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REGISTERED NUMBER: 02081008 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023

FOR

PALM INVESTMENTS LIMITED

PALM INVESTMENTS LIMITED (REGISTERED NUMBER: 02081008)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PALM INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2023







DIRECTORS: Mr I S Kingsley Smith
Mr P Ross-Gower
Mrs A Kingsley Smith





SECRETARY: Mr I S Kingsley Smith





REGISTERED OFFICE: Ranscombe Farmhouse
Cuxton
Rochester
Kent
ME2 1LA





REGISTERED NUMBER: 02081008 (England and Wales)





ACCOUNTANTS: Stephen Hill Partnership Limited
139-141 Watling Street
Gillingham
Kent
ME7 2YY

PALM INVESTMENTS LIMITED (REGISTERED NUMBER: 02081008)

BALANCE SHEET
31ST JULY 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 2 2
Investment property 6 1,934,880 1,934,880
1,934,882 1,934,882

CURRENT ASSETS
Debtors 7 827,121 920,121
Cash at bank 27,898 32,279
855,019 952,400
CREDITORS
Amounts falling due within one year 8 1,201 1,201
NET CURRENT ASSETS 853,818 951,199
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,788,700

2,886,081

CREDITORS
Amounts falling due after more than one
year

9

(1,627,701

)

(460,532

)

PROVISIONS FOR LIABILITIES (86,966 ) (86,966 )
NET ASSETS 1,074,033 2,338,583

CAPITAL AND RESERVES
Called up share capital 116,000 216,000
Share premium 132,000 32,000
Retained earnings 826,033 2,090,583
SHAREHOLDERS' FUNDS 1,074,033 2,338,583

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

PALM INVESTMENTS LIMITED (REGISTERED NUMBER: 02081008)

BALANCE SHEET - continued
31ST JULY 2023


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

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 26th October 2023 and were signed on its behalf by:





Mr I S Kingsley Smith - Director


PALM INVESTMENTS LIMITED (REGISTERED NUMBER: 02081008)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

1. STATUTORY INFORMATION

Palm Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Accounting convention
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the historical cost convention. It is the company's policy to show rental income and the related management expenses on a receipts and payments basis.

Turnover
Turnover represents rents received and sales of properties.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying value amount and are recognised in the Income Statement.

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.

The company carries the investment property at fair value. Gains and losses on the revaluation of property are recognised in the Income Statement. Deferred taxation is provided on the revaluations at the rate of tax expected to be paid when the properties are sold.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PALM INVESTMENTS LIMITED (REGISTERED NUMBER: 02081008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1st August 2022
and 31st July 2023 5,957
DEPRECIATION
At 1st August 2022
and 31st July 2023 5,957
NET BOOK VALUE
At 31st July 2023 -
At 31st July 2022 -

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1st August 2022
and 31st July 2023 2
NET BOOK VALUE
At 31st July 2023 2
At 31st July 2022 2

PALM INVESTMENTS LIMITED (REGISTERED NUMBER: 02081008)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st August 2022
and 31st July 2023 1,934,880
NET BOOK VALUE
At 31st July 2023 1,934,880
At 31st July 2022 1,934,880

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 121 121
Palm Developments Ltd 827,000 920,000
827,121 920,121

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Accruals and deferred income 1,201 1,201

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Other loans - 2-5 years 1,492,500 427,500
Directors' loan accounts 135,201 33,032
1,627,701 460,532

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Directors' loan accounts 135,201 33,032

10. RELATED PARTY DISCLOSURES

Palm Developments Ltd
The subsidiary of Palm Investments Limited and a company in which Mr I S Kingsley Smith is a director.

At the balance sheet date the company was owed £827,000 (2022 £920,000) by Palm Developments Ltd.