Palmer Collins Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 06913217 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Palmer Collins Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M S Smyth

Mrs A E Smyth

Mrs K L Murray

K Smyth

REGISTERED OFFICE:

5 Barnfield Crescent

Exeter

Devon

EX1 1RF

REGISTERED NUMBER:

06913217 (England and Wales)

ACCOUNTANTS:

Kirk Hills Chartered Accountants

5 Barnfield Crescent

Exeter

Devon

EX1 1QT

FIXED ASSETS

Tangible assets

4

3,814

1,278

CURRENT ASSETS

Cash at bank

66,789

88,153

CREDITORS

Amounts falling due within one year

5

54,547

71,088

NET CURRENT ASSETS

12,242

17,065

TOTAL ASSETS LESS CURRENT LIABILITIES

16,056

18,343

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

15,956

18,243

SHAREHOLDERS' FUNDS

16,056

18,343

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 December 2017 and were signed on its behalf by:

M S Smyth - Director

1.	STATUTORY INFORMATION

Palmer Collins Limited is a private company, limited by shares , registered in 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of estate and letting agent services.

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

-

33% on cost and 20% on reducing balance

Financial instruments

(i) Financial assets

Basic financial assets, including trade and other debtors are initially recognised at the transaction price and

therefore stated at amortisation cost using the effective interest method, less impairment losses for bad and

doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated

at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another

party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has

been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third

party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised

at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of

business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If

not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and

subsequently measured at amortisation cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

9,894

Additions

2,900

At 31 March 2017

12,794

DEPRECIATION

At 1 April 2016

8,616

Charge for year

364

At 31 March 2017

8,980

NET BOOK VALUE

At 31 March 2017

3,814

At 31 March 2016

1,278

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

875

537

Taxation and social security

8,141

10,304

Other creditors

45,531

60,247

54,547

71,088

6.	RELATED PARTY DISCLOSURES

During the year, total dividends of £35,000 (2016 - £28,500) were paid to the directors .

7.	FIRST YEAR ADOPTION

These financial statements for the year ended 31st March 2017 are the first financial statements that comply with

section FRS102 section 1A small entities. The date of transition is 1st April 2015. No adjustments arose from

the transition from GAAP to FRS102 Section 1a.