Palmerston Securities Limited - Limited company - abbreviated - 11.9

Palmerston Securities Limited - Limited company - abbreviated - 11.9

PALMERSTON SECURITIES LIMITED - Company Information

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REGISTERED NUMBER: 01974689 (England and Wales)















ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 1 MARCH 2014 TO 26 FEBRUARY 2015

FOR

PALMERSTON SECURITIES LIMITED

PALMERSTON SECURITIES LIMITED (REGISTERED NUMBER: 01974689)

CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE PERIOD 1 MARCH 2014 TO 26 FEBRUARY 2015










Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

PALMERSTON SECURITIES LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 MARCH 2014 TO 26 FEBRUARY 2015







DIRECTOR: W K Moss





REGISTERED OFFICE: 5-7 Cranwood Street
London
EC1V 9EE





REGISTERED NUMBER: 01974689 (England and Wales)





ACCOUNTANTS: Business Orchard
Chartered Accountants
3a Chestnut House
Farm Close
Shenley
Hertfordshire
WD7 9AD
Page 1
PALMERSTON SECURITIES LIMITED (REGISTERED NUMBER: 01974689)

ABBREVIATED BALANCE SHEET
26 FEBRUARY 2015

26.2.15 28.2.14
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 6,149 6,281
Investments 3 416,155 383,490
Investment property 4 622,200 622,163
1,044,504 1,011,934

CURRENT ASSETS
Stocks 3,400,063 2,262,195
Debtors 95,128 5,413
Cash at bank and in hand 20,519 1,901,917
3,515,710 4,169,525
CREDITORS
Amounts falling due within one year 52,404 519,398
NET CURRENT ASSETS 3,463,306 3,650,127
TOTAL ASSETS LESS CURRENT
LIABILITIES
4,507,810
4,662,061

CREDITORS
Amounts falling due after more than one
year
(1,826,394		 )
(1,801,017		 )

PROVISIONS FOR LIABILITIES (923 ) (1,015 )
NET ASSETS 2,680,493 2,860,029

CAPITAL AND RESERVES
Called up share capital 5 1,000 1,000
Profit and loss account 2,679,493 2,859,029
SHAREHOLDERS' FUNDS 2,680,493 2,860,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 26 February 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 26 February 2015 in accordance with Section 476 of the Companies Act 2006.

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.

The notes form part of these abbreviated accounts

Page 2 continued...
PALMERSTON SECURITIES LIMITED (REGISTERED NUMBER: 01974689)

ABBREVIATED BALANCE SHEET - continued
26 FEBRUARY 2015


The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the director on 12 February 2016 and were signed by:





W K Moss - Director


The notes form part of these abbreviated accounts

Page 3
PALMERSTON SECURITIES LIMITED (REGISTERED NUMBER: 01974689)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD 1 MARCH 2014 TO 26 FEBRUARY 2015


1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the
Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover
Turnover represents amounts receivable for goods and services net of VAT, share of profit from property
development joint ventures, property development and property investment income.

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 - 20% on reducing balance

Investment property
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only
on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities
(effective April 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible
assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial
statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the
annual valuation and the amount of this which might otherwise have been charged cannot be separately
identified or quantified.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow
moving items.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance
sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling
at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the
period of the lease.

Investments
Fixed asset investments are stated at cost less provision for diminution in value.

Page 4 continued...
PALMERSTON SECURITIES LIMITED (REGISTERED NUMBER: 01974689)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE PERIOD 1 MARCH 2014 TO 26 FEBRUARY 2015


2. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 March 2014 63,069
Additions 1,405
At 26 February 2015 64,474
DEPRECIATION
At 1 March 2014 56,788
Charge for period 1,537
At 26 February 2015 58,325
NET BOOK VALUE
At 26 February 2015 6,149
At 28 February 2014 6,281

3. FIXED ASSET INVESTMENTS
Investments
other
than
loans
£   
COST
At 1 March 2014 689,077
Additions 32,665
At 26 February 2015 721,742
PROVISIONS
At 1 March 2014
and 26 February 2015 305,587
NET BOOK VALUE
At 26 February 2015 416,155
At 28 February 2014 383,490

Page 5 continued...
PALMERSTON SECURITIES LIMITED (REGISTERED NUMBER: 01974689)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE PERIOD 1 MARCH 2014 TO 26 FEBRUARY 2015


4. INVESTMENT PROPERTY
Total
£   
COST
At 1 March 2014 622,163
Additions 37
At 26 February 2015 622,200
NET BOOK VALUE
At 26 February 2015 622,200
At 28 February 2014 622,163

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 26.2.15 28.2.14
value: £    £   
1,000 Ordinary £1 1,000 1,000

Page 6