Company registration number 01901684 (England and Wales)
CENPALM LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CENPALM LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CENPALM LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
7
157,533
92,410
Investment properties
8
1,886,054
1,752,947
Investments
9
5,852
5,897
2,049,439
1,851,254
Current assets
Debtors
10
342,760
306,511
Cash at bank and in hand
82,837
205,674
425,597
512,185
Creditors: amounts falling due within one year
11
(361,509)
(595,429)
Net current assets/(liabilities)
64,088
(83,244)
Total assets less current liabilities
2,113,527
1,768,010
Creditors: amounts falling due after more than one year
12
(127,500)
(142,500)
Provisions for liabilities
(82,259)
(86,980)
Net assets
1,903,768
1,538,530
Capital and reserves
Called up share capital
14
100
100
Fair Value Reserve
414,908
434,902
Profit and loss
1,488,760
1,103,528
Shareholders fund
1,903,768
1,538,530

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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 Section 1A of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

CENPALM LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 February 2024 and are signed on its behalf by:
Mr M W Seaman-Hill
Director
Company registration number 01901684 (England and Wales)
CENPALM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
General information
Company information

Cenpalm Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

2
Statement of compliance

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) including the provisions of Section 1A "Small Entities" and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

3
Accounting policies

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention modified to include investment properties and certain financial instruments at fair value through the profit and loss account.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3.1
Turnover

Turnover is derived from the rental of properties which are included on an accruals basis.

3.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

 

Any tangible assets earned at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment loses.

 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of he same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation against accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is recognised so as to write off the cost or valuation of assets over their useful lives on the following bases:

Freehold properties
No depreciation
Furniture, fixtures and fittings
20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

CENPALM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
(Continued)
- 4 -
3.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

3.4
Fixed asset investments

Fixed asset investments are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

3.5
Impairment

A review of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

When it is possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

3.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

3.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, cash, bank balances and loans to associated companies, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from associated companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

CENPALM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
(Continued)
- 5 -
3.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3.9
Taxation

The taxation expenses represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

4
Profit before taxation
2023
2022
Profit before taxation is stated after charging/(crediting)
£
£
Depreciation
3,482
4,353
Income from unlisted investments
(33,032)
(19,032)
Profit on sale of unlisted investments
(312,475)
-
Impairment of unlisted investments
20
-
Net revaluation of freehold investment properties
19,994
-
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
CENPALM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Tangible fixed assets
Freehold property
Furniture, fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
75,000
102,256
177,256
Additions
71,705
-
0
71,705
Revaluation
(3,100)
-
0
(3,100)
At 31 March 2023
143,605
102,256
245,861
Depreciation and impairment
At 1 April 2022
-
0
84,846
84,846
Depreciation charged in the year
-
0
3,482
3,482
At 31 March 2023
-
0
88,328
88,328
Carrying amount
At 31 March 2023
143,605
13,928
157,533
At 31 March 2022
75,000
17,410
92,410
8
Freehold Investment Properties
2023
£
Fair value
At 1 April 2022
1,752,947
Additions
150,000
Revaluations
(16,893)
At 31 March 2023
1,886,054

The fair value of the freehold investment properties have been arrived at on the basis of valuations carried out by the directors of the company. The valuations are made on an open market value, value evidence basis for existing use on 31st March 2023.

 

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows :

2023
2022
restated
£
£
Cost
1,321,145
1,097,664
Additions
150,000
223,484
Carrying amount
1,471,145
1,321,148
CENPALM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
9
Fixed asset investments
2023
2022
£
£
Unlisted Investments
5,852
5,897
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2022
5,897
Impairment loss
(20)
Disposals
(25)
At 31 March 2023
5,852
Carrying amount
At 31 March 2023
5,852
At 31 March 2022
5,897
10
Debtors
2023
2022
restated
Amounts falling due within one year:
£
£
Rents in arrears
681
-
Other debtors
342,079
306,511
342,760
306,511
11
Creditors: amounts falling due within one year
2023
2022
restated
£
£
Bank loan (Secured)
15,000
15,000
Rents in advance
20,023
-
0
Director current account
157,072
354,924
Corporation tax
82,171
10,239
Other creditors
82,743
210,766
Accruals
4,500
4,500
361,509
595,429

The bank loan is secured by a charge on one of the freehold investment properties.

CENPALM LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
12
Creditors: amounts falling due after more than one year
2023
2022
restated
£
£
Bank loan (Secured)
127,500
142,500

The bank loan is secured by a charge on one of the freehold investment properties.

13
Contingencies

One freehold investment property is held jointly with a related company. Cenpalm Limited and a related company are jointly and severally liable for the bank loan they have undertaken to purchase their respective share of the property.

 

As at 31st March 2023, the bank loan outstanding totalled £285,000 (2022: £315,000). Cenpalm limited is not liable for any other facilities that a related company have or may enter into.

14
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
2023-03-312022-04-01false16 February 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr M W Seaman-HillMrs E M L C Seaman-HillMrs E M L C Seaman-Hillfalse019016842022-04-012023-03-31019016842023-03-31019016842022-03-3101901684core:LandBuildings2023-03-3101901684core:OtherPropertyPlantEquipment2023-03-3101901684core:LandBuildings2022-03-3101901684core:OtherPropertyPlantEquipment2022-03-3101901684core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101901684core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101901684core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3101901684core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3101901684core:ShareCapital2023-03-3101901684core:ShareCapital2022-03-3101901684core:RevaluationReserve2023-03-3101901684core:RevaluationReserve2022-03-3101901684core:RetainedEarningsAccumulatedLosses2023-03-3101901684core:RetainedEarningsAccumulatedLosses2022-03-3101901684bus:Director12022-04-012023-03-3101901684core:LandBuildingscore:OwnedOrFreeholdAssets2022-04-012023-03-3101901684core:FurnitureFittings2022-04-012023-03-31019016842021-04-012022-03-3101901684core:LandBuildings2022-03-3101901684core:OtherPropertyPlantEquipment2022-03-31019016842022-03-3101901684core:LandBuildings2022-04-012023-03-3101901684core:OtherPropertyPlantEquipment2022-04-012023-03-3101901684core:WithinOneYear2022-03-3101901684core:CurrentFinancialInstruments2023-03-3101901684core:CurrentFinancialInstruments2022-03-3101901684core:Non-currentFinancialInstruments2023-03-3101901684core:Non-currentFinancialInstruments2022-03-3101901684core:CurrentFinancialInstruments12023-03-3101901684core:CurrentFinancialInstruments12022-03-3101901684bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101901684bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101901684bus:FRS1022022-04-012023-03-3101901684bus:AuditExemptWithAccountantsReport2022-04-012023-03-3101901684bus:Director22022-04-012023-03-3101901684bus:CompanySecretary12022-04-012023-03-3101901684bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP