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REGISTERED NUMBER: 04202712 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 OCTOBER 2024

FOR

PALMWAY ESTATES LTD

PALMWAY ESTATES LTD (REGISTERED NUMBER: 04202712)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PALMWAY ESTATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 OCTOBER 2024







DIRECTOR: H Sternlicht





SECRETARY: H Sternlicht





REGISTERED OFFICE: 136 Stamford Hill
London
N16 6QT





REGISTERED NUMBER: 04202712 (England and Wales)





ACCOUNTANTS: Venitt and Greaves
Chartered Accountants
115 Craven Park Road
South Tottenham
London
N15 6BL

PALMWAY ESTATES LTD (REGISTERED NUMBER: 04202712)

STATEMENT OF FINANCIAL POSITION
30 OCTOBER 2024

30.10.24 30.10.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 1,444 1,699
Investment property 5 1,523,935 1,523,935
1,525,379 1,525,634

CURRENT ASSETS
Debtors 6 581,688 590,308
Cash at bank 4,513 17,274
586,201 607,582
CREDITORS
Amounts falling due within one year 7 (728,509 ) (694,164 )
NET CURRENT LIABILITIES (142,308 ) (86,582 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,383,071

1,439,052

CREDITORS
Amounts falling due after more than one
year

8

(1,030,194

)

(1,088,534

)
NET ASSETS 352,877 350,518

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 11 352,876 350,517
SHAREHOLDERS' FUNDS 352,877 350,518

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

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

The director acknowledges his 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.

PALMWAY ESTATES LTD (REGISTERED NUMBER: 04202712)

STATEMENT OF FINANCIAL POSITION - continued
30 OCTOBER 2024


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 director and authorised for issue on 22 January 2025 and were signed by:





H Sternlicht - Director


PALMWAY ESTATES LTD (REGISTERED NUMBER: 04202712)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 OCTOBER 2024

1. STATUTORY INFORMATION

Palmway Estates Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents net rent receivable, 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.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment Properties are included in the Balance Sheet at historical cost, which is not in accordance with Financial Reporting Standard for Smaller Entities(effective January 2015), which requires such properties to be stated at current market value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 31 October 2023
and 30 October 2024 7,714
DEPRECIATION
At 31 October 2023 6,015
Charge for year 255
At 30 October 2024 6,270
NET BOOK VALUE
At 30 October 2024 1,444
At 30 October 2023 1,699

PALMWAY ESTATES LTD (REGISTERED NUMBER: 04202712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 OCTOBER 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 31 October 2023
and 30 October 2024 1,523,935
NET BOOK VALUE
At 30 October 2024 1,523,935
At 30 October 2023 1,523,935

The company's investment properties are included in the balance sheet at historical cost.

The directors are of the opinion that the open market value of each of the companies investment properties is at least equal to the amount at which it is included in the financial statements.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.10.24 30.10.23
£    £   
Other debtors 581,688 590,308

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.10.24 30.10.23
£    £   
Taxation and social security 1,119 1,706
Other creditors 727,390 692,458
728,509 694,164

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.10.24 30.10.23
£    £   
Bank loans 1,030,194 1,088,534

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 1,030,194 1,088,534

9. SECURED DEBTS

The following secured debts are included within creditors:

30.10.24 30.10.23
£    £   
Bank loans 1,030,194 1,088,534

The mortgage loans are secured by a first charge over the company's properties and a floating charge over the assets of the company, and bear interest at variable rates.

PALMWAY ESTATES LTD (REGISTERED NUMBER: 04202712)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 OCTOBER 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.10.24 30.10.23
value: £    £   
1 Ordinary £1 1 1

11. RESERVES
Retained
earnings
£   

At 31 October 2023 350,517
Profit for the year 2,359
At 30 October 2024 352,876

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is H Sternlicht.