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REGISTERED NUMBER: 08514459 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PALATINE HOMES LTD

PALATINE HOMES LTD (REGISTERED NUMBER: 08514459)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PALATINE HOMES LTD

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: S C Phillips
W R Phillips





REGISTERED OFFICE: Ospreys
Scotswood Close
Beaconsfield
HP9 2LJ





REGISTERED NUMBER: 08514459 (England and Wales)





ACCOUNTANTS: Oury Clark Chartered Accountants
Herschel House
58 Herschel Street
Slough
Berkshire
SL1 1PG

PALATINE HOMES LTD (REGISTERED NUMBER: 08514459)

BALANCE SHEET
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 223,139 177,358
Investments 5 - 1
223,139 177,359

CURRENT ASSETS
Stocks 15,842,706 11,341,770
Debtors 6 187,399 158,191
Cash at bank and in hand 982,397 72,761
17,012,502 11,572,722
CREDITORS
Amounts falling due within one year 7 15,123,044 8,099,124
NET CURRENT ASSETS 1,889,458 3,473,598
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,112,597

3,650,957

CREDITORS
Amounts falling due after more than one year 8 77,085 58,219
NET ASSETS 2,035,512 3,592,738

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 11 2,035,511 3,592,737
SHAREHOLDERS' FUNDS 2,035,512 3,592,738

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

PALATINE HOMES LTD (REGISTERED NUMBER: 08514459)

BALANCE SHEET - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 30 August 2024 and were signed on its behalf by:





S C Phillips - Director


PALATINE HOMES LTD (REGISTERED NUMBER: 08514459)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Palatine Homes Ltd 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.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of 12 months and one day from the date these financial statements were approved. Accordingly they continue to adopt the going concern basis in preparing the financial statements.

Turnover
Turnover is measured at the sales value of the properties sold during the accounting period, excluding value added tax.

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 - Straight line over 3 years

Stocks
Stock reflects the costs of land purchased and associated taxes and legal fees together with any work performed to the balance sheet date to develop a property on the land, less any expected impairment in cases where net realisable value is expected to be less than cost.

Financial instruments
Basic Financial Instruments as covered by Section 11 of FRS 102 are measured at amortised cost. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

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.


PALATINE HOMES LTD (REGISTERED NUMBER: 08514459)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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 12 (2023 - 11 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023 254,705
Additions 173,842
Disposals (79,332 )
At 31 March 2024 349,215
DEPRECIATION
At 1 April 2023 77,347
Charge for year 81,902
Eliminated on disposal (33,173 )
At 31 March 2024 126,076
NET BOOK VALUE
At 31 March 2024 223,139
At 31 March 2023 177,358

PALATINE HOMES LTD (REGISTERED NUMBER: 08514459)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023 1
Disposals (1 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other debtors 187,399 158,191

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 5,454,430 1,179,600
Hire purchase contracts (see note 9) 41,603 17,505
Trade creditors 1,951,680 801,541
Taxation and social security 407,914 1,004,071
Other creditors & accruals 7,267,417 5,096,407
15,123,044 8,099,124

The company had 3 bank loans at the year end.

The loan amount for £2,429,352 has an interest rate of 3.5% p.a over base rate with repayment terms of the earlier of the date which is 24 months after the first part of the loan is drawn and the completion date of the sale of the last unit in relation to the development.The exit fee is an amount equivalent to 1.25% of the sum which represents the peak level of outstanding loan during the term of the agreement to be paid when the loan is fully repaid.

The loan amount for £395,000 is payable on demand and the interest payable is at the rate charged by the bank and is calculated both before and after judgement on a daily basis and compounded quarterly on the days selected by the bank.

The loan amount for £3,604,348 has an interest rate of 3.5% p.a over base rate with repayment terms of the earlier of the date which is 24 months after the first part of the loan is drawn and the completion date of the sale of the last unit in relation to the development.The exit fee is an amount equivalent to 1% of the sum which represents the peak level of outstanding loan during the term of the agreement to be paid when the loan is fully repaid.

PALATINE HOMES LTD (REGISTERED NUMBER: 08514459)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts (see note 9) 77,085 58,219

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.24 31.3.23
£    £   
Net obligations repayable:
Within one year 41,603 17,505
Between one and five years 77,085 58,219
118,688 75,724

Non-cancellable operating leases
31.3.24 31.3.23
£    £   
Within one year 49,000 49,000
Between one and five years 73,500 122,500
122,500 171,500

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
126 Ordinary shares £0.01 1 1

The above ordinary share capital is made up of the following: 85 ordinary shares, 15 ordinary A shares, 13 ordinary B shares, and 13 ordinary C shares. All shares are £0.01 shares.

11. RESERVES
Retained
earnings
£   

At 1 April 2023 3,592,737
Deficit for the year (1,375,293 )
Dividends (181,933 )
At 31 March 2024 2,035,511

PALATINE HOMES LTD (REGISTERED NUMBER: 08514459)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the amount owed to the director was £5,164,618 (2023: £4,451,355). The loan bears 5% interest, has no repayment date and no repayment schedule.

13. ULTIMATE CONTROLLING PARTY

The ultimate controling party is Scott Phillips by virtue of holding more than 50% of the ordinary share capital.