Company registration number 07176799 (England and Wales)
PALTERTON ESTATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PALTERTON ESTATES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PALTERTON ESTATES LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
2,352,896
2,000,693
Current assets
Cash at bank and in hand
22,408
15,992
Creditors: amounts falling due within one year
(661,992)
(398,917)
Net current liabilities
(639,584)
(382,925)
Total assets less current liabilities
1,713,312
1,617,768
Creditors: amounts falling due after more than one year
5
(512,000)
(592,000)
Net assets
1,201,312
1,025,768
Capital and reserves
Called up share capital
78,501
78,501
Share premium account
71,501
71,501
Profit and loss reserves
1,051,310
875,766
Total equity
1,201,312
1,025,768

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 19 October 2023 and are signed on its behalf by:
Mr D Sewell
Director
Company registration number 07176799 (England and Wales)
PALTERTON ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

Palterton Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Prospect House, 1 Prospect Place, Pride Park, Derby, DE24 8HG. The company registration number is 07176799.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.5
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

PALTERTON ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 April 2022
2,000,693
Additions
420,584
Disposals
(68,381)
At 31 March 2023
2,352,896

The fair value of the investment property has been arrived at on the basis of a valuation carried out at the year end by the director, Mr D Sewell. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
512,000
592,000
2023-03-312022-04-01false19 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMr A SewellMr D Sewell071767992022-04-012023-03-31071767992023-03-31071767992022-03-3107176799core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107176799core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3107176799core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3107176799core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3107176799core:ShareCapital2023-03-3107176799core:ShareCapital2022-03-3107176799core:SharePremium2023-03-3107176799core:SharePremium2022-03-3107176799core:RetainedEarningsAccumulatedLosses2023-03-3107176799core:RetainedEarningsAccumulatedLosses2022-03-3107176799bus:Director22022-04-012023-03-31071767992021-04-012022-03-31071767992022-03-3107176799core:Non-currentFinancialInstruments2023-03-3107176799core:Non-currentFinancialInstruments2022-03-3107176799bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107176799bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3107176799bus:FRS1022022-04-012023-03-3107176799bus:AuditExemptWithAccountantsReport2022-04-012023-03-3107176799bus:Director12022-04-012023-03-3107176799bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP