Registration number:
Report of the Director and
for the
Year Ended 30 June 2023
for
Pateco Properties Ltd
Pateco Properties Ltd
Contents of the Financial Statements
for the Year Ended 30 June 2023
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Pateco Properties Ltd
Company Information
for the Year Ended 30 June 2023
Directors: |
E Oldfield P A Thorpe |
Registered office: |
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Registered number: |
11441218 |
Accountants: |
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Pateco Properties Ltd
(Registration number: 11441218)
Balance Sheet as at 30 June 2023
Note |
30.06.23 |
30.06.22 |
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£ |
£ |
£ |
£ |
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FIXED ASSETS |
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Investment property |
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CURRENT ASSETS |
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Debtors |
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- |
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Cash at bank and in hand |
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|
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CREDITORS |
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Creditors within 1yr |
1,166,303 |
748,492 |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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|
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Creditors
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- |
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PROVISIONS FOR LIABILITIES |
( |
- |
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Net assets |
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CAPITAL AND RESERVES |
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Called up share capital |
2 |
2 |
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Other reserves |
16,540 |
- |
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Profit and loss account |
9,912 |
1,361 |
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Shareholders' funds |
26,454 |
1,363 |
For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Pateco Properties Ltd
(Registration number: 11441218)
Balance Sheet as at 30 June 2023 (continued)
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
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Pateco Properties Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023
1. |
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
2. |
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentational currency is Pound Sterling (£).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Pateco Properties Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)
2 |
Accounting policies (continued) |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Pateco Properties Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)
3. |
Staff numbers |
The average number of persons employed by the company during the year, was
4. |
Investment properties |
30.06.23 |
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At 1 July 2022 |
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Additions |
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Fair value adjustments |
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At 30 June 2023 |
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The properties were revalued at the year on an open market basis by the director and fair value is represented by cost of £1,478,068 plus revaluation surplus of £22,054 giving a total £1,502,734.
5. |
Debtors |
Current |
30.06.23 |
30.06.22 |
Prepayments |
|
- |
Pateco Properties Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 June 2023 (continued)
6. |
Creditors |
Creditors: amounts falling due within one year
30.06.23 |
30.06.22 |
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Due within one year |
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Taxation and social security |
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Other creditors |
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Included in other creditors are loans from directors totalling £1,158,522 Interest is charged on the loans which have no fixed repayment date.
The mortgage on investment property is secured by a legal charge over the assets of the business.
Creditors: amounts falling due after more than one year
Note |
30.06.23 |
30.06.22 |
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Due after one year |
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Loans and borrowings |
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- |
7. |
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Retained earnings |
Total |
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Surplus/deficit on property, plant and equipment revaluation |
( |
( |
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8. |
Loans and borrowings |
30.06.23 |
30.06.22 |
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Non-current loans and borrowings |
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Other borrowings |
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- |