IRIS Accounts Production v24.3.2.46 04178744 director 1.4.23 31.3.24 31.3.24 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh041787442023-03-31041787442024-03-31041787442023-04-012024-03-31041787442022-03-31041787442022-04-012023-03-31041787442023-03-3104178744ns15:EnglandWales2023-04-012024-03-3104178744ns14:PoundSterling2023-04-012024-03-3104178744ns10:Director12023-04-012024-03-3104178744ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3104178744ns10:SmallEntities2023-04-012024-03-3104178744ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3104178744ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3104178744ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3104178744ns10:FullAccounts2023-04-012024-03-3104178744ns10:RegisteredOffice2023-04-012024-03-3104178744ns5:CurrentFinancialInstruments2024-03-3104178744ns5:CurrentFinancialInstruments2023-03-3104178744ns5:Non-currentFinancialInstruments2024-03-3104178744ns5:Non-currentFinancialInstruments2023-03-3104178744ns5:ShareCapital2024-03-3104178744ns5:ShareCapital2023-03-3104178744ns5:RetainedEarningsAccumulatedLosses2024-03-3104178744ns5:RetainedEarningsAccumulatedLosses2023-03-3104178744ns5:PlantMachinery2023-04-012024-03-3104178744ns5:LandBuildings2023-03-3104178744ns5:PlantMachinery2023-03-3104178744ns5:LandBuildings2023-04-012024-03-3104178744ns5:LandBuildings2024-03-3104178744ns5:PlantMachinery2024-03-3104178744ns5:LandBuildings2023-03-3104178744ns5:PlantMachinery2023-03-3104178744ns5:WithinOneYearns5:CurrentFinancialInstruments2024-03-3104178744ns5:WithinOneYearns5:CurrentFinancialInstruments2023-03-3104178744ns5:Secured2024-03-3104178744ns5:Secured2023-03-31
REGISTERED NUMBER: 04178744 (England and Wales)















Exotic Palms and Spas Limited

Unaudited Financial Statements for the Year Ended 31 March 2024






Exotic Palms and Spas Limited (Registered number: 04178744)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Exotic Palms and Spas Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: C A Whitton





REGISTERED OFFICE: Unit C Chalmers Way
Invicta Business Centre
Gillingham
Kent
ME8 6PF





REGISTERED NUMBER: 04178744 (England and Wales)





ACCOUNTANTS: Aggarwal & Co Limited
Chartered Accountants
5 London Road
Rainham
Gillingham
Kent
ME8 7RG

Exotic Palms and Spas Limited (Registered number: 04178744)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,012 2,534

CURRENT ASSETS
Inventories 18,425 20,415
Debtors 5 35,666 20,151
54,091 40,566
CREDITORS
Amounts falling due within one year 6 233,230 163,853
NET CURRENT LIABILITIES (179,139 ) (123,287 )
TOTAL ASSETS LESS CURRENT LIABILITIES (177,127 ) (120,753 )

CREDITORS
Amounts falling due after more than one
year

7

11,704

21,502
NET LIABILITIES (188,831 ) (142,255 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (188,833 ) (142,257 )
SHAREHOLDERS' FUNDS (188,831 ) (142,255 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Exotic Palms and Spas Limited (Registered number: 04178744)

Statement of Financial Position - continued
31 March 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 6 February 2025 and were signed by:





C A Whitton - Director


Exotic Palms and Spas Limited (Registered number: 04178744)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Exotic Palms and Spas 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Income recognition
Turnover represents the fair value of consideration received or receivable derived from the provision of goods and services to customers during the year (excluding value added tax) and is recognised when the company becomes entitled to it, usually on the rendering of an invoice.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 20% on cost

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.
In respect of work in progress and finished goods, cost includes an appropriate proportion of attributable overheads according to the stage of manufacture/completion.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Basic financial instruments are recognised at amortised cost with changes 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 statement of financial position date.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Exotic Palms and Spas Limited (Registered number: 04178744)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Going concern
At the year end the company had net liabilities of £188,831 Included within creditors is an amount of £59,967 owed to the director. The company is dependent on the financial support of this director, who has continued to provide this support since the year end. In addition the director has provided personal guarantees towards the company's borrowings.
In view of the above and the director's expectations that the company will return to a profitable situation in the foreseeable future, the financial statements have been prepared on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 34,625 63,466 98,091
DEPRECIATION
At 1 April 2023 34,625 60,932 95,557
Charge for year - 522 522
At 31 March 2024 34,625 61,454 96,079
NET BOOK VALUE
At 31 March 2024 - 2,012 2,012
At 31 March 2023 - 2,534 2,534

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,228 -
Other debtors 34,438 20,151
35,666 20,151

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 63,645 48,190
Trade creditors 27,048 9,384
Taxation and social security - 2,037
Other creditors 142,537 104,242
233,230 163,853

Exotic Palms and Spas Limited (Registered number: 04178744)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 11,704 21,502

8. LEASING AGREEMENTS
The company had total commitments under non-cancellable operating leases of £12,000.

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 30,781 27,157

The bank facilities and all loans are secured by personal guarantees from the director.