Palmoris Limited - Limited company accounts 11.6

REGISTERED NUMBER: 04752178 (England and Wales)

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2014

FOR

PALMORIS LIMITED

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

J Simporis

SECRETARY:

First Instance Secretariat Ltd

REGISTERED OFFICE:

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

REGISTERED NUMBER:

04752178 (England and Wales)

ACCOUNTANTS:

Monetaire

Sovereign House

22 Shelley Road

WORTHING

West Sussex

BN11 1TU

The director presents his report with the financial statements of the company for the year ended 31 May 2014.

CESSATION OF TRADING

The company ceased trading on 31 May 2014.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of water recycling.

DIRECTOR

J Simporis held office during the whole of the period from 1 June 2013 to the date of this report.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

First Instance Secretariat Ltd - Secretary

7 October 2014

TURNOVER

2

9,445

22,180

Cost of sales

1,332

GROSS PROFIT

8,113

20,848

Administrative expenses

11,651

14,205

OPERATING (LOSS)/PROFIT

3

(3,538

)

6,643

Interest receivable and similar income

4

9

(3,534

)

6,652

Interest payable and similar charges

14

21

(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION

(3,548

)

6,631

Tax on (loss)/profit on ordinary activities

4

(45

)

1,299

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(3,503

)

5,332

FIXED ASSETS

Tangible assets

6

-

900

CURRENT ASSETS

Debtors

7

3,676

6,710

Cash at bank

-

710

3,676

7,420

CREDITORS

Amounts falling due within one year

8

6,722

7,863

NET CURRENT LIABILITIES

(3,046

)

(443

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,046

)

457

CAPITAL AND RESERVES

Called up share capital

9

22

Profit and loss account

10

(3,068

)

435

SHAREHOLDERS' FUNDS

(3,046

)

457

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2014 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 7 October 2014 and were signed by:

J Simporis - 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.

Plant and machinery etc

-

25% on reducing balance

Deferred tax

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

sheet date.

2.

TURNOVER

The turnover and loss (2013 - profit) before taxation are attributable to the one principal activity of the company.

3.	OPERATING (LOSS)/PROFIT

The operating loss (2013 - operating profit) is stated after charging:

2014

2013

£

Depreciation - owned assets

-

300

Loss on disposal of fixed assets

100

-

Director's remuneration and other benefits etc

7,696

7,485

4.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss on ordinary activities for the year was as follows:

2014

2013

£

Current tax:

UK corporation tax

-

1,400

Prior year tax adjustment

(45

)

(101

)

Tax on (loss)/profit on ordinary activities

(45

)

1,299

5.

DIVIDENDS

2014

2013

£

'A' Non voting shares of £1 each

Interim

-

6,000

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 June 2013

6,036

Disposals

(6,036

)

At 31 May 2014

-

DEPRECIATION

At 1 June 2013

5,136

Eliminated on disposal

(5,136

)

At 31 May 2014

-

NET BOOK VALUE

At 31 May 2014

-

At 31 May 2013

900

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

Other debtors

3,676

6,710

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2014

2013

£

Bank loans and overdrafts

18

-

Taxation and social security

1,360

5,472

Other creditors

5,344

2,391

6,722

7,863

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

2

£1 Ordinary

£1

2

10

'A' Non voting

£1

10

'B' Non Voting

£1

10

22

10.

RESERVES

Profit

and loss

account

£

At 1 June 2013

435

Deficit for the year

(3,503

)

At 31 May 2014

(3,068

)

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, dividends totalling £0 (2013 - £6,000) were paid to J Simporis.