Company registration number 07541321 (England and Wales)
SAM PALLADIO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
SAM PALLADIO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
SAM PALLADIO LIMITED (REGISTERED NUMBER: 07541321)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
806
1,075
Investment property
4
251,732
252,680
252,538
253,755
Current assets
Debtors
5
1,734
Cash at bank and in hand
6,131
1,250
6,131
2,984
Creditors: amounts falling due within one year
6
(147,369)
(111,366)
Net current liabilities
(141,238)
(108,382)
Total assets less current liabilities
111,300
145,373
Creditors: amounts falling due after more than one year
7
(57,875)
(63,436)
Provisions for liabilities
(7,944)
(13,907)
Net assets
45,481
68,030
Capital and reserves
Called up share capital
5
5
Non-distributable profits reserve
8
57,359
58,127
Distributable profit and loss reserves
(11,883)
9,898
Total equity
45,481
68,030
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SAM PALLADIO LIMITED (REGISTERED NUMBER: 07541321)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 27 March 2025
Mr S Scott
Director
SAM PALLADIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Sam Palladio Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor (Right) Downe House, 303 High Street, Orpington, Kent, England, BR6 0NN.
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 £1.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents invoiced provision of services. Turnover is recognised when invoiced.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% on cost
Computer equipment
33% on cost
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment property
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Deferred tax has been recognised on this asset.
SAM PALLADIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
879
1,310
3,400
5,589
Depreciation and impairment
At 1 April 2023
879
1,310
2,325
4,514
Depreciation charged in the year
269
269
At 31 March 2024
879
1,310
2,594
4,783
Carrying amount
At 31 March 2024
806
806
At 31 March 2023
1,075
1,075
4
Investment property
2024
£
Fair value
At 1 April 2023
252,680
Revaluations
(948)
At 31 March 2024
251,732
Investment property comprises of commercial and residential property. The fair value of the investment property was revalued by the director at the year end.
SAM PALLADIO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,734
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
6,914
8,179
Other creditors
140,455
103,187
147,369
111,366
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
57,875
63,436
8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
58,127
54,755
Non distributable profits in the year
(768)
3,372
At the end of the year
57,359
58,127
Non-distributable reserves relates to the revaluation gain/loss on the investment property.
9
Financial commitments, guarantees and contingent liabilities
Long term creditors are secured against the business assets to which they relate.