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REGISTERED NUMBER: OC429907 (England and Wales)









REPORT OF THE MEMBERS AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PALMER FAMILY ESTATE LLP

PALMER FAMILY ESTATE LLP (REGISTERED NUMBER: OC429907)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


PALMER FAMILY ESTATE LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: A Palmer
G R Palmer
M L Palmer





REGISTERED OFFICE: 42A High Street
Broadstairs
Kent
CT10 1JT





REGISTERED NUMBER: OC429907 (England and Wales)





ACCOUNTANTS: Kemps Accounting Solutions Limited
Chartered Accountants
42A High Street
Broadstairs
Kent
CT10 1JT

PALMER FAMILY ESTATE LLP (REGISTERED NUMBER: OC429907)

REPORT OF THE MEMBERS
FOR THE YEAR ENDED 31 MARCH 2024

The members present their report with the financial statements of the LLP for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of property rental.

DESIGNATED MEMBERS
The designated members during the year under review were:

A Palmer
G R Palmer
M L Palmer
R E Palmer

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £232,297 (2023 - £19,226 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





G R Palmer - Designated member


15 September 2024

PALMER FAMILY ESTATE LLP (REGISTERED NUMBER: OC429907)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024

31.3.24 31.3.23
£    £   

TURNOVER 55,735 51,950

Administrative expenses 16,788 32,724
OPERATING PROFIT 38,947 19,226

Gain/loss on revaluation of investment
property

193,350

-
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE
FOR DISCRETIONARY DIVISION
AMONG MEMBERS




232,297




19,226

PALMER FAMILY ESTATE LLP (REGISTERED NUMBER: OC429907)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,469,000 1,275,650

CURRENT ASSETS
Cash at bank 26,852 10,623

CREDITORS
Amounts falling due within one year 5 1,290 1,260
NET CURRENT ASSETS 25,562 9,363
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,494,562

1,285,013

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

19,226

MEMBERS' OTHER INTERESTS
Capital accounts 1,494,562 1,265,787
1,494,562 1,285,013

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members - 19,226
Members' other interests 1,494,562 1,265,787
1,494,562 1,285,013

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

PALMER FAMILY ESTATE LLP (REGISTERED NUMBER: OC429907)

BALANCE SHEET - continued
31 MARCH 2024


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

The financial statements were approved by the members of the LLP and authorised for issue on 15 September 2024 and were signed by:





G R Palmer - Designated member

PALMER FAMILY ESTATE LLP (REGISTERED NUMBER: OC429907)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Palmer Family Estate LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 1,275,650
Revaluations 193,350
At 31 March 2024 1,469,000
NET BOOK VALUE
At 31 March 2024 1,469,000
At 31 March 2023 1,275,650

The investment properties were introduced at the probate value as of July 2019 which in the member's opinion is fair value

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,469,000

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Other creditors 1,290 1,260