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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Palomedes UK, Ltd is a private limited liability company incorporated in England and Wales, with its registered office at 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
The Company was incorporated on 19 February 2025 and commenced its activities on the same date.
The principal activity of the Company is that of property investment.
The Company's functional and presentational currency is £ Sterling.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
The Company funds its activities through interest free loans from its directors, who have confirmed they will not seek repayment until the investment properties are sold. The directors consider it appropriate to prepare the financial statements on the going concern basis.
Turnover 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. Turnover comprises of rent receivable.
Rental income is recognised in the period to which it relates. Rental income received in advance is carried forward as deferred income.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by the directors 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 the Statement of Comprehensive Income.
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