on profit on ordinary activities |
| UK corporation tax has been charged at |
| PALMWOOD LIMITED (REGISTERED NUMBER: 07859418) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and | Computer |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st December 2014 |
| Additions |
| At 30th November 2015 |
| DEPRECIATION |
| At 1st December 2014 |
| Charge for year |
| At 30th November 2015 |
| NET BOOK VALUE |
| At 30th November 2015 |
| At 30th November 2014 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2015 | 2014 |
| £ | £ |
| Trade debtors | 5,575 | 847 |
| Directors' current accounts | 21,867 | 4,431 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2015 | 2014 |
| £ | £ |
| Trade creditors |
| Corporation Tax |
| VAT |
| Accrued expenses | 1,400 | 1,300 |
| 8. | PROVISIONS FOR LIABILITIES |
| 2015 | 2014 |
| £ | £ |
| Deferred tax |
| Deferred |
| tax |
| £ |
| Balance at 1st December 2014 |
| Provided during year | ( |
) |
| Balance at 30th November 2015 |
| PALMWOOD LIMITED (REGISTERED NUMBER: 07859418) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30TH NOVEMBER 2015 |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2015 | 2014 |
| value: | £ | £ |
| Ordinary | £1 |
| 10. | RESERVES |
| Profit |
| and loss |
| account |
| £ |
| At 1st December 2014 |
| Profit for the year |
| Dividends | ( |
) |
| At 30th November 2015 |
| 11. | CAPITAL COMMITMENTS |
| 2015 | 2014 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | - | - |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 30th November 2015 and |
| 30th November 2014: |
| 2015 | 2014 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Balance outstanding at end of year |
| 13. | RELATED PARTY DISCLOSURES |
| 14. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling parties are Mr Robert Palmer and Miss Sarah Woodward jointly. |