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No description of principal activities is disclosed
2023-02-01
Sage Accounts Production 21.0 - FRS102_2021
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Company registration number:
08854699
Palmer Drive Properties Limited
Unaudited filleted financial statements
31 January 2024
Palmer Drive Properties Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Palmer Drive Properties Limited
Directors and other information
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Directors |
Mr Robert Jones |
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Mr Richard Jones |
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Company number |
08854699 |
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Registered office |
34 Cross Street |
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Long Eaton |
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Nottingham |
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NG10 1HD |
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Business address |
27 Derby Road |
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Long Eaton |
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Nottingham |
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NG10 1LU |
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Accountants |
C. J. Lucking & Co. |
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34 Cross Street |
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Long Eaton |
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Nottingham |
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NG10 1HD |
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Bankers |
NatWest Bank Plc |
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51 Market Place |
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Long Eaton |
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Nottingham |
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NG10 1HD |
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Palmer Drive Properties Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Palmer Drive Properties Limited
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Palmer Drive Properties Limited for the year ended 31 January 2024 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Palmer Drive Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Palmer Drive Properties Limited and state those matters that we have agreed to state to the board of directors of Palmer Drive Properties Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palmer Drive Properties Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Palmer Drive Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palmer Drive Properties Limited. You consider that Palmer Drive Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Palmer Drive Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
C. J. Lucking & Co.
Chartered Accountants
34 Cross Street
Long Eaton
Nottingham
NG10 1HD
17 October 2024
Palmer Drive Properties Limited
Balance sheet
31 January 2024
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Tangible assets |
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5 |
1,288,119 |
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1,288,119 |
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_______ |
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_______ |
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1,288,119 |
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1,288,119 |
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Current assets |
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Debtors |
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6 |
4,325 |
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2,310 |
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Cash at bank and in hand |
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26,623 |
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28,214 |
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_______ |
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_______ |
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30,948 |
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30,524 |
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Creditors: amounts falling due |
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within one year |
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7 |
(
718,854) |
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(
776,258) |
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_______ |
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_______ |
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Net current liabilities |
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(
687,906) |
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(
745,734) |
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_______ |
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_______ |
Total assets less current liabilities |
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600,213 |
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542,385 |
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Creditors: amounts falling due |
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after more than one year |
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8 |
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(
20,973) |
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(
30,501) |
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Provisions for liabilities |
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(
32,938) |
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(
25,032) |
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_______ |
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_______ |
Net assets |
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546,302 |
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486,852 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Profit and loss account |
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546,202 |
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486,752 |
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_______ |
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_______ |
Shareholders funds |
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546,302 |
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486,852 |
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_______ |
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_______ |
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For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
18 October 2024
, and are signed on behalf of the board by:
Mr Robert Jones
Director
Company registration number:
08854699
Palmer Drive Properties Limited
Notes to the financial statements
Year ended 31 January 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is Palmer Drive Properties Limited, 34 Cross Street, Long Eaton, Nottingham, NG10 1HD.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties, in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 ('FRS 102') Section 1A Small Entities, and with the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover represents rents receivable during the year on the basis that income receivable on a lease is spread evenly throughout the life of the lease.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
All tangible assets are investment properties and are stated at market value in the financial statements. Any movements in these valuations are shown in the profit and loss account.
Depreciation
No depreciation is charged on investment properties in accordance with accounting standards. Investment properties are shown at fair value at the balance sheet date.
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Financial instruments
None of the debtors or creditors carry interest and are shown at their nominal values.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
The company has no employees engaged under service contracts (2023 - nil).
5.
Tangible assets
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Freehold property |
Long leasehold property |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 February 2023 and 31 January 2024 |
938,119 |
350,000 |
1,288,119 |
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_______ |
_______ |
_______ |
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Depreciation |
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At 1 February 2023 and 31 January 2024 |
- |
- |
- |
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_______ |
_______ |
_______ |
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Carrying amount |
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At 31 January 2024 |
938,119 |
350,000 |
1,288,119 |
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_______ |
_______ |
_______ |
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At 31 January 2023 |
938,119 |
350,000 |
1,288,119 |
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_______ |
_______ |
_______ |
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Both the freehold and leasehold properties are investment properties. In accordance with accounting standards these properties are shown at market value.
6.
Debtors
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2024 |
2023 |
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£ |
£ |
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Trade debtors |
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2,400 |
- |
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Other debtors |
|
1,925 |
2,310 |
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_______ |
_______ |
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4,325 |
2,310 |
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_______ |
_______ |
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7.
Creditors: amounts falling due within one year
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2024 |
2023 |
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£ |
£ |
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Bank loans and overdrafts |
|
10,648 |
10,648 |
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Corporation tax |
|
21,305 |
8,664 |
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Social security and other taxes |
|
1,912 |
2,745 |
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Other creditors |
|
684,989 |
754,201 |
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|
_______ |
_______ |
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718,854 |
776,258 |
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_______ |
_______ |
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8.
Creditors: amounts falling due after more than one year
|
|
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2024 |
2023 |
|
|
|
£ |
£ |
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Bank loans and overdrafts |
|
20,973 |
30,501 |
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_______ |
_______ |
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9.
Other financial commitments
At 31 January 2024, the company had total commitments under a non-cancellable operating lease of £302,820 (2023 - £310,030). These rentals are payable at £7,210 per annum until 31 March 2066, subject to 21 year rent reviews. The next rent review is due on 4 August 2029.
10.
Directors advances, credits and guarantees
The directors have loaned the company £633,987 (2023 - £705,988) and no interest is being charged on these loans.