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REGISTERED NUMBER: 08449959 (England and Wales)















ABRIDGED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

PALM LAKES LTD

PALM LAKES LTD (REGISTERED NUMBER: 08449959)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


PALM LAKES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: A Solinsky





REGISTERED OFFICE: 115 Craven Park Road
South Tottenham
London
N15 6BL





REGISTERED NUMBER: 08449959 (England and Wales)





ACCOUNTANTS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

PALM LAKES LTD (REGISTERED NUMBER: 08449959)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 MAY 2023

31.5.23 31.5.22
Notes £    £   
FIXED ASSETS
Investment property 4 650,000 380,000

CURRENT ASSETS
Debtors 343,437 234,437
Cash at bank 60,434 5,676
403,871 240,113
CREDITORS
Amounts falling due within one year (8,387 ) (10,378 )
NET CURRENT ASSETS 395,484 229,735
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,045,484

609,735

CREDITORS
Amounts falling due after more than one year 5 (423,607 ) (264,937 )
NET ASSETS 621,877 344,798

CAPITAL AND RESERVES
Called up share capital 6 100 100
Revaluation reserve 7 570,000 300,000
Retained earnings 51,777 44,698
SHAREHOLDERS' FUNDS 621,877 344,798

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

PALM LAKES LTD (REGISTERED NUMBER: 08449959)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31 MAY 2023


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 12 February 2024 and were signed by:





A Solinsky - Director


PALM LAKES LTD (REGISTERED NUMBER: 08449959)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Palm Lakes Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

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 statement of financial position date.

3. EMPLOYEES AND DIRECTORS

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 380,000
Revaluations 270,000
At 31 May 2023 650,000
NET BOOK VALUE
At 31 May 2023 650,000
At 31 May 2022 380,000

PALM LAKES LTD (REGISTERED NUMBER: 08449959)

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

4. INVESTMENT PROPERTY - continued

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2015 300,000
Valuation in 2023 270,000
Cost 80,000
650,000

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.5.23 31.5.22
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 418,941 258,529

Repayable by instalments
Other loans more 5yrs instal 4,666 6,408

Other creditors include £8,000 received under Bounceback Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% and guaranteed by HM Government.

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.23 31.5.22
value: £    £   
100 Ordinary £1 100 100

7. RESERVES
Revaluation
reserve
£   
At 1 June 2022 300,000
Revaluation 270,000

At 31 May 2023 570,000