REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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PALM TREE INVESTMENTS LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 OCTOBER 2019 |
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FOR |
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PALM TREE INVESTMENTS LIMITED |
PALM TREE INVESTMENTS LIMITED (REGISTERED NUMBER: 07240003) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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PALM TREE INVESTMENTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
115 Craven Park Road |
South Tottenham |
London |
N15 6BL |
PALM TREE INVESTMENTS LIMITED (REGISTERED NUMBER: 07240003) |
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STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2019 |
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31.10.19 | 31.10.18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
PALM TREE INVESTMENTS LIMITED (REGISTERED NUMBER: 07240003) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 OCTOBER 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
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PALM TREE INVESTMENTS LIMITED (REGISTERED NUMBER: 07240003) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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1. | STATUTORY INFORMATION |
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Palm Tree Investments Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Transition to financial reporting standards 102 |
The company has adopted FRS 102 Section 1A for the first time in the preparation of these accounts. Accordingly the date of transition to FRS 102 was 1 November 2015 (beginning of the accounting period of comparative financial year). |
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There are no material differences in determining the company's profit and loss under FRS 102 Section 1A and the previous framework the company adopted (the Financial Reporting Standard for Smaller Entities (effective January 2015)). |
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Turnover |
Turnover represents net rent receivable, excluding value added tax. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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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. |
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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. |
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Investment property |
Investment Properties are included in the Balance Sheet at historical cost, which is not in accordance with Financial Reporting Standard for Smaller Entities(effective January 2015), which requires such properties to be stated at current market value. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PALM TREE INVESTMENTS LIMITED (REGISTERED NUMBER: 07240003) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 November 2018 |
and 31 October 2019 |
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DEPRECIATION |
At 1 November 2018 |
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Charge for year |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 November 2018 |
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Additions |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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The company's investment properties are included in the balance sheet at historical cost. |
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The directors are of the opinion that the open market value of each of the companies investment properties is at least equal to the amount at which it is included in the financial statements. |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.19 | 31.10.18 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.19 | 31.10.18 |
£ | £ |
Taxation and social security |
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Other creditors |
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PALM TREE INVESTMENTS LIMITED (REGISTERED NUMBER: 07240003) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2019 |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.10.19 | 31.10.18 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
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Repayable by instalments |
Bank loans more 5 yr by instal | 63,838 | 290,079 |
Bank loan | - | 164,383 |
63,838 | 454,462 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.10.19 | 31.10.18 |
£ | £ |
Bank loans |
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Bank loan is secured by first charge over company's properties and bear interest at variable rates. |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.19 | 31.10.18 |
value: | £ | £ |
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Ordinary | £1 | 1 | 1 |
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11. | RESERVES |
Retained |
earnings |
£ |
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At 1 November 2018 |
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Deficit for the year | ( |
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At 31 October 2019 |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is H Sternlicht. |