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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 30 November 2020 |
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Palm Design Limited |
REGISTERED NUMBER:
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Report of the Director and |
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Unaudited Financial Statements for the Year Ended 30 November 2020 |
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for |
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Palm Design Limited |
Palm Design Limited (Registered number: 04316518) |
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Contents of the Financial Statements |
for the Year Ended 30 November 2020 |
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Page |
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Company Information | 1 |
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Report of the Director | 2 |
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Statement of Comprehensive Income | 3 |
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Statement of Financial Position | 4 |
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Statement of Changes in Equity | 5 |
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Notes to the Financial Statements | 6 |
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Palm Design Limited |
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Company Information |
for the Year Ended 30 November 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Jade House |
67 Park Royal Road |
London |
NW10 7JJ |
Palm Design Limited (Registered number: 04316518) |
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Report of the Director |
for the Year Ended 30 November 2020 |
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The director presents his report with the financial statements of the company for the year ended 30 November 2020. |
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DIVIDENDS |
No dividends will be distributed for the year ended 30 November 2020. |
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DIRECTOR |
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ON BEHALF OF THE BOARD: |
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Palm Design Limited (Registered number: 04316518) |
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Statement of Comprehensive Income |
for the Year Ended 30 November 2020 |
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30.11.20 | 30.11.19 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING LOSS and |
LOSS BEFORE TAXATION | ( |
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Tax on loss |
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LOSS FOR THE FINANCIAL YEAR | ( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE LOSS FOR
THE YEAR |
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Palm Design Limited (Registered number: 04316518) |
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Statement of Financial Position |
30 November 2020 |
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30.11.20 | 30.11.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Retained earnings | 9 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
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The financial statements were approved by the director and authorised for issue on
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Palm Design Limited (Registered number: 04316518) |
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Statement of Changes in Equity |
for the Year Ended 30 November 2020 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 December 2018 |
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Changes in equity |
Total comprehensive loss | - | ( |
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Balance at 30 November 2019 |
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Changes in equity |
Total comprehensive loss | - | ( |
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Balance at 30 November 2020 |
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Palm Design Limited (Registered number: 04316518) |
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Notes to the Financial Statements |
for the Year Ended 30 November 2020 |
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1. | STATUTORY INFORMATION |
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Palm Design Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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In view of the assumption of continue supports from the company's banker and creditors, the financial statements have been prepared on the basis that the company remains a going concern. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures & fittings | - |
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Office equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
Palm Design Limited (Registered number: 04316518) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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4. | OPERATING LOSS |
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The operating loss is stated after charging: |
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30.11.20 | 30.11.19 |
£ | £ |
Depreciation - owned assets |
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5. | TANGIBLE FIXED ASSETS |
Fixtures | Office |
& fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2019 |
and 30 November 2020 |
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DEPRECIATION |
At 1 December 2019 |
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Charge for year |
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At 30 November 2020 |
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NET BOOK VALUE |
At 30 November 2020 |
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At 30 November 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
VAT account |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.20 | 30.11.19 |
£ | £ |
Trade creditors |
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Directors' current accounts | 402,027 | 401,927 |
Accrued expenses |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.11.20 | 30.11.19 |
value: | £ | £ |
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Ordinary | £1 | 2 | 2 |
Palm Design Limited (Registered number: 04316518) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 November 2020 |
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9. | RESERVES |
Retained |
earnings |
£ |
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At 1 December 2019 | ( |
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Deficit for the year | ( |
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At 30 November 2020 | ( |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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