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REGISTERED NUMBER: 09311842 (England and Wales)




















PALMATUM PROPERTIES LIMITED

Unaudited Financial Statements

for the Year Ended 30 November 2023






PALMATUM PROPERTIES LIMITED (REGISTERED NUMBER: 09311842)






Contents of the Financial Statements
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PALMATUM PROPERTIES LIMITED

Company Information
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTOR: Mr S J Allison





REGISTERED OFFICE: Pier House
Wallgate
Wigan
Greater Manchester
WN3 4AL





REGISTERED NUMBER: 09311842 (England and Wales)





ACCOUNTANTS: SCCA Limited T/a Stafford & Co
Chartered Accountants
3 The Studios
320 Chorley Old Road
Bolton
Lancashire
BL1 4JU

PALMATUM PROPERTIES LIMITED (REGISTERED NUMBER: 09311842)

Balance Sheet
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 390,000 390,000

CURRENT ASSETS
Debtors 5 270,997 248,927
Cash at bank 553 11,702
271,550 260,629
CREDITORS
Amounts falling due within one year 6 113,213 109,860
NET CURRENT ASSETS 158,337 150,769
TOTAL ASSETS LESS CURRENT
LIABILITIES

548,337

540,769

CREDITORS
Amounts falling due after more than one year 7 267,078 269,812
NET ASSETS 281,259 270,957

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 9 218,801 218,801
Retained earnings 62,358 52,056
SHAREHOLDERS' FUNDS 281,259 270,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PALMATUM PROPERTIES LIMITED (REGISTERED NUMBER: 09311842)

Balance Sheet - continued
30 NOVEMBER 2023


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 director and authorised for issue on 12 November 2024 and were signed by:





Mr S J Allison - Director


PALMATUM PROPERTIES LIMITED (REGISTERED NUMBER: 09311842)

Notes to the Financial Statements
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Palmatum Properties Limited 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 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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

PALMATUM PROPERTIES LIMITED (REGISTERED NUMBER: 09311842)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 390,000
NET BOOK VALUE
At 30 November 2023 390,000
At 30 November 2022 390,000

The fair value of the investment properties has been arrived at on the basis of a valuation carried out by an independent company of chartered surveyors, Walker Singleton Chartered Surveyors, who are not connected with the company, for Shawbrook Bank Ltd.

The valuation took place in May 2022 and the director believes that this valuation was substantial for the fair value adjustment in the year to 30th November 2022, and they believe there have been no further changes in the valuations since this date.

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2021 171,199
Valuation in 2022 218,801
390,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 881 -
Other debtors 270,116 248,927
270,997 248,927

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,734 2,734
Trade creditors 1,716 816
Taxation and social security 22,014 21,368
Other creditors 86,749 84,942
113,213 109,860

PALMATUM PROPERTIES LIMITED (REGISTERED NUMBER: 09311842)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 267,078 269,812

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 262,977 262,977

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 262,977 262,977

On 5 July 2022, a charge was registered in favour of Shawbrook Bank Limited. This charge is in relation to a fixed charge on all of the property owned by the company.

9. RESERVES
Revaluation
reserve
£   
At 1 December 2022
and 30 November 2023 218,801

10. RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £270,116 (2022: £248,927) due from To Let Wigan Ltd, a related company by virtue of the fact they are utlimately owned and controlled by company director, Mr S J Allison.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Mr S J Allison.