Abbreviated Company Accounts - PALMER DRIVE PROPERTIES LIMITED

Abbreviated Company Accounts - PALMER DRIVE PROPERTIES LIMITED

PALMER DRIVE PROPERTIES LIMITED - Company Information

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Registered Number 08854699

PALMER DRIVE PROPERTIES LIMITED

Abbreviated Accounts

31 January 2015

PALMER DRIVE PROPERTIES LIMITED Registered Number 08854699

Abbreviated Balance Sheet as at 31 January 2015

Notes 2015
£
Fixed assets
Tangible assets 2 685,000
685,000
Current assets
Debtors 11,798
Cash at bank and in hand 29,565
41,363
Creditors: amounts falling due within one year (655,472)
Net current assets (liabilities) (614,109)
Total assets less current liabilities 70,891
Provisions for liabilities (5,605)
Total net assets (liabilities) 65,286
Capital and reserves
Called up share capital 3 100
Revaluation reserve 41,991
Profit and loss account 23,195
Shareholders' funds 65,286
  • For the year ending 31 January 2015 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.
  • These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 12 October 2015

And signed on their behalf by:
R W Jones, Director

PALMER DRIVE PROPERTIES LIMITED Registered Number 08854699

Notes to the Abbreviated Accounts for the period ended 31 January 2015

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention modified to include the revaluation of certain fixed assets and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover represents the total invoice value, excluding value added tax, of rentals charged in respect of the period.

Tangible assets depreciation policy
In accordance with accounting standards the investment properties are shown at market value and no depreciation is charged on these values. The provisions of the Companies Act 2006 requiring fixed assets to be depreciated have not been followed to ensure that the accounts show a true and fair view.

Other accounting policies
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more, tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

2Tangible fixed assets
£
Cost
Additions 643,008
Disposals -
Revaluations 41,992
Transfers -
At 31 January 2015 685,000
Depreciation
Charge for the year -
On disposals -
At 31 January 2015 -
Net book values
At 31 January 2015 685,000

Both the freehold and leasehold properties are investment properties. In accordance with accounting standards these properties are shown at market value. The properties were valued by Mr Robert Jones, a director of the company. All of the above assets are let to third parties under operating leases.

3Called Up Share Capital
Allotted, called up and fully paid:
2015
£
100 Ordinary shares of £1 each 100

During the period 100 ordinary shares of £1 each were issued for cash at par value. This was to create the initial share capital of the company.