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REGISTERED NUMBER: 02105403 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023

FOR

PALM ESTATES LIMITED

PALM ESTATES LIMITED (REGISTERED NUMBER: 02105403)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PALM ESTATES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2023







DIRECTOR: Mr I S Kingsley Smith





SECRETARY: Mr I S Kingsley Smith





REGISTERED OFFICE: Ranscombe Farmhouse
Cuxton
Rochester
Kent
ME2 1LA





REGISTERED NUMBER: 02105403 (England and Wales)





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

PALM ESTATES LIMITED (REGISTERED NUMBER: 02105403)

BALANCE SHEET
31ST JULY 2023

31.7.23 31.7.22
Notes £    £   
CURRENT ASSETS
Debtors 5 1,624 2,941
Cash at bank 25,619 27,522
27,243 30,463
CREDITORS
Amounts falling due within one year 6 38,296 63,150
NET CURRENT LIABILITIES (11,053 ) (32,687 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(11,053

)

(32,687

)

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (12,053 ) (33,687 )
SHAREHOLDERS' FUNDS (11,053 ) (32,687 )

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 director acknowledges his 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.

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 director and authorised for issue on 25th October 2023 and were signed by:





Mr I S Kingsley Smith - Director


PALM ESTATES LIMITED (REGISTERED NUMBER: 02105403)

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

1. STATUTORY INFORMATION

Palm Estates 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

Basis of preparing the financial statements
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 on the basis of going concern. This basis may not be appropriate because the company has, at 31 July 2023, net liabilities of £11,053 (2022 £32,687). The validity of the going concern basis is dependent upon the continued support of the director.

Turnover
Turnover represents commission received in respect of rent collection.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 20% on cost

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.

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 ESTATES LIMITED (REGISTERED NUMBER: 02105403)

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.

Creditors
Short term creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1st August 2022
and 31st July 2023 200
DEPRECIATION
At 1st August 2022
and 31st July 2023 200
NET BOOK VALUE
At 31st July 2023 -
At 31st July 2022 -

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Other debtors 1,624 2,941

PALM ESTATES LIMITED (REGISTERED NUMBER: 02105403)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Tax 12,555 4,560
Other creditors 25,000 26,965
Director's current account 241 31,125
Accrued expenses 500 500
38,296 63,150

7. RELATED PARTY DISCLOSURES

Palm Investments Limited

The company received fee's from Palm Investments Ltd, a company in which Mr I S Kingsley Smith is a director and shareholder.