Palmtree Enterprises Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04428837 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2022

FOR

PALMTREE ENTERPRISES LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J Posen

Y 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

175

206

Investment property

6

8,707,482

14,346,428

8,707,657

14,346,634

CURRENT ASSETS

Debtors

7

1,697,338

1,637,815

Cash at bank

79,670

76,665

1,777,008

1,714,480

CREDITORS

Amounts falling due within one year

8

(3,884,570

)

(3,823,332

)

NET CURRENT LIABILITIES

(2,107,562

)

(2,108,852

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,600,095

12,237,782

CREDITORS

Amounts falling due after more than one year

9

(1,728,508

)

(2,108,075

)

PROVISIONS FOR LIABILITIES

(161,000

)

(1,176,462

)

NET ASSETS

4,710,587

8,953,245

CAPITAL AND RESERVES

Called up share capital

12

2

2

Revaluation reserve

13

-

5,344,537

Retained earnings

13

4,710,585

3,608,706

SHAREHOLDERS' FUNDS

4,710,587

8,953,245

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2022 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 1 March 2023 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.

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 NIL (2021 - 3 ).

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 June 2021

and 31 May 2022

2,008

DEPRECIATION

At 1 June 2021

1,802

Charge for year

31

At 31 May 2022

1,833

NET BOOK VALUE

At 31 May 2022

175

At 31 May 2021

206

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 June 2021

14,346,428

Disposals

(5,638,946

)

At 31 May 2022

8,707,482

NET BOOK VALUE

At 31 May 2022

8,707,482

At 31 May 2021

14,346,428

Fair value at 31 May 2022 is represented by:

£

Valuation in 2005

1,344,537

Valuation in 2009

4,000,000

Valuation in 2022

(5,344,537

)

Cost

8,707,482

8,707,482

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Trade debtors

3,921

28,535

Other debtors

1,693,417

1,609,280

1,697,338

1,637,815

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans and overdrafts (see note 10)

139,554

231,762

Trade creditors

11,657

14,822

Taxation and social security

190,830

148,516

Other creditors

3,542,529

3,428,232

3,884,570

3,823,332

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.22

31.5.21

£

£

Bank loans (see note 10)

1,684,063

2,108,075

Other creditors

44,445

-

1,728,508

2,108,075

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans

297,461

316,263

Bank loans

249,462

420,954

Bank loans

770,882

905,666

1,317,805

1,642,883

Repayable by instalments

Bank loans more 5 yr by instal

366,258

415,192

Other loans more 5yrs instal

44,445

-

410,703

415,192

10.

LOANS

Under the bank loan, £50,000 was received under Bounce back Loan Scheme (BBL). The loan is unsecured, interest free for the first year, then capped at 2.5% afterwards and backed by HM Government.

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.22

31.5.21

£

£

Bank loans

1,823,617

2,339,837

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

31.5.22

31.5.21

value:

£

£

2

Ordinary

£1

2

2

13.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

£

£

£

At 1 June 2021

3,608,706

5,344,537

8,953,243

Profit for the year

1,101,879

1,101,879

No description

-

(5,344,537

)

(5,344,537

)

At 31 May 2022

4,710,585

-

4,710,585