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Company Registration No. 11312485 (England and Wales)
Palano Limited Unaudited accounts for the year ended 30 April 2023
Palano Limited Unaudited accounts Contents
Page
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Palano Limited Company Information for the year ended 30 April 2023
Director
A G Bailey
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
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Palano Limited Statement of financial position as at 30 April 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,327 
1,371 
Investment property
355,000 
355,000 
356,327 
356,371 
Current assets
Debtors
1,819 
2,009 
Cash at bank and in hand
5,784 
3,482 
7,603 
5,491 
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)
Capital and reserves
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
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Palano Limited Notes to the Accounts for the year ended 30 April 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 taxation
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.
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Palano Limited Notes to the Accounts for the year ended 30 April 2023
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 May 2022
3,997 
Additions
399 
At 30 April 2023
4,396 
Depreciation
At 1 May 2022
2,626 
Charge for the year
443 
At 30 April 2023
3,069 
Net book value
At 30 April 2023
1,327 
At 30 April 2022
1,371 
5
Investment property
2023 
£ 
Fair value at 1 May 2022
355,000 
At 30 April 2023
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.
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Deferred tax asset
1,485 
2,009 
Other debtors
334 
- 
1,819 
2,009 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
29 
- 
Loans from directors
126,567 
126,741 
Accruals
905 
859 
127,501 
127,600 
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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).
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