Company Registration No. 11312485 (England and Wales)
Palano Limited
Unaudited accounts
for the year ended 30 April 2023
Palano Limited
Unaudited accounts
Contents
Palano Limited
Company Information
for the year ended 30 April 2023
Company Number
11312485 (England and Wales)
Registered Office
73a High Street
Egham
Surrey
TW20 9HE
Accountants
Howard and Company
73a High Street
Egham
Surrey
TW20 9HE
Palano Limited
Statement of financial position
as at 30 April 2023
Tangible assets
1,327
1,371
Investment property
355,000
355,000
Cash at bank and in hand
5,784
3,482
Creditors: amounts falling due within one year
(127,501)
(127,600)
Net current liabilities
(119,898)
(122,109)
Total assets less current liabilities
236,429
234,262
Creditors: amounts falling due after more than one year
(241,250)
(241,250)
Net liabilities
(4,821)
(6,988)
Called up share capital
100
100
Profit and loss account
(4,921)
(7,088)
Shareholders' funds
(4,821)
(6,988)
For the year ending 30 April 2023 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 28 September 2023 and were signed on its behalf by
A G Bailey
Director
Company Registration No. 11312485
Palano Limited
Notes to the Accounts
for the year ended 30 April 2023
Palano Limited is a private company, limited by shares, registered in England and Wales, registration number 11312485. The registered office is 73a High Street, Egham, Surrey, TW20 9HE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is the amount of rent receivable during the year. Rents received in advance or in arrears are shown in the accounts as deferred income or debtors as appropriate.
Investment property is included at fair market value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% of book value
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Palano Limited
Notes to the Accounts
for the year ended 30 April 2023
4
Tangible fixed assets
Plant & machinery
Fair value at 1 May 2022
355,000
The investment property was valued by the directors on 30 April 2019 using the open market method and it is their opinion that the value has not changed significantly between 30 April 2019 and 30 April 2023.
Amounts falling due within one year
Deferred tax asset
1,485
2,009
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
29
-
Loans from directors
126,567
126,741
Palano Limited
Notes to the Accounts
for the year ended 30 April 2023
8
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
241,250
241,250
Aggregate of amounts that fall due for payment after five years
241,250
241,250
Bank loans are secured by a fixed charge over the company's investment property in favour of Paragon Bank PLC, and by a floating charge over the company's assets in favour of Paragon Mortgages (2010) Limited.
9
Average number of employees
During the year the average number of employees was 1 (2022: 1).