Palmera Capital Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09224076 (England and Wales)

Palmera Capital Limited

Abridged Unaudited Financial Statements

for the Year Ended 30 September 2019

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTOR:

Mr G Tezcan

REGISTERED OFFICE:

27 Old Gloucester Street

London

WC1N 3AX

REGISTERED NUMBER:

09224076 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Statement of Financial Position. Readers are cautioned that the Abridged Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Palmera Capital Limited for the year ended 30 September 2019 which comprise the Abridged

Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Palmera Capital Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Palmera Capital Limited and state those matters that we have agreed to state to the director of Palmera Capital Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Palmera Capital Limited and its director for our work or for this report.

It is your duty to ensure that Palmera Capital Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Palmera Capital Limited. You consider that Palmera Capital Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Palmera Capital Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

12 June 2020

FIXED ASSETS

Property, plant and equipment

4

2,245

2,215

CURRENT ASSETS

Debtors

5

20

-

Cash at bank and in hand

200,849

291,654

200,869

291,654

CREDITORS

Amounts falling due within one year

6

19,160

60,475

NET CURRENT ASSETS

181,709

231,179

TOTAL ASSETS LESS CURRENT LIABILITIES

183,954

233,394

PROVISIONS FOR LIABILITIES

7

427

421

NET ASSETS

183,527

232,973

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

9

183,427

232,873

SHAREHOLDERS' FUNDS

183,527

232,973

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings for the year ended 30 September 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 June 2020 and were signed by:

Mr G Tezcan - Director

1.	STATUTORY INFORMATION

Palmera Capital 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is derived from the ordinary trading activities of the business and is recognised when customers obtain

the right to consideration.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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 year 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 year was NIL (2018 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 October 2018

215

4,757

4,972

Additions

-

779

779

At 30 September 2019

215

5,536

5,751

DEPRECIATION

At 1 October 2018

54

2,703

2,757

Charge for year

40

709

749

At 30 September 2019

94

3,412

3,506

NET BOOK VALUE

At 30 September 2019

121

2,124

2,245

At 30 September 2018

161

2,054

2,215

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

20

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

25

-

Trade creditors

240

-

Tax

1,439

45,493

Directors' current accounts

16,616

14,142

Accrued expenses

840

840

19,160

60,475

7.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

427

421

Deferred

tax

£

Balance at 1 October 2018

421

Provided during year

6

Balance at 30 September 2019

427

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

9.

RESERVES

Retained

earnings

£

At 1 October 2018

232,873

Profit for the year

554

Dividends

(50,000

)

At 30 September 2019

183,427

10.	RELATED PARTY DISCLOSURES

Included in creditors are amounts owed to key management personnel of £16,616 (2018 - £14,142) at balance

sheet date.This is an interest free loan and is payable on demand.