THE PALMER FAMILY TRUST LIMITED - Period Ending 2020-04-05
THE PALMER FAMILY TRUST LIMITED - Period Ending 2020-04-05
Registration number:
THE PALMER FAMILY TRUST LIMITED
for the Year Ended 5 April 2020
THE PALMER FAMILY TRUST LIMITED
Contents
Company Information |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Abridged Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Abridged Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Abridged Financial Statements |
THE PALMER FAMILY TRUST LIMITED
Company Information
Chairman |
Roy Mervin Palmer |
Directors |
David Palmer Lord Framlingham Michael Nicholson Lord Marian Palmer Mark Palmer Jill Palmer Sara Palmer |
Registered office |
|
Solicitors |
|
Auditors |
|
THE PALMER FAMILY TRUST LIMITED
Directors' Report for the Year Ended 5 April 2020
The directors present their report and the abridged financial statements for the year ended 5 April 2020.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is property investment and development
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the
.........................................
Director
THE PALMER FAMILY TRUST LIMITED
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
THE PALMER FAMILY TRUST LIMITED
Independent Auditor's Report to the Members of THE PALMER FAMILY TRUST LIMITED
Opinion
We have audited the financial statements of THE PALMER FAMILY TRUST LIMITED (the 'company') for the year ended 5 April 2020, which comprise the Abridged Profit and Loss Account, Statement of Comprehensive Income, Abridged Balance Sheet, Statement of Changes in Equity, and Notes to the Abridged Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 5 April 2020 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
THE PALMER FAMILY TRUST LIMITED
Independent Auditor's Report to the Members of THE PALMER FAMILY TRUST LIMITED
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
THE PALMER FAMILY TRUST LIMITED
Independent Auditor's Report to the Members of THE PALMER FAMILY TRUST LIMITED
• |
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
• |
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control. |
• |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
• |
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. |
• |
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
• |
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the company to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the company audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
59 Union Street
Beds
LU6 1EX
THE PALMER FAMILY TRUST LIMITED
Abridged Profit and Loss Account for the Year Ended 5 April 2020
Note |
2020 |
2019 |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
(Loss)/gain on financial assets at fair value through profit and loss account |
( |
|
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
|
( |
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
THE PALMER FAMILY TRUST LIMITED
Statement of Comprehensive Income for the Year Ended 5 April 2020
2020 |
2019 |
|
(Loss)/profit for the year |
( |
|
Total comprehensive income for the year |
( |
|
THE PALMER FAMILY TRUST LIMITED
(Registration number: 00739994)
Abridged Balance Sheet as at 5 April 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
Other financial assets |
60,613 |
40,844 |
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Prepayments and accrued income |
|
|
|
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Accruals and deferred income |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
1,532 |
1,548 |
|
Capital redemption reserve |
428,633 |
428,616 |
|
Profit and loss account |
8,698,016 |
9,855,821 |
|
Shareholders' funds |
9,128,181 |
10,285,985 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
.........................................
Chairman
THE PALMER FAMILY TRUST LIMITED
Statement of Changes in Equity for the Year Ended 5 April 2020
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 6 April 2019 |
|
|
|
|
Loss for the year |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
( |
( |
Purchase of own share capital |
(16) |
- |
(64,405) |
(64,421) |
Other capital redemption reserve movements |
- |
17 |
- |
17 |
At 5 April 2020 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 6 April 2018 |
|
|
|
|
Profit for the year |
- |
- |
|
|
Total comprehensive income |
- |
- |
|
|
Purchase of own share capital |
- |
- |
(49,341) |
(49,341) |
Other share capital movements |
1,486 |
- |
- |
1,486 |
At 5 April 2019 |
|
|
|
|
THE PALMER FAMILY TRUST LIMITED
Notes to the Abridged Financial Statements for the Year Ended 5 April 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
THE PALMER FAMILY TRUST LIMITED
Notes to the Abridged Financial Statements for the Year Ended 5 April 2020
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% straight-line |
Office Equipment |
25% straight-line |
Plant and machinery |
25% straight-line |
|
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
THE PALMER FAMILY TRUST LIMITED
Notes to the Abridged Financial Statements for the Year Ended 5 April 2020
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
THE PALMER FAMILY TRUST LIMITED
Notes to the Abridged Financial Statements for the Year Ended 5 April 2020
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2020 |
2019 |
|
Audit of the financial statements |
|
|
Other fees to auditors |
||
All other assurance services |
|
|
Loss/profit before tax |
Arrived at after charging/(crediting)
2020 |
2019 |
|
Depreciation expense |
|
|
THE PALMER FAMILY TRUST LIMITED
Notes to the Abridged Financial Statements for the Year Ended 5 April 2020
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 6 April 2019 |
|
|
|
Additions |
|
|
|
Disposals |
- |
( |
( |
At 5 April 2020 |
|
|
|
Depreciation |
|||
At 6 April 2019 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
- |
( |
( |
At 5 April 2020 |
|
|
|
Carrying amount |
|||
At 5 April 2020 |
|
|
|
At 5 April 2019 |
|
|
|
Investment properties
2020 |
|
At 6 April |
|
Fair value adjustments |
( |
At 5 April |
|
The 2020 valuations were made by the Directors on an open market value for existing use basis
There has been no valuation of investment property by an independent valuer.
Investments |
THE PALMER FAMILY TRUST LIMITED
Notes to the Abridged Financial Statements for the Year Ended 5 April 2020
Total |
|
Cost or valuation |
|
At 6 April 2019 |
|
Provision |
|
Carrying amount |
|
At 5 April 2020 |
|
At 5 April 2019 |
|
Subsidiaries |
£ |
Cost or valuation |
|
At 6 April 2019 |
|
Provision |
|
Carrying amount |
|
At 5 April 2020 |
|
At 5 April 2019 |
|
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
2020 |
2019 |
||||||
Subsidiary undertakings |
|||||||
|
PO Box 455, Hassett Chambers, Hassett Street, Bedford. MK40 1WG |
|
|
|
|||
|
PO Box 455, Hassett Chambers, Hassett Street, Bedford. MK40 1WG |
|
|
|
|||
|
PO Box 455, Hassett Chambers, Hassett Street, Bedford. MK40 1WG |
|
|
|
|||
|
PO Box 455, Hassett Chambers, Hassett Street, Bedford MK40 1WG |
|
|
|
THE PALMER FAMILY TRUST LIMITED
Notes to the Abridged Financial Statements for the Year Ended 5 April 2020
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
PO Box 455, Hassett Chambers, Hassett Street, Bedford. MK40 1WG |
|
|
|
|||
|
PO Box 455 Hassett Chambers, Hassett Street, Bedford. MK40 1WG |
|
|
|
Subsidiary undertakings |
Eydon Investments Limited The principal activity of Eydon Investments Limited is |
Tamar Brickhill Investments Limited The principal activity of Tamar Brickhill Investments Limited is |
Palmer Investments Limited The principal activity of Palmer Investments Limited is |
First Croyland Investments Limited The principal activity of First Croyland Investments Limited is |
Second Croylanmd Investments Limited The principal activity of Second Croylanmd Investments Limited is |
Property Agencies (Northamptonmshire) Limiterd The principal activity of Property Agencies (Northamptonmshire) Limiterd is |
THE PALMER FAMILY TRUST LIMITED
Notes to the Abridged Financial Statements for the Year Ended 5 April 2020
Other investments
The market value of the listed investments at 5 April 2020 was £45,213 (2019 - £25,000).
Other financial assets (current and non-current) |
Financial assets at fair value through profit and loss |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
|||
Cost or valuation |
|||
At 6 April 2019 |
25,444 |
15,400 |
40,844 |
Fair value adjustments |
(31,378) |
- |
(31,378) |
Additions |
51,147 |
- |
51,147 |
At 5 April 2020 |
45,213 |
15,400 |
60,613 |
Impairment |
|||
Carrying amount |
|||
At 5 April 2020 |
|
|
60,613 |
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,531.64 |
|
1,548.07 |
|
|
107,000 |
|
107,000 |
|
|
|
|
Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
THE PALMER FAMILY TRUST LIMITED
Notes to the Abridged Financial Statements for the Year Ended 5 April 2020
2020 |
2019 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
122,369 |
157,000 |