Palco Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00875078 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

PALCO PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Accountants' Report

6

DIRECTOR:

L J Cook

SECRETARY:

C Cook

REGISTERED OFFICE:

20 Havelock Road

HASTINGS

East Sussex

TN34 1BP

REGISTERED NUMBER:

00875078 (England and Wales)

ACCOUNTANTS:

Ashdown Hurrey

Chartered Accountants & Business Advisers

20 Havelock Road

Hastings

East Sussex

TN34 1BP

FIXED ASSETS

Tangible assets

4

660,582

660,692

CURRENT ASSETS

Stocks

5

195,336

195,336

Debtors

6

213,737

214,625

Cash at bank and in hand

110,725

87,971

519,798

497,932

CREDITORS

Amounts falling due within one year

7

8,628

10,717

NET CURRENT ASSETS

511,170

487,215

TOTAL ASSETS LESS CURRENT LIABILITIES

1,171,752

1,147,907

CREDITORS

Amounts falling due after more than one year

8

227,300

227,300

NET ASSETS

944,452

920,607

CAPITAL AND RESERVES

Called up share capital

50

50

Capital redemption reserve

6,517

6,517

Retained earnings

937,885

914,040

SHAREHOLDERS' FUNDS

944,452

920,607

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 21 December 2018 and were signed by:

L J Cook - Director

1.	STATUTORY INFORMATION

Palco Properties Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The directors have made an assessment and do not consider there to be any material uncertainties about the

company's ability to continue as a going concern. As a result they have adopted the going concern basis of

accounting.

Turnover

Turnover comprises rental income.

Revenue is recognised at the time rent becomes payable by the tenants of the properties.

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

Computer equipment

-

33% on cost

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Investment properties

Investment properties are not depreciated but are included in the Balance Sheet at an open market value in

accordance with Statement of Standard Accounting Practice 19. Differences on revaluation are taken to the

Revaluation Reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - NIL).

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Computer

property

property

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 April 2017

and 31 March 2018

650,000

9,955

7,296

1,963

669,214

DEPRECIATION

At 1 April 2017

-

-

6,559

1,963

8,522

Charge for year

-

-

110

-

110

At 31 March 2018

-

-

6,669

1,963

8,632

NET BOOK VALUE

At 31 March 2018

650,000

9,955

627

-

660,582

At 31 March 2017

650,000

9,955

737

-

660,692

The investment properties were valued by Mr L J Cook who is a property investor and a Director of the company.

Cost or valuation at 31 March 2018 is represented by:

Improvements

Fixtures

Freehold

to

and

Computer

property

property

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2006

541,297

-

-

-

541,297

Valuation in 2010

(93,151

)

-

-

-

(93,151

)

Valuation in 2011

(63,044

)

-

-

-

(63,044

)

Valuation in 2012

8,000

-

-

-

8,000

Valuation in 2013

88,194

-

-

-

88,194

Valuation in 2014

150,000

-

-

-

150,000

Cost

18,704

9,955

7,296

1,963

37,918

650,000

9,955

7,296

1,963

669,214

If freehold property had not been revalued it would have been included at the following historical cost:

31.3.18

31.3.17

£

£

Cost

18,704

18,704

Freehold land and building were valued on an open market basis basis on 31 March 2018 by the director .

5.

STOCKS

31.3.18

31.3.17

£

£

Work-in-progress

195,336

195,336

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Trade debtors

22,849

10,515

Other debtors

15,800

32,200

Housebridge Ltd

162,103

162,090

Directors' current accounts

12,985

9,820

213,737

214,625

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Tax

5,620

7,757

Other creditors

1,567

1,580

Accrued expenses

1,441

1,380

8,628

10,717

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.18

31.3.17

£

£

Mortgages

227,300

227,300

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.18

31.3.17

£

£

Mortgages

227,300

227,300

Brittanic Money PLC holds a legal charge over the company dated 28 January 2008. This charge is in relation to

60/61 Church Road, St Leonards on Sea, £225,000 due from the company to the chargee.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2018 and

31 March 2017:

31.3.18

31.3.17

£

£

L J Cook

Balance outstanding at start of year

9,820

2,474

Amounts advanced

3,616

8,739

Amounts repaid

(450

)

(1,393

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

12,986

9,820

11.	RELATED PARTY DISCLOSURES

The director, Mr L J Cook, is also a director of Housebridge Limited (company number: 4947075), Beauharrow

Estates Limited (company number: 08464897) and Charville Limited (company number: 03619261).

The company maintains a current account with Housebridge Limited, and Charville Limited. At the year end the

company was owed £162,103 by Housebridge Limited. This is included within debtors - amounts falling due after

more than one year. The company owed Charville Limited £1,567 at the year end. This is included within other

creditors - amounts falling due within one year.

The director has significant influence over Prada Properties Limited (company number: 06135556). The company

maintains a current account with Prada Properties Limited. At the year end the company was owed £15,800 by

Prada Properties Limited. This is included within other debtors - amounts falling due within one year.

The company maintains a current account with the director and at the year end an amount of £12,986 was owed

to the company by the director. This amount is included within other debtors - amounts falling due within one

year as it was repaid by the director within nine months if the year end.

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Palco Properties Limited for the year ended 31 March 2018 which comprise the Income

Statement, Balance Sheet and the related notes 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Palco Properties 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 profit of Palco Properties Limited. You consider that Palco Properties 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 Palco Properties 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.

Ashdown Hurrey

Chartered Accountants & Business Advisers

20 Havelock Road

Hastings

East Sussex

TN34 1BP

21 December 2018