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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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PALACE GATE ESTATES LETTINGS LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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PALACE GATE ESTATES LETTINGS LIMITED |
PALACE GATE ESTATES LETTINGS LIMITED (REGISTERED NUMBER: 03771037) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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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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PALACE GATE ESTATES LETTINGS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
First Floor, Winston House |
349 Regents Park Road |
London |
N3 1DH |
PALACE GATE ESTATES LETTINGS LIMITED (REGISTERED NUMBER: 03771037) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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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 | 7 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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PALACE GATE ESTATES LETTINGS LIMITED (REGISTERED NUMBER: 03771037) |
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BALANCE SHEET - continued |
31 DECEMBER 2017 |
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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
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(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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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PALACE GATE ESTATES LETTINGS LIMITED (REGISTERED NUMBER: 03771037) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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Palace Gate Estates Lettings Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover from commissions on residential sales and lettings is measured at the fair value of the consideration received |
or receivable for services provided, excluding discounts, rebates, value added tax and other sales taxes. |
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Turnover is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on |
completion of services; the amount of revenue can be measured reliably; it is probable that the associated economic |
benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured |
reliably. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions |
of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a |
financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of |
interest for a similar debt instrument. |
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Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in |
which case they are measured at the undiscounted amount of the cash or other consideration expected to be received |
net of impairment. |
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Financial liabilities that are classified as payable within one year are subsequently measured at the undiscounted amount |
of the cash or other consideration expected to be paid. |
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Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable |
right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle |
the liability simultaneously. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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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PALACE GATE ESTATES LETTINGS LIMITED (REGISTERED NUMBER: 03771037) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Assets held under hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the |
fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of |
the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
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Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the |
effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on |
the remaining balance of the liability. |
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Pension costs and other post-retirement benefits |
The company costs in the financial statements represents the company's obligations under Workplace Pension Reform |
and are charged to the profit and loss account as incurred. The company also makes contributions towards one of the |
director's personal pension plan. |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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PALACE GATE ESTATES LETTINGS LIMITED (REGISTERED NUMBER: 03771037) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Hire purchase contracts |
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8. | ULTIMATE CONTROLLING PARTY |
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At balance sheet date the company was under the company of one of its directors, Mr C H R Weller, who held a 52.75% |
interest in the issued equity share capital. |