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REGISTERED NUMBER: 07866998 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 30 June 2024

for

The Old Palace (Lincoln) Limited

The Old Palace (Lincoln) Limited (Registered number: 07866998)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Old Palace (Lincoln) Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: S W D Grace
D T Jackson





REGISTERED OFFICE: The Old Palace
Christ's Hospital Terrace
Lincoln
Lincolnshire
LN2 1LY





REGISTERED NUMBER: 07866998 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
15 Newland
Lincoln
Lincolnshire
LN1 1XG

The Old Palace (Lincoln) Limited (Registered number: 07866998)

Balance Sheet
30 June 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,549,723 1,555,111

CURRENT ASSETS
Debtors 5 289,941 289,188
Cash at bank 12,102 13,843
302,043 303,031
CREDITORS
Amounts falling due within one year 6 127,866 88,248
NET CURRENT ASSETS 174,177 214,783
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,723,900

1,769,894

CREDITORS
Amounts falling due after more than one
year

7

(938,127

)

(965,100

)

PROVISIONS FOR LIABILITIES (229,384 ) (175,355 )
NET ASSETS 556,389 629,439

CAPITAL AND RESERVES
Called up share capital 9 1 1
Revaluation reserve 10 650,859 702,928
Retained earnings (94,471 ) (73,490 )
SHAREHOLDERS' FUNDS 556,389 629,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 25 March 2025 and were signed on its behalf by:





S W D Grace - Director


The Old Palace (Lincoln) Limited (Registered number: 07866998)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

The Old Palace (Lincoln) 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.

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 as modified by the revaluation of certain assets.

At the year end net current liabilities exceeded net assets by £208,133 (2022: £197,950). The company has the continued support of the the parent company and on that basis the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and Buildings - Straight line over 50 years
Plant and machinery - 25% on reducing balance

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

The Old Palace (Lincoln) Limited (Registered number: 07866998)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. TANGIBLE FIXED ASSETS
Land and Plant and
Buildings machinery Totals
£    £    £   
COST OR VALUATION
At 1 July 2023 1,527,109 45,234 1,572,343
Additions - 3,128 3,128
At 30 June 2024 1,527,109 48,362 1,575,471
DEPRECIATION
At 1 July 2023 765 16,467 17,232
Charge for year 542 7,974 8,516
At 30 June 2024 1,307 24,441 25,748
NET BOOK VALUE
At 30 June 2024 1,525,802 23,921 1,549,723
At 30 June 2023 1,526,344 28,767 1,555,111

Cost or valuation at 30 June 2024 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2023 867,812 - 867,812
Cost 659,297 48,362 707,659
1,527,109 48,362 1,575,471

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,891 6,360
Amounts owed by group undertakings 253,873 221,546
Other debtors 33,177 61,282
289,941 289,188

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,753 20,000
Trade creditors 25,057 17,013
Amounts owed to group undertakings 20,973 16,665
Taxation and social security 47,162 24,836
Other creditors 9,921 9,734
127,866 88,248

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 938,127 965,100

The Old Palace (Lincoln) Limited (Registered number: 07866998)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 816,164 885,100

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 962,880 985,100

The full balance within bank loans is secured against the land and buildings included within tangible assets.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

10. RESERVES
Revaluation
reserve
£   
At 1 July 2023 702,928
Transfer (52,069 )

At 30 June 2024 650,859

11. ULTIMATE PARENT COMPANY

The parent company of The Old Palace (Lincoln) Limited is Rissington Property Ltd.

The registered office address is:

The Old Palace
Christ's Hospital Terrace
Lincoln
Lincolnshire
LN2 1LY