Company registration number 03447546 (England and Wales)
PALMGREEN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
PALMGREEN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PALMGREEN LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
1,799,841
1,799,841
Debtors
3
3,046,734
2,979,119
Cash at bank and in hand
1,006,589
1,035,647
5,853,164
5,814,607
Creditors: amounts falling due within one year
4
(1,072,902)
(1,293,086)
Net current assets
4,780,262
4,521,521
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
4,780,162
4,521,421
Total equity
4,780,262
4,521,521

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
R V Mawhood
Director
Company registration number 03447546 (England and Wales)
PALMGREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Palmgreen Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, Sheraton House, Lower Road, Chorleywood, Hertfordshire, WD3 5LH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Sales of freehold units are recognised in the profit and loss account at the date of completion.
1.3
Rent receivable

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

1.4
Stocks

Stocks are stated at the lower of cost and net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

PALMGREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

 

1.8
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease.

2
Employees

There were no persons (including directors) employed by the company during the year.

2024
2023
Number
Number
Total
-
0
-
0
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
80,593
94,878
Amounts owed by group undertakings
2,128,000
2,028,000
Other debtors
838,141
856,241
3,046,734
2,979,119
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
8,008
54,703
Amounts owed to group undertakings
180,000
-
0
Corporation tax
14,229
107,858
Other taxation and social security
13,632
890
Other creditors
857,033
1,129,635
1,072,902
1,293,086
PALMGREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
5
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report was unqualified.

Senior Statutory Auditor:
Nicholas Corden ACA
Statutory Auditor:
Summers Morgan
Date of audit report:
31 January 2025
PALMGREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
6
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
1,246,132
768,078
7
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Management charge payable
2024
2023
£
£
Entities over which the directors have control or significant influence
120,000
180,000

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Entities over which the directors have control or significant influence
582,823
497,279
Other entities controlled by the parent company
180,000
403,349

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities over which the directors have control or significant influence
2,128,000
2,028,000
Other related parties
825,000
825,000
8
Directors' transactions

Amounts due to the directors of the company at the balance sheet date was £64,631 (2023: due to directors £12,673 ).

9
Parent company

The immediate parent company is M&R Bowman Ltd and the ultimate controlling party is Mr R V Mawhood, a director.

 

 

PALMGREEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
10
Non-audit services provided by auditor
In common with many businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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