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REGISTERED NUMBER: 04428837 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

PALMTREE ENTERPRISES LTD

PALMTREE ENTERPRISES LTD (REGISTERED NUMBER: 04428837)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PALMTREE ENTERPRISES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: J Posen
Y Filip





SECRETARY: J Posen





REGISTERED OFFICE: 115 Craven Park Road
Stamford Hill
London
N15 6BL





REGISTERED NUMBER: 04428837 (England and Wales)





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

PALMTREE ENTERPRISES LTD (REGISTERED NUMBER: 04428837)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

31.5.24 31.5.23
Notes £    £   
FIXED ASSETS
Tangible assets 5 127 149
Investment property 6 7,101,685 8,121,466
7,101,812 8,121,615

CURRENT ASSETS
Debtors 7 1,310,166 1,264,280
Cash at bank 22,012 59,361
1,332,178 1,323,641
CREDITORS
Amounts falling due within one year 8 (2,629,283 ) (3,101,589 )
NET CURRENT LIABILITIES (1,297,105 ) (1,777,948 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,804,707

6,343,667

CREDITORS
Amounts falling due after more than one
year

9

(960,773

)

(1,414,784

)

PROVISIONS FOR LIABILITIES (161,000 ) (161,000 )
NET ASSETS 4,682,934 4,767,883

CAPITAL AND RESERVES
Called up share capital 12 2 2
Retained earnings 13 4,682,932 4,767,881
SHAREHOLDERS' FUNDS 4,682,934 4,767,883

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

PALMTREE ENTERPRISES LTD (REGISTERED NUMBER: 04428837)

STATEMENT OF FINANCIAL POSITION - continued
31 MAY 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 and authorized for issue by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by:





J Posen - Director


PALMTREE ENTERPRISES LTD (REGISTERED NUMBER: 04428837)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Palmtree Enterprises 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 property is shown at most recent valuation. 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 4 ) .

PALMTREE ENTERPRISES LTD (REGISTERED NUMBER: 04428837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 June 2023
and 31 May 2024 2,008
DEPRECIATION
At 1 June 2023 1,859
Charge for year 22
At 31 May 2024 1,881
NET BOOK VALUE
At 31 May 2024 127
At 31 May 2023 149

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 8,121,466
Disposals (1,019,781 )
At 31 May 2024 7,101,685
NET BOOK VALUE
At 31 May 2024 7,101,685
At 31 May 2023 8,121,466

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2005 1,344,537
Valuation in 2009 4,000,000
Valuation in 2022 (5,344,537 )
Cost 7,101,685
7,101,685

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Other debtors 1,310,166 1,264,280

PALMTREE ENTERPRISES LTD (REGISTERED NUMBER: 04428837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Trade creditors 21,604 5,281
Taxation and social security 110,224 55,904
Other creditors 2,497,455 3,040,404
2,629,283 3,101,589

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Bank loans (see note 10) 927,440 1,375,895
Other creditors 33,333 38,889
960,773 1,414,784

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 20,578 319,250
Bank loan more 5yr by instal 265,903 277,185
Bank loan more 5yr by instal 142,199 212,049
Bank loan more 5yr by instal 498,760 567,411
Other loans more 5yrs instal 33,333 38,889
960,773 1,414,784

10. LOANS

Under the bank loan, £50,000 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

11. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 927,440 1,375,895

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 fixed rates.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
2 Ordinary £1 2 2

PALMTREE ENTERPRISES LTD (REGISTERED NUMBER: 04428837)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

13. RESERVES
Retained
earnings
£   

At 1 June 2023 4,767,881
Deficit for the year (84,949 )
At 31 May 2024 4,682,932