Registered number
Palace Gate Trading Limited
Abbreviated Accounts
31 March 2016
Palace Gate Trading Limited
Registered number: 08450942
Abbreviated Balance Sheet
as at 31 March 2016
Notes 2016 2015
£ £
Current assets
Investments held as current assets 245,747 245,935
Cash at bank 16,775 7,248
262,522 253,183
Creditors: amounts falling due within one year (72,672) (31,053)
Net current assets 189,850 222,130
Total assets less current liabilities 189,850 222,130
Creditors: amounts falling due after more than one year - (105,000)
Net assets 189,850 117,130
Capital and reserves
Called up share capital 2 100 100
Profit and loss account 189,750 117,030
Shareholders' funds 189,850 117,130
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit 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 the preparation of accounts.
The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Alkesh Patel
Approved by the board on 13 October 2016
Palace Gate Trading Limited
Notes to the Abbreviated Accounts
for the year ended 31 March 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Surplus (deficit) on financial trading
This represents net realised surplus (deficit) from dealing in financial securities.
Deferred taxation
Full provision is made for deferred taxation resulting from timing differences between the recognition of gains and losses in the accounts and their recognition for tax purposes. Deferred taxation is calculated on an un-discounted basis at the tax rates which are expected to apply in the periods when the timing differences will reverse.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 100 100 100
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