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Registered number: 12997559
Pale Investment Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
Goldwyns London LLP
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 12997559
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 612,200 612,200
612,200 612,200
CURRENT ASSETS
Debtors 5 40,000 -
Cash at bank and in hand 5,707 393
45,707 393
Creditors: Amounts Falling Due Within One Year 6 (133,048 ) (218,594 )
NET CURRENT ASSETS (LIABILITIES) (87,341 ) (218,201 )
TOTAL ASSETS LESS CURRENT LIABILITIES 524,859 393,999
Creditors: Amounts Falling Due After More Than One Year 7 (597,332 ) (432,744 )
NET LIABILITIES (72,473 ) (38,745 )
CAPITAL AND RESERVES
Called up share capital 8 2 2
Income Statement (72,475 ) (38,747 )
SHAREHOLDERS' FUNDS (72,473) (38,745)
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr A Green
Director
29/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Pale Investment Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12997559 . The registered office is 100a Windmill Road, Brentford, Middlesex, TW8 9NA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements are prepared in UK sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest UK pound.
The principle accounting policies adopted are set below.
2.2. Going Concern Disclosure
The directors have considered the prospect of the business for the next twelve months and beyond and have arrived at a reasonable expectation that the company will continue to meet its obligations as they fall due. The directors have also pledged their financial support to assist with this if required. On this basis, the directors will continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the income statement.
2.5. 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 statement of financial position date.
2.6. Financial Instruments
The company only enters into basic financial transactions that result in the recoginition of financial assets and liabilities like trade and other debtors, creditors, loans from banks and other parties, loans to related parties and investments in non- puttable ordinary shares.
2.7. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.8. Critical Accounting Judgements And Key Sources of Estimation Uncertainty
In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 2 2
2 2
4. Tangible Assets
Investment Properties
£
Cost
As at 1 December 2022 612,200
As at 30 November 2023 612,200
Net Book Value
As at 30 November 2023 612,200
As at 1 December 2022 612,200
5. Debtors
2023 2022
£ £
Due within one year
Amount owed by connected parties 40,000 -
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 35,000 35,000
Bank loans and overdrafts - 16,394
Amount owed to connected parties 94,000 151,500
Accruals and deferred income 1,914 2,202
Directors' loan accounts 2,134 13,498
133,048 218,594
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 597,332 432,744
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
The nominal value per share is £1 and as at the year end there are 2 Ordinary shares in issue.
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9. Related Party Transactions
The Directors loan account balance of Mr A Green, a director and shareholder of the company, totalled £573 as at the year-end, which is a current liability, interest is charged at the rate of 2.25% per annuam and repayable on demand.
The Directors loan account balance of Mrs P M Green, a director and shareholder of the company, totalled £1,561 as at the year-end, which is a current liability, is interest free and repayable on demand.
The amount owed by Mi Maintenance Ltd , a company related via common control and directorship, totalled £40,000 as at the year-end, which is a current asset, interest free and repayable on demand.
The amount owed to Omniform Limited, a company related via common ownership and directorship, totalled £94,000 as at the year-end, which is a current liability, interest free and repayable on demand.
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