PALACE ENTERPRISES LIMITED

PALACE ENTERPRISES LIMITED

PALACE ENTERPRISES LIMITED - Company Information

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PALACE ENTERPRISES LIMITED

Company Registration Number:
10591888 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2018

Period of accounts

Start date: 01 January 2018

End date: 31 December 2018

PALACE ENTERPRISES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2018

Balance sheet
Notes

PALACE ENTERPRISES LIMITED

Balance sheet

As at 31 December 2018


Notes
2018
11 months to 31 December 2017


£
£
Fixed assets
Tangible assets: 3 17,062 22,750
Investments: 4 326,472 900
Total fixed assets: 343,534 23,650
Current assets
Stocks: 19,794 19,338
Debtors:   130,245 525,799
Cash at bank and in hand: 160,678 94,341
Total current assets: 310,717 639,478
Creditors: amounts falling due within one year: 5 (648,595) (720,520)
Net current assets (liabilities): (337,878) (81,042)
Total assets less current liabilities: 5,656 (57,392)
Total net assets (liabilities): 5,656 (57,392)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 5,655 (57,393)
Shareholders funds: 5,656 (57,392)

The notes form part of these financial statements

PALACE ENTERPRISES LIMITED

Balance sheet statements

For the year ending 31 December 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 16 September 2019
and signed on behalf of the board by:

Name: Mr P D D'Silva
Status: Director

The notes form part of these financial statements

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2018

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2018

2. Employees

2018 11 months to 31 December 2017
Average number of employees during the period 23 23

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2018

3. Tangible Assets

Total
Cost £
At 01 January 2018 28,000
At 31 December 2018 28,000
Depreciation
At 01 January 2018 5,250
Charge for year 5,688
At 31 December 2018 10,938
Net book value
At 31 December 2018 17,062
At 31 December 2017 22,750

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2018

4. Fixed investments

Cost At 1 January 2018 - £900Additons - £1Loan to Group Undertakings - £325,571At 31 December 2018 - £326,472Impairment - NilCarrying Amount At 31 December 2018 - £326,472

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2018

5. Creditors: amounts falling due within one year note

2018Trade Creditors - £57,290Corporation Tax - £9,334Social Security and Other Taxes - £80,021Other Loan - £485,000Other Creditors - £16,950Total - £648,5952017Trade Creditors - £76,711Social Security and Other Taxes - £9,221Other Loan - £500,000Other Creditors - £134,588Total - £720,520