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Company No: 09798908 (England and Wales)

PALM PROPERTY COMPANY LTD

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PALM PROPERTY COMPANY LTD

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PALM PROPERTY COMPANY LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
PALM PROPERTY COMPANY LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,168 1,762
5,168 1,762
Current assets
Debtors 4 9,506 240,462
Cash at bank and in hand 7,152 80,516
16,658 320,978
Creditors: amounts falling due within one year 5 ( 44,243) ( 343,524)
Net current liabilities (27,585) (22,546)
Total assets less current liabilities (22,417) (20,784)
Net liabilities ( 22,417) ( 20,784)
Capital and reserves
Called-up share capital 6 2 2
Profit and loss account ( 22,419 ) ( 20,786 )
Total shareholder's deficit ( 22,417) ( 20,784)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Palm Property Company Ltd (registered number: 09798908) were approved and authorised for issue by the Director on 21 October 2024. They were signed on its behalf by:

Mr S M Davidson
Director
PALM PROPERTY COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PALM PROPERTY COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Palm Property Company Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lobby Office 65 Redcross Village, Redcross Street, Bristol, BS2 0BB, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Fixtures and fittings 25 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Fixtures and fittings Office equipment Total
£ £ £
Cost
At 01 April 2023 1,821 6,312 8,133
Additions 0 4,881 4,881
At 31 March 2024 1,821 11,193 13,014
Accumulated depreciation
At 01 April 2023 1,248 5,123 6,371
Charge for the financial year 143 1,332 1,475
At 31 March 2024 1,391 6,455 7,846
Net book value
At 31 March 2024 430 4,738 5,168
At 31 March 2023 573 1,189 1,762

4. Debtors

2024 2023
£ £
Trade debtors 4,799 0
Amounts owed by associates 4,047 80,531
Accrued income 0 153,667
VAT recoverable 647 6,264
Other debtors 13 0
9,506 240,462

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 12,705 321,560
Amounts owed to associates 18,126 0
Accruals 13,412 13,287
Other creditors 0 8,677
44,243 343,524

There are no amounts included above in respect of which any security has been given by the small entity.

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

7. Related party transactions

Other related party transactions

2024 2023
£ £
Amounts owed by associated companies 4,047 80,531
Amounts owed to associated companies (18,126) 0

The amounts are interest free and have no fixed date for repayment.

During the year the company engaged in trading transactions under normal market conditions with companies under common control.