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REGISTERED NUMBER: 03771037 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Palace Gate Estates Lettings Limited

Palace Gate Estates Lettings Limited (Registered number: 03771037)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Palace Gate Estates Lettings Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J Baseley
P W Rampton





REGISTERED OFFICE: 131 Northcote Road
London
SW11 6PS





REGISTERED NUMBER: 03771037 (England and Wales)





ACCOUNTANTS: PennyBooks Limited
Unit 111, The Light Bulb
1 Filament Walk
London
SW18 4GQ

Palace Gate Estates Lettings Limited (Registered number: 03771037)

Abridged Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 63,399 91,692

CURRENT ASSETS
Debtors 588,672 402,187
Cash at bank and in hand 161,782 107,285
750,454 509,472
CREDITORS
Amounts falling due within one year 329,184 256,296
NET CURRENT ASSETS 421,270 253,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

484,669

344,868

PROVISIONS FOR LIABILITIES 14,625 16,125
NET ASSETS 470,044 328,743

CAPITAL AND RESERVES
Called up share capital 75 75
Capital redemption reserve 25 25
Retained earnings 469,944 328,643
470,044 328,743

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

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

Palace Gate Estates Lettings Limited (Registered number: 03771037)

Abridged Balance Sheet - continued
31 December 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 Income Statement and an abridged Balance Sheet for the year ended 31 December 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 Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:





P W Rampton - Director


Palace Gate Estates Lettings Limited (Registered number: 03771037)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Palace Gate Estates Lettings 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.

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

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 etc - 25% on reducing balance

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 11 ) .

Palace Gate Estates Lettings Limited (Registered number: 03771037)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 300,474
Additions 4,300
Disposals (59,207 )
At 31 December 2023 245,567
DEPRECIATION
At 1 January 2023 208,782
Charge for year 20,973
Eliminated on disposal (47,587 )
At 31 December 2023 182,168
NET BOOK VALUE
At 31 December 2023 63,399
At 31 December 2022 91,692

5. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.12.23 31.12.22
£    £   
Net obligations repayable:
Within one year - 1,449

Non-cancellable operating leases
31.12.23 31.12.22
£    £   
Within one year 71,000 58,500
Between one and five years 207,000 175,500
In more than five years 150,000 111,125
428,000 345,125

6. RELATED PARTY DISCLOSURES

Interest free loans were provided to companies under the control of the directors, and at the year end the net indebtedness owed to the company was £530,485 (31.12.22 £370,383), and the net amount owed by the company was £124,729 (31.12.22 £139,202).

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Patrick Rampton and Joel Baseley.