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Registration number: 1665788

Statepalm Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Statepalm Limited

(Registration number: 1665788)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,009,127

1,010,697

Investment property

5

655,308

655,308

 

1,664,435

1,666,005

Current assets

 

Stocks

2,778

2,646

Debtors

6

1,135,005

971,137

Cash at bank and in hand

 

156,906

167,476

 

1,294,689

1,141,259

Creditors: Amounts falling due within one year

7

(1,008,879)

(919,810)

Net current assets

 

285,810

221,449

Total assets less current liabilities

 

1,950,245

1,887,454

Creditors: Amounts falling due after more than one year

7

(475,104)

(525,629)

Provisions for liabilities

(1,559)

(1,451)

Net assets

 

1,473,582

1,360,374

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,473,482

1,360,274

Shareholders' funds

 

1,473,582

1,360,374

 

Statepalm Limited

(Registration number: 1665788)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2024
 


Mr S P Kapil
Director

   
 

Statepalm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Old Barn
Carisbrooke Manor Lane
Scunthorpe
North Lincolnshire
DN17 2AA

Registration number: 1665788

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Statepalm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% per annum on written down value

Freehold property

No depreciation is provided as residual value is equivalent to cost so any depreciation is immaterial

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Statepalm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 41 (2022 - 42).

 

Statepalm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2022

1,000,257

117,937

1,118,194

At 30 September 2023

1,000,257

117,937

1,118,194

Depreciation

At 1 October 2022

-

107,497

107,497

Charge for the year

-

1,570

1,570

At 30 September 2023

-

109,067

109,067

Carrying amount

At 30 September 2023

1,000,257

8,870

1,009,127

At 30 September 2022

1,000,257

10,440

1,010,697

5

Investment properties

2023
£

At 1 October

655,308

At 30 September

655,308

The investment properties are stated at director's valuation determined by the values of similar properties recently sold on the open market.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2023
£

2022
£

Trade debtors

80,091

41,017

Other debtors

1,054,914

930,120

1,135,005

971,137

 

Statepalm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

52,981

54,467

Trade creditors

 

831,326

779,140

Social security and other taxes

 

32,371

41,087

Other creditors

 

92,201

45,116

 

1,008,879

919,810

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

475,104

525,629

2023
£

2022
£

Due after more than five years

After more than five years by instalments

217,061

284,484

-

-

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

52,981

54,467

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

475,104

525,629

The bank loans are secured upon the company's entire assets.

 

Statepalm Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Related party transactions

Transactions with the director

Interest is charged on the advances to director at HMRC's approved rate. The loan is repayable on demand.

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Director's account

332,790

65,345

398,135

       
     

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Director's account

119,612

252,178

(39,000)

332,790