0 false false false false false false false false false false true false false false false false false 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 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 SC579884 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 SC579884 bus:PrivateLimitedCompanyLtd 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
For the year ended
30 June 2024
Palm Tree Commercial Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
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:
D J Balfour
Director
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).