Acorah Software Products - Accounts Production 15.0.400 false true true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 11716450 Mrs Vania Casini Mr R A D Ferreira De Oliveira, Mr G J D Ferreira De Oliveira and Ms S C D Ferreira DeOliveira true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11716450 2022-12-31 11716450 2023-12-31 11716450 2023-01-01 2023-12-31 11716450 frs-core:CurrentFinancialInstruments 2023-12-31 11716450 frs-core:Non-currentFinancialInstruments 2023-12-31 11716450 frs-core:ShareCapital 2023-12-31 11716450 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 11716450 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11716450 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 11716450 frs-bus:SmallEntities 2023-01-01 2023-12-31 11716450 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 11716450 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11716450 frs-bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11716450 frs-bus:OrdinaryShareClass1 2023-12-31 11716450 1 2023-01-01 2023-12-31 11716450 frs-core:ListedExchangeTraded 2023-12-31 11716450 frs-core:ListedExchangeTraded 2022-12-31 11716450 frs-core:CostValuation frs-core:ListedExchangeTraded 2022-12-31 11716450 frs-core:AdditionsToInvestments frs-core:ListedExchangeTraded 2023-12-31 11716450 frs-core:CostValuation frs-core:ListedExchangeTraded 2023-12-31 11716450 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2022-12-31 11716450 frs-core:ProvisionsForImpairmentInvestments frs-core:ListedExchangeTraded 2023-12-31 11716450 frs-bus:Director1 2023-01-01 2023-12-31 11716450 frs-countries:EnglandWales 2023-01-01 2023-12-31 11716450 2021-12-31 11716450 2022-12-31 11716450 2022-01-01 2022-12-31 11716450 frs-core:CurrentFinancialInstruments 2022-12-31 11716450 frs-core:Non-currentFinancialInstruments 2022-12-31 11716450 frs-core:ShareCapital 2022-12-31 11716450 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 11716450 frs-bus:OrdinaryShareClass1 2022-01-01 2022-12-31
Registered number: 11716450
Palatino UK Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Adbell Advisory Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11716450
2023 2022
Notes
FIXED ASSETS
Investments 4 12,200,894 10,254,680
12,200,894 10,254,680
CURRENT ASSETS
Debtors 5 4,115,000 4,115,000
Cash at bank and in hand 24,650 774,765
4,139,650 4,889,765
Creditors: Amounts Falling Due Within One Year 6 (11,402,247 ) (9,965,428 )
NET CURRENT ASSETS (LIABILITIES) (7,262,597 ) (5,075,663 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,938,297 5,179,017
Creditors: Amounts Falling Due After More Than One Year 7 (8,130,163 ) (8,130,196 )
NET LIABILITIES (3,191,866 ) (2,951,179 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (3,191,966 ) (2,951,279 )
SHAREHOLDERS' FUNDS (3,191,866) (2,951,179)
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 Profit and Loss Account.
On behalf of the board
Mrs Vania Casini
Director
06/09/2024
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
Palatino UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11716450 . The registered office is Birchin Court, 20 Birchin Lane, London, EC3V 9DJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.
2.3. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into EURO at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into EURO at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'OtherFinancial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomesparty to the contractual provisions of the instrument.
Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when thereis alegally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or torealise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measuredat transaction price including transaction costs and are subsequently carried at amortised cost using the effectiveinterest method unless the arrangement constitutes a financing transaction, where the transaction is measuredat thepresent value of the future receipts discounted at a market rate of interest.
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 thecompany after deducting all of its liabilities.
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group
...CONTINUED
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2.5. - continued
companies and preference shares that are classified as debt, are initially recognised at transaction price unless thearrangement constitutes a financing transaction, where the debt instrument is measured at the present value of thefuture receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course ofbusiness from suppliers. Accounts payable are classified as current liabilities if payment is due within one year orless. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction priceand subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividendspayable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-termliquid investmentswith original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings incurrent liabilities.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 1)
1 1
4. Investments
Listed
Cost
As at 1 January 2023 10,254,680
Additions 1,946,214
As at 31 December 2023 12,200,894
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 12,200,894
As at 1 January 2023 10,254,680
5. Debtors
2023 2022
Due within one year
Other debtors 4,115,000 4,115,000
6. Creditors: Amounts Falling Due Within One Year
2023 2022
Bank loans and overdrafts 7,026,590 6,665,446
Other creditors 960,709 925,693
Accruals and deferred income 3,414,948 2,374,289
11,402,247 9,965,428
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7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
Other creditors 8,130,163 8,130,196
8. Share Capital
2023 2022
Allotted, called up and fully paid
100 Ordinary Shares of £ 1.00 each 100 100
9. Ultimate Controlling Party
The company's ultimate controlling party is Mr R A D Ferreira De Oliveira, Mr G J D Ferreira De Oliveira and Ms S C D Ferreira DeOliveira by virtue of their ownership of 100% of the issued share capital in the company.
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