Palace Communications Limited - Accounts to registrar - small 17.2
Palace Communications Limited - Accounts to registrar - small 17.2
| REGISTERED NUMBER: |
| PALACE COMMUNICATIONS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2017 |
| PALACE COMMUNICATIONS LIMITED (REGISTERED NUMBER: 01767068) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2017 |
| Page |
| Company information | 1 |
| Balance sheet | 2 |
| Notes to the financial statements | 3 |
| Report of the accountants | 7 |
| PALACE COMMUNICATIONS LIMITED |
| COMPANY INFORMATION |
| for the year ended 31 March 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Lygon House |
| 50 London Road |
| Bromley |
| Kent |
| BR1 3RA |
| PALACE COMMUNICATIONS LIMITED (REGISTERED NUMBER: 01767068) |
| BALANCE SHEET |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve | 8 |
| Retained earnings | 8 |
| 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. |
| 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 |
| PALACE COMMUNICATIONS LIMITED (REGISTERED NUMBER: 01767068) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Palace Communications Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| 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 |
| Plant and machinery | - |
| 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 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| PALACE COMMUNICATIONS LIMITED (REGISTERED NUMBER: 01767068) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2017 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| £ |
| COST OR VALUATION |
| At 1 April 2016 |
| Additions |
| At 31 March 2017 |
| DEPRECIATION |
| At 1 April 2016 |
| Charge for year |
| At 31 March 2017 |
| NET BOOK VALUE |
| At 31 March 2017 |
| At 31 March 2016 |
| Cost or valuation at 31 March 2017 is represented by: |
| Plant and |
| machinery |
| £ |
| Valuation in 2017 | 35,246 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| PALACE COMMUNICATIONS LIMITED (REGISTERED NUMBER: 01767068) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2017 |
| 7. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| 8. | RESERVES |
| Capital |
| Retained | redemption |
| earnings | reserve | Totals |
| £ | £ | £ |
| At 1 April 2016 | 5,741 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 March 2017 | 5,136 |
| 9. | RELATED PARTY DISCLOSURES |
| D C Boyle |
| Director |
| During the year, total dividends of £4,900 (2016 - £21,000) were paid to Mr D C Boyle.. |
| At the year end the company owed £11,779 to Mr D C Boyle (2016 - £909) |
| The company owed Mr T J Boyle, the former owner of the company £14,425 at the balance sheet date. |
| EPML Limited |
| A company 50% owned and controlled by Mr D C Boyle. |
| During the year the company paid £1,200 rent to EPML Limited. |
| During the year the company received management charges of £11,908 (2016 - £9,340). |
| At the year end the company had a trade creditor balance of £300 with EPML Limited. |
| 2017 | 2016 |
| £ | £ |
| Amount due from related party at the balance sheet date | - | 2,440 |
| 10. | ULTIMATE CONTROLLING PARTY |
| The company is owned and controlled by Mr D C Boyle. |
| PALACE COMMUNICATIONS LIMITED (REGISTERED NUMBER: 01767068) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 31 March 2017 |
| 11. | FRS 102 FIRST YEAR ADOPTION |
| The company has adopted FRS 102 for the year ended 31 March 2017. Whilst the transition to FRS 102 from old UK |
| GAAP has had no effect on the Company's reported financial position or financial performance as at 1 April 2015 or 31 |
| March 2016, there have been several presentational differences which are reflected in these financial statements. No |
| transitional provisions on conversion to FRS 102 have been applied. |
| PALACE COMMUNICATIONS LIMITED |
| REPORT OF THE ACCOUNTANTS TO THE DIRECTOR OF |
| PALACE COMMUNICATIONS LIMITED |
| The following reproduces the text of the report prepared for the director and members 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 |
| director are not required to be filed with the Registrar of Companies. |
| As described on the Balance sheet you are responsible for the preparation of the financial statements for the year ended 31 March 2017 set out on pages three to eight and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| Chartered Accountants |
| Lygon House |
| 50 London Road |
| Bromley |
| Kent |
| BR1 3RA |