Registered number
04424970
Palace Developments (Lincolnshire) Limited
Filleted Accounts
30 April 2024
Palace Developments (Lincolnshire) Limited
Registered number: 04424970
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,001,254 1,001,254
Current assets
Debtors 4 12,916 7,038
Cash at bank and in hand 304,980 297,235
317,896 304,273
Creditors: amounts falling due within one year 5 (316,994) (320,321)
Net current assets/(liabilities) 902 (16,048)
Net assets 1,002,156 985,206
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,002,154 985,204
Shareholders' funds 1,002,156 985,206
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M H Nunn
Director
Approved by the board on 13 January 2025
Palace Developments (Lincolnshire) Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes, for services provided to customers.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings Not depreciated
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings
£
Cost
At 1 May 2023 1,001,254
At 30 April 2024 1,001,254
Depreciation
At 30 April 2024 -
Net book value
At 30 April 2024 1,001,254
At 30 April 2023 1,001,254
4 Debtors 2024 2023
£ £
Trade debtors 12,916 7,038
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,300 1,300
Taxation and social security costs 5,384 10,046
Other creditors 310,310 308,975
316,994 320,321
6 Related party transactions
The company paid a dividend of £2,000 (2023: £4,000) to the directors during the year.

The balance due to the directors was £299,348 (2023: £299,348) at the year end.
7 Controlling party
The company is wholly controlled by the directors.
8 Other information
Palace Developments (Lincolnshire) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Cottonwood Waltham Road
Brigsley
Grimsby
Noth East Lincolnshire
DN37 0RQ
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