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Registered number: 03598097
PALM ASPECT LTD
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
HEDLEY DUNK LIMITED
Chartered Accountants
Trinity House
3 Bullace Lane
Dartford
Kent
DA1 1BB
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PALM ASPECT LTD
REGISTERED NUMBER: 03598097
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2016
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CREDITORS: amounts falling due within one year
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NET CURRENT ASSETS/(LIABILITIES)
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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Investment property reserve
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Page 1
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PALM ASPECT LTD
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 MARCH 2016
The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
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M Franklin
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The notes on pages 3 to 4 form part of these financial statements.
Page 2
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PALM ASPECT LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention as modified by the revaluation of long term leasehold property and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Long Term Leasehold Property
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Rentals under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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2.TANGIBLE FIXED ASSETS
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At 1 April 2015 and 31 March 2016
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3.DEBTORS
Page 3
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PALM ASPECT LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
Included within other debtors due within one year is a loan to the directors amounting to £46,342 (2015 -£15,019). The loan is interest free and no fixed terms of repayment have been agreed.
4.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
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Repayable other than by instalments
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The bank loan is secured by a mortgage over the property known as Flat 43, Gun Wharf, 130 Wapping High Street, London E1W 2NH.
5.SHARE CAPITAL
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Allotted, called up and fully paid
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500 Ordinary A shares of £1 each
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165 Ordinary B shares of £1 each
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6.RESERVES
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Investment property revaluation reserve
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At 1 April 2015 and 31 March 2016
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Page 4
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