Palace House Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00822206 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 MAY 2024 TO 28 FEBRUARY 2025

FOR

PALACE HOUSE LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs F R Lerner

C Lerner

I M Lerner

SECRETARY:

Mrs F R Lerner

REGISTERED OFFICE:

115 Craven Park Road

South Tottenham

London

N15 6BL

REGISTERED NUMBER:

00822206 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Investment property

4

2,525,000

CURRENT ASSETS

Debtors

5

3,822,180

3,804,056

Cash at bank

5,766

10,249

3,827,946

3,814,305

CREDITORS

Amounts falling due within one year

6

(78,405

)

(81,036

)

NET CURRENT ASSETS

3,749,541

3,733,269

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,274,541

6,258,269

CREDITORS

Amounts falling due after more than one
year

7

(1,815,905

)

(1,834,538

)

PROVISIONS FOR LIABILITIES

(390,629

)

(390,629

)

NET ASSETS

4,068,007

4,033,102

CAPITAL AND RESERVES

Called up share capital

9

2

Revaluation reserve

10

2,297,816

Other reserves

10

174,267

Retained earnings

10

1,595,922

1,561,017

SHAREHOLDERS' FUNDS

4,068,007

4,033,102

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the period ended 28 February 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 27 August 2025 and were signed on its behalf by:

C Lerner - Director

I M Lerner - Director

1.	STATUTORY INFORMATION

Palace House 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 presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention except for the assets and liabilities which are required by FRS 102 to be stated at fair value.

Turnover

Turnover represent net rent receivable excluding value added tax.

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.

Taxation

Taxation for the period 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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 period was 1 (2024 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 May 2024

and 28 February 2025

2,525,000

NET BOOK VALUE

At 28 February 2025

2,525,000

At 30 April 2024

2,525,000

Fair value at 28 February 2025 is represented by:

£

Valuation in 2016

2,107,816

Valuation in 2017

190,000

2,297,816

**	TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF

INVESTMENT PROPERTY

'COST' ACCOUNT TOTAL

Cost/valuation b/f

2,525,000

CLIENT SCREEN TOTAL

=

-

The company's investment properties were revalued by Cushman & Wakefield (specialist independent valuer) as at 12 April 2017.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

30.4.24

£

Trade debtors

3,048

Other debtors

3,819,132

3,801,008

3,822,180

3,804,056

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28.2.25

30.4.24

£

Trade creditors

13,185

Taxation and social security

30,811

30,082

Other creditors

34,409

37,769

78,405

81,036

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

28.2.25

30.4.24

£

Other creditors

1,815,905

1,834,538

8.	SECURED DEBTS

The following secured debts are included within creditors:

28.2.25

30.4.24

£

Other loans

1,201,595

1,220,228

The company's investment properties are charged to Mount Street Mortgage Servicing Limited on behalf of LV Commercial Mortgages Ltd.

Farcastle Ltd, an associated company is the borrower and Palace House Limited and other associated companies are guarantors.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

28.2.25

30.4.24

value:

£

2

Ordinary

£1

2

10.

RESERVES

Retained

Revaluation

Other

earnings

reserve

reserves

Totals

£

At 1 May 2024

1,561,017

2,297,816

174,267

4,033,100

Profit for the period

34,905

At 28 February 2025

1,595,922

2,297,816

174,267

4,068,005

11.	RELATED PARTY DISCLOSURES

Other debtors include £3,829,510 (2024 - £3,793,370) due from associated company Farcastle Ltd.

Included in the creditors due more than one year is the sum of £614,310(2024 - £614,310) due to Creston Ltd a company where Mr C & Mrs F R Lerner are directors and shareholders.

During the year under review, the Company paid management fees to associated companies. The nature and amount of the transactions are disclosed below.

1. Earlward Ltd (I M Lerner is the director) - £8,750 (2024 - £5,000)

2. Oakleaf Ltd (I M Lerner is the director) - £4,500 (2024 - £6,500)

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Mr C Lerner & Mrs F R Lerner.