Palace Church 2 Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09323124 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2020

FOR

PALACE CHURCH 2 LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C. Christou

L. Hadjiioannou

REGISTERED OFFICE:

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

REGISTERED NUMBER:

09323124 (England and Wales)

AUDITORS:

Numera Partners LLP

Statutory Auditors

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

FIXED ASSETS

Investments

4

100

CURRENT ASSETS

Debtors

5

11,739,661

11,338,065

CREDITORS

Amounts falling due within one year

6

11,739,661

11,338,065

NET CURRENT LIABILITIES

-

TOTAL ASSETS LESS CURRENT
LIABILITIES

100

CAPITAL AND RESERVES

Called up share capital

100

SHAREHOLDERS' FUNDS

100

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 by the Board of Directors and authorised for issue on 29 January 2021 and were signed on its behalf by:

L. Hadjiioannou - Director

1.	STATUTORY INFORMATION

Palace Church 2 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.

Related parties

The company has taken advantage of FRS 102, Section 1AC.35, for the disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member. Amounts owed to and from group companies are therefore shown in aggregate.

Fixed asset investments

Investments in subsidiaries are included at cost less impairment.

Financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including loans from group companies are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Financial assets

Short term debtors are measured at transaction price, less any impairment. Other financial assets, including loans to group companies are measured initially at fair value, net of transactions costs and are subsequently measured at amortised cost using the effective interest method, less any impairment.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company, therefore continues to adopt the going concern policy in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 May 2019

and 30 April 2020

100

NET BOOK VALUE

At 30 April 2020

100

At 30 April 2019

100

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

Amounts owed by group undertakings

11,739,661

11,338,065

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.20

30.4.19

£

Amounts owed to group undertakings

11,739,661

11,338,065

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Giles Cohen (Senior Statutory Auditor)

for and on behalf of Numera Partners LLP

8.	CONTINGENT LIABILITIES

The company is party to an omnibus guarantee and set off agreement for securing all monies due or becoming due from certain group companies which at 30 April 2019 amounted to £25.8 million.

9.	RELATED PARTY DISCLOSURES

Included in debtors falling due within one year is an amount of £11,739,661 (2019: £11,338,065) owed by group undertakings.

Included in creditors due within one year is an amount of £11,739,661 (2019: ££11,338,065) owed to group undertakings.

Amounts outstanding between group companies arise by virtue of financing transactions. These amounts are unsecured, interest free and due within one year.

10.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

11.	EVENTS AFTER THE REPORTING PERIOD

Subsequent to the year-end, the global economy has seen high levels of market volatility in connection with the COVID-19 pandemic. The business is closely monitoring the latest market developments relating to COVID-19 and its potential impact on the entity. The pandemic is considered a non-adjusting post balance sheet event. The ultimate impact of the COVID-19 pandemic on the global economy is highly uncertain and the full extent of the economic impacts on the financial performance of the companies are as yet unknown. The Director continues to review any developments in the COVID-19 pandemic in the context of the risks presented to the company's business.

Palace Church 2 Limited - Accounts to registrar (filleted) - small 18.2

Palace Church 2 Limited - Accounts to registrar (filleted) - small 18.2