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REGISTERED NUMBER: 13332345 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 September 2024

for

PALG Ltd

PALG Ltd (Registered number: 13332345)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PALG Ltd

Company Information
for the Year Ended 30 September 2024







Directors: P Underwood
Mrs A Underwood





Registered office: 10 The Southend
Ledbury
Herefordshire
HR8 2EY





Registered number: 13332345 (England and Wales)





Accountants: Crowthers Chartered Accountants
10 The Southend
Ledbury
Herefordshire
HR8 2EY

PALG Ltd (Registered number: 13332345)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 392,500 197,500

CURRENT ASSETS
Cash at bank 179 2,264

CREDITORS
Amounts falling due within one year 5 145,478 66,557
NET CURRENT LIABILITIES (145,299 ) (64,293 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

247,201

133,207

CREDITORS
Amounts falling due after more than one
year

6

(228,680

)

(127,228

)

PROVISIONS FOR LIABILITIES (3,500 ) (7,047 )
NET ASSETS/(LIABILITIES) 15,021 (1,068 )

CAPITAL AND RESERVES
Called up share capital 7 100 100
Revaluation reserve 8 51,850 28,187
Retained earnings (36,929 ) (29,355 )
SHAREHOLDERS' FUNDS 15,021 (1,068 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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.

PALG Ltd (Registered number: 13332345)

Balance Sheet - continued
30 September 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 9 June 2025 and were signed on its behalf by:




P Underwood - Director



Mrs A Underwood - Director


PALG Ltd (Registered number: 13332345)

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

1. STATUTORY INFORMATION

PALG 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 as modified by the revaluation of certain assets.

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 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 NIL (2023 - NIL).

PALG Ltd (Registered number: 13332345)

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

4. INVESTMENT PROPERTY
Total
£   
Fair value
At 1 October 2023 197,500
Additions 171,337
Revaluations 23,663
At 30 September 2024 392,500
Net book value
At 30 September 2024 392,500
At 30 September 2023 197,500

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2023 28,187
Valuation in 2024 23,663
Cost 340,650
392,500

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

2024 2023
£    £   
Cost 340,650 169,313
Aggregate depreciation (20,399 ) (6,773 )

Investment property was valued on an open market basis on 30 September 2024 by the Directors .

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,861 1,440
Inter-company loan 85,000 65,000
Directors' current accounts 58,617 117
145,478 66,557

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Mortgage 228,680 127,228

PALG Ltd (Registered number: 13332345)

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

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Revaluation
reserve
£   
At 1 October 2023 28,187
Increase in valuation 23,663

At 30 September 2024 51,850

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in creditors is £58,617 (2023: £117) owed to the directors. The loan is interest free, repayable on demand and is unsecured.

10. RELATED PARTY DISCLOSURES

Cadster House Consulting Ltd ( an associated company of PALG Limited) has an inter-company loan, where the balance owing from PALG Limited to Cadster House Consulting Limited is £85,000 (2023: £65,000).