Company Registration No. 06712627 (England and Wales)
PALACE LEGAL SERVICES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
PALACE LEGAL SERVICES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PALACE LEGAL SERVICES LTD
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
12,960
14,400
Current assets
Debtors
4
14,288
21,905
Cash at bank and in hand
10,003
2
24,291
21,907
Creditors: amounts falling due within one year
5
(36,511)
(38,608)
Net current liabilities
(12,220)
(16,701)
Total assets less current liabilities
740
(2,301)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
640
(2,401)
Total equity
740
(2,301)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 January 2019 and are signed on its behalf by:
H Jones
A Jones
Director
Director
Company Registration No. 06712627
PALACE LEGAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 2 -
1
Accounting policies
Company information
Palace Legal Services Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5A Bear Lane, Southwark, London, SE1 0UH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
PALACE LEGAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 3 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2017 and 30 April 2018
20,000
Amortisation and impairment
At 1 May 2017
5,600
Amortisation charged for the year
1,440
At 30 April 2018
7,040
Carrying amount
At 30 April 2018
12,960
At 30 April 2017
14,400
The aggregate amount of research and development expenditure recognised as an expenses during the period is £Nil (2017- £Nil).
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
14,288
21,905
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
2,476
7,171
Trade creditors
6,084
8,546
Corporation tax
14,288
12,390
Other taxation and social security
6,205
8,150
Other creditors
7,458
2,351
36,511
38,608
6
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
100
100
PALACE LEGAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 4 -
7
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
During the year, £64,452 was paid to and on behalf of the directors and the company was reimbursed the sum of £70,421. Interest at 2.5% was charged on the overdrawn balance and at the year end the balance owed to the directors was £5,458 (2017: £352).