Palladium Industries Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 11507927 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2024

for

Palladium Industries Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr G T Rafferty

Mr J H Tani-Eshon

SECRETARY:

Hawksford UK Secretaries Limited

REGISTERED OFFICE:

Ground Floor

123 Pall Mall

St. James's

London

SW1Y 5EA

REGISTERED NUMBER:

11507927 (England and Wales)

FIXED ASSETS

Investment property

4

12,600,000

6,074,838

CURRENT ASSETS

Debtors

5

6,987

5,571

CREDITORS

Amounts falling due within one year

6

(3,080,579

)

(2,147,434

)

NET CURRENT LIABILITIES

(3,073,592

)

(2,141,863

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,526,408

3,932,975

CREDITORS

Amounts falling due after more than one year

7

(6,104,245

)

(6,100,515

)

NET ASSETS/(LIABILITIES)

3,422,163

(2,167,540

)

CAPITAL AND RESERVES

Called up share capital

8

1

Retained earnings

3,422,162

(2,167,541

)

SHAREHOLDERS' FUNDS

3,422,163

(2,167,540

)

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

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

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 28 October 2025 and were signed on its behalf by:

Mr G T Rafferty - Director

Mr J H Tani-Eshon - Director

1.	STATUTORY INFORMATION

Palladium Industries Limited ("the Company") was incorporated on 09 August 2018, under the laws of the United Kingdom as a limited liability company with a registration number of 11507927. The registered office and the principal activity of the company is outlined in the company information and the report of the directors respectively at the front of these financial statements.

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.

Going Concern

Due to the support provided by the controlling interests of the Company, the Directors of the Company have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future, therefore these financial statements have been prepared on a going concern basis.

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 and rebates. 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.

The Company's current source of revenue consists solely of rental income earned through the lease of investment property held by the Company.

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.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2023

6,074,838

Revaluations

6,525,162

At 31 August 2024

12,600,000

NET BOOK VALUE

At 31 August 2024

12,600,000

At 31 August 2023

6,074,838

The investment property consists of two freehold properties; Land at Manor Farm, Pinvin, Pershore, Worcestershire, WR10 2ES and Massingham Farm. The properties are currently in the process of being valued and the current valuation of £12,600,000 obtained from Montagu Evans LLP on 29 January 2024 is a draft valuation and may be subject to change.

Fair value at 31 August 2024 is represented by:

£

Valuation in 2024

12,600,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

as restated

£

Other debtors

1

Prepayments and accrued income

6,986

5,570

6,987

5,571

Other debtors consist of called up share capital not yet paid £1 (2023: £1) and accrued income not yet received £6.986 (2023: £5.570).

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.24

31.8.23

as restated

£

Interest Payable -

SMAA Developments

719,561

430,058

Interest Payable -

Saud M. M. Al Aiban

2,332,072

1,714,864

Accrued expenses

28,946

2,512

3,080,579

2,147,434

The following fixed rates of interest are being charged in respect of amounts loaned to the company:

- SMAA Developments Limited - 10% per annum

- Mr Saud M. M. Al Aiban - 11% per annum

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.24

31.8.23

as restated

£

SMAA Developments Limited

2,347,245

2,343,515

Saud M. M. Al Aiban

3,757,000

6,104,245

6,100,515

Other creditors due more than one year consist of an intercompany balances owed to related parties. The amounts owed are as follows:

- £2,347,245 (2023: £2,343,515) owed to an associated company SMAA Developments Limited

- £3,757,000 (2023: £3,757,000) owed to the ultimate beneficiary owner Mr Saud M. M. Al Aiban

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.8.24

31.8.23

value:

as restated

£

1

Share capital 1

1

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Saud M. M. Al Aiban.