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Registration number: 06446909

Palace Court Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Palace Court Properties Limited

Contents

Company Information

1

Statement of Director's Responsibilities

2

Balance Sheet

3

Notes to the Financial Statements

4 to 8

 

Palace Court Properties Limited

Company Information

Director

Mr M Wrennall

Company secretary

Mr G C Wrennall

Registered office

27 Saxon Hall
16 Palace Court
London
W2 4JA

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Palace Court Properties Limited

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' . Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Palace Court Properties Limited

(Registration number: 06446909)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

866,199

866,199

Current assets

 

Debtors

4

209,046

191,399

Cash at bank and in hand

 

1,214

451

 

210,260

191,850

Creditors: Amounts falling due within one year

5

(748,292)

(732,774)

Net current liabilities

 

(538,032)

(540,924)

Net assets

 

328,167

325,275

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

328,067

325,175

Shareholders' funds

 

328,167

325,275

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director 's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 ; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.


Approved and authorised by the director on 12 October 2023
 

.........................................

Mr M Wrennall
Director

 

Palace Court Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
27 Saxon Hall
16 Palace Court
London
W2 4JA
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Palace Court Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

Not depreciated

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Palace Court Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables,cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

Investments

2023
£

2022
£

Investments in subsidiaries

866,199

866,199

 

Palace Court Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Debtors

Note

2023
£

2022
£

Trade debtors

 

2,300

2,300

Amounts owed by group undertakings and undertakings in which the company has a participating interest

7

197,246

179,599

Other debtors

 

9,500

9,500

 

209,046

191,399

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

1,290

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

7

335,994

342,815

Accruals and deferred income

 

7,112

1,500

Other creditors

 

403,896

388,459

 

748,292

732,774

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         
 

Palace Court Properties Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

7

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr M Wrennall

Amount owed to director

388,459

15,437

403,896

       
     

 

2022

At 1 April 2021
£

Advances to director
£

At 31 March 2022
£

Mr M Wrennall

Amount owed to director

391,720

(3,261)

388,459

       
     

 

Summary of transactions with entities with joint control or significant interest


The amount owed by related parties or with significant influence is £197,247 (2022: £179,599)

 

Summary of transactions with subsidiaries


The Amount owed to subsidiary 1 is £331,076 (2022: £361,877)

The amount owed to subsidiary 2 is £ 4,917 (owed by 2022: £19,062)