Palmfield Limited - Accounts to registrar (filleted) - small 18.2
Palmfield Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2020 |
| for |
| Palmfield Limited |
| Palmfield Limited (Registered number: 03499866) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| Palmfield Limited (Registered number: 03499866) |
| Balance Sheet |
| 31 March 2020 |
| 31.3.20 | 31.3.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Non distributable reserves | 12 |
| Retained earnings | 12 |
| SHAREHOLDERS' FUNDS |
| 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. |
| Palmfield Limited (Registered number: 03499866) |
| Balance Sheet - continued |
| 31 March 2020 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| Palmfield Limited (Registered number: 03499866) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Palmfield Limited is a |
| Registered number: | 03499866 |
| Registered office: | 5 North End Road |
| London |
| NW11 7RJ |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents gross rental income. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 |
| Palmfield Limited (Registered number: 03499866) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2019 |
| Additions |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Cost or valuation at 31 March 2020 is represented by: |
| Fixtures |
| Freehold | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| Valuation in 2007 | 2,230,906 | - | - | 2,230,906 |
| Valuation in 2017 | 4,217,797 | - | - | 4,217,797 |
| Valuation in 2018 | (3,152,992 | ) | - | - | (3,152,992 | ) |
| Valuation in 2019 | (10,000 | ) | - | - | (10,000 | ) |
| Cost | 839,290 | 57,674 | 10,072 | 907,036 |
| 4,125,001 | 57,674 | 10,072 | 4,192,747 |
| 5. | FIXED ASSET INVESTMENTS |
| Other |
| investments |
| £ |
| COST |
| At 1 April 2019 |
| and 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Palmfield Limited (Registered number: 03499866) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Other debtors |
| Rent Receivable | 3,759 | 5,992 |
| Sum due from subsidiary | 493,613 | 919,063 |
| Sum due from associated |
| company | 30,301 | 405,301 |
| Calm Estates Limited | 2,185,951 | 1,891,146 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Trade creditors |
| Other creditors | - | 12,000 |
| Directors' current accounts | - | 286,359 |
| Accrued expenses |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Long term loan |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Long term loan | 2,580,000 | 2,580,000 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Bank loans |
| The loan is secured by a first legal charge over the company's investment properties and a floating charge over the assets of the company. |
| 10. | PROVISIONS FOR LIABILITIES |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Deferred tax | 514,026 | 514,026 |
| Palmfield Limited (Registered number: 03499866) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 10. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2019 |
| Balance at 31 March 2020 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.3.20 | 31.3.19 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 12. | RESERVES |
| Non |
| Retained | distributable |
| earnings | reserves | Totals |
| £ | £ | £ |
| At 1 April 2019 | 4,301,396 |
| Deficit for the year | ( |
) | ( |
) |
| At 31 March 2020 | 4,164,578 |