REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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SIMON PALMER LIMITED |
REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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SIMON PALMER LIMITED |
SIMON PALMER LIMITED (REGISTERED NUMBER: 05594621) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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SIMON PALMER LIMITED |
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Company Information |
for the Year Ended 31 October 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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Brook House |
Mint Street |
Godalming |
Surrey |
GU7 1HE |
SIMON PALMER LIMITED (REGISTERED NUMBER: 05594621) |
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Balance Sheet |
31 October 2020 |
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31.10.20 | 31.10.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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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. |
SIMON PALMER LIMITED (REGISTERED NUMBER: 05594621) |
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Balance Sheet - continued |
31 October 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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SIMON PALMER LIMITED (REGISTERED NUMBER: 05594621) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2020 |
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1. | STATUTORY INFORMATION |
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Simon Palmer Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been drawn up on a going concern basis notwithstanding the losses made during the year. The director considers that the company has the funds available to meet it's liabilities as they fall due and that the going concern basis of preparing the financial statements remains appropriate. |
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Turnover |
Turnover represents net invoiced sales of used cars, excluding value added tax, and are recognised in the month to which they relate. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Stocks |
Stock of used cars is valued at the lower of cost and net realisable value. |
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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 balance sheet date. |
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SIMON PALMER LIMITED (REGISTERED NUMBER: 05594621) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 November 2019 |
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Additions |
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At 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
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Charge for year |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Other debtors |
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SIMON PALMER LIMITED (REGISTERED NUMBER: 05594621) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Other creditors |
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