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Registration number: 13312896

Palmtree Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Palmtree Property Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Palmtree Property Ltd

Company Information

Directors:

Mr S S Gowda

Ms S Gupta

Registered office:

Savoy House
Savoy Circus
London
W3 7DA

Registered number:

13312896

Accountants:

Wem & Co
Chartered Accountants
Savoy House
Savoy Circus
London
W3 7DA

 

Palmtree Property Ltd

(Registration number: 13312896)
Balance Sheet as at 30 April 2024

Note

30.04.24

30.04.23

   

£

£

£

£

FIXED ASSETS

   

 

Investment property

4

 

99,405

 

94,167

CURRENT ASSETS

   

 

Debtors

50

 

50

 

Cash at bank and in hand

 

28,332

 

5,196

 

 

28,382

 

5,246

 

CREDITORS

   

 

Creditors within 1yr

5

55,612

 

50,612

 

Net current liabilities

   

(27,230)

 

(45,366)

Total assets less current liabilities

   

72,175

 

48,801

Creditors
Amounts falling due after more than one year

5

 

91,999

 

65,025

Net liabilities

   

(19,824)

 

(16,224)

CAPITAL AND RESERVES

   

 

Called up share capital

 

100

 

100

Profit and loss account

 

(19,924)

 

(16,324)

Shareholders' deficit

   

(19,824)

 

(16,224)

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 January 2025

.........................................
Mr S S Gowda
Director

 

Palmtree Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1.

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Savoy House
Savoy Circus
London
W3 7DA
England

These financial statements were authorised for issue by the Board on 14 January 2025.

2.

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentational currency is Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Going concern

The financial statements have been prepared on a going concern basis, with the understanding that the directors and shareholders will continue to financially support the company for a period of not less than 12 months.

 

Palmtree Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Tax

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 statement of financial position date

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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.

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4.

Investment properties

30.04.24
£

At 1 May

94,167

Transfer

5,238

At 30 April

99,405

The property was valued at the year end on an open market basis by the directors.

 

Palmtree Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

5.

Creditors

Creditors: amounts falling due within one year

30.04.24
£

30.04.23
£

Due within one year

Accruals and deferred income

936

936

Other creditors

54,676

49,676

55,612

50,612

Included in other creditors is an amount of £54,676 owed to the directors on which no interest or repayment terms have been set.

Creditors: amounts falling due after more than one year

Note

30.04.24
£

30.04.23
£

Due after one year

 

Loans and borrowings

91,999

65,025

The mortgage is secured by a legal charge over the property.