Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-312024-12-312025-05-102024-01-01falseDevelopment of building projects55truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01680684 2024-01-01 2024-12-31 01680684 2023-01-01 2023-12-31 01680684 2024-12-31 01680684 2023-12-31 01680684 2023-01-01 01680684 c:Director1 2024-01-01 2024-12-31 01680684 c:Director4 2024-01-01 2024-12-31 01680684 d:FreeholdInvestmentProperty 2024-12-31 01680684 d:FreeholdInvestmentProperty 2023-12-31 01680684 d:CurrentFinancialInstruments 2024-12-31 01680684 d:CurrentFinancialInstruments 2023-12-31 01680684 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 01680684 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01680684 d:ShareCapital 2024-12-31 01680684 d:ShareCapital 2023-12-31 01680684 d:ShareCapital 2023-01-01 01680684 d:InvestmentPropertiesRevaluationReserve 2024-12-31 01680684 d:InvestmentPropertiesRevaluationReserve 2023-12-31 01680684 d:InvestmentPropertiesRevaluationReserve 2023-01-01 01680684 d:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 01680684 d:RetainedEarningsAccumulatedLosses 2024-12-31 01680684 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 01680684 d:RetainedEarningsAccumulatedLosses 2023-12-31 01680684 d:RetainedEarningsAccumulatedLosses 2023-01-01 01680684 c:FRS102 2024-01-01 2024-12-31 01680684 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 01680684 c:FullAccounts 2024-01-01 2024-12-31 01680684 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01680684 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure
Registered number: 01680684






PALMLAKE PROPERTIES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










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PALMLAKE PROPERTIES LIMITED
REGISTERED NUMBER:01680684

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,792,223
2,792,223

  
2,792,223
2,792,223

Current assets
  

Debtors: amounts falling due within one year
 5 
92,125
139,297

Cash at bank and in hand
 6 
39,027
96,571

  
131,152
235,868

Creditors: amounts falling due within one year
 7 
(152,762)
(149,108)

Net current (liabilities)/assets
  
 
 
(21,610)
 
 
86,760

Total assets less current liabilities
  
2,770,613
2,878,983

  

Net assets
  
2,770,613
2,878,983


Capital and reserves
  

Called up share capital 
  
200
200

Investment property reserve
  
74,614
74,614

Profit and loss account
  
2,695,799
2,804,169

  
2,770,613
2,878,983


Page 1

 
PALMLAKE PROPERTIES LIMITED
REGISTERED NUMBER:01680684
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C M Harris
T G Harris
Director
Director


Date: 10 May 2025
Date:10 May 2025

Page 2

 
PALMLAKE PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2023
200
74,614
2,839,238
2,914,052


Comprehensive income for the year

Profit for the year
-
-
204,931
204,931

Dividends: Equity capital
-
-
(240,000)
(240,000)



At 1 January 2024
200
74,614
2,804,169
2,878,983


Comprehensive income for the year

Profit for the year
-
-
211,630
211,630

Dividends: Equity capital
-
-
(320,000)
(320,000)


At 31 December 2024
200
74,614
2,695,799
2,770,613


Page 3

 
PALMLAKE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Palmlake Properties Limited is a private company limited by shares, incorporated in England and Wales. Its registered office is Millhouse, 32-38 East Street, Rochford, Essex SS4 1DB.
The principal activity of the company continued to be that of the development of building projects.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
PALMLAKE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.


 
2.5

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is
Page 5

 
PALMLAKE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 6

 
PALMLAKE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

2024
2023
£
£

Wages and salaries
33,330
31,114

Cost of defined contribution scheme
629
557

33,959
31,671


The average monthly number of employees, including directors, during the year was 5 (2023 - 5).

Page 7

 
PALMLAKE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
2,792,223



At 31 December 2024
2,792,223


Comprising


Cost
2,718,965

Annual revaluation surplus/(deficit):


2008
(381,386)

2015
453,644

2020
1,000

At 31 December 2024
2,792,223

The 2024 valuations were made by the directors of the company, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
2,718,965
2,718,965

2,718,965
2,718,965


5.


Debtors

2024
2023
£
£


Trade debtors
8,683
47,186

Other debtors
83,442
92,111

92,125
139,297


Page 8

 
PALMLAKE PROPERTIES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
39,027
96,571

39,027
96,571



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other taxation and social security
71,069
63,333

Other creditors
3,095
7,590

Accruals and deferred income
78,598
78,185

152,762
149,108



8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £629 (2023: £557) . At the balance sheet date contributions of £141 (2023: £43) were payable to the fund. 

 
Page 9