Company registration number 11409310 (England and Wales)
PALMA PROPERTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PALMA PROPERTY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PALMA PROPERTY LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
-
0
175,000
Current assets
Debtors
4
-
0
100
Cash at bank and in hand
84,376
20,892
84,376
20,992
Creditors: amounts falling due within one year
5
(66,807)
(75,295)
Net current assets/(liabilities)
17,569
(54,303)
Total assets less current liabilities
17,569
120,697
Creditors: amounts falling due after more than one year
6
-
0
(128,381)
Net assets/(liabilities)
17,569
(7,684)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
17,469
(7,784)
Total equity
17,569
(7,684)

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

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

The financial statements were approved and signed by the director and authorised for issue on 19 August 2024
F Coelho Palma Ribeiro
Director
Company registration number 11409310 (England and Wales)
PALMA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Palma Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor Flat, 83 Dollis Road, London, England, N3 1RD.

1.1
Accounting convention

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”) 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.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at fair value of rental income received.

 

1.3
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.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 and cash and bank balances, 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

PALMA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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, loans from fellow group companies and preference shares that are classified as debt, 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

2
Employees

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

2024
2023
Number
Number
Total
1
1
3
Investment property
2024
£
Fair value
At 1 April 2023
175,000
Disposals
(175,000)
At 31 March 2024
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
100
PALMA PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
1,765
2,253
Other creditors
65,042
73,042
66,807
75,295
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
-
0
128,381
7
Financial commitments, guarantees and contingent liabilities

The Mortgage Lender Limited holds a charge on the property held by the company.

8
Related party transactions

At the year end, the company was owed £1,249 by (2023 - £3,676 owed to) F Coelho Palma Ribeiro, the director of the company, in respect of an interest free loan which is repayable on demand. This was repaid within 9 months of the year end.

 

At the year end, the company owed £64,291 (2023 - £67,091) to a relative of the director in respect of an interest free loan which is repayable on demand.

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