Palmers Trading Estates (Preston) Limited

PALMERS TRADING ESTATES (PRESTON) LIMITED - Company Information

2020-09-012021-08-312021-08-31false02703093Palmers Trading Estates (Preston) 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Registered Number
02703093
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 August 2021

Palmers Trading Estates (Preston) Limited

Company Information
for the year from 1 September 2020 to 31 August 2021


Directors	PALMER, Ben
	PALMER, Clive Charles
	PALMER, Colleen Frances
	PALMER, James Charles
	PALMER, John Christopher
	PALMER, Justin Charles


Registered Address	Bernards Way
	Yeovil
	BA20 2FH


Registered Number	02703093 (England and Wales)

Palmers Trading Estates (Preston) Limited

Balance Sheet as at
31 August 2021

	Notes	2021		2020
		£	£	£	£
Fixed assets
Tangible assets	5		2,747,276		3,086,919
			2,747,276		3,086,919
Current assets
Stocks		367,780		328,938
Debtors		194,005		275,093
Cash at bank and on hand		1,635,690		1,206,148
		2,197,475		1,810,179
Creditors amounts falling due within one year	7	(949,746)		(996,493)
Net current assets (liabilities)			1,247,729		813,686
Total assets less current liabilities			3,995,005		3,900,605
Creditors amounts falling due after one year	8		(830,047)		(1,016,011)
Provisions for liabilities			(64,322)		(95,670)
Net assets			3,100,636		2,788,924
Capital and reserves
Called up share capital			1,500		1,500
Share premium			499,500		499,500
Profit and loss account			2,599,636		2,287,924
Shareholders' funds			3,100,636		2,788,924

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 18 May 2022, and are signed on its behalf by:

PALMER, Clive Charles
Director

PALMER, John Christopher
Director

Registered Company No. 02703093

Palmers Trading Estates (Preston) Limited

Notes to the Financial Statements
for the year ended 31 August 2021

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	ACCOUNTING POLICIES

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	100
Plant and machinery	15	-
Fixtures and fittings	15	-
Vehicles	25	-
Office Equipment	25	-

	Stocks policy
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services 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.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services 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.

	Deferred tax policy
	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. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

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. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Government grants and other government assistance policy
	Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

4.	EMPLOYEE INFORMATION


		2021		2020
	Average number of employees during the year	88		92

5.	PROPERTY, PLANT AND EQUIPMENT

		Total
		£
	Cost or valuation
	At 01 September 20	4,623,979
	Additions	140,366
	Disposals	(1,412,324)
	At 31 August 21	3,447,731
	Depreciation and impairment
	At 01 September 20	1,537,060
	Charge for year	86,933
	On disposals	(1,019,248)
	At 31 August 21	700,455
	Net book value
	At 31 August 21	2,747,276
	At 31 August 20	3,086,919

6.	DEBTORS WITHIN ONE YEAR

	2021	2020
	£	£
Trade debtors / trade receivables	96,343	188,293
Amounts owed by group undertakings	57,346	56,867
Amounts owed by associates and joint ventures / participating interests	22,737	17,416
Other debtors	3,965	-
Prepayments and accrued income	13,614	12,517
Total	194,005	275,093


	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

7.	CREDITORS WITHIN ONE YEAR

	2021	2020
	£	£
Trade creditors / trade payables	315,230	287,593
Bank borrowings and overdrafts	186,864	172,680
Amounts owed to related parties	73,976	53,507
Taxation and social security	309,175	418,743
Other creditors	44	-
Accrued liabilities and deferred income	64,457	63,970
Total	949,746	996,493


	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

8.	CREDITORS AFTER ONE YEAR

	2021	2020
	£	£
Bank borrowings and overdrafts	830,047	1,016,011
Total	830,047	1,016,011