REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 MARCH 2023 |
FOR |
PALLADIO ESTATES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 MARCH 2023 |
FOR |
PALLADIO ESTATES LIMITED |
PALLADIO ESTATES LIMITED (REGISTERED NUMBER: 02000203) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PALLADIO ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 MARCH 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Ground Floor |
Egerton House |
68 Baker Street |
Weybridge |
Surrey |
KT13 8AL |
PALLADIO ESTATES LIMITED (REGISTERED NUMBER: 02000203) |
BALANCE SHEET |
30 MARCH 2023 |
30.3.23 | 30.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PALLADIO ESTATES LIMITED (REGISTERED NUMBER: 02000203) |
BALANCE SHEET - continued |
30 MARCH 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PALLADIO ESTATES LIMITED (REGISTERED NUMBER: 02000203) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 MARCH 2023 |
1. | STATUTORY INFORMATION |
Palladio Estates Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover represents gross rents and consultancy fees receivable. Rental income is recognised in the period that the property was let out. Consultancy services are recognised in the period that services are provided. |
Tangible fixed assets |
Land and buildings | - |
Plant and machinery etc | - |
The buildings element of freehold property is not depreciated. This is a departure from the Companies Act 2006 which requires buildings to be depreciated over their useful economic lives. The directors consider that depreciation is not appropriate and the accounting policy adopted is necessary for the accounts to show a true and fair view. |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
In accordance with FRS 102; Investment property is property (land or building, or part of a building, or both) held by the owner or by the lessee under a finance lease to earn rentals or for capital appreciation or both. An entity shall measure investment property at its initial recognition. The cost of a purchased investment property comprises its purchase price and any directly attributable expenditure such as legal and brokerage fees, property transfer taxes and other transaction costs. Investment property whose fair value can be measured reliably without undue cost or effort shall be measured at fair value at each reporting date with changes in fair value recognised in profit or loss. |
The directors consider that the value included in the accounts is a fair valuation of the property's market value at the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - NIL). |
PALLADIO ESTATES LIMITED (REGISTERED NUMBER: 02000203) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 MARCH 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 31 March 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 March 2023 |
DEPRECIATION |
At 31 March 2022 |
Charge for year |
At 30 March 2023 |
NET BOOK VALUE |
At 30 March 2023 |
At 30 March 2022 |
5. | FIXED ASSET INVESTMENTS |
30.3.23 | 30.3.22 |
£ | £ |
Participating interests |
Other investments |
Additional information is as follows: |
Interest |
in |
associate |
undertakings |
£ |
COST |
At 31 March 2022 |
and 30 March 2023 |
NET BOOK VALUE |
At 30 March 2023 |
At 30 March 2022 |
Investments (neither listed nor unlisted) were as follows: |
30.3.23 | 30.3.22 |
£ | £ |
Other investments | 2,600,000 | 3,245,000 |
PALLADIO ESTATES LIMITED (REGISTERED NUMBER: 02000203) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 MARCH 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 31 March 2022 |
and 30 March 2023 |
NET BOOK VALUE |
At 30 March 2023 |
At 30 March 2022 |
Fair value at 30 March 2023 is represented by: |
£ |
Valuation in 2023 | 5,410,961 |
Cost | 1,849,859 |
7,260,820 |
If investment property had not been revalued it would have been included at the following historical cost: |
30.3.23 | 30.3.22 |
£ | £ |
Cost | 1,849,859 | 1,849,859 |
Investment property was valued on an open market basis on 30 March 2023 by the directors . |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.3.23 | 30.3.22 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.3.23 | 30.3.22 |
£ | £ |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.3.23 | 30.3.22 |
£ | £ |
Bank loans |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.3.23 | 30.3.22 |
£ | £ |
Bank loans |
The Bank loan has been secured by holding legal charges over the company's investment properties. |
PALLADIO ESTATES LIMITED (REGISTERED NUMBER: 02000203) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 MARCH 2023 |
11. | PROVISIONS FOR LIABILITIES |
30.3.23 | 30.3.22 |
£ | £ |
Deferred tax | 655,007 | 656,724 |
Deferred |
tax |
£ |
Balance at 31 March 2022 |
Provided during year | ( |
) |
Balance at 30 March 2023 |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.3.23 | 30.3.22 |
value: | £ | £ |
Ordinary | £1 | 175 | 175 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 30 March 2023 and 30 March 2022: |
30.3.23 | 30.3.22 |
£ | £ |
Director |
Balance outstanding at start of year | (4,348 | ) | (6,448 | ) |
Amounts advanced | - | 6,000 |
Amounts repaid | (4,150 | ) | (3,900 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (8,498 | ) | (4,348 | ) |
Director |
Balance outstanding at start of year | (6,487 | ) | (5,029 | ) |
Amounts advanced | 376,959 | 720 |
Amounts repaid | - | (2,178 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 370,472 | (6,487 | ) |
Interest was charged on the overdrawn loan account at the rate of 2.0% per annum. |
14. | PARENT COMPANY |
The immediate and ultimate parent company is Trenvale Limited, a company registered in England and Wales. |
These accounts present information about the company as an individual undertaking. Group accounts are not prepared because the group qualifies as a small group. |