PALACE GATE ESTATES LETTINGS LIMITED


Directors	Joel Baseley
	Patrick Rampton


Registered Address	131 Northcote Road
	London
	SW11 6PS


Registered Number	03771037 (England and Wales)

Statement of Financial Position
31 December 2024

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets			-		63,399
			-		63,399
Current assets
Debtors	3	761,857		588,672
Cash at bank and on hand		353,477		161,782
		1,115,334		750,454
Creditors amounts falling due within one year	4	(804,347)		(329,184)
Net current assets (liabilities)			310,987		421,270
Total assets less current liabilities			310,987		484,669
Provisions for liabilities	5		(14,625)		(14,625)
Net assets			296,362		470,044
Capital and reserves
Called up share capital			100		100
Profit and loss account			296,262		469,944
Shareholders' funds			296,362		470,044

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 24 September 2025, and are signed on its behalf by:

Patrick Rampton
Director
Registered Company No. 03771037

PALACE GATE ESTATES LETTINGS LIMITED

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	The financial statements have been prepared on a going concern basis, as the company has sufficient assets to meet its liabilities for at least the next 12 months from the date of approval of these financial statements.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Current taxation
	Current tax is recognised in profit or loss. Current tax represents the amount of tax payable in respect of taxable profit for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid using the tax rates and laws which have been enacted by the balance sheet date.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

2.	Average number of employees
	During the year, as the assets of the company were distributed to related parties the employees were also moved to these related parties.


		2024		2023
	Average number of employees during the year	4		11

3.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	41,477	43,125
Amounts owed by group undertakings	703,497	530,486
Other debtors	7,732	7,732
Prepayments and accrued income	9,151	7,329
Total	761,857	588,672

4.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	28,900	88,891
Bank borrowings and overdrafts	3,369	6,221
Amounts owed to related parties	328,137	124,730
Taxation and social security	428,937	97,996
Other creditors	15,004	7,250
Accrued liabilities and deferred income	-	4,096
Total	804,347	329,184

5.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	14,625	14,625
Total	14,625	14,625

6.	Related party transactions
	Interest free loans were provided to companies under the control of the directors, and at the year end the net indebtedness owed to the company was £703,497 (31.12.23 £530,486), and the net amount owed by the company was £328,137 (31.12.22 £124,729). During the year, the Company sold its customer lists to related parties who are associates of the reporting entity. The customer lists have been independently valued at £1,382,516; however, they were sold to the related parties for a total consideration of £4. These parties are considered associates by virtue of common ownership and control. In accordance with the applicable accounting standards, only the consideration of £4 has been recognised in the profit and loss account as a gain on disposal of intangible assets, as this reflects the contractual terms of the transaction. This transaction has had a material impact on the Company’s tax position, as for corporation tax purposes the disposal is treated as having taken place at market value. As a result, a taxable chargeable gain has arisen based on the determined valuation of £1,382,516.

Related party transactions

Interest free loans were provided to companies under the control of the directors, and at the year end the net indebtedness owed to the company was £703,497 (31.12.23 £530,486), and the net amount owed by the company was £328,137 (31.12.22 £124,729).

During the year, the Company sold its customer lists to related parties who are associates of the reporting entity. The customer lists have been independently valued at £1,382,516; however, they were sold to the related parties for a total consideration of £4. These parties are considered associates by virtue of common ownership and control.

In accordance with the applicable accounting standards, only the consideration of £4 has been recognised in the profit and loss account as a gain on disposal of intangible assets, as this reflects the contractual terms of the transaction. This transaction has had a material impact on the Company’s tax position, as for corporation tax purposes the disposal is treated as having taken place at market value. As a result, a taxable chargeable gain has arisen based on the determined valuation of £1,382,516.

7.	Exceptional items
	During the year, the Company divested substantially all of its trade and operations. The business and associated assets were sold to entities under the control of the Company’s directors, and therefore the transaction is considered a related party transaction.

8.	Controlling party
	The Company’s immediate parent is Rampton Baseley Earlsfield Ltd, a company incorporated in England and Wales. The ultimate controlling parties are the directors of the Company by virtue of their shareholdings in the Company's parent.

9.	Prior period policy changes
	During the current financial year, the Company has changed its accounting policy in relation to the presentation of related party cost recharges. In the prior period, amounts recharged to related parties were presented within Revenue in the Income Statement. Management has determined that these recharges do not represent income earned from the Company’s ordinary activities, but rather a recovery of expenses incurred on behalf of related parties. Accordingly, with effect from 1 January 2024, such recharges are no longer recognised as revenue. Instead, the Company has elected to present these amounts as a reduction against the relevant expense categories, thereby reflecting the net expense position.

Prior period policy changes

During the current financial year, the Company has changed its accounting policy in relation to the presentation of related party cost recharges. In the prior period, amounts recharged to related parties were presented within Revenue in the Income Statement. Management has determined that these recharges do not represent income earned from the Company’s ordinary activities, but rather a recovery of expenses incurred on behalf of related parties.

Accordingly, with effect from 1 January 2024, such recharges are no longer recognised as revenue. Instead, the Company has elected to present these amounts as a reduction against the relevant expense categories, thereby reflecting the net expense position.