REGISTERED NUMBER: 09023657 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

PALM COURT APARTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M G Cundy

T D Palmer

B J Trimmer

Ms A L Trimmer

REGISTERED OFFICE:

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

REGISTERED NUMBER:

09023657 (England and Wales)

ACCOUNTANTS:

Lewis Brownlee (Chichester) Limited

Chartered Accountants

Appledram Barns

Birdham Road

Chichester

West Sussex

PO20 7EQ

FIXED ASSETS

Tangible assets

4

3,000,000

2,950,000

CURRENT ASSETS

Debtors

5

1,040,295

771,761

Cash at bank

39,069

34,836

1,079,364

806,597

CREDITORS

Amounts falling due within one year

6

10,154

50,079

NET CURRENT ASSETS

1,069,210

756,518

TOTAL ASSETS LESS CURRENT LIABILITIES

4,069,210

3,706,518

CREDITORS

Amounts falling due after more than one year

7

(2,138,144

)

(1,783,442

)

PROVISIONS FOR LIABILITIES

(460,899

)

-

NET ASSETS

1,470,167

1,923,076

CAPITAL AND RESERVES

Called up share capital

9

100

100

Revaluation reserve

10

1,843,597

1,793,597

Retained earnings

10

(373,530

)

129,379

SHAREHOLDERS' FUNDS

1,470,167

1,923,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 25 December 2025 and were signed on its behalf by:

B J Trimmer - Director

1.	STATUTORY INFORMATION

Palm Court Apartments Limited 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 presentational currency of the financial statements is Pound Sterling (£) which is rounded to the nearest Pound (£).

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.

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.

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 4 (2024 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

property

£

COST OR VALUATION

At 1 April 2024

2,970,472

Revaluations

50,000

At 31 March 2025

3,020,472

DEPRECIATION

At 1 April 2024

and 31 March 2025

20,472

NET BOOK VALUE

At 31 March 2025

3,000,000

At 31 March 2024

2,950,000

The freehold properties were revalued on 30 June 2021 by Sanderson Weatherall Chartered Surveyors. The valuation of £2,950,000 is on an open market basis.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Amounts owed by group undertakings

1,040,295

771,761

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

5,556

47,051

Trade creditors

1

1

Corporation Tax

1,447

514

Accruals and deferred income

3,150

2,513

10,154

50,079

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

23,148

1,783,442

Other loans more 5yrs non-inst

2,114,996

-

2,138,144

1,783,442

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

2,114,996

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

28,704

1,830,493

The bank loans are secured by a first legal charge held by Lloyds Bank Plc over the freehold property owned by the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100

Ordinary

1

100

100

10.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 April 2024

129,379

1,793,597

1,922,976

Deficit for the year

(502,909

)

-

(502,909

)

Property revaluation

-

50,000

50,000

At 31 March 2025

(373,530

)

1,843,597

1,470,067

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is AXB Property Limited.

On 1 September 2021 AXB Property Limited a company incorporated in England & Wales acquired 100% of the issued share capital.

AXB Property Limited is the ultimate controlling party.