Company Registration No. 06011775 (England and Wales)
A & C PALMER ASSOCIATES LTD.
Unaudited Financial Statements
For The Year Ended 30 November 2017
Pages For Filing With Registrar
A & C PALMER ASSOCIATES LTD.
Company Information
Directors
A.A. Palmer
C.L. Palmer
Secretary
C.L. Palmer
Company Number
06011775
Registered Office
19 Malvern Drive,
Woodford Green,
Essex,
IG8 0JR.
Accountants
Nicholas Hall,
7b, Johnston Road,
Woodford Green,
Essex,
IG8 0XA.
A & C PALMER ASSOCIATES LTD.
Contents
Page
Accountants' Report
1
Balance Sheet
2 - 3
Notes To The Financial Statements
4 - 7
A & C PALMER ASSOCIATES LTD.
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of A & C Palmer Associates Ltd. For The Year Ended 30 November 2017
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of A & C Palmer Associates Ltd. for the year ended 30 November 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of A & C Palmer Associates Ltd., as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of A & C Palmer Associates Ltd. and state those matters that we have agreed to state to the Board of Directors of A & C Palmer Associates Ltd., as a body, in this report in accordance with technical guidelines. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than A & C Palmer Associates Ltd. and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that A & C Palmer Associates Ltd. has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of A & C Palmer Associates Ltd.. You consider that A & C Palmer Associates Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of A & C Palmer Associates Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Nicholas Hall
____________________________
Nicholas Hall
7b, Johnston Road,
Woodford Green,
Essex,
IG8 0XA.
15 August 2018
A & C PALMER ASSOCIATES LTD.
Balance Sheet
As At 30 November 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed Assets
Tangible Assets
2
749
973
Current Assets
Cash At Bank And In Hand
2,349
519
Creditors: Amounts Falling Due Within One Year
(1,280)
(1,082)
Net Current Assets/(Liabilities)
1,069
(563)
Total Assets Less Current Liabilities
1,818
410
Capital And Reserves
Called Up Share Capital
3
35,565
33,265
Profit And Loss Reserves
(33,747)
(32,855)
Total Equity
1,818
410

In accordance with section 444 of the Companies Act 2006 all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

A & C PALMER ASSOCIATES LTD.
Balance Sheet (Continued)
As At 30 November 2017
- 3 -

For the financial year ended 30 November 2017 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.

The 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 15 August 2018 and are signed on its behalf by:
A.A. Palmer
____________________________
A.A. Palmer
Director
Company Registration No. 06011775
A & C PALMER ASSOCIATES LTD.
Notes To The Financial Statements
For The Year Ended 30 November 2017
- 4 -
1
Accounting Policies
Company Information

A & C Palmer Associates Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 19 Malvern Drive, Woodford Green, Essex, IG8 0JR.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 November 2017 are the first financial statements of A & C Palmer Associates Ltd. prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 December 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible Fixed Assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer Equipment
- 15% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

A & C PALMER ASSOCIATES LTD.
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2017
1
Accounting Policies
(Continued)
- 5 -
1.4
Impairment Of Fixed Assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash At Bank And In Hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

A & C PALMER ASSOCIATES LTD.
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2017
1
Accounting Policies
(Continued)
- 6 -
Basic financial liabilities

Basic financial liabilities, including Creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 amortised cost using the effective interest method.

1.7
Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2
Tangible Fixed Assets
Computer equipment
£
Cost
At 1 December 2016 And 30 November 2017
2,405
Depreciation And Impairment
At 1 December 2016
1,432
Depreciation Charged In The Year
224
At 30 November 2017
1,656
Carrying Amount
At 30 November 2017
749
At 30 November 2016
973
A & C PALMER ASSOCIATES LTD.
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2017
- 7 -
3
Called Up Share Capital
2017
2016
£
£
Ordinary Share Capital
Issued And Fully Paid
15 Ordinary Shares of £1 each
15
15
15
15
Preference Share Capital
Issued And Fully Paid
35,550 5% Preference Shares of £1 each
35,550
33,250
35,550
33,250
2017-11-302016-12-01falseCCH SoftwareCCH Accounts Production 2018.100No description of principal activity15 August 2018A.A. PalmerC.L. PalmerC.L. Palmer060117752016-12-012017-11-3006011775bus:Director12016-12-012017-11-3006011775bus:CompanySecretaryDirector12016-12-012017-11-3006011775bus:CompanySecretary12016-12-012017-11-3006011775bus:Director22016-12-012017-11-3006011775bus:RegisteredOffice2016-12-012017-11-30060117752017-11-30060117752016-11-3006011775core:ComputerEquipment2017-11-3006011775core:ComputerEquipment2016-11-3006011775core:CurrentFinancialInstruments2017-11-3006011775core:CurrentFinancialInstruments2016-11-3006011775core:ShareCapital2017-11-3006011775core:ShareCapital2016-11-3006011775core:RetainedEarningsAccumulatedLosses2017-11-3006011775core:RetainedEarningsAccumulatedLosses2016-11-3006011775core:ShareCapitalOrdinaryShares2017-11-3006011775core:ShareCapitalOrdinaryShares2016-11-3006011775core:ShareCapitalPreferenceShares2017-11-3006011775core:ShareCapitalPreferenceShares2016-11-3006011775core:ComputerEquipment2016-12-012017-11-3006011775core:ComputerEquipment2016-11-3006011775bus:OrdinaryShareClass12016-12-012017-11-3006011775bus:PreferenceShareClass12016-12-012017-11-3006011775bus:OrdinaryShareClass12017-11-3006011775bus:PreferenceShareClass12017-11-3006011775bus:PrivateLimitedCompanyLtd2016-12-012017-11-3006011775bus:FRS1022016-12-012017-11-3006011775bus:AuditExemptWithAccountantsReport2016-12-012017-11-3006011775bus:SmallCompaniesRegimeForAccounts2016-12-012017-11-3006011775bus:FullAccounts2016-12-012017-11-30xbrli:purexbrli:sharesiso4217:GBP