Palmer Air Conditioning Limited - Accounts to registrar - small 17.1
Palmer Air Conditioning Limited - Accounts to registrar - small 17.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2016 |
| for |
| PALMER AIR CONDITIONING LIMITED |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PALMER AIR CONDITIONING LIMITED |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Avaland House |
| 110 London Road |
| Hemel Hempstead |
| Hertfordshire |
| HP3 9SD |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Balance Sheet |
| 31 December 2016 |
| 2016 | 2015 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Balance Sheet - continued |
| 31 December 2016 |
| 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 on |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| PALMER AIR CONDITIONING LIMITED is a |
| England and Wales. The company's registered number and registered office address can be found on |
| the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the 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. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Office equipment | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| 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 that have been |
| enacted or substantively enacted by the balance sheet date. |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and | Office |
| property | machinery | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 5. | STOCKS |
| 2016 | 2015 |
| £ | £ |
| Finished goods |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Trade debtors |
| Prepayments |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Corporation tax payable |
| Social security and other taxes |
| VAT |
| Directors' current accounts |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2016 | 2015 |
| £ | £ |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 14,921 | 70,712 |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2016 | 2015 |
| £ | £ |
| Bank loans |
| The bank loan is secured by a fixed charge over the freehold premises at Unit 1 and Unit 2, Heron |
| Business Park, Eastman Way, Hemel Hempstead, Hertfordshire, HP2 7FW and a fixed and floating |
| charge over the company's assets. |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2016 | 2015 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| A Ordinary | £1 | 1,900 | 1,900 |
| 2,000 | 2,000 |
| 11. | RELATED PARTY DISCLOSURES |
| PACAIR Northwest Limited |
| A company controlled by the Director |
| During the year the Company paid £198,834 (2015: £225,418) of commission in respect of sales |
| introduced by PACAIR Northwest Limited. |
| 2016 | 2015 |
| £ | £ |
| Amount due to related party at the balance sheet date | 3,725 | 4,954 |
| PALMER AIR CONDITIONING LIMITED (Registered number: 04952763) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 11. | RELATED PARTY DISCLOSURES - continued |
| N&D Project Management Limited |
| A company controlled by the Director |
| During the year the Company paid £8,253 (2015: £10,500) in respect of project management services, |
| setup of franchising structures and technical support in obtaining ISO status. |
| 2016 | 2015 |
| £ | £ |
| Amount due to related party at the balance sheet date | - | 3,000 |
| 12. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mr N J Palmer. |
| 13. | FIRST YEAR ADOPTION |
| The company has adopted FRS 102 for the first time in the year ended 31 December 2016. |
| The effect of the transition from the previous financial reporting framework to FRS 102 has been |
| considered. |
| There has been no material impact in relation to the following: |
| - changes in accounting policies |
| - changes in shareholder funds |
| - comparative year profit and loss |
| On that basis, no restatement has been undertaken. |