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No description of principal activity
2021-10-02
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
2898370
2021-10-02
2022-10-01
2898370
2022-10-01
2898370
2021-10-01
2898370
2020-10-02
2021-10-01
2898370
2021-10-01
2898370
core:FurnitureFittings
2021-10-02
2022-10-01
2898370
bus:Director1
2021-10-02
2022-10-01
2898370
core:LandBuildings
2021-10-01
2898370
core:FurnitureFittings
2021-10-01
2898370
core:LandBuildings
2022-10-01
2898370
core:FurnitureFittings
2022-10-01
2898370
core:LandBuildings
2021-10-02
2022-10-01
2898370
core:WithinOneYear
2022-10-01
2898370
core:WithinOneYear
2021-10-01
2898370
core:AfterOneYear
2022-10-01
2898370
core:AfterOneYear
2021-10-01
2898370
core:ShareCapital
2022-10-01
2898370
core:ShareCapital
2021-10-01
2898370
core:RevaluationReserve
2022-10-01
2898370
core:RevaluationReserve
2021-10-01
2898370
core:RetainedEarningsAccumulatedLosses
2022-10-01
2898370
core:RetainedEarningsAccumulatedLosses
2021-10-01
2898370
core:CostValuation
core:Non-currentFinancialInstruments
2022-10-01
2898370
core:Non-currentFinancialInstruments
2022-10-01
2898370
core:Non-currentFinancialInstruments
2021-10-01
2898370
core:LandBuildings
2021-10-01
2898370
core:FurnitureFittings
2021-10-01
2898370
bus:SmallEntities
2021-10-02
2022-10-01
2898370
bus:AuditExempt-NoAccountantsReport
2021-10-02
2022-10-01
2898370
bus:FullAccounts
2021-10-02
2022-10-01
2898370
bus:SmallCompaniesRegimeForAccounts
2021-10-02
2022-10-01
2898370
bus:PrivateLimitedCompanyLtd
2021-10-02
2022-10-01
COMPANY REGISTRATION NUMBER:
2898370
PALM TREE PROPERTIES LIMITED |
|
Filleted Unaudited Financial Statements |
|
PALM TREE PROPERTIES LIMITED |
|
Statement of Financial Position |
|
1 October 2022
Fixed assets
Tangible assets |
4 |
|
8,139,563 |
8,168,821 |
Investments |
5 |
|
249,921 |
249,921 |
|
|
------------ |
------------ |
|
|
8,389,484 |
8,418,742 |
|
|
|
|
|
Current assets
Stocks |
– |
|
375 |
Debtors |
6 |
862,075 |
|
1,078,875 |
Cash at bank and in hand |
61,490 |
|
79,069 |
|
--------- |
|
------------ |
|
923,565 |
|
1,158,319 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
236,192 |
|
390,021 |
|
--------- |
|
------------ |
Net current assets |
|
687,373 |
768,298 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
9,076,857 |
9,187,040 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
2,458,496 |
2,615,452 |
|
|
------------ |
------------ |
Net assets |
|
6,618,361 |
6,571,588 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Revaluation reserve |
|
4,898,578 |
5,213,578 |
Profit and loss account |
|
1,719,683 |
1,357,910 |
|
|
------------ |
------------ |
Shareholder funds |
|
6,618,361 |
6,571,588 |
|
|
------------ |
------------ |
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 1 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
PALM TREE PROPERTIES LIMITED |
|
Statement of Financial Position (continued) |
|
1 October 2022
These financial statements were approved by the
board of directors
and authorised for issue on
11 September 2023
, and are signed on behalf of the board by:
Company registration number:
2898370
PALM TREE PROPERTIES LIMITED |
|
Year ended 1 October 2022
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no Financial adjustments required to the Accounts due to Covid 19.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover shown in the profit and loss account represents amount invoiced during the year and includes company's share of joint venture income.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Fixtures and Fittings |
- |
25% reducing balance |
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
PALM TREE PROPERTIES LIMITED |
|
Notes to the Financial Statements |
|
Year ended 1 October 2022
1.
General information
The company is a private company limited by shares, registered in UK. The address of the registered office is The Estate Office, Carrington House, 6 Hertford Street, London, W1J 7RE.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil
(2021:
3
).
4.
Tangible assets
|
Investment Properties |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 2 October 2021 |
8,159,996 |
159,129 |
8,319,125 |
Additions |
351,876 |
125 |
352,001 |
Disposals |
(
380,404) |
– |
(
380,404) |
|
------------ |
--------- |
------------ |
At 1 October 2022 |
8,131,468 |
159,254 |
8,290,722 |
|
------------ |
--------- |
------------ |
Depreciation |
|
|
|
At 2 October 2021 |
– |
150,304 |
150,304 |
Charge for the year |
– |
855 |
855 |
|
------------ |
--------- |
------------ |
At 1 October 2022 |
– |
151,159 |
151,159 |
|
------------ |
--------- |
------------ |
Carrying amount |
|
|
|
At 1 October 2022 |
8,131,468 |
8,095 |
8,139,563 |
|
------------ |
--------- |
------------ |
At 1 October 2021 |
8,159,996 |
8,825 |
8,168,821 |
|
------------ |
--------- |
------------ |
|
|
|
|
The share of Investment Properties in joint ventures are stated at market value. These are secured against their respective loans. Investment Properties are valued annually by the director on the basis of open market value. Deferred tax - revaluation Provision of £1,197,240 has been made for the potential tax liability arising on the difference between the revalued amount and the original cost of Investment Properties.
5.
Investments
|
Shares in participating interests |
Other investments other than loans |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 2 October 2021 and 1 October 2022 |
70,106 |
179,815 |
249,921 |
|
-------- |
--------- |
--------- |
Impairment |
|
|
|
At 2 October 2021 and 1 October 2022 |
– |
– |
– |
|
-------- |
--------- |
--------- |
|
|
|
|
Carrying amount |
|
|
|
At 1 October 2022 |
70,106 |
179,815 |
249,921 |
|
-------- |
--------- |
--------- |
At 1 October 2021 |
70,106 |
179,815 |
249,921 |
|
-------- |
--------- |
--------- |
|
|
|
|
The Company's Investments at the balance sheet date in the share capital of companies include the following;
Orbiton Developments Limited
Nature of business: Development and Investment of Real Estate
Class of shares: Ordinary
Ordinary shares
100% Holding
31.12.2021
31.12.2020
£
£
Aggregate capital and reserves
929,134
1,827.786
(Loss)/Profit of the year
162,266
1,211,739
Orchardview Enterprises Limited
Nature of business: property investment and asset management
Class of shares: Ordinary
Ordinary shares : 100% Holdings
01.10.2022
01.10.2021
£
£
Aggregate capital and reserves
259,053
256,331
(Loss)/Profit of the year
2,722
247
Queensway Associates Limited
Nature of business: Providers of finance
Class of shares: Ordinary
Ordinary shares: 50% Holdings
30.06.2022
30.06.2021
£
£
Aggregate capital and reserves
3,656,941
3,565,781
(Loss)/Profit for the year
251,161
( 39,651)
Orbiton Investments Limited(Owned by Regalview Ltd which is 100% subsidiary of Palm Tree Properties Ltd)
Nature of business: Property management and estate agency
Class of shares: Ordinary
Ordinary shares
100% Holding
31.12.2021
31.12.2020
£
£
Aggregate capital and reserves
121,993
112,743
(Loss)/Profit for the year
9,250
7,042
The company holds more than 10% of the issued share capital of the following dormant entities, all registered in England and Wales.
Company
Shares held Class
%
Regalview Limited(See below)
Ordinary
100.00
Oaktrend Limited(See below)
Ordinary
100.00
Cedarspan Limited(Dormant)
Ordinary
50.00
Apple London Limited(Dormant)
Ordinary
100.00
Queensoak Limited(Dormant)
Ordinary
50.00
In accounting for joint ventures except in the case of Oaktrend Limited, affairs of which were drawn to 31 March 2021,the result and affairs were based on the accounts for the period ended 1 October 2021.
Regalview Limited is dormant company however it owns 100% of Orbiton Investments Limited which is a trading company.
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Other debtors |
862,075 |
1,078,875 |
|
--------- |
------------ |
|
|
|
Included in Debtors is amount owed by Orion B Tamary is sum of £50,852 as at 1 October 2022(2021: £51,820). Loan amount to Mrs Bracha Tamary as at 1 October 2022 £241,747 (2021: £148,009), additional Loan amount in the year £93,738. No Interest was charged. Amount owed by group undertakings in which the company has a participating interest amount to £193,695(2021 £193,695)
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
35,922 |
22,014 |
Corporation tax |
125,607 |
84,307 |
Other creditors |
74,663 |
283,700 |
|
--------- |
--------- |
|
236,192 |
390,021 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
1,261,256 |
1,418,212 |
Deferred Tax |
1,197,240 |
1,197,240 |
|
------------ |
------------ |
|
2,458,496 |
2,615,452 |
|
------------ |
------------ |
|
|
|
Amount falling due in more than five years: (included in above) Bank loans are in respect of Joint Venture Properties. They are secured on the various properties for which loans were obtained.
9.
Related party transactions
Included in Debtors is amount owed by Orion B Tamary is sum of £50,852 as at 1 October 2022(2021: £50,852). Loan amount to Mrs Bracha Tamary as at 1 October 2022 £241,747 (2020: £148,009), additional Loan amount in the year £93,738. No Interest was charged.