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REGISTERED NUMBER: 06352240 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 October 2024

for

PAL Properties South West Ltd

PAL Properties South West Ltd (Registered number: 06352240)

Contents of the Financial Statements
for the Year Ended 31 October 2024










Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PAL Properties South West Ltd

Company Information
for the Year Ended 31 October 2024







DIRECTORS: Mr P Jury
Mr L T Tanner





SECRETARY: Mr S J Tanner





REGISTERED OFFICE: 69 High Street
Bideford
Devon
EX39 2AT





REGISTERED NUMBER: 06352240 (England and Wales)





ACCOUNTANTS: R T Marke & Co Ltd
Chartered Accountants
69 High Street
Bideford
Devon
EX39 2AT

PAL Properties South West Ltd (Registered number: 06352240)

Abridged Balance Sheet
31 October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 - 74
Investment property 6 1,400,000 5,500,000
1,400,000 5,500,074

CURRENT ASSETS
Debtors 137,526 334,734
Cash at bank 3,189,332 3,328,081
3,326,858 3,662,815
CREDITORS
Amounts falling due within one year 1,033,748 358,304
NET CURRENT ASSETS 2,293,110 3,304,511
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,693,110

8,804,585

CREDITORS
Amounts falling due after more than one
year

-

(746,807

)

PROVISIONS FOR LIABILITIES (2,404 ) (165,409 )
NET ASSETS 3,690,706 7,892,369

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 9 3,690,704 7,892,367
SHAREHOLDERS' FUNDS 3,690,706 7,892,369

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

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

PAL Properties South West Ltd (Registered number: 06352240)

Abridged Balance Sheet - continued
31 October 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 October 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 July 2025 and were signed on its behalf by:




Mr P Jury - Director



Mr L T Tanner - Director


PAL Properties South West Ltd (Registered number: 06352240)

Notes to the Financial Statements
for the Year Ended 31 October 2024


1. STATUTORY INFORMATION

PAL Properties South West 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. There were no material departures from that standard.

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.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

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

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 - 20% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

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. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. No depreciation is provided in respect of investment properties.

Financial instruments
Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

PAL Properties South West Ltd (Registered number: 06352240)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


3. ACCOUNTING POLICIES - continued

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.

Going concern
Having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

4. EMPLOYEES AND DIRECTORS

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

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2023
and 31 October 2024 26,338
DEPRECIATION
At 1 November 2023 26,264
Charge for year 74
At 31 October 2024 26,338
NET BOOK VALUE
At 31 October 2024 -
At 31 October 2023 74


PAL Properties South West Ltd (Registered number: 06352240)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 November 2023 5,500,000
Disposals (4,129,331 )
Revaluations 29,331
At 31 October 2024 1,400,000
NET BOOK VALUE
At 31 October 2024 1,400,000
At 31 October 2023 5,500,000

Fair value at 31 October 2024 is represented by:
£   
Valuation in 2010 203,224
Valuation in 2011 82,664
Valuation in 2012 35,240
Valuation in 2021 (165,740 )
Valuation in 2023 (124,606 )
Valuation in 2024 29,331
Cost 1,339,887
1,400,000

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

2024 2023
£    £   
Cost 1,339,887 5,376,493

The freehold investment property was valued on an open market basis at the balance sheet date.

The investment property is accounted for at fair value on an on-going basis.

7. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 845,323

Bank loans are secured by fixed and floating charges over the company's assets.

Mr P Jury and Mr L T Tanner, the directors, have given personal guarantees for the company's bank borrowings.

PAL Properties South West Ltd (Registered number: 06352240)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2024


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

9. RESERVES

Included in retained earnings is £60,113 (2023 - £123,507) of profits which are not available for distribution as they are unrealised.

10. ULTIMATE CONTROLLING PARTY

The controlling parties are Notts Holdings Ltd and L T Tanner Developments Limited.

The ultimate controlling parties are Mr P Jury and Mr L T Tanner.