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No description of principal activity
2023-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
5,543,410
5,543,410
5,543,410
75,005
75,005
75,005
xbrli:pure
xbrli:shares
iso4217:GBP
SC579884
2023-07-01
2024-06-30
SC579884
2024-06-30
SC579884
2023-06-30
SC579884
2022-07-01
2023-06-30
SC579884
2023-06-30
SC579884
2022-06-30
SC579884
bus:Director1
2023-07-01
2024-06-30
SC579884
core:AfterOneYear
2024-06-30
SC579884
core:AfterOneYear
2023-06-30
SC579884
core:WithinOneYear
2024-06-30
SC579884
core:WithinOneYear
2023-06-30
SC579884
core:ShareCapital
2024-06-30
SC579884
core:ShareCapital
2023-06-30
SC579884
core:RetainedEarningsAccumulatedLosses
2024-06-30
SC579884
core:RetainedEarningsAccumulatedLosses
2023-06-30
SC579884
core:AdditionsToInvestments
core:Non-currentFinancialInstruments
2024-06-30
SC579884
core:CostValuation
core:Non-currentFinancialInstruments
2024-06-30
SC579884
core:Non-currentFinancialInstruments
2024-06-30
SC579884
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-06-30
SC579884
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-06-30
SC579884
bus:SmallEntities
2023-07-01
2024-06-30
SC579884
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2023-07-01
2024-06-30
SC579884
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2023-07-01
2024-06-30
SC579884
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2023-07-01
2024-06-30
SC579884
bus:FullAccounts
2023-07-01
2024-06-30
COMPANY REGISTRATION NUMBER:
SC579884
Palm Tree Commercial Limited |
|
Filleted Unaudited Financial Statements |
|
Palm Tree Commercial Limited |
|
Statement of Financial Position |
|
30 June 2024
Fixed assets
Tangible assets |
5 |
5,543,410 |
5,543,410 |
Investments |
6 |
75,005 |
– |
|
------------ |
------------ |
|
5,618,415 |
5,543,410 |
|
|
|
|
Current assets
Debtors |
7 |
7,515 |
31,244 |
Cash at bank and in hand |
220,841 |
206,711 |
|
--------- |
--------- |
|
228,356 |
237,955 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
318,732 |
227,738 |
|
--------- |
--------- |
Net current (liabilities)/assets |
(
90,376) |
10,217 |
|
------------ |
------------ |
Total assets less current liabilities |
5,528,039 |
5,553,627 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
4,416,792 |
4,712,512 |
|
|
|
|
Provisions |
57,630 |
40,980 |
|
------------ |
------------ |
Net assets |
1,053,617 |
800,135 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
100 |
100 |
Profit and loss account |
1,053,517 |
800,035 |
|
------------ |
--------- |
Shareholders funds |
1,053,617 |
800,135 |
|
------------ |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Palm Tree Commercial Limited |
|
Statement of Financial Position (continued) |
|
30 June 2024
These financial statements were approved by the
board of directors
and authorised for issue on
26 March 2025
, and are signed on behalf of the board by:
Company registration number:
SC579884
Palm Tree Commercial Limited |
|
Notes to the Financial Statements |
|
Year ended 30 June 2024
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is C/O Anderson Strathern LLP, 58 Morrison Street, Edinburgh, EH3 8BP, Scotland.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental of property, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is then revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade debtors and cash at bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to nil (2023: nil).
5.
Tangible assets
|
Investment property |
|
£ |
Cost |
|
At 1 July 2023 and 30 June 2024 |
5,543,410 |
|
------------ |
Depreciation |
|
At 1 July 2023 and 30 June 2024 |
– |
|
------------ |
Carrying amount |
|
At 30 June 2024 |
5,543,410 |
|
------------ |
At 30 June 2023 |
5,543,410 |
|
------------ |
|
|
At 30 June 2024, the directors believe the market value of the investment properties is £5,543,410.
6.
Investments
|
Other investments other than loans |
|
£ |
Cost |
|
At 1 July 2023 |
– |
Additions |
75,005 |
|
-------- |
At 30 June 2024 |
75,005 |
|
-------- |
Impairment |
|
At 1 July 2023 and 30 June 2024 |
– |
|
-------- |
|
|
Carrying amount |
|
At 30 June 2024 |
75,005 |
|
-------- |
At 30 June 2023 |
– |
|
-------- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
1,704 |
9,489 |
Other debtors |
5,811 |
21,755 |
|
------- |
-------- |
|
7,515 |
31,244 |
|
------- |
-------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
11,068 |
45,893 |
Corporation tax |
68,813 |
36,883 |
Social security and other taxes |
22,039 |
11,764 |
Other creditors |
216,812 |
133,198 |
|
--------- |
--------- |
|
318,732 |
227,738 |
|
--------- |
--------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
1,000,000 |
1,000,000 |
Other creditors |
3,416,792 |
3,712,512 |
|
------------ |
------------ |
|
4,416,792 |
4,712,512 |
|
------------ |
------------ |
|
|
|
10.
Security
Santander UK plc hold a bond and floating charge over the properties owned by the company. Santander UK plc also hold, as security, a bond over the rental income and tenant's lease interest in a number of the rental units owned by the company. The security held is to the value of £1,000,000 and relates to the bank loan noted above.
11.
Related party transactions
At year end, the outstanding interest free loan from Balgonie Estates Limited (a company connected by family control) amounted to £3,507,512 (2023: £3,803,232). Included within other creditors due within one year is £90,720 (2023: £90,720). The balance of the loan included in other creditors due greater than one year is £3,416,792 (2023: £3,712,512).