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REGISTERED NUMBER: 03884391 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Palas Properties Limited

Palas Properties Limited (Registered number: 03884391)

Contents of the Financial Statements
for the Year Ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Palas Properties Limited

Company Information
for the Year Ended 30 April 2024







DIRECTOR: Ms S Gilbert





REGISTERED OFFICE: Unit 4, Ashdown Court
Lewes Road
Forest Row
East Sussex
RH18 5EZ





REGISTERED NUMBER: 03884391 (England and Wales)





ACCOUNTANTS: Martin+Heller
5 North End Road
London
NW11 7RJ

Palas Properties Limited (Registered number: 03884391)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 40,161 23,764
Investment property 5 14,764,895 14,764,895
14,805,056 14,788,659

CURRENT ASSETS
Debtors 6 358,808 184,451
Cash at bank 176,469 619,005
535,277 803,456
CREDITORS
Amounts falling due within one year 7 199,767 386,762
NET CURRENT ASSETS 335,510 416,694
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,140,566

15,205,353

CREDITORS
Amounts falling due after more than one year 8 (4,492,357 ) (4,646,320 )

PROVISIONS FOR LIABILITIES 9 (1,122,590 ) (1,122,590 )
NET ASSETS 9,525,619 9,436,443

CAPITAL AND RESERVES
Called up share capital 10 1 1
Non distributable reserves 11 5,701,628 5,701,628
Retained earnings 11 3,823,990 3,734,814
SHAREHOLDERS' FUNDS 9,525,619 9,436,443

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Palas Properties Limited (Registered number: 03884391)

Balance Sheet - continued
30 April 2024


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 19 January 2025 and were signed by:





Ms S Gilbert - Director


Palas Properties Limited (Registered number: 03884391)

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


1. STATUTORY INFORMATION

Palas 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 1 (2023 - 1 ) .

Palas Properties Limited (Registered number: 03884391)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 May 2023 146,491
Additions 31,102
At 30 April 2024 177,593
DEPRECIATION
At 1 May 2023 122,727
Charge for year 14,705
At 30 April 2024 137,432
NET BOOK VALUE
At 30 April 2024 40,161
At 30 April 2023 23,764

5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 May 2023
and 30 April 2024 14,764,895
NET BOOK VALUE
At 30 April 2024 14,764,895
At 30 April 2023 14,764,895

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£ £
Trade debtors 10,332 15,289
Other debtors 348,476 169,162
358,808 184,451

Palas Properties Limited (Registered number: 03884391)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£ £
Bank loans and overdrafts 11,843 -
Trade creditors 33,812 56,706
Taxation and social security 56,869 69,357
Other creditors 97,243 260,699
199,767 386,762

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£ £
Bank loans 4,492,357 4,646,320

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 4,646,320

9. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
£ £
Deferred tax 1,122,590 1,122,590

Deferred tax
£
Balance at 1 May 2023 1,122,590
Balance at 30 April 2024 1,122,590

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £ £
1 Ordinary A £1 1 1

Palas Properties Limited (Registered number: 03884391)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


11. RESERVES
Non
Retained distributable
earnings reserves Totals
£ £ £

At 1 May 2023 3,734,814 5,701,628 9,436,442
Profit for the year 189,176 189,176
Dividends (100,000 ) (100,000 )
At 30 April 2024 3,823,990 5,701,628 9,525,618