REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
PALMSTONE ESTATES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
PALMSTONE ESTATES LIMITED |
PALMSTONE ESTATES LIMITED (REGISTERED NUMBER: 01978466) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PALMSTONE ESTATES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST MARCH 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
12 Market Street |
Hebden Bridge |
West Yorkshire |
HX7 6AD |
BANKERS: |
Nottingham Smiths Bank Branch |
16 South Parade |
Nottingham |
Nottinghamshire |
NG1 2JX |
SOLICITORS: |
10 Lombard Street |
Newark |
Nottinghamshire |
NG24 1XE |
PALMSTONE ESTATES LIMITED (REGISTERED NUMBER: 01978466) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( | ) | ( | ) |
PROVISIONS FOR LIABILITIES | 8 | ( | ) | ( | ) |
NET ASSETS | 1,090,966 | 1,108,576 |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Fair value reserve | 10 |
Retained earnings | 10 |
SHAREHOLDERS' FUNDS | 1,090,966 | 1,108,576 |
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. |
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 |
PALMSTONE ESTATES LIMITED (REGISTERED NUMBER: 01978466) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | STATUTORY INFORMATION |
Palmstone Estates Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the invoiced amounts of rental income received stated net of value added tax. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PALMSTONE ESTATES LIMITED (REGISTERED NUMBER: 01978466) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st April 2023 |
and 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
Fair value at 31st March 2024 is represented by: |
£ |
Valuation in 2003 | 257,384 |
Valuation in 2007 | 217,500 |
Valuation in 2013 | 308,282 |
Valuation in 2015 | 15,000 |
Valuation in 2016 | 20,000 |
Valuation in 2023 | (70,000 | ) |
Cost | 501,834 |
1,250,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 501,834 | 501,834 |
Aggregate depreciation | (301,189 | ) | (291,153 | ) |
Investment properties were valued on an open market basis on 31st March 2024 by the directors . |
No depreciation has been provided on investment properties, had depreciation been charged on investment properties there would have been a charge to profit and loss account of £10,036 (2023 - £10,036) |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Tax |
VAT | 4,271 | 3,371 |
Directors' current accounts | 14 | 14 |
Accrued expenses |
PALMSTONE ESTATES LIMITED (REGISTERED NUMBER: 01978466) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loan - Staroche Pension Scheme |
8. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 66,823 | 49,690 |
Deferred |
tax |
£ |
Balance at 1st April 2023 |
Charge to Income Statement during year |
Balance at 31st March 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 80,000 | 80,000 |
10. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1st April 2023 |
Profit for the year |
Dividends | ( | ) | ( | ) |
Fair value adjustment | 17,133 | (17,133 | ) | - |
At 31st March 2024 | 329,623 | 681,343 | 1,010,966 |
11. | RELATED PARTY DISCLOSURES |
The company paid dividends of £18,750 (2023- £18,750) to Staroche Pension Scheme, a director is a member and trustee of this scheme. |
The company owed Staroche Pension Scheme £175,000 (2023 - £175,000). |
The company paid dividends of £25,000 (2023 - £25,000) to Wendgreen Limited, a director is a director and shareholder of this company. |