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REGISTERED NUMBER: 04314303 (England and Wales)















Financial Statements for the Year Ended 30 June 2024

for

Palma Properties Limited

Palma Properties Limited (Registered number: 04314303)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Palma Properties Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: J M W Planas
J A Planas





SECRETARY: J A Planas





REGISTERED OFFICE: 19 Stretton Avenue
Meanwood
Leeds
West Yorkshire
LS6 4QU





REGISTERED NUMBER: 04314303 (England and Wales)





ACCOUNTANTS: Leon & Company
Chartered Accountants
100 High Ash Drive
Alwoodley
Leeds
West Yorkshire
LS17 8RE

Palma Properties Limited (Registered number: 04314303)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 20,089 23,635
Investment property 5 2,665,000 2,665,000
2,685,089 2,688,635

CURRENT ASSETS
Debtors 6 153,787 235,611
Cash at bank 1,993 45
155,780 235,656
CREDITORS
Amounts falling due within one year 7 20,491 17,024
NET CURRENT ASSETS 135,289 218,632
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,820,378

2,907,267

CREDITORS
Amounts falling due after more than one
year

8

(2,199,750

)

(2,199,750

)

PROVISIONS FOR LIABILITIES 10 (20,167 ) (20,167 )
NET ASSETS 600,461 687,350

CAPITAL AND RESERVES
Called up share capital 11 2 2
Non-distributable reserve 12 208,151 208,151
Retained earnings 392,308 479,197
SHAREHOLDERS' FUNDS 600,461 687,350

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.

Palma Properties Limited (Registered number: 04314303)

Balance Sheet - continued
30 June 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 Board of Directors and authorised for issue on 12 May 2025 and were signed on its behalf by:





J A Planas - Director


Palma Properties Limited (Registered number: 04314303)

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

1. STATUTORY INFORMATION

Palma Properties 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised on the accruals basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at fair value at the balance sheet date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

Palma Properties Limited (Registered number: 04314303)

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

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 30 June 2024 30,000
DEPRECIATION
At 1 July 2023 6,365
Charge for year 3,546
At 30 June 2024 9,911
NET BOOK VALUE
At 30 June 2024 20,089
At 30 June 2023 23,635

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 2,665,000
NET BOOK VALUE
At 30 June 2024 2,665,000
At 30 June 2023 2,665,000

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2007 345,000
Valuation in 2019 55,000
Valuation in 2020 10,000
Valuation in 2021 227,500
Valuation in 2022 (415,090 )
Cost 2,442,590
2,665,000

If investment property had not been revalued it would have been included at the following historical cost:

30.6.24 30.6.23
£    £   
Cost 2,442,590 2,442,590

Investment property was valued on an open market value basis on 30 June 2024 by the directors .

Palma Properties Limited (Registered number: 04314303)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Amounts owed by group undertakings 153,787 235,124
Other debtors - 487
153,787 235,611

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 1 1
Taxation and social security 905 (3,562 )
Other creditors 19,585 20,585
20,491 17,024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 204,750 204,750
Other creditors 1,995,000 1,995,000
2,199,750 2,199,750

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 1,995,000 1,995,000

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 204,750 204,750
Other loans 1,995,000 1,995,000
2,199,750 2,199,750

The bank loans and other loans are secured by way of a first legal charge over the company's properties.

10. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 20,167 20,167

Palma Properties Limited (Registered number: 04314303)

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

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 July 2023 20,167
Movement in year
Balance at 30 June 2024 20,167

11. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
2 Share capital 1 £1 2 2

12. RESERVES
Non-distribu
reserve
£   
At 1 July 2023
and 30 June 2024 208,151

The transfer between reserves represents the reclassification of investment property valuation gains and losses (net of associated deferred tax) into an other reserve, on the basis that the net valuation gains are not available for distribution to shareholders.

Revaluations £222,410 less deferred tax £14,259, non-distributable reserve £208,151.

13. RELATED PARTY DISCLOSURES

During the year the company paid management charges to its parent company Planas Properties Limited in respect of management of the property portfolio.

The director J M W Planas occupies one of the company's properties. No rent is paid by the director and the occupation of this property by him is declared on a P11d each year.

14. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Planas Properties Limited a company controlled by J L & J E Planas by virtue of them having a 52% beneficial interest in the issued share capital of Planas Properties Limited. J L & J E Planas are also directors of Palma Properties Limited.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Palma Properties Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Palma Properties Limited for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Palma Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palma Properties Limited and state those matters that we have agreed to state to the Board of Directors of Palma Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palma Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Palma Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Palma Properties Limited. You consider that Palma Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Palma Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Leon & Company
Chartered Accountants
100 High Ash Drive
Alwoodley
Leeds
West Yorkshire
LS17 8RE


Date: .............................................