PALACE ENTERPRISES LIMITED

PALACE ENTERPRISES LIMITED

PALACE ENTERPRISES LIMITED - Company Information

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PALACE ENTERPRISES LIMITED

Company Registration Number:
10591888 (England and Wales)

Unaudited abridged accounts for the year ended 31 December 2020

Period of accounts

Start date: 01 January 2020

End date: 31 December 2020

PALACE ENTERPRISES LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2020

Balance sheet
Notes

PALACE ENTERPRISES LIMITED

Balance sheet

As at 31 December 2020


Notes
2020
2019


£
£
Fixed assets
Tangible assets: 3 9,597 12,796
Investments: 4 0 326,472
Total fixed assets: 9,597 339,268
Current assets
Stocks: 15,075 15,029
Debtors:   120,620 117,731
Cash at bank and in hand: 115,569 236,833
Total current assets: 251,264 369,593
Creditors: amounts falling due within one year:   (519,700) (604,403)
Net current assets (liabilities): (268,436) (234,810)
Total assets less current liabilities: (258,839) 104,458
Total net assets (liabilities): (258,839) 104,458
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (258,840) 104,457
Shareholders funds: (258,839) 104,458

The notes form part of these financial statements

PALACE ENTERPRISES LIMITED

Balance sheet statements

For the year ending 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 19 August 2021
and signed on behalf of the board by:

Name: Mr P D D'Silva
Status: Director

The notes form part of these financial statements

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

2. Employees

2020 2019
Average number of employees during the period 19 25

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

3. Tangible Assets

Total
Cost £
At 01 January 2020 28,000
At 31 December 2020 28,000
Depreciation
At 01 January 2020 15,204
Charge for year 3,199
At 31 December 2020 18,403
Net book value
At 31 December 2020 9,597
At 31 December 2019 12,796

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

4. Fixed investments

Cost at 1 January 2020 - £326,472Other Movements - ( £326,472 )At 31 December 2020 - Nil

PALACE ENTERPRISES LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2020

5. Post balance sheet events

The parent company took over the loan of £400,000 after the year end.