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Financial Statements for the Year Ended 30 June 2022 |
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Palmeira Trading Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30 June 2022 |
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for |
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Palmeira Trading Limited |
Palmeira Trading Limited (Registered number: 03710216) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Palmeira Trading Limited |
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Company Information |
for the Year Ended 30 June 2022 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Palmeira Avenue Mansions |
19 Church Road |
Hove |
East Sussex |
BN3 2FA |
Palmeira Trading Limited (Registered number: 03710216) |
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Balance Sheet |
30 June 2022 |
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30.6.22 | 30.6.21 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
Palmeira Trading Limited (Registered number: 03710216) |
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Balance Sheet - continued |
30 June 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Palmeira Trading Limited (Registered number: 03710216) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2022 |
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1. | STATUTORY INFORMATION |
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Palmeira Trading Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Palmeira Trading Limited (Registered number: 03710216) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
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fittings |
£ |
COST |
At 1 July 2021 |
and 30 June 2022 |
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DEPRECIATION |
At 1 July 2021 |
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Charge for year |
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At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 July 2021 |
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Revaluations | (251,000 | ) |
At 30 June 2022 |
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NET BOOK VALUE |
At 30 June 2022 |
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At 30 June 2021 |
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Fair value at 30 June 2022 is represented by: |
£ |
Valuation in 2019 | 212,872 |
Valuation in 2020 | 99,999 |
Valuation in 2021 | 100,000 |
Valuation in 2022 | (251,000 | ) |
Cost | 187,129 |
349,000 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Other debtors |
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Palmeira Trading Limited (Registered number: 03710216) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Bank loans and overdrafts |
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Other creditors |
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8. | RELATED PARTY DISCLOSURES |
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Included in other creditors is £157,456 (2021 - £146,282) which is owed to the directors of the company. This loan is provided on an interest free basis and is repayable on demand. |
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No other transactions with related parties were undertaken such as are required to be disclosed under Section 1A Small Entities of Financial Reporting Standard 102. |