PALLESTER_COURT_LIMITED - Accounts

PALLESTER COURT LIMITED - Company Information

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Company Registration No. 04272820 (England and Wales)

PALLESTER COURT LIMITED

DIRECTOR'S REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

PALLESTER COURT LIMITED

COMPANY INFORMATION

Director

A Dezyanian

Company number

04272820

Registered office

5 Richmond Road

East Finchley

London

Greater London

United Kingdom

N2 8JT

Accountants

Almar Business Solutions Limited

5 Richmond Road

East Finchley

London

Greater London

United Kingdom

N2 8JT

PALLESTER COURT LIMITED

CONTENTS

Page

Director's report

Accountants' report

Profit and loss account

Balance sheet

Notes to the financial statements

5 - 7

PALLESTER COURT LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 MARCH 2016

- 1 -

The director presents his report and financial statements for the year ended 31 March 2016.

Director

The following director has held office since 1 April 2015:

A Dezyanian

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

On behalf of the board

A Dezyanian

Director

8 November 2016

PALLESTER COURT LIMITED

FCCA ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PALLESTER COURT LIMITED FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pallester Court Limited for the year ended 31 March 2016 set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Pallester Court Limited, as a body, in accordance with the terms of our engagement letter dated 31 December 2002. Our work has been undertaken solely to prepare for your approval the financial statements of Pallester Court Limited and state those matters that we have agreed to state to the Board of Directors of Pallester Court Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pallester Court Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Pallester Court Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pallester Court Limited. You consider that Pallester Court Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Pallester Court Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Almar Business Solutions Limited

8 November 2016

FCCA Accountants

5 Richmond Road

East Finchley

London

Greater London

United Kingdom

N2 8JT

PALLESTER COURT LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

2016

2015

Notes

Turnover

23,568

23,850

Administrative expenses

(32,188)

(13,012)

Operating (loss)/profit

(8,620)

10,838

Other interest receivable and similar income

(Loss)/profit on ordinary activities before taxation

(8,620)

10,847

Tax on (loss)/profit on ordinary activities

(Loss)/profit for the year

(8,620)

10,847

The profit and loss account has been prepared on the basis that all operations are continuing operations.

There are no recognised gains and losses other than those passing through the profit and loss account.

PALLESTER COURT LIMITED

BALANCE SHEET

AS AT

31 MARCH 2016

- 4 -

2016

2015

Notes

Fixed assets

Tangible assets

44,000

Current assets

Debtors

Cash at bank and in hand

3,839

11,458

3,839

11,459

Creditors: amounts falling due within one year

(1,000)

Net current assets

2,839

11,459

Total assets less current liabilities

46,839

55,459

Capital and reserves

Called up share capital

Other reserves

45,000

Profit and loss account

1,833

10,453

Shareholders' funds

46,839

55,459

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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

Approved by the Board and authorised for issue on 8 November 2016

A Dezyanian

Director

Company Registration No. 04272820

PALLESTER COURT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2016

- 5 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents represents ground rents and service charges receivable from lessees of the company's freehold property investment.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold

1.5

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Investment income

2016

2015

Bank interest

Taxation

2016

2015

Total current tax

Factors affecting the tax charge for the year

(Loss)/profit on ordinary activities before taxation

(8,620)

10,847

(Loss)/profit on ordinary activities before taxation multiplied by standard rate of UK corporation tax of 0% (2015 - 0%)

Current tax charge for the year

PALLESTER COURT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 6 -

Tangible fixed assets

Land and buildings

Cost

At 1 April 2015 & at 31 March 2016

44,000

Depreciation

At 1 April 2015 & at 31 March 2016

Net book value

At 31 March 2016

44,000

At 31 March 2015

44,000

Debtors

2016

2015

Trade debtors

Creditors: amounts falling due within one year

2016

2015

Trade creditors

1,000

Share capital

2016

2015

Allotted, called up and fully paid

6 Ordinary Shares Type A of £1 each

PALLESTER COURT LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 7 -

Statement of movements on reserves

Other reserves
(see below)

Profit and loss
account

Balance at 1 April 2015

45,000

10,453

Loss for the year

(8,620)

Balance at 31 March 2016

45,000

1,833

Other reserves

Reserves provided for by the Articles of Association

Balance at 1 April 2015 & at 31 March 2016

45,000

Reconciliation of movements in Shareholders' funds

2016

2015

(Loss)/Profit for the financial year

(8,620)

10,847

Opening Shareholders' funds

55,459

44,612

Closing Shareholders' funds

46,839

55,459