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Registered Number: 13166048
England and Wales

 

 

 

PALMERS PROPERTY INVESTMENTS LTD


Abridged Accounts
 


Period of accounts

Start date: 01 February 2022

End date: 31 January 2023
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts Palmers Property Investments Ltd for the year ended 31 January 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Palmers Property Investments Ltd for the year ended 31 January 2023 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.

This report is made solely to the Board of Directors of Palmers Property Investments Ltd , as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Palmers Property Investments Ltd and state those matters that we have agreed to state to the Board of Directors of Palmers Property Investments Ltd, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palmers Property Investments Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Palmers Property Investments Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit Palmers Property Investments Ltd. You consider that Palmers Property Investments Ltd is exempt from the statutory audit requirement for the year

We have not been instructed to carry out an audit or a review of the accounts of Palmers Property Investments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



....................................................
Doyles
51 Station Road
Marston Green
Birmingham
West Midlands
B37 7AB
20 October 2023
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 303,446    303,446 
303,446    303,446 
Current assets      
Debtors 300   
Cash at bank and in hand 170    1,502 
470    1,502 
Creditors: amount falling due within one year (979)   (3,380)
Net current liabilities (509)   (1,878)
 
Total assets less current liabilities 302,937    301,568 
Creditors: amount falling due after more than one year (309,150)   (303,750)
Net liabilities (6,213)   (2,182)
 

Capital and reserves
     
Called up share capital 5 1    1 
Profit and loss account (6,214)   (2,183)
Shareholder's funds (6,213)   (2,182)
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements 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 Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the director on 20 October 2023 and were signed by:


-------------------------------
PALMER Stephen
Director
2
General Information
Palmers Property Investments Ltd is a private company, limited by shares, registered in England and Wales, registration number 13166048, registration address 21 Station Road, Birmingham, Warwickshire, B46 2JA.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0% Straight Line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Indebtedness

The company has taken a interest only motgage advance from Paragon Mortgages on a fixed rate of Interest of 4.01% p.a.
The Mortgage is secured on the company's investment property at  24, Springfields, Coleshill.

4.

Tangible fixed assets

Cost or valuation Land and Buildings   Total
  £   £
At 01 February 2022 303,446    303,446 
Additions  
Disposals  
At 31 January 2023 303,446    303,446 
Depreciation
At 01 February 2022  
Charge for year  
On disposals  
At 31 January 2023  
Net book values
Closing balance as at 31 January 2023 303,446    303,446 
Opening balance as at 01 February 2022 303,446    303,446 


5.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
1 Class A share of £1.00 each  
 

3