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Registered number: 08056535
Pink Palace Hotel Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Asset Accountancy Services Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08056535
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 349,513 358,973
349,513 358,973
CURRENT ASSETS
Stocks 5 - 3,000
Debtors 6 343 10,751
Cash at bank and in hand 374,955 293,174
375,298 306,925
Creditors: Amounts Falling Due Within One Year 7 (15,295 ) (3,202 )
NET CURRENT ASSETS (LIABILITIES) 360,003 303,723
TOTAL ASSETS LESS CURRENT LIABILITIES 709,516 662,696
Creditors: Amounts Falling Due After More Than One Year 8 (614,234 ) (631,920 )
NET ASSETS 95,282 30,776
CAPITAL AND RESERVES
Called up share capital 9 4 4
Profit and Loss Account 95,278 30,772
SHAREHOLDERS' FUNDS 95,282 30,776
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ernest Gibson
Director
27/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Pink Palace Hotel Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08056535 . The registered office is 11-13 Marine Parade, Clacton on Sea, Essex, CO15 1PS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0
Plant & Machinery 20% reducing balance
Motor Vehicles 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
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4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 May 2023 315,000 221,726 42,574 579,300
As at 30 April 2024 315,000 221,726 42,574 579,300
Depreciation
As at 1 May 2023 - 191,075 29,252 220,327
Provided during the period - 6,130 3,330 9,460
As at 30 April 2024 - 197,205 32,582 229,787
Net Book Value
As at 30 April 2024 315,000 24,521 9,992 349,513
As at 1 May 2023 315,000 30,651 13,322 358,973
5. Stocks
2024 2023
£ £
Materials - 3,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 2,710
Prepayments and accrued income 41 41
Other debtors - 8,000
VAT 302 -
343 10,751
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1 2,111
Corporation tax 14,750 -
VAT - 585
Other creditors 544 506
15,295 3,202
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Directors loan account 614,234 631,920
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
Page 5