| Palefields Limited |
| Notes to the Accounts |
| for the year ended 31 May 2018 |
|
|
| 1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services which is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. |
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| 2 |
Debtors |
2018 |
|
2017 |
| £ |
£ |
|
|
Other debtors |
6,791 |
|
6,392 |
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| 3 |
Creditors: amounts falling due within one year |
2018 |
|
2017 |
| £ |
£ |
|
|
Taxation and social security costs |
6,186 |
|
5,234 |
|
Other creditors |
600 |
|
- |
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|
|
|
|
|
6,786 |
|
5,234 |
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| 4 |
Related party transactions |
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During the year, the company received £40,375 (2017: £40,000) for management services to a related company WJB Services Limited. This transaction was carried out on a commerical arms length basis. |
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| 5 |
Controlling party |
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The controlling party is S Bendon who holds 100% of the issued share capital of the company.
She is the daughter of the directors J C and W J Bendon. |
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| 6 |
Other information |
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Palefields Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
1 Old Court Mews |
|
311 Chase Road |
|
London |
|
N14 6JS |
