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Registration number: 01310383

Palm Tree Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Palm Tree Holdings Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Palm Tree Holdings Limited

Company Information

Directors

ED Bloor

SGG Bloor

Company secretary

ED Bloor

Registered office

Palm Tree Works
31 Staniforth Road
Sheffield
South Yorkshire
S9 3HB

 

Palm Tree Holdings Limited

(Registration number: 01310383)
Balance Sheet as at 31 May 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

271,529

275,856

Investments

5

14,850

14,850

Other financial assets

6

-

800,000

 

286,379

1,090,706

Current assets

 

Debtors

7

1,430,013

634,288

Cash at bank and in hand

 

23,957

21,918

 

1,453,970

656,206

Creditors: Amounts falling due within one year

8

(225,919)

(280,858)

Net current assets

 

1,228,051

375,348

Total assets less current liabilities

 

1,514,430

1,466,054

Provisions for liabilities

(67,882)

(68,964)

Net assets

 

1,446,548

1,397,090

Capital and reserves

 

Called up share capital

9

1,750

1,753

Capital redemption reserve

3

-

Revaluation reserve

24,407

24,906

Retained earnings

1,420,388

1,370,431

Shareholders' funds

 

1,446,548

1,397,090

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Palm Tree Holdings Limited

(Registration number: 01310383)
Balance Sheet as at 31 May 2024

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

.........................................
SGG Bloor
Director

 

Palm Tree Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

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

The address of its registered office is:
Palm Tree Works
31 Staniforth Road
Sheffield
South Yorkshire
S9 3HB
United Kingdom

These financial statements were authorised for issue by the Board on 1 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, 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.

 

Palm Tree Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

The current income 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.

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% on reducing balance

Plant and machinery

25% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Palm Tree Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Palm Tree Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 June 2023

474,994

24,043

499,037

At 31 May 2024

474,994

24,043

499,037

Depreciation

At 1 June 2023

199,138

24,043

223,181

Charge for the year

4,327

-

4,327

At 31 May 2024

203,465

24,043

227,508

Carrying amount

At 31 May 2024

271,529

-

271,529

At 31 May 2023

275,856

-

275,856

Included within the net book value of land and buildings above is £271,529 (2023 - £275,856) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Freehold property was revalued on 22 February 1991 by an independent valuer.
The property known as Rotherfield Works was revalued on 22 February 1991 on the basis of an open market valuation for existing use. The original cost of Palm Tree Works was £40,304 and that of Rotherfield Works was £329,436. The name and qualification of the independent valuer are Lewis Wadsworth, Chartered Surveyors. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £474,994 (2023 - £474,994).

5

Investments

2024
£

2023
£

Investments in subsidiaries

14,850

14,850

 

Palm Tree Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Subsidiaries

£

Cost or valuation

At 1 June 2023

14,850

Provision

Carrying amount

At 31 May 2024

14,850

At 31 May 2023

14,850

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 June 2023

800,000

800,000

Disposals

(800,000)

(800,000)

At 31 May 2024

-

-

Impairment

Carrying amount

At 31 May 2024

-

-

7

Debtors

Note

2024
£

(As restated)

2023
£

Amounts owed by related parties

11

1,270,999

368,997

Other debtors

 

158,533

264,861

Prepayments

 

481

430

 

1,430,013

634,288

 

Palm Tree Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

201,187

256,419

Taxation and social security

 

21,630

21,395

Accruals and deferred income

 

2,992

2,980

Other creditors

 

110

64

 

225,919

280,858

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

£1 Ordinary of £0 (2023 - £1) each

-

-

1,750

1,750

0.05p B redeemable of £0 (2023 - £1) each

-

-

3

3

Ordinary A1 of £0.50 (2023 - £0) each

1,750

875

-

-

Ordinary A2 of £0.50 (2023 - £0) each

1,750

875

-

-

3,500

1,750

1,753

1,753

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(499)

(499)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

 

Palm Tree Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Revaluation reserve
£

Total
£

Surplus/deficit on revaluation of other assets

(508)

(508)

11

Related party transactions

Transactions with directors

Summary of transactions with other related parties

O Bloor
 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

108,985

108,985

Repaid

(108,985)

(108,985)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

106,587

106,587

Interest transactions

2,398

2,398

At end of period

108,985

108,985

Terms of loans to related parties

The above amounts disclosed are aggregates.

12

Parent and ultimate parent undertaking

The company's immediate parent is Keighley Property Company Limited, incorporated in England and Wales.