Acorah Software Products - Accounts Production 16.2.850 false true true 31 July 2023 1 August 2022 false 1 August 2023 31 July 2024 31 July 2024 03082409 Mrs Andrea Kingsley Smith Mr Ivan Kingsley Smith Mr Paul Ross-Gower Mr Ivan Kingsley Smith iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 03082409 2023-07-31 03082409 2024-07-31 03082409 2023-08-01 2024-07-31 03082409 frs-core:CurrentFinancialInstruments 2024-07-31 03082409 frs-core:FurnitureFittings 2024-07-31 03082409 frs-core:FurnitureFittings 2023-08-01 2024-07-31 03082409 frs-core:FurnitureFittings 2023-07-31 03082409 frs-core:PlantMachinery 2024-07-31 03082409 frs-core:PlantMachinery 2023-08-01 2024-07-31 03082409 frs-core:PlantMachinery 2023-07-31 03082409 frs-core:ShareCapital 2024-07-31 03082409 frs-core:RetainedEarningsAccumulatedLosses 2024-07-31 03082409 frs-bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03082409 frs-bus:FilletedAccounts 2023-08-01 2024-07-31 03082409 frs-bus:SmallEntities 2023-08-01 2024-07-31 03082409 frs-bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 03082409 frs-bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 03082409 frs-core:UnlistedNon-exchangeTraded 2024-07-31 03082409 frs-core:UnlistedNon-exchangeTraded 2023-07-31 03082409 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2023-07-31 03082409 frs-core:CostValuation frs-core:UnlistedNon-exchangeTraded 2024-07-31 03082409 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2023-07-31 03082409 frs-core:ProvisionsForImpairmentInvestments frs-core:UnlistedNon-exchangeTraded 2024-07-31 03082409 frs-bus:Director1 2023-08-01 2024-07-31 03082409 frs-bus:Director2 2023-08-01 2024-07-31 03082409 frs-bus:Director3 2023-08-01 2024-07-31 03082409 frs-bus:CompanySecretary1 2023-08-01 2024-07-31 03082409 frs-countries:EnglandWales 2023-08-01 2024-07-31 03082409 2022-07-31 03082409 2023-07-31 03082409 2022-08-01 2023-07-31 03082409 frs-core:CurrentFinancialInstruments 2023-07-31 03082409 frs-core:ShareCapital 2023-07-31 03082409 frs-core:RetainedEarningsAccumulatedLosses 2023-07-31
Registered number: 03082409
Palm Developments Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03082409
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 62,394 85,116
Investments 5 50,000 50,000
112,394 135,116
CURRENT ASSETS
Stocks 6 6,213,766 2,006,227
Debtors 7 687,812 794,371
Cash at bank and in hand 8,192 16,211
6,909,770 2,816,809
Creditors: Amounts Falling Due Within One Year 8 (8,360,417 ) (4,214,933 )
NET CURRENT ASSETS (LIABILITIES) (1,450,647 ) (1,398,124 )
TOTAL ASSETS LESS CURRENT LIABILITIES (1,338,253 ) (1,263,008 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,598 ) (20,398 )
NET LIABILITIES (1,353,851 ) (1,283,406 )
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account (1,353,853 ) (1,283,408 )
SHAREHOLDERS' FUNDS (1,353,851) (1,283,406)
Page 1
Page 2
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ivan Kingsley Smith
Director
6th December 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Palm Developments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03082409 . The registered office is Ranscombe Farmhouse, Cuxton, Rochester, Kent, ME2 1LA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The accounts have been prepared on a going concern basis. This may not be appropriate asthe company has, at 31 July 2024, net liabilities of £ 1,353,851  (2023 £1,283,406). The validity of the going concern basis is dependant upon the continuing support from its parent company, Palm Investments Limited.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying value amount and are recognised in the Income Statement.
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% on cost
2.5. Stocks and Work in Progress
Work in progress is valued at the lower of cost and net realisable value.
Cost is calculated using the first - in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
2.7. Debtors
Short term debtors are measured at transcation price, less any impairments. 
2.8. Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions.
2.9. Creditors
Short term creditors are measured at the transaction price.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2023: NIL)
- -
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 August 2023 293,045 7,325 300,370
Disposals (7,500 ) - (7,500 )
As at 31 July 2024 285,545 7,325 292,870
Depreciation
As at 1 August 2023 210,635 4,619 215,254
Provided during the period 20,196 902 21,098
Disposals (5,876 ) - (5,876 )
As at 31 July 2024 224,955 5,521 230,476
Net Book Value
As at 31 July 2024 60,590 1,804 62,394
As at 1 August 2023 82,410 2,706 85,116
5. Investments
Unlisted
£
Cost
As at 1 August 2023 50,000
As at 31 July 2024 50,000
Provision
As at 1 August 2023 -
As at 31 July 2024 -
Net Book Value
As at 31 July 2024 50,000
As at 1 August 2023 50,000
The company's investment in the share capital of the companies during the year included the following:
Bridgewood Rochester Limited
Nature of business: Property development
                                                                                        % 
Class of shares:                                                             holding 
Ordinary £1                                                                   100.00
Page 4
Page 5
6. Stocks
2024 2023
£ £
Work in progress 6,213,766 2,006,227
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 11,856 8,182
Other debtors 675,956 786,189
687,812 794,371
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,634 (728 )
Amounts owed to participating interests 602,500 827,000
Other creditors 7,755,283 3,388,661
8,360,417 4,214,933
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Related Party Transactions
Palm Investments Limited
The Parent of Palm Developements Ltd and a company in which Me I S Kingsley Smith is a director.
At the balance sheet date the company owed £602,500 (2023 £827,000) to Palm Investments Limited.
McCullochs (CI) Ltd 
McCullochs (CI) Ltd, a company in which Mr Ivan Kingsley Smith is a director.
At the balance sheet date the company owed McCullochs (CI) ltd £5,790,000 (2023 £2,175,000)
Nightingale Homes (upchurch) Ltd  
Nightingale homes (upchurch) Ltd , a company in which Mr Ivan Kingsley Smith is a director.
At the balance sheet date the company owed Nightingale homes (upchurch) ltd £1,595,000 (2023 £625,000)
Funton Estates Ltd
Funton estates ltd , a company in which Mr Ivan Kingsley Smith is a a director.
At the balance sheet date funton estates owed the company £610,000 (2023 £725,000)
Page 5