Registered Number 02504043
PALL MALL CAPITAL LIMITED
Abbreviated Accounts
31 December 2015
Notes | 2015 | 2014 | |
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Fixed assets | |||
Investments | 2 |
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Current assets | |||
Debtors |
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Cash at bank and in hand |
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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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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital | 3 |
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Share premium account |
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Revaluation reserve |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
1 Accounting Policies
Basis of measurement and preparation of accounts
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015), and have been applied consistently (except as otherwise stated).
Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.
Valuation information and policy
Other accounting policies
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. Deferred tax assets are only recognised where they arise from timing difference where their recoverability in the short term is regarded as more likely than not.
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 the transaction. Exchange differences are taken into account in arriving at the operating profit.
2
Fixed assets Investments
Pall Mall Capital Limited holds 100% of the ordinary shares in Pall Mall Capital Markets Limited. The company is dormant and as at 31 December 2015 (the date of the latest accounts) had net assets of £1. The company is incorporated in England and Wales. Consolidated accounts have not been prepared as the directors consider the effect would not be material for the purpose of true and fair view.
Other fixed asset investments
During the financial year to 31 December 2015, Pall Mall Capital Limited has held an economic interest in 43,295 Multimedia Polska S.A. ordinary shares. Multimedia Polska is a privately held company. The shares are valued in the accounts based on a share buyback carried out in November 2013 and supported by an independent assessment by an international broker at that time. Dividends received from Multimedia Polska during the financial period infer a yield of 7.5% (based on the valuation in the accounts). Compared with the dividend yield of major indices, this would suggest a fair and reasonable valuation. The directors are not aware of any other material change in the circumstances of Multimedia Polska S.A. that justify a revision or impairment of the valuation at this time. The reduction in net book value during the period reflects the movement in the Polish Zloty vs. Sterling between 1 January and 31 December 2015.