Palmtree Enterprises Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04428837 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

FOR

PALMTREE ENTERPRISES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Posen

Y E Filip

SECRETARY:

J Posen

REGISTERED OFFICE:

115 Craven Park Road

Stamford Hill

London

N15 6BL

REGISTERED NUMBER:

04428837 (England and Wales)

ACCOUNTANTS:

Venitt and Greaves

Chartered Accountants

115 Craven Park Road

South Tottenham

London

N15 6BL

FIXED ASSETS

Tangible assets

5

286

336

Investment property

6

14,623,090

15,717,487

14,623,376

15,717,823

CURRENT ASSETS

Debtors

7

1,579,142

1,340,434

Cash at bank

107,571

44,061

1,686,713

1,384,495

CREDITORS

Amounts falling due within one year

8

(3,933,833

)

(4,459,247

)

NET CURRENT LIABILITIES

(2,247,120

)

(3,074,752

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,376,256

12,643,071

CREDITORS

Amounts falling due after more than one year

9

(2,568,081

)

(3,279,350

)

PROVISIONS FOR LIABILITIES

(161,000

)

(161,000

)

NET ASSETS

9,647,175

9,202,721

CAPITAL AND RESERVES

Called up share capital

12

2

2

Revaluation reserve

13

5,344,537

5,344,537

Retained earnings

13

4,302,636

3,858,182

SHAREHOLDERS' FUNDS

9,647,175

9,202,721

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 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 and authorized for issue by the Board of Directors and authorised for issue on 28 August 2020 and were signed on its behalf by:

J Posen - Director

1.	STATUTORY INFORMATION

Palmtree Enterprises Ltd 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.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net rent receivable, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

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 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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 1 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 June 2018

and 31 May 2019

2,008

DEPRECIATION

At 1 June 2018

1,672

Charge for year

50

At 31 May 2019

1,722

NET BOOK VALUE

At 31 May 2019

286

At 31 May 2018

336

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2018

15,717,487

Additions

133,155

Disposals

(1,227,552

)

At 31 May 2019

14,623,090

NET BOOK VALUE

At 31 May 2019

14,623,090

At 31 May 2018

15,717,487

Fair value at 31 May 2019 is represented by:

£

Valuation in 2005

1,344,537

Valuation in 2009

4,000,000

Cost

9,278,553

14,623,090

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Trade debtors

-

702

Other debtors

1,579,142

1,339,732

1,579,142

1,340,434

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Bank loans and overdrafts (see note 10)

263,853

285,319

Trade creditors

36,579

11,944

Taxation and social security

220,880

154,347

Other creditors

3,412,521

4,007,637

3,933,833

4,459,247

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.19

31.5.18

£

£

Bank loans (see note 10)

2,568,081

3,279,350

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

351,617

368,344

Bank loans

502,788

555,879

Bank loans

1,221,460

1,388,612

2,075,865

2,312,835

Repayable by instalments

Bank loans more 5 yr by instal

492,216

966,515

10.

LOANS

An analysis of the maturity of loans is given below:

31.5.19

31.5.18

£

£

Amounts falling due within one year or on demand:

Bank loans

263,853

285,319

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

351,617

368,344

Bank loans

502,788

555,879

Bank loans

1,221,460

1,388,612

2,075,865

2,312,835

Repayable by instalments

Bank loans more 5 yr by instal

492,216

966,515

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.19

31.5.18

£

£

Bank loans

2,831,934

3,564,669

The mortgage loans are secured by a first charge over the company's properties and a floating charge over the

assets of the company, and bear interest at fixed rates.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.19

31.5.18

value:

£

£

2

Ordinary

£1

2

2

13.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 June 2018

3,858,182

5,344,537

9,202,719

Profit for the year

444,454

444,454

At 31 May 2019

4,302,636

5,344,537

9,647,173